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.
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…