How to rehab houses to make some money?

November 28, 2009 by admin
Filed under: Make Money Online Fast 

I’m taking a real estate class at school and I really like. I know how to rehab the houses and feel I would be good at it. The problem is I do not have the money to buy houses to rehab them. I was talking to someone and they were saying I could get government grants to help get started. If anyone has any advice I would appreciate it.

Tags:

Comments

4 Comments on How to rehab houses to make some money?

  1. Simpson G on Sat, 28th Nov 2009 8:00 pm

    2. If you don’t personally have the money to do it, then you have a few options:

    1. Get a loan to buy the house and then a construction loan or a personal loan for the rehab costs.

    2. Get investors to front you the money.

    Yes, there are grants available for rehabbing homes. There are federal, state, and local grants for a variety of things. The best way to find out about these would be to do some internet searches.

    http://flipping-real-estate.suite101.com/article.cfm/how_to_get_government_grants_for_rehab_projects
    http://portal.hud.gov/portal/page/portal/HUD/topics/home_improvements

  2. MadMan on Sat, 28th Nov 2009 8:00 pm

    3. Don’t bother. A lot of people have lost their shirts trying this.

  3. jlf on Sat, 28th Nov 2009 8:00 pm

    4. You will NOT get "government grants" to flip houses. Amateurs trying to flip houses was one of the factors contributing to the housing bubble. Unless you have deep pockets, construction experience and real estate experience, abandon this idea.

  4. dog ma on Sat, 28th Nov 2009 8:00 pm

    5. Alex -

    You will need to find yourself an investor who has the money but not the time or energy to do the work. When the property is finished and sold, you split the profit according to a pre-agreed arrangement.

    Any government "grants" would be for properties in horrible areas, and they will not allow you to profit from the rehab. The red tape and BS involved in these are ridiculous and not worth your time.

    Please know that even very experienced investors make mistakes and lose money doing this. Without a real estate background (by that I mean many years, not a class in school), you will have big problems. You will run into major unforeseen expenses, deals that go south, subcontractors who don’t cooperate, and unpredictable real estate markets that leave you stuck with properties that do not sell. If you don’t have the money to ride out these issues, you can go broke quickly.

    Good luck!

Tell me what you're thinking...
and oh, if you want a pic to show with your comment, go get a gravatar!