I heard in my class that you can do grants, deal with section 8 ect. Is it better to deal with the grants when I have more experience under my belt? I took armando montelongo’s seminar and 3 day class two wks ago. I find it interesting about grants but wonder if its best to do loans first… any suggestions?
Yes, wash your hands…
A grant is better than a loan except you have to look at the requirements of the grant. You won’t find a grant of money given to you so that you can make money. It will either require you to buy in a particular place or lease to a particular person but not require you to make any money.
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The problem with rehab grants is that it’s really hard to get them unless you know someone who works inside the gov’t who can push it through.
I’ve seen too many projects fail based on getting them, e.g, someone buys a large boarded up commercial building on a tax sale thinking they could easily get these rehab, historical, and other grants, but they don’t realize they have to do a bunch of things to it just to apply like proper asbestos removal, chemical and lead paint disposal and getting a passing environmental report, which can run in the hundreds of thousands of dollars on some behemouth building they picked up for five or ten grand on something like a Detroit tax sale. You need a lot of money to even get to the point of applying unless you know someone from the inside.
Don’t even waste your time with it if you haven’t got deep pockets and banks are not going to want to front you for getting a non-cash flowing building ready for a grant because it’s just too much risk for their money because they know that so many of them fail. These speakers just take your hard earned money and offer useless advice. If you can, demand a refund from that seminar company for suggesting such nonsense.
Grants for residential dwellings are usually for owner-occupants and there may also be a low-income requirement as well.
I want to thank everyone for the advice. I have been researching a lot of the information and talking with others who have been successful and unsuccessful. And it is true you do need connections to get your foot in the door from starting with nothing. Another question: or need advice… I have tried getting a credit score and have no luck because I have a thin file. Not enough info or credit. I have tried applying for credit cards, phones, I have had bills in my name but always get rejected or have to pay a ridiculous amount of money I don’t have. What else can I do for my credit? I know Some lenders require the credit score of 660. Are there other ways of investing without having to depend on credit scores?
You’ll have to go to a bank and start with a secured credit card that reports before being able to get an unsecured credit card. If you need anymore advice, you should go to a local experienced mortgage broker and ask them how to build your credit so you can qualify for the best mortgage. This is their life and they know what companies report positively and how you can build the credit score you want. It is in their interest to help you so you could eventually qualify for a mortgage through them. If a mortgage broker is not willing to take the time, then find another one.
Grants all day. Political clout def helps. Remember to build relationship with whoever you talk to because it will seem as if you are jumping through hoops but its worth it.
Which do you think is better to have?