One last AD: We are All Cracked Vessels

This is so funny, because we are in the middle of getting financing for my studio/Moxley's office! We have the quote, we have the plans, and we're booked to start remodeling in December! I wanted it to happen earlier, but I refused to do the financial stuff this time (I've dealt with that for the refinance, and again when we bought this house, and NEVER AGAIN!) and it took lighting a fire under Moxley's butt (AKA pitching a hissy fit) to get him to make some phone calls and find out how to make it happen.

We can be new studio twins! :D

I, too, calculated that it would be possible to pay for the studio with classes... except it will take a lot more than 8 classes. The garage will essentially have to become a whole new structure, with a second story. Eeek. I am petrified that the bank will look at us and go, "Uh, right. No."

-Kalera

I'd love to be your new studio twin!

This is sort of Phase 1.5 for me in the birthing of my studio, so it's much less involved than what you're planning. Still freaks me out though. I've never really been in the position before of knowing that I have to spend money to make money - well other than when I bought my tools, etc but that was a gradual accumulation not 1000's of bucks at one time. My long term dream - tear this down and build a small strawbale that looks like a little northern New Mexico house - with solar power. Some day!

But I'm a happy girl today - working for a friend who owns a very large jewelers supply/bead store, has just gotten hooked big-time by the bead-making bug, and has ordered several hundred lbs. of Moretti, dichro, reduction frit, leaf/foils, tools, etc. It arrived yesterday and I'm so excited. I'm helping to get it ready to hit the store next week. It is going to be cool to have an enthusiast as my local glass supplier. And very cool to act as a sort of unofficial advisor. I told her about "Raku Jitterbug frit", and poof, 2 hours later she'd ordered several kg's of it and a swack of other Reichenbach frit. So off to work for me - today I work for glass - visions of silver plum and the new lavender are calling me.

susan in canada

Turns out I don't get to build a studio yet... we were turned down for the loan today, because we're self-employed. We're stuck in this catch-22 of home-based business, where we can't get a business loan because it improves our home and we can't get a home equity loan because we're self employed... I'm feeling very much like the system is specifically designed to prevent people from being self-employed.

-Kalera

susan in canada

Damn Kalera. That makes me angry for you and Moxley. I hope you can find another lender who will work with you.

I'm thinking that if we wait a year, we'll have better odds. Moxley changed his business name a year and a half ago, and the banks insist that it's a new business even though it's not. After we've both been operating as businesses officially for more than two years, I think we'll have better luck.

-Kalera

Thanks, Candace! We're going to wait... I think it will work out, just not this year as I'd hoped.

-Kalera

I try and think to myself that in the grand scheme of the universe the time might not be right for reasons yet unknown to me. It kinda smooths the disappiontment and is usually true.

..Stephanie..

I was always looking outside myself for strength and confidence, but it comes from within. It is there all the time. Anna Freud

Well, that bites :(

I don't know anything about borrowing large sums of money, so I can't make suggestions. I just hope things work out for you eventually.

Cheers, Carla

Kalera Stratt> Turns out I don't get to build a studio yet... we were turned down for

On Sun, 19 Sep 2004 21:10:07 -0400, Carla wrote (in message ):

The easy way to get a loan is to find a mortgage broker. They work with hundreds of banks and lending institutions, and knows how to get loans for anyone. Self-employment that shows a proifit? ----It'll work.

The Mortgage Broker will have you fill out a generic application, without any specifics, tailored to make you two look like the very model of secure, financially stable, safe, citizens. Then he'll shop around to his contacts for a lender who will underwrite the loan.

We have a couple of friends who do this, and have found it priceless

- the headache of dealing with a bank goes away instantly. I believe that the mortgage broker is paid by a spiff from the banker, although he might ask a fee of a couple of hundred dollars when successful.

Think about it.

Kathy N-V

Does this work for regular mortgages? If so, then I need to find one of those guys.

On Mon, 20 Sep 2004 0:58:33 -0400, starlia wrote (in message ):

Of course. Jusst look up Mortgage Brokers in the phone book or get a recommendation from a realtor that you trust. I met our mortgage broker at a barbeque - turns out his big sister was my babysitter when I was a baby. They do seem to be everywhere - you want one with LOADS of contacts, so he can get you a loan at a good rate.

Kathy N-V

Right-O! ~~ Sooz To live a creative life, we must lose our fear of being wrong. ~~Joseph Chilton Pearce

Yes. I can't imagine doing it any differently. ~~ Sooz To live a creative life, we must lose our fear of being wrong. ~~Joseph Chilton Pearce

vj found this in rec.crafts.beads, from Kathy N-V :

] you want one with ]LOADS of contacts, so he can get you a loan at a good rate.

and don't let anyone talk you into going with Greenpoint Mortgage!

Absolutely! My dh is a financial planner and the first professional he "installed" into his office as an adjunct was a mortgage broker. When he determines a client needs a loan of some sort, he can just march the client down the hall and get it done! He's NEVER had someone NOT get where they wanted to be, providing they have the means of paying the loan! (That's what my dh is fanatic about, helping people meet their life goals and doing it in a financially wise way!)

The Blessed Fiddy, Patroness Saint of the Disorganized LC in Sunny So Cal Personality Development Specialist (Full-Time Mom!)

Any suggestions for a non-income person trying to get a mortgage?

I can do a down payment and the price range I'm considering will be way below my rent (ha especially the 2 rents I'm currently paying).

You're right... usually, after a disappointment, I look back after a year or two and it truly was for the best.

You know what we're going to do instead? There's an 8x8' gardening shed in the backyard (yes, Su, a SHED!) and with some insulation and windows and a new door and paint and electrical, it will make a lovely mini-studio. It'll take some elbow grease, but besides the electrical (it requires two new circuits be run in conduit from the house) I can do it myself, for just a couple of hundred, instead of thousands. I can fit three torch stations inside, and it will give me a chance to see if I really love teaching before I commit to a huge project that will take years to pay off.

-Kalera