GOV Grants?
Has anyone had any luck getting one of these to help you purchase a property?
It seems I'm in a catch 22 here, I found a property that would make a great Section 8 rental, but needs to be fixed up. I don't have the money to do the fix-ups, and I don't want to buy something that I can't make money with either.
So is it possible to get these grants? or do I just hunt down the next one?
Thanks in advance.
Dave
contact your local hud division and ask them. They sent me a list of lenders in my area for garunteed loans at 1%. For the grants..I too am in the hunt.
That crazy guy on TV with all of the question marks on his jacket sells a book for about $30.00. It by itself won't get you any grants, but it does tell several sources of grant money, and more importantly, how to find it. Well worth the $30 in my opinion. Remember there's municipal, state and federal money from gov't sources, and there is also private and business money available, if your cause fits their contribution criteria.
Good luck,
Jeff
Many seasoned mortgage brokers already know the organizations which sponsor such 'grant' programs. Once you find out, please share/post this in an article with the investors of TCI.
Eric & Rosa
[addsig]
I took advantage of the HUD rental rehab program back in the early 90's. I do not think it still exists. I was given a ten year self amortizing loan with no interest. If I kept the property up to standards they would forgive the loan 10 % per year. They funded 50 % of the rehab up to 7500 per unit. I did about 20 of them. I believe that HUD has geared their grant program more towards owner occupants.
Hope this helps some
Ted Jr
Greetings,
Just a little note about the grants, government or otherwise, 99.9% of the time you will need to have a 501(c)(3) in order to get a grant....thats' the one thing those commercials advertising those grant books don't tell you....but Matthew Lesko (the guy on tv with all the question marks) does at least mention this fact in his book.
To get a 501(c)(3), first incorporate with your state as a nonprofit org. (don't worry - you can still make a profit!) then apply for a 501(c)(3) tax exemption from the IRS....
Its actually rather simple...I got mine last year! With it, you don't have to pay taxes, property taxes, etc...Also, with the 501(c)(3) you can use several angles related to real estate investing to get grants for practically anything you wanted to do: rehab houses, low income properties, section 8 rentals, etc. etc.
Hope this helps! I help people get their 501(c)(3) and I also write grant proposals. My website is on my profile page.
mzmitchell