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Posted by kenotten on February 27, 2008, 5:55 pm
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Our organization is a 501(c)(3) religious charity that provides drug
treatment counseling, job training and other services for recovering
addicts, ex-cons and the homeless. We are interested in acquiring an
older hotel/motel to use as transitional housing and a treatment
center.
Several properties in our town (Houston, Texas) have been listed for
sale for years now, have been vacant for a lengthy amount of time and
are in substantial disrepair, have significant code violations, or are
in jeopardy of being declared uninhabitable.
We are would like to propose something like the following to the
owners:
1. We lease the building for some nominal amount per year for some
minimum length;
2. We underwrite the cost of repairs, maintenance and code
compliance;
3. We maintain and secure the property;
Of course, that is a simplified and abbreviated list, but we believe
the benefits to the property owner are several:
Tax benefits. Wouldn't there be some benefit to the owner if the
occupants were a non-profit in terms of property tax? Could the owner
write off the fair market value of the lease?
Security. The property is often vandalized. Our residents would
provide security, but also would be a natural inhibitor due to
residency.
Maintenance. The property's is in continual and progressive
disrepair. An active tenant would keep the property maintained and
serviceable.
Satisfaction. The civic and moral satisfaction of providing a
resource for the community's disenfranchised and outcast.
How can we make an offer to the owners of these properties that would
be win-win. We understand that we may not be long-long-term tenants,
but what does a deal that works for an owner of this type of property
look like?
Thanks,
Ken
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