My Coop Experience

Submitted by fyl on 14 July, 2007 - 13:36.

I owned an apartment in a cooperative building for over 20 years. I just want to toss out what I learned from that experience to see if it gets people thinking.

I lived in a coop apartment building in Seattle for a while and actually owned 1/2 of the apartment for over 20 years. It was an old building (now over 100 years old) with 13 units. It was converted from apartments to a cooperative sometime in the 1950s.

First, let me define what it was legally. Lots of people understand condos but not cooperatives. A corporation owns the facility (land and building) and is responsible for "running it". The only stockholders in the corporation are the "apartment owners". That is, they don't own apartments, they own stock in the corporation and, in return, the corporation grants them a infinite-duration lease on their apartment.

Much like any closely-held corporation, there are restrictions on stock sale. Basically those restrictions were:

  1. The board of directors of the corporation could approve or disapprove the sale.
  2. The new stockholder had to agree to the terms of a stockholder contract.

In the case of our building, that boiled down to not being able to modify the structure of your apartment without board approval, not being able to sub-let your apartment for more than one year total and some assorted "be nice to your neighbor" considerations.

How you sold your apartment was up to you. That is, you could carry a contract, go for all cash, ... That money had nothing to do with the cooperative. But, you did have to pay an established monthly fee for services provided which included water, sewer, heat, taxes, insurance and building maintenance.

When I bought my apartment virtually all the others were filled with ultra-conservative old ladies. Over the years the mix in the building (which always pretty much reflected the mix in the general area) moved toward younger working people and about 1/3 gay or lesbian. Thus, there was little common bond in the people's interest or lifestyle but that didn't see to be a problem.

The fact that this cooperative has existed for over 50 years and I know of little conflict in over 20 tends to make me think a cooperative ownership plan is possible. But it does need some structure.

‹ Geek Ranch Status Rules Now or Later ›
( categories: )

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Co-ops (Originated in Scotland)

Submitted by dirtbag on 27 December, 2007 - 21:49.

How "The Scots invented the modern world". a good read. I remember when Co-0ps were all the rage, in Canada it was always the best place to buy pot. at the time. I have the experience of belonging to almost the same thing with my cottage, board of directors, annual maintainence fees etc. A co-op is only as good as the members though, and how they are willing to share as well as growing with the times.

How did that ever get past your spell checker??

Submitted by dixietraveller on 15 July, 2007 - 04:43.

I assume you meant co-op (not coop), or did you feel cooped up in your co-op? :)

[Of course, I really do know how that got past your spell checker!]

O quantum est in rebus inane!

un Nicaraguan Topic alert

Submitted by Jinoturistica on 14 July, 2007 - 14:18.

OK, phil, enough already. This is the second time in a week you have kicked off a completely un Nicaraguan topic.

Some suggestions for a tie-in to Nicaragua.

Do coops exist here, could they, would the locals understand them, whats the benefits in this culture, is this aimed squarely at ex-pats or retirees.

Tony the Topic Nazi.

Did I forget to say

Submitted by fyl on 14 July, 2007 - 14:20.

that the Geek Ranch is intended to be built in Nicaragua?

Ok, to answer my own question, no. The forum container says:

This is a container for forums talking about an "Intentional Community" in Nicaragua. What that means, where to locate, how to implement, ... are the types of forums we will see here. This is the discussion location created to open up ideas related to http://www.nicaliving.com/node/9853

That also confused me

Submitted by calicochris on 27 December, 2007 - 19:41.

That also confused me initially. Where is the Geek Ranch?

Anyway, we're looking at Nicaragua, Honduras and Guatemala to start our own Geek Ranch! Except, it won't be called the Geek Ranch! (Does this forum have smiley faces, because I'm smiling!)

Currently Nicaragua wins. It wins on prices of farms, it wins on peace and it wins on variety of terrain.

So, we're looking for farmland to buy. It has to be farmland and it needs to be multi-use. Not only ganaderia, not only sugarcane and not only beans. Something that is suitable for various uses.

It has be to 100 acres minimum.

It has to be cheap.

It has to have water.

It has to be suitable for building community with its different requirements.

About us .. we know the Central American Culture, having lived in a Central American Island for 5 years. We know the stories about land registration, the cops, the security, the employees, the everything. But, we do not know Nicaragua. We can help ourselves in Spanish, but I would need 3 months immersion and some hitting the books to get it right!

The Land .. The idea is to buy the land outright, start the beginning of a community and build as it develops. This does not mean that there is not a solid business plan. It simply means that the details of the plan may change, depending on the people involved.

The Community .. Intentional Community? Yes! Organics and Permaculture? Yes! Escape from the US? Yes! Self-Sufficiency? As much as is possible and whatever is good for the community around us .. Yes! Community Development? Yes! As is appropriate. Care for the land, the people and ourselves? Yes! Rules up front? Yes, but also the willingness to take the time to adapt.

Anybody out there?

Questions .. 1. Where do we go and stay for 6 months to check it out? We need 2 bedrooms, a place for two computers and a generator or inverter setup. (Of course we don't want to break the bank .. rural would be good) 2. Do we buy a car for the period or do we go by bus? If by bus, we need to be close to a town. 3. Who is a reliable 'gringo' attorney? 4. If land has to go through a registration process, what is the possibility of success and where is a description of the process. 5. Where is Nirvana?

Nirvana

Submitted by dirtbag on 27 December, 2007 - 22:00.

Welcome to N.L. I see from your profile that you were born in South Africa. Well, Nirvana is winning the world cup in Rugby. What was the name of the Central American Island you lived on? and being really nosy, why did you leave?

Hey there .. Yes! The World

Submitted by calicochris on 27 December, 2007 - 22:23.

Hey there .. Yes! The World Cup! I'm with you there.

No, I did not really leave .. just taking a leave of absence and dealing with some family affairs - the death of a well beloved parent in law and some paperwork around this.

We will leave because of cost. The new 'gringo paradise' has become horrendously expensive. Too many tourists buying too much property and the local people are becoming calloused. Crime is on the rise on the island as it is now a hub for transshipment of drugs. And it is time to be on the mainland .. and not on a very corrupted island.

First, read my book

Submitted by fyl on 27 December, 2007 - 19:59.

Ok, that deserved a smiley. Yes, you have six months of research to do before you get particularly serious. My recomendation is pick an area that makes sense to you based on the weather you want, how close to Managua you want to be, ... move there and see what you find out.

The Resources pages (and, yes, that book again) should help you pick an area. Then, rent in a city which should eliminate the need for a generator, ... Expect to find something with water, sewer, ... for more or less $200/mo if you aren't looking at the beach (which isn't where you farm anyway). That $200 will probably go up in larger cities, down in smaller ones.

Build your connections. Also, be willing to say you picked the wrong area and try again. It is very likely if you "act right" things will just fall into place.

Where? Again, that is up to you. There is fertile soil all over Nicaragua. If hot is ok, Chinandega, Chontales, Leon, or Rivas is probably your best bet. For something cooler, Carazo, Esteli, Jinotega, Madriz, Matagalpa, Neuva Segovia is a better place to look. Where you don't want to look (because of prices) in Granada, Managua and Masaya.

The other pieces (bus or car, attorney, ...) really depend on where you end up. For example, Estelí is really a transportation hub so you can get most anywhere without a car. And the attorney should be local.

Nice. So where is that

Submitted by calicochris on 27 December, 2007 - 22:45.

Nice. So where is that book? For a newbie, you need to please tell me explicitly. After many years of moderating one of the biggest forums of its kind for expats, I find myself actually quite scared to post here. (Where is that darn smily? The one where you stick your head under your arm with red cheeks)

Thanks for mentioning the areas. That is a start. Travelled through Nicaragua once some years ago and it still resonates, but, consider me a green newbie.

For the next few months it is tying up stuff in the US, going to our island and making sure everything is cool there as we still have a business there and then, a new adventure.

Does anyone have an idea of how many gringos in Nicaragua? Not that it is important, just for general orientation.

It's an ebook

Submitted by fyl on 28 December, 2007 - 05:55.

The ad appears here in the rotation. But, the place to find out more/buy is http://www.lulu.com/content/809138