Rental Property Investor · Lafayette, IN · Member since 2016 · 9 posts · 2 votes
I'm thinking about purchasing a property through the Greater Syracuse Land Bank. Does anyone have experience working with them that they'd like to share? Pros and cons?
Investor · Southold, NY · Member since 2016 · 173 posts · 154 votes
10y
@Eric Hargitt We have closed on 3 landbanks this year. You need to have your rehab plan legit and execute on it. Landbank puts a lien on your property in the amount of your rehab. Basically you have to finish your work and then inspect it after you rehab. its no joke. But its a wonderful program. Also I own a few apt buildings and have other SFRs in the market which helps the application process. They really want to know that you will do good work and finish the project.
The pros are obvious. The cons are you need to pay cash and show proof of funds for purchase and rehab budget. And it needs to be your POFs. Takes a while close and the above I mentioned with the lien.
Besides that I think its wonderful program to take vacant homes and bring them back to life for good families.
Investor, Teacher · Central New York, NY · Member since 2014 · 71 posts · 25 votes
10y
Hey Guys,
Stumbled upon this thread and curious as well. I am intrigued by the fact that the Land Bank essentially creates the rehab budget by giving you a list of fixes that must be agreed upon.
Investor · Southold, NY · Member since 2016 · 173 posts · 154 votes
10y
@Eric Hargitt We have closed on 3 landbanks this year. You need to have your rehab plan legit and execute on it. Landbank puts a lien on your property in the amount of your rehab. Basically you have to finish your work and then inspect it after you rehab. its no joke. But its a wonderful program. Also I own a few apt buildings and have other SFRs in the market which helps the application process. They really want to know that you will do good work and finish the project.
The pros are obvious. The cons are you need to pay cash and show proof of funds for purchase and rehab budget. And it needs to be your POFs. Takes a while close and the above I mentioned with the lien.
Besides that I think its wonderful program to take vacant homes and bring them back to life for good families.
Investor · Southold, NY · Member since 2016 · 173 posts · 154 votes
10y
@Eric Hargitt - yep - give me a heads up when you plan on calling. If I dont recognize the number I usually dont pick up. send me a message through BP PM or email me (email is on my profile)
Went to one of their seminars. You have to find a "licensed electrician and/or plumber" to do the repairs. Well I own an HVAC business and my workers are well qualified as plumbers, HVAC techs and electricians but aren't "licensed by the city" which entails union apprenticeships and the like. Sounds like a make-work scheme for the unions in all honesty.