I am doing research on starting in real estate investing. I have heard that grants or loans are available from government or other sources to buy, rehab, or otherwise start in real estate investing. Where can I find out about these?
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#1 by jsullyma on September 7th, 2009
Most government grants are in blighted areas where they want to spur rehabilitation of neighborhood properties. As far as I know there are no federal grants avalable unless you are revitalizing a property which will end up on the national register of historic properties, but these would have little to no profit potential due to the high cost of rehab to get the property to standards. The local programs generally only give 5-20k for help in rehabbing homes, but unfortunately come with so many strings attached that you will be begging them to take their money back just so you can get them out of your hair. Once you invite them in, you many times lose the grandfather clauses on any number of code requirements that have been put in place since the particular home was built and you have to spend as much if not more than the grant money to get the place up to the government standards that they require in exchange for the grant.
In my honest opinion, better to just get your own loan and go it alone….
#2 by roxypaln… on September 7th, 2009
The grants are for home owners, not for to fund your business. You are talking about tax payer money.
All banks have loans specifically for investment property.
#3 by Landlord on September 7th, 2009
I don’t think there are many (or any) grants available for real estate investing. May need to go the loan route which would be a bank, or prosper.com or something.
#4 by bull_roo on September 7th, 2009
I have never heard of government grants for real estate investing. If you have good credit you can get traditional loans that require little or no down payment. Talk to a local mortgage broker or bank about your options. Find a good investment realtor as well.