Is there profit to being a non-profit?(???)
June 27, 2007 11:51 AM Subscribe
An individual looking to buy a multi-family home to create a low rent situation for several artists. Is there a benefit to becoming a non-profit? Is there money to help support this venture that I should be chasing after?
posted by mrgreyisyelling to Work & Money (6 answers total) 2 users marked this as a favorite
Not very complicated: I'm in the process to purchasing a piece of property, to allow a small group (8-10) of artists to live and work for reduced rent. Suddenly it occurred to me that I'm playing the role of a non-profit - I've been crunching numbers so hard I hadn't given it much thought.
1. Is there some benefit to purchasing this property as a non-profit, rather then a single nice guy?
1a. If I do go as a non-profit (what ever that means), does that mean I have to charge the logistically lowest rent? What does that mean to the profit from the property if/when I sell it again?
2. Is there money out there for this purpose that I should be pursuing that might help us out? (Currently living in Connecticut, but my search isn't limited to this state) Any way to make the monthly payments as low as possible.
3. And while I'm at it: Whats the wisdom to making a piece of property a co-op situation, rather then a tenant/owner situation? And would/should it still be considered a non-profit.
4. if things go ugly - is there a way for property to become profit again?
facts: Second piece of property, I AM a a low income artist as well, and I would like to live here as well.
Don't worry, I'm not going to run out and buy the house today or tomorrow base on what ever you say. Yes I'm going to go talk to a 'real' person if my 'internet friends' generally make noises like this could be a good plan.