Has anyone ever heard of any grant programs? There is a small office in my hometown that is dilapidated but sandwiched in between two working offices in a small strip on the main street. I don't know if it is historic per se but it is right beside a pretty historic and old area. I could probably purchase the building for 10 to 15k. I would like to one day renovate it and rent it out. I had a friend of a friend who worked for some state agency and said all she would need is some grant code and she could look into it. I know people and companies are getting grants for things like this and just wondering if any of you have any info or ideas. I posted this in another forum as well because I think it's relevant. Thanks!

Grants are area specific. There are many grants for different things. Getting grant money is VERY competitive. As you can imagine the applications FAR outweigh the money available in the programs. Big companies have attornies that all they do is work on getting grant money. Is this property in a historical district?

There is funding at the city,county,state,and federal level each having there own programs. You could buy it and partner with someone,get a low interest government loan etc. if the grant was not approved.

good luck.. I have seen many try but few get approved.

Yea I know its a pretty competitive field but I figured it would be worth a try with having someone supposedly "on the inside" that could help. I think she works for the state. I don't think it is a historical district but I'm not sure. I'll have to check it out further.

Make sure you know ahead of time about the historical district. You will have to get renovations approved through the committee and often times the work they want done to properties exterior is more expensive and not in line with what you are proposing.

I would put a clause in the purchase offer that acceptance is based on approval from the historical committee of your exterior renovation plans or you reserve the right to terminate. Then while under contract I would visit the committee to get approval and proceed to closing.If the expense was going to be really high then I would get a reduction in price or terminate the contract with the seller.Also for your rehab have a contingency reserve fund of 10 percent of anticipated rehab costs in your pro-forma.

Sounds like a plan. Thanks for the advice. I'll have to see what I can get cooking.

Sometimes local governments have grant money, but not often. Usually you can find nonprofit groups that will do it for you. Try contacting Habitat for Humanity. If they cannot help you, perhaps they know someone in your area who can.
Best wishes!