sig ep
by: yearSig Ep is done for a while. They got 3 years suspension of all activities. Last falls pledges haven't been initiated yet so they are going to jump ship and rush somewhere else. Sad to see them fall apart like this.
Commentby: deal
#12by: aggie
If nationals is confident in the decision they have made, then leave it at that. They shouldn't make a move that appears as vindictive as throwing every single brother out of the house with just a few weeks left. It's childish, uncalled for and absolutely the worst example of leadership. Especially for an organization whose sole purpose is to be an example and direct influence in the lives of thousands of young men. Their actions should reflect the same high standards that they require from their members.
When a chapter does well you join in and take credit equal credit for their actions as an organization as a whole. But when something goes wrong with a chapter you never assume even 1% of any type of responsibility whatsoever. This chapter did not get in the shape you say it is in all by itself. It starts at the top. Isn't that how the ole saying goes?
by: xid
by: graf
by: really
@graf -- One person already died and no one wants to lose any more. Have you no shame?
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#14by: read
Every fraternal org has a duty to insure against destruction of properties by disgruntled membership, and as such correctly moves to evict immediately. The clauses and statutes guarding their right of eviction are found in each member's housing contract. Read up so you can shut up.
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by: unfair
Feel bad for the pledges. They did nothing wrong and they're getting the worst punishment.
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by: yika
The older guys who stay will stay close, along with the pledges they already consider brothers. A few new guys will re-pledge elsewhere.
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by: rule
#18by: Actual Sig Ep
Sig Ep was suspended for two years and the charter was revoked by nationals. The suspension stemmed from allegations brought to the IFC board by a girlfriend of one the Fall 16 pledges. She went on to the phone of her then-boyfriend during a fight and sent herself screenshots of proof that there was hazing going on.
The house will be leased to the public until a buyer can pony up the $750,000 to buy the house.
We lost our fraternity because of a girl, yes.
by: .
That's how the much more fun former 2 week rush system got ended too.. Women ruin everything they touch when they get spiteful
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by: Norrebro
Obviously this is a troubled property outside of the fraternity’s hazing issues. Without cash flow, I’m seeing a potential short sale opportunity.
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by: remax
6.5% on $1.5m (high but this is non-recourse rate) your payment would be $13k/month on a 15 year fixed. I would factor in another $3k a month for property taxes and other similar expenses. I know people are going to argue the rate but I have experience in this area and no lender is going to give your 3.3% on a frat. Too much risk!
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by: Mays
It’s $16k a month to service the loan, taxes and insurance based on $1.5mil mortgage. You are going to need at least 20% down plus sufficient capital for improvements needed for a top tier frat or sorority after so many years of parties and abuse. You would need $500k cash on hand for a lender to even speak to you. $16k is not rent but a purchase if you understand the difference. People need to how things work if it is bought then leased out. Mortgages are paid on a 12 months basis while most fraternities pay rent on an 8 or 9 month basis. Factoring a 8 month rent cycle to pay a 12 month debit service the rent would be more like a minimum of $24k/month. That doesn’t include buyer's profit on investment.
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by: reality
Too hard to find a new student-housing buyer or renter at this point in the year. Probably will be empty unless the school buys it.
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#19by: expectations
by: Guest
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by: dar
For how many years?
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