« The Sweet Smell of Oil | Home | When the Government Pays the Rent »
Quite a Shock
By Jillian Wheeler | June 7, 2008
I got quite a shock the other day.
You’ve heard me talk about the apartments I bought and rehabbed 100% with a grant. I owned them for nine years, then when the time was right for me, I sold them.
The buyer assumed my contract with the city, and a couple of years later, I moved to another part of town.
Last week, for the first time in several years, I drove by the apartments.
They were gone!
Really, I shouldn’t have been surprised. That part of town, because of its proximity to the center city, has been experiencing a resurgence. Beautiful condo developments are springing up everywhere.
The contract with the city has been completed, and the current owner of the apartments has obviously sold them – undoubtedly at a huge profit. Land values have appreciated tenfold in that area.
Government grants for real estate are an amazing opportunity to do good in your community, while building wealth for yourself.
In my case, I got a Community Development Block grant, as a for profit business. The grant covered the purchase and rehab of the apartments, so I had no mortgage. I set the rents within affordable limits for our residents, and the income was mine. I was contractually obligated to keep the apartments affordable for a period of time specified within my contract with the city. I was permitted to sell them at any time, as long as the buyer assumed the same contractual responsiblities to the community.
If you’re interested in investing in real estate (and you couldn’t do so at a better time, given the current market), your premier resource is our real estate grants product, “The New American Land Rush: How to Buy Real Estate with Government Money.”
Head on over and check it out for yourself.
In my next post, I’ll talk a little bit more about what it was like owning and operating this apartment complex, and about some of the people there. I’ll even tell you about some of big mistakes, and what I learned from them!
![[Digg]](http://grantmerich.com/blog/wp-content/plugins/bookmarkify/digg.png)
![[Facebook]](http://grantmerich.com/blog/wp-content/plugins/bookmarkify/facebook.png)
![[StumbleUpon]](http://grantmerich.com/blog/wp-content/plugins/bookmarkify/stumbleupon.png)
![[Technorati]](http://grantmerich.com/blog/wp-content/plugins/bookmarkify/technorati.png)
![[Twitter]](http://grantmerich.com/blog/wp-content/plugins/bookmarkify/twitter.png)
![[Email]](http://grantmerich.com/blog/wp-content/plugins/bookmarkify/email.png)
Topics: All Grants Posts, Real Estate | No Comments »