Originally Posted by PTsideshow
You have come a long way in a short time! And it is coming together nicely, might as well go for everything you can get. As others will do it for the only reason of ripping the tax payers off!
Continued good luck.
Yeah for sure, I figured if all the other non-profit, and "non-profit" entities out there can qualify for tax exemption and not pay any real estate taxes on huge expensive buildings on prime real estate, my little art gallery should too!
I'm paying extra money on the mortgage each month so the building will be completely paid off in about four years, that will save me interest, and it also will avoid that $7,000 balloon payment due in five years.
I didn't like the idea of that balloon payment, but being a commercial loan and all that is the contract my bank offered. It only requires about $86/mo payment, so it was easy to calculate sending in just $200 a month will ditch the mortgage entirely in about four years.
I already made the February payment, and about to make the March payment, so I am also a couple of months ahead on it.
Heading out now to go glue up, cut and place some more signs.