The Path to Home Ownership

Following the Specifics of the Plan                                                                     Contact

  1. We require that those who want to buy first join the buyers' club; the membership in which will later become a membership in the mutual benefit association called Prospective Homeowners Association. After land is developed, your personal membership will transition to each project's Co-operative, once your shares purchase has been made.

    1. It will be "first come, first served", so please do not wait to support the organization, by withholding your purchase of a membership until homes are built. Everyone must play their part for this to happen - your home cannot be built unless you are a member.

  2. Because sweat equity takes many forms, this allows The Project to take in home buyers who have a certain set of skills, in order to lend their skills to the development process. 

    In turn funds raised are use to hire other individuals and to pay for processes that are necessary for the start-up phase of each of the projects. The membership funds are used to hire others who are generally "senior" to the individuals we are selling homes to as "first time buyers":

    1. Project Consultant
    2. General Contractor
    3. Attorney(s)-at-law
    4. Certified Real Estate Financial projection planners
    5. Project development planners, architects
    6. Site viability evaluators, surveyors & designers
    7. Zoning changes and permits processing

    8. Title company

    9. Earnest money for purchase of land

  3. Once the site has been chosen and The Project is ready to move forward, it requires a down payment from those first in line to purchase a new home. Down payments are placed into an escrow fund, or directly with the lender which will use the money to secure the balance of the loan required to build the completed property.

  4. Once the down payment has been paid, the lender for The Project gets involved to finance the rest of the work. The following are then contracted:
    1. Subcontractors (soil compactors, foundation prep, building installers)
    2. Utilities planning and site preparation
    3. Installer of utilities
    4. Manufacturer of homes

    5. Transporting company to bring homes in

    6. Hire a project manager to bring it in on time, and under budget

    7. Installing or erecting the homes on the property

    8. Completing the landscaping, driveway, garage/carport

  5. Once The Project is completed

    1. The lender must put up the remaining funds for the co-op's purchase, so that you can complete your purchase and move in, and begin making a monthly mortgage payment.

    2. Then we need to hire a co-operative manager, voted into the position by a majority vote of the co-op members

    Note: If you are a local employer, does your company have an attorney and CPA on staff, or retainer, who you could sponsor their assistance to The Project? If so, please call (626) 940-7422 and set an appointment to meet Gary R. Cook, and discuss your organization's benefit, for the sake of your commuting employees!

    Review the benefits to individual stakeholders here    Review Concept Background Here 

Want to help? Here's what we need to do. Let's do it together!