Grants to Invest in Real Estate
It may seem strange to be talking about investing in real estate with the current market being what it is, but with government real estate grants available, it just may be the perfect time. Whether you use grants to buy real estate such as a personal residence, or use government grants for real estate investing in commercial or multi-housing properties, it makes sense to do so when prices are low.
Qualifications. The qualifications for grants are very diverse. Most importantly, do not assume you need to be low-income, unemployed or a minority to get them, although some will require just that. Some grants have nothing to do with the income or status of the applicant, but more to do with the type of property to be purchased. For example, a community in desperate need of low-income housing may have funds available along with tax credits to encourage an investor to build their much needed housing. Public interest foundations provide grants for promoting their interests such as medical facilities, minority housing, minority universities, and so forth. Grants to invest in real estate may also be specific to location such as to develop a troubled neighborhood.
The number of grants offered is staggering – and much like the process to locate a college scholarship, don’t expect this to be a quick process. Even once you do locate 5, 10 or more grants that you believe you meet the qualifications for, you still have the process of preparing the grant applications. A grant application is not like a resume in that you can prepare it once and keep sending out copies – each one will have a different format, require different information and substantiation, and have different filing processes.
Some people enlist the assistance of professional grant writers. If it is in your financial ability to do so, it is a good idea to have at least a couple done professionally. You can then use these to assist you in writing others. One important note is that you should apply for every grant you come across, even those you are not completely sure you qualify for. Much like buying more than one lottery ticket to increase your chances, this will increase your odds of actually being granted the funds you are requesting – although your chances of obtaining a grant are much better than winning the lottery!
As with anything worth obtaining, this will take some perseverance. Keep at it and you may just become the next real estate mogul!