Even though prior experience is a plus, first-time investors can also benefit from acquiring a hard money loan. Especially, when doubting if a deal is really worth the investment, a hard money lender can tell right away since that’s what they’ll take as collateral when providing the funding to close the deal.
If you want to invest in the City of Palm Bay, here are some facts you should know:
It’s located in Brevard County and has a population of 118,568 residents. Some of the places it’s known for include the Palm Bay Regional Park, Turkey Creek Sanctuary and the Castaways Point Park.
Local education stats show that 90.5% of Palm Bay residents are high school grads or higher and 32.8% have a bachelor’s degree or higher.
Living Costs in Palm Bay
When you look at the local real estate market you find that the median home value is $189,566 and the average rent per month is $1,432. The per capita income is $23,303 and the recent job growth was 1.9%.
City Programs and Incentives
Palm Bay has some housing programs that include:
- Owner-Occupied Housing Rehabilitation
- Emergency Repair
- Special Needs Rehabilitation
- Utility Hook Up Assistance
Home Purchase Assistance
- Community Development Block Grant (CDBG)
- Home Investment Partnerships (HOME) Program
- State Housing Initiatives Partnership (SHIP)
The programs for local businesses include:
Ad Valorem Tax Abatement
This program is open to new businesses in certain industries like Cleantech, Life Sciences, Information Technology, Aviation, Homeland Security, Financial Services and Manufacturing, to name a few.
Business Improvement District
The goal of this program is to support funding for infrastructure improvements, business retention and attraction, as well as job opportunities.
Historically Underutilized Business (HUB) Zone
This program offers federal contracting and subcontracting for small businesses located in certain areas.
Foreign Trade Zone
These zones stimulate international trade by companies from the U.S. so they can enter into new markets.
You can get in touch with some hard money lenders in Palm Bay, Florida who have an extensive lending portfolio and who can help you close the deal of the property you want. Check them out here: