Anyone know how to get a government grant to purchase real estate?
Posted on July 19th, 2010 in Investing | 3 Comments »
busymom asked:
I want to start investing in real estate with little or no money down, but how can I? I do not trust those info mercials they always seem to have a catch. I want to talk to someone that has experience with purshasing property utilizing govenment fund to fix up and rent out real estate. Please give me some good resources.
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I want to start investing in real estate with little or no money down, but how can I? I do not trust those info mercials they always seem to have a catch. I want to talk to someone that has experience with purshasing property utilizing govenment fund to fix up and rent out real estate. Please give me some good resources.
torrance plumbing plumbers
3 Responses
stretch marks removal
Investing in real estate requires lots of knowledge, education, and experience. That doesn’t mean you necessarily need a college degree in real estate finance, but you need to have done lots of research. You also need to be willing to take a certain amount of risk. To qualify for a mortgage you must either put some money down or generate a high enough income where the bank doesn’t care.
I can’t help but be very offended by your idea of getting a government grant. You don’t feel like saving money or even borrowing it, so you want other people’s tax dollars to go to you so you can play/gamble in the real estate market. Government grants should go to those who truly need it.
Redding CA Real Estate
I’m a stay at home dad to 3 small kids. A couple years ago I got into real estate investing and have 3 properties now. I’m not a guru, and I certainly won’t be appearing on late-night t.v. with just 3 houses, but I’ve done it. Here’s what you need to do:
1. Join your local real estate investor’s group. Don’t know where one is? check this site: This is where you’ll meet people that have bargain properties. Seek out the “wholesalers”. Just ask around. If there is not a club in your area, call the “I Buy Houses” signs. They should have properties for sale.
2. Find a “Hard Money” lender. The rates are high, but they can get you 100% of the cash if the deal is right. You will then need to find a bank that will refinance with “no seasoning”. The hard money lender should know of some and need to get you pre-approved for the refi before making the loan. THIS IS IMPORTANT.
3. Close on a property in a good neighborhood and stick with 2 or 3 bedroom houses. 1 bedrooms are hard to rent as most people that would need these go with apartments and 4 bedrooms are too. These people most likely have bought a house.
Unless you are going to offer low income housing, or rentals in historic neighborhoods that need revitalizing, I don’t know that you can get government money.
My first deal was a house I found through my club that was valued at $51,500 and was for sale from a wholesaler for $26,200. It cost me $32,000 with hard money fees, but I re-fied a week later and cashed out at 80% of value which was $42,000. When all was said and done, I bought a house with no money out of pocket and cashed out about $9,000.
Hope that helps.
Chicago Il Real Estate
I have wasted much money in grant programs and real estate courses. This is what I learned: the government will not give you grants to invest in real estate for personal use. I studied various “gurus” for 3 years and learned a great deal, but most importantly, I learned that their courses were too expensive for the average person. As such, I recently created a step-by-step guide for average people like ourselves to begin investing in real estate without credit and “no-money” down. Visit. It is only $7 because some people cannot afford the expensive boot camps and courses. These methods work because I used them…