Q. I am disabled & am very low income, I am trying to buy a 34 acre property that contains a modern dog kennel & 4 rental homes. I want to raise toy breed dogs as well as offer grooming & boarding services. It is my plan to provide room & board (1 of the rentals) to a couple who would be my kennel attendants. Everytime I search for grants that say "free" there is always some type of charge (ie:shipping,processing, etc) Is there any kind of assistance that doesn't cost money? I mean, if I had the money for the applications, I wouldn't be searching for "free" grants/scholarships. Also, has anyone tried that grant book from off tv? Does it really work? Any other suggested places to try for any grants or scholarships?
A. It is hard to find grants to start a business -- even for the handicapped. Unlike the myths that some perpetuate, federal government and even private foundations hardly give grant money for a for-profit business.
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.
When you go to CFDA.gov http://www.cfda.gov , follow these steps:
- click on Search for Assistance Programs (HTML)
- browse the catalog by Beneficiary
- Beneficiary type is 69 Handicapped
- you will then see ALL the grants available to handicapped
None of them, unfortunately, are for starting a for-profit business
Even SBA does NOT give out grants only loans. From the SBA website http://www.sba.gov/expanding/grants.html
"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs
For private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online. It's a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don't have listings of private foundations who give grants to would-be entrepreneurs.
Nonetheless, you can go to the Catalog of Federal Domestic Assistance (CFDA) http://www.cfda.gov and Grants.gov http://www.grants.gov - these are two sites created by the federal government to provide transparency and information on grants. Browse through the listings and see if you can find any grant that would support a for-profit venture.
Even if you buy books on "how to get grants" or list that supposedly has information on grants -- all of them are mere rehash of what CFDA has, albeit packaged differently. But still the info is the same - hardly any grants for starting a for profit business.
When you go to CFDA.gov http://www.cfda.gov , follow these steps:
- click on Search for Assistance Programs (HTML)
- browse the catalog by Beneficiary
- Beneficiary type is 69 Handicapped
- you will then see ALL the grants available to handicapped
None of them, unfortunately, are for starting a for-profit business
Even SBA does NOT give out grants only loans. From the SBA website http://www.sba.gov/expanding/grants.html
"The U.S. Small Business Administration does not offer grants to start or expand small businesses, although it does offer a wide variety of loan programs. (See http://www.sba.gov/financing for more information) While SBA does offer some grant programs, these are generally designed to expand and enhance organizations that provide small business management, technical, or financial assistance. These grants generally support non-profit organizations, intermediary lending institutions, and state and local governments."
Here is a listing of federal grants for small businesses. See if there is any available for individuals for starting a business -- THERE'S NONE.
http://12.46.245.173/pls/portal30/CATALOG.BROWSE_BENEF_RPT.show
Most of the federal grants are given to specific target groups with specific requirements (e.g. minority business owners involved in transportation related contracts emanating from DOT - Grant#20.905 Disadvantaged Business Enterprises Short Term Lending Program
Grants are also often given to non profit groups or organizations involved in training or other similar activities (grant 59.043 Women's Business Ownership Assistance that are given to those who will create women's business center that will train women entrepreneurs
For private grants, you may want to check the Foundation Center's Foundation Grants for Individuals Online. It's a subscription based website ($9.95 per month) but their opening blurb only says that the database is ideal for "students, artists, academic researchers, libraries and financial aid offices." Entrepreneurs are apparently not one of them, so I take it they also don't have listings of private foundations who give grants to would-be entrepreneurs.
How can I purchase a second home without selling what we currently own?
Q. We live in a great area- but our place has become too small for us. It would be great to keep our townhouse for an investment property. Problem is, we need to sell to buy b/c we don't have enough money saved for a down payment on house number 2. Is there any way around this?
We are currently saving little to no money b/c we have small children and I stay home..btw.
I don't think a bridge loan would work. Need another solution.
We are currently saving little to no money b/c we have small children and I stay home..btw.
I don't think a bridge loan would work. Need another solution.
A. Two years ago, this was not a problem. Heck, I did it twice.
First, you need a banker who understands business. Second, how much experience do you have with rental property. I did it twice, and sold the old house after three years because it was not worth the risk. You don't rent out houses you lived in, but some dump you don't care about.
So how much equity do you have in the town home. If it is greater than 10%, you can take out a second loan, and use that money for a down payment. Note, townhouse bank does not know you are planning a rental. For non owner occupied homes, they demand 25% equity.
How does your cash flow look if you rented your townhouse? Will the rent cover the first and second mortgage. What happens if you are not able to rent out your townhome for two monthes? If you are not saving much money now, you may not be able to take the hit.
Now if you can find a banker who understands businus. Then you may make a case. I am planning to keep the townhouse for two more years and then sell it and get a better price. Untill then, you will take a balloon loan for your new house and pay 1% interest. If you sell your town home now, you can make a 10% down payment. If you sell your town home in two years, you will have 20% or better down payment. If you have no other debts, no car loans, no credit card ballances, the banker may accept it. Otherwise, you are stuck in the town home for two more years.
First, you need a banker who understands business. Second, how much experience do you have with rental property. I did it twice, and sold the old house after three years because it was not worth the risk. You don't rent out houses you lived in, but some dump you don't care about.
So how much equity do you have in the town home. If it is greater than 10%, you can take out a second loan, and use that money for a down payment. Note, townhouse bank does not know you are planning a rental. For non owner occupied homes, they demand 25% equity.
How does your cash flow look if you rented your townhouse? Will the rent cover the first and second mortgage. What happens if you are not able to rent out your townhome for two monthes? If you are not saving much money now, you may not be able to take the hit.
Now if you can find a banker who understands businus. Then you may make a case. I am planning to keep the townhouse for two more years and then sell it and get a better price. Untill then, you will take a balloon loan for your new house and pay 1% interest. If you sell your town home now, you can make a 10% down payment. If you sell your town home in two years, you will have 20% or better down payment. If you have no other debts, no car loans, no credit card ballances, the banker may accept it. Otherwise, you are stuck in the town home for two more years.
What kind of a small business that's lucrative I can start with almost no investment required?
Q. I live in south america, and Im looking for ideas
A. take a FHA Loan and buy a rental property. Have 3.5%-10% for down payment.
Rent it out, while using the rental income to pay of the mortgage.
Build equity on the property, use it to buy another property.
hold on to those for a few years then sell then when they double in price.
do this until you are rich.
Rent it out, while using the rental income to pay of the mortgage.
Build equity on the property, use it to buy another property.
hold on to those for a few years then sell then when they double in price.
do this until you are rich.
How does General Motors going bankrupt affects our economy?
Q. Why can't we let it go bankrupt if it's not making money? Why would you give money to a company that can't make money back?
Is it possible that at some point a foreign auto company could take over GM with 51% by their decreasing stock price?
Nobody really cares for American cars nowadays except those rental companies, so what's the point of keeping it?
welll.. with GM gone, they can get jobs at Japanese auto plants based in US.. so they can expand and make even nicer cars for the consumers.. American cars suck anyway.
Is it possible that at some point a foreign auto company could take over GM with 51% by their decreasing stock price?
Nobody really cares for American cars nowadays except those rental companies, so what's the point of keeping it?
welll.. with GM gone, they can get jobs at Japanese auto plants based in US.. so they can expand and make even nicer cars for the consumers.. American cars suck anyway.
A. Letting GM and the other domestic automakers fall into bankruptcy would just shift all the current obligations to the taxpayers. Pensions, health care, debt, unemployment from the job losses, etc. Not to mention there would be tremendous loss of tax revenue from the federal down to the local level. Plant closings don't just impact the people working at the plant, but the towns around them. Restaurants, small & large businesses, schools and hospitals all will end up getting hurt.
All the Tier I,II,III parts manufacturers for GM will go under. The real estate market and the advertising market will be severely impacted if they were bankrupt. This will end up costing the taxpayers hundreds of billions of dollars. Giving them a low interest loan is what they are asking for. And that will have to be paid back. With the current credit markets frozen, businesses can't get the capital they need to get them through tough times.
You can argue that GM made mistakes in their product plans but they were responding to market conditions (as did Toyota, Nissan, Honda, BMW, Porsche and Mercedes with trucks and SUVs). This country needs to maintain a manufacturing base. Otherwise we will all be stocking shelves at Walmart with products made in China.
Have you by chance read J.D. Power or Consumer Reports lately? You will find the domestics are just as good and some cases better then the foreign models. C.R. will not automatically 'recommend' Toyota anymore because of their major slippage in quality the past few years. It's sad that the perception of quality has not caught up with reality for so many people yet.
Did you know that GM has licensed their intellectual property to many other well known auto companies, like BMW and Ferrari? BMW has been buying GM transmissions for years and Ferrari uses their Magnetic Ride Control in their quarter million dollar 599. Yeah, we all know they built some sub-par models the past 20 years, but not everything they built was sub-par. Their trucks and SUVs are top rated. They are coming out with a really nice hybrid, the Volt.
And no, I don't work for GM or any of their subsidiaries.
All the Tier I,II,III parts manufacturers for GM will go under. The real estate market and the advertising market will be severely impacted if they were bankrupt. This will end up costing the taxpayers hundreds of billions of dollars. Giving them a low interest loan is what they are asking for. And that will have to be paid back. With the current credit markets frozen, businesses can't get the capital they need to get them through tough times.
You can argue that GM made mistakes in their product plans but they were responding to market conditions (as did Toyota, Nissan, Honda, BMW, Porsche and Mercedes with trucks and SUVs). This country needs to maintain a manufacturing base. Otherwise we will all be stocking shelves at Walmart with products made in China.
Have you by chance read J.D. Power or Consumer Reports lately? You will find the domestics are just as good and some cases better then the foreign models. C.R. will not automatically 'recommend' Toyota anymore because of their major slippage in quality the past few years. It's sad that the perception of quality has not caught up with reality for so many people yet.
Did you know that GM has licensed their intellectual property to many other well known auto companies, like BMW and Ferrari? BMW has been buying GM transmissions for years and Ferrari uses their Magnetic Ride Control in their quarter million dollar 599. Yeah, we all know they built some sub-par models the past 20 years, but not everything they built was sub-par. Their trucks and SUVs are top rated. They are coming out with a really nice hybrid, the Volt.
And no, I don't work for GM or any of their subsidiaries.
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