I am inheriting some rental property with an existing duplex unit on it. The
building was constructed in the 1930's an is need of repair. There is also an
additional 1/2 acre behind the property available for sale. I would like to
purchase to additonal land and expand the current building. Any ideas /
advice on how to manage this property and getting loan / grants to make the
necessary improvements?
For what it's worth, I think that Marc Anderson's book "How to Retire Rich
from Real Estate" is a great primer on managing a rental business. I
regularly recommend to my clients.
You can order copy from local bookstore or one of the online places which I'm
probably not supposed to post a link to...
Stephen L. Nelson, CPA, Author QuickBooks for Dummies
kmurray | Community Moderator |
10/9/2012 - 2:13 pm
Hi, When it comes to federal grants, they're typically aimed at specific industries and targeted causes identified by the government, such as scientific and medical research, conservation efforts, and so on. Check out this blog for more information. As far as loans go, SBA doesn't loan money directly to small business owners but can help facilitate a loan for you with a third party lender, guarantee a bond, or help you find venture capital. Here's what you need to know about SBA's role in the loan process. Good luck!
No federal or private grants for what you want. You could check with your
local city or county government to see if they some redevelopment grants to
spruce up the area or at least to knock down the current building.
For a business loan to purchase the property and renovate the building - not
going to happen unless you can show some income to make the loan payments.
You might ask around your community to see if someone wants to partner with
you - you provide the land and building - they provide more money to expand
and improve. Or, find someone who will build a new building on your property
and lease the land to them - then, use the lease payments to purchase the
land behind.
Question - How much are you seeking?
SeattleCPA | Window Shopper | 10/9/2012 - 2:46 pm
from Real Estate" is a great primer on managing a rental business. I
regularly recommend to my clients.
You can order copy from local bookstore or one of the online places which I'm
probably not supposed to post a link to...
kmurray | Community Moderator | 10/9/2012 - 2:13 pm
cashloans | Window Shopper | 10/7/2012 - 7:05 pm
local city or county government to see if they some redevelopment grants to
spruce up the area or at least to knock down the current building.
For a business loan to purchase the property and renovate the building - not
going to happen unless you can show some income to make the loan payments.
You might ask around your community to see if someone wants to partner with
you - you provide the land and building - they provide more money to expand
and improve. Or, find someone who will build a new building on your property
and lease the land to them - then, use the lease payments to purchase the
land behind.
Question - How much are you seeking?
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