Stories about working with Greater Syracuse Land Bank?

8 Replies

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?

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.  

@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.

It's tough, you need a good contractor that can help you get an excellent plan going that will meet your budget and their requirements. 

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.  

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here