Monday, August 08, 2005

Moving Ahead - Selling Two Houses and Paying off our Mortgage

Last night at the business meeting, the church decided to "sell our 5491 & 5494 Broadway houses. Proceeds will be used to pay off the Robinwood parking lot and pay off the mortgage at New Life Robinwood."

The sale of these two properties will accomplish several things that need to happen for us. First we will have money to pay for the Robinwood parking lot and the mortgage on the Robinwood building.

It will mean we have less building maintenance. Instead of maintaining four rental properties we will maintain only two. In addition, this will allow us to focus our time and effort on people instead of property. Since our recent expansion our property team has been spread unbearably thin.

We will have the freedom of being out of debt. We have asked the church for a lot of additional giving through this past year and will need to ask for more in the future. But for now we will eliminate our debt and we will begin to save some money in our rental accounts.

In effect we are shifting our equity in those two homes into equity in the Robinwood church building. Our original goal of expanding our church through those houses is still being accomplished by selling them and putting the money elsewhere.

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