Untapped Investment Resources & Rehab Project

[Lamont Carter]

Hi My name is Lamont Carter,

I'm sure the questions in which I may pose are common and may seem a bit redundant, but I would sincerely appreciate the feedback and guidance. Thus far I have consumed several ideas of how one can embark on the real estate journey of buying multi-unit homes and rehabbing them as rental properties. I have explored creating a non-profit to assist with tax abatements and consumption of grants but found that I would have to convene a board of directors composed of 3 members and not stand to gain personal profits. I'm currently exploring the option of crowdfunding, community development grants, VA and FHA- 203K Loans to fund my enterprise.As you can see this millennial is in grave need of some wisdom and direction. My sole intent is to procure investment properties in Low-income, increased crime activity areas, and neighborhoods enduring poverty primarily in Newark & Jersey City. This is where I can create units available to; section 8, senior citizens & disabled individuals. I'm sure you get the picture!!!! One might say this kid is crazy and in for a rude awakening, I would say it's a challenging opportunity that if cautiously and diligently embarked upon can be successful and financially rewarding. I would really appreciate some guidance as to how I can obtain funding or put minimal down to start the investment but have the opportunity to begin a 2nd project within 6 months if possible? What are my financial options and how do I pursue it i.e. crowdfunding, grants, traditional financial institution( I understand this process), GAP funding or community housing development dept? Also is it wise to purchase a severely dilapidated multi-family home at below market value but stipulate extensive repair cost, if so what is the threshold to not exceede for construction and purchase price? I hope my questions are clear and concise, though I sound audacious I'm determined to leverage this project to help others find affordable and reasonable housing while also making a profit. Any advice or completely transparent remarks, questions or comments are welcomed and appreciated.

Thanks.