buying a house

tkepunx · #1 05-28-2002, 02:55 AM

Does anyone know if nationals can help in any way when purchasing a house or real estate for a chapter? Right now, we're looking for property, and have seen a few places, but I was wondering if the house could help in any way, be it funds, or securing loans, or whatever. Thanks.

YITB,
Phil

The1calledTKE · #2 05-28-2002, 07:35 AM

I never heard of IHQ helping out like that but who knows. Just email somebody from the fraternity staff that is listed on tke.org and ask.

teke4life · #3 06-19-2002, 02:51 PM

the TEF as a fund they will keep for a house or building improvements, that way your alumni can donate money for it tax free. they're are a couple stipulations (i'm not sure on the details) since it is from the educational fund, like the chapter has to build a library or study room in the house. i would contact HQ and ask who is in charge of housing.

Tom Earp · #4 06-20-2002, 04:55 PM

I hope this helps!

The IRS closed the loop hole if you call it that, they did, and money donated to an Educational Fund for your Chapter can be deducted but the Foundation cannot loan money for building of new House in any shape!

Accoding to My Tax Gal, she thought it was alright, but one of my Chapter Brothers had checked on this with the IRS, He is a Lawyer!

The last house built this way was the LXA House at Kansas U.

That is when they put the plug in!

It really sucks as the money We as Brothers spend go towards a building that normally is cheaper for the members to live in than off and on campus housing!

If someone finds out different, let me know as we are going to build a new House next year, hopefully!!!!!!!!

Good luck on your new house project!

Interfaternally Yours!!!!!!!!

TKEmz894 · #5 06-24-2002, 08:44 PM

Dear Frater, I was wondering what University you are at..... I am in charge of getting us a house art My university.....Internationals told us they dont have any money left in the TEF cause no one paid them back for the loans from it. So your best bet is to get your alumni excited about it, as something to come back to when they visit for homecoming. So far I have gotten a pledge of money and support from my alumni. But they are leaving it up to me as far as coming up with what we want as far as a house and how we want to go about it.....Please write me back if you have any questions on ideas....YITB BLaise Pezold

The1calledTKE · #6 06-24-2002, 08:52 PM

Nice to see you again TKEmz894!

TKEmz894 · #7 06-24-2002, 08:55 PM

Same to you ZN bet its been quiet here without me......Just joking

The1calledTKE · #8 06-24-2002, 08:56 PM

Yah it sure has grown since you have been gone.

TKEmz894 · #9 07-02-2002, 03:22 AM

Just read in the TEKE magazine that the TEF is only for house improvements as far as computers and educational stuff like adding a library......But either way they dont have any help as far as buying houses..............Blaise

tkepunx · #10 07-05-2002, 02:02 AM

Thanks for all the suggestions. Right now we just got the alumni organized into an alumni association. I'm gonna try to form an organization to look into buying a house, but the current Prytanis and other guys I've talked to said the only house they'd be interested in buying is the one we rent. The TEF funds ideas sound interesting, even if you can just use it to build a library.

T. Rod O'Neal · #11 07-05-2002, 03:51 PM

As it stands now, the TKE House Fund is unable to fund any new loans in the foreseeable future. As I understand it, Frater Mark Fite (a member of the Grand Council) is looking into ways to get this function of TKE operating again.

When I was on staff, I was in charge of the TKE House Fund and we had a Committee of alumni that developed programs to assist chapters in pursuing housing - it was called REAG, or Real Estate Advisory Group. We had sample plans, worked with alumni to develop housing funds, etc., even where to buy furniture. Not sure if this committee is working today, but I agree it sure needs to.

The best bet these days is for the university to participate. At one point, I met with Dr. Eugene Dial of Nichols to develop a Fraternity Row there. Not sure what happened, but a recent decision rendered by the Louisiana Attorney General now prevents University's from co-signing housing loans for fraternities. This will make it very hard to build a fraternity house on university land as you will not be able to get financing.

So, we need to research privates means of funding and building on private land as it appears this is the best approach in this day and age.

TKEmz894 · #12 07-05-2002, 06:55 PM

I have also looked at trying to do something off campus at Nicholls buit the only problem is the city of Thibodaux has an ordinance against Fraternity houses in city limits. The only place in City limits you could would be the Down Town area. and none of that is for sale. We had our alumni behind us to buy the Thibodaux Ice house which is in a business district but it was not in compliance with the ordinance. So now we are looking at other options ie. Building in Schriever which is where alot of colllege apartments are anyway, so we wouldnt be that far from school, and it is alos in the neighboring parish. We are looking at numerous options as far as where to build, how big, wether or not to buy an existing structure, or even to build a little and then see how far we want to take it. My mother is studying to be an architect, and she has been giving me ideas as far as cheap ,functional and indistructable materials to build with. and The lots out in Schriever are only 12,000. So our alumni association has said that they could easily fund us for whatever we want to do. We just have to present our plan to them......Oh and I guess you are wondering how we secured all that money? Well The major way was asking what did we need to do for them to take us seriously? They said pay IHQ on time for TWO years, and keep over Fifty members. Because that is close to how many guys they had back in their day. So we did that. Then we recruited their three of their sons. Three whos dads are our Alumni President and the other two serve on our BOA. Now alll those old guys from the seventies come around and visit the chapter and get drunk in Bars with us and their sons. And so there sons go home and dad asks are the kids for real? Does he have his shit together MY little Bro Tim says.......YES Dad, Blaise has been working on this for TWO years, before I got there.............That is his Goal before he graduates....to get us a house........