One year ago, I purchased a foreclosed home in Adair Park neighborhood in southwest Atlanta. This house will become my home, where I live for the rest of my life. The porch will become the meeting grounds for the neighborhood and the greater Atlanta community, where ideas are exchanged, where travelers passing through are able to exchange passions and intentions with locals. Where backyard gatherings, inside-the-house potlucks and BeltLine wanderings regularly happen. I am looking forward to bringing the passion and energy that I brought to the Atlanta's Midtown neighborhood, in the northeast corner of the city, to Adair Park and southwest Atlanta.
To date, I have invested $12,000 in cash and credit to clear the yard of trash and invasive plants, removing a total of 700 leaf and limb bags and 200 bags of trash from the yard. I rented a dumpster and demoed the interior of all the material that was damaged thanks to the structure being open to the elements over the past decade. Blueprints for the house's rehabilitation have been secured, as have permits from the city for the construction to begin. The cost of the rehab is $130,000 but the bank is only able to loan me $99,000. Why? The after-construction value of the house is only appraised to be $90,000. Working with the bank and the contractor we have significantly reduced the rehab cost down on paper. I have taken another $11,500 out of my 401K to secure a mortgage of $110,500 to start construction, bringing my total investment into the home between cash, credit, and 401K to $37,700.
Oct. 16, 2011: House is purchased for $14,200 with my 401K money.
Oct. 2011 - Sept. 2012: $12,000 spent on building permits, drawings, tools and equipment.
Sept. 2012: $11,500 more spent to secure the mortgage from my 401K.
Sept. 2012: Bank loans me $99,000 (HUD 203(k) rehab mortgage/Wells Fargo)
Oct. 2012 - Dec. 2012: Indigogo fundraiser. $20,000 still needed to achieve the $130,000 to fully rehab the house.
My name is Angel Luis Poventud and I live in Atlanta. I was born and raised in Miami and moved to Atlanta 14 years ago to be closer to my mom, sister, and grandmother.
Volunteering with Trees Atlanta
I started volunteering with Trees Atlanta 12 years ago, planting 20 to 30 trees a year in every neighborhood in Atlanta. My volunteer work led to me ultimately winning the Cox Conserves Heroes award in 2010.
Cox Conserves Heroes video: http://www.youtube.com/watch?v=79_-EAh9E-8
Volunteering with Atlanta Preservation Center
Ten years ago, I was living in the historic Piedmont Crest building on 12th Street adjacent to Piedmont Park when I learned that the building was schedule for demolition. I spent two years trying to save the building. I was awarded the Atlanta Preservation Center's 2004 Keystone Award for the volunteer work.
Volunteering with the Atlanta Bicycle Coalition
I started getting involved in other groups and organizations around the city, including the Atlanta Bicycle Coalition, where I help advocate for bike awareness by leading group rides around the city. I also participated in a billboard and bus ad campaign.
Volunteering with WonderRoot and Living Walls Atlanta
About 4 years ago I started getting involved with public art around the city and joined the board of WonderRoot in 2009 and started volunteering with Living Walls Atlanta in 2010. I have learned the importance of art in public places in Atlanta and I'm glad to be a part of two organizations that place such important roles in advocating for the arts.
Volunteering with the Atlanta BeltLine
Seven years ago, I happened upon the Atlanta BeltLine project. Back then, everything revolved around meeting, planning, and getting the city to really think about how we would like our city to develop into the future. Eventually, I started leading walks on the 22-mile loop of proposed parks, trails, and transit with just a handful of people. These excursions led to a five-week series of walks that resulted in 900 people coming out and exploring the city with me.
Looking for a neighborhood to call home
As a person that uses the whole city, no neighborhood was off-limits as I was looking for a home. Of course, I ended up buying a house that backs up to the BeltLine and fronts a park in the Historic Adair Park neighborhood in Southwest Atlanta.
Check this article out to learn more about my story: http://bit.ly/QNUcWG