need a $300,000 gov.or private loan at a very low interest rate I can pay back over 30 yr., where can I find?
Jun 20, 2009
in
Private Real Estate Loans
I would rather have a grant if I can get one…I want this money to invest in real estate that needs repair, I intend to repair property and use it for rental housing.
The area I am in is in need of decent housing, rent will be 0.00 on average to 0.00 depending on the size of the property.
I need a long term with low interest rates if it is a loan, because I am a poor man, below middle class, and I will need time to work and pay back such a large amount if my project don't workout, but every cent will be repaid and on time…my word is the most important thing I have, and I always make sure I have a way to keep it before I make it.
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3 comments
Landlord on June 20, 2009 at 4:24 pm
Your business plan is awful. You have no chance of this working. None.
There are no grants for business. Forget that.
Government does not loan money out. Forget that.
There are private loans, but they are high interest, and still they want something they can put on paper, not just your word.
Fara on June 20, 2009 at 4:24 pm
The biggest problem I see with what you're doing is that early on you will have a cash flow problem. It will take time to repair rental property and meet regulations for it to be able to be rented out. Then you have to actually find people to rent from you, all the while you are owing monthly payments. You could probably do it, but it is risky if you're not familiar with all the regulations and requirements that the governments requires of rental property. If you are a minority you are more likely to get a grant, which i would recommend the most. $300,000 is would be tough to find in grants. If you take out a loan you will need to have a down payment, and I recommend a 20% or more down payment because then you lower the interest rate even more because it removes the insurance. The bank will require a 10% down payment regardless. You will be viewed as risky so you will probably only get an SBA loan which is a few percentage points about the Fed Rate.
Older and Wiser on June 20, 2009 at 4:24 pm
First of all, a $600 rent on a property will not pay for a $300,000 loan. Second, as a beginning investor, you should concentrate on one property at a time.
Nobody is going to give you a grant to invest in real estate. It doesn't happen. The only way you are going to be able to do that is if you actually start a business and put it on the books. You will need to write a fool proof business plan that will win over the powers that can give you a grant. I suggest you go to school for business to do that.