Taking out a loan for grow house

Hello everyone

I am currently considering taking out a loan at my bank as I have good credit history and will be able to repay the loan.
I just need some advice on this as it will be used to finance a grow house (renting 3 bedroom, growing in 2 bedrooms)
Of course I am not going to tell my bank that it will be used for a grow house so I was wondering if you guys had any suggestions?

My suggestions so far as to what the money could be used for that I could pull off (btw I need about $5000-$7500)

Overseas Holiday (say $3000 for spending money and rest for accommodation and flights)
Moving out money (say I am moving out and need to pay for furniture and bond)
Say it's to replace stolen items from my house that weren't insured at the time (TV, Clothes, computer etc.)

Anyway guys give me some input and advice if you could it would be appreciated.

Cheers, Jimmy

You're not in the United States I take it, lol!

I took out a £3k GBP loan from my bank a few years ago for some furniture and other things I couldn't afford at the time, at least not in one lump sum. I invested the leftover money in myself (home business). It was great to have the extra cash at the time, but it has been a minor nuisance paying it off in monthly payments over the years.

I have heard that, depending on where you get the loan from, they'll ask for some receipts to show that the loan money was spent on the 'stuff' you stated that it would be spent on when applying for the loan. No idea if that's true, or if it applies to Australian loans. It never happened to me, at least.

I wouldn't lie about the loan purpose to the extent of saying that you needed the money to replace stolen goods, but obviously you can't say "I need the money to buy equipment for growing mj". If you go ahead with it, just say it's money for a holiday and renovations, or something.

I respect your right to do what you want, and of course, I'm not condemning you in any way whatsoever - But I, personally, wouldn't take out a loan for the purposes you've stated, mainly due to your grow being planned in a rented property. I would say it's very risky.

I would also think about whether you're planning to get high on your own supply...
It can indeed be quite a lucrative business when.... you're a good gardner.
Personally...and just looking at myself I wouldn't take out a loan for it though.
My harvests are quite good, but once I'm saturated with THC in a few weeks, I start chain smoking cannabis
in stead of tobacco...

For some strange reason the harvest is always.... gone much faster as intended.

I don't mind and have a nice time that way, but having to pay back the money + interest
later ?

Skutch said:

I would also think about whether you're planning to get high on your own supply...
It can indeed be quite a lucrative business when.... you're a good gardner.
Personally...and just looking at myself I wouldn't take out a loan for it though.
My harvests are quite good, but once I'm saturated with THC in a few weeks, I start chain smoking cannabis
in stead of tobacco...

For some strange reason the harvest is always.... gone much faster as intended.

I don't mind and have a nice time that way, but having to pay back the money + interest
later ?

Click to expand...

Very well said if your thinking about buying grow equitment buy used.
Craigslist just search over a month or 2 period you will find 1000w complete
setups for around 100 dollers each im allways finding good deals on craigslist.
New 1000w setup costs new about 400 dollers i find em for 100 even if i dont need
them buy them and sit on them. Like the other day i scored i bought a like new hydrotek
digital ballast,sunsystem 6inch hood and hps bulb for 50 dollers works perfect cleaned the dust
sold it for 150 to a friend them yester day i scored a 600w quantum ballast and bulb with no hood
but all cords for 60 dollers im keeping this one to do vertical in about a month.

if you are a home owner and have some equity ...a home equity loan is a good way

I don't own a house, I'm still young so still living at home. I also live in australia so some suggetions so far have not been as useful but thanks a lot guys none the less. Also I don't really smoke weed so I won't be getting high on my own supply.

Cheers for the input guys

well then i would suggest doing a big outdoor grow that requires little start up money...and after harvest you will have your money for the grow house.

Slight problem with that. I don't have a big outdoor area to grow in that's safe.

easy problem to solve...go find one

if your talking about growing strictly for the bucks because you dont smoke...
then im assuming you already have connections in the industry because it wouldnt be easy getting rid of it being a non smoker..

why not slang some to stack some cash? would be a good way to line up your connections so when you get your grow you know where to ditch it to. and with the bucks your talking about, if you can hustle worth a damn that would only take a couple months.

i know many people that have done this..

or find a grower with some bucks thats willing to sponsor you for +30 percent

JimmyRecard said:

I don't own a house, I'm still young so still living at home. I also live in australia so some suggetions so far have not been as useful but thanks a lot guys none the less. Also I don't really smoke weed so I won't be getting high on my own supply.

Cheers for the input guys

Click to expand...

just rent then .
also , you wont be able to get much from a "unsecured loan" without proof of income .
OR if you have a car or something of value you could secure the loan with that .

good luck brother .

go out in the woods and set up a tent