Schenectady NY owned property.

[Penelopy Savory]

Desperate for information here. I'm currently trying to put in an offer for a city owned property in Schenectady NY. There isn't much information about requirements available on their website. I did notice the owner-occupant have to own the property for five years before selling. I was hoping to go more the investment route but the realtor I'm working with says that same five years rule apply to investors too. Has anyone flipped a city owned property? What is the time period of ownership they gave you? 

[David Kiszka]

If you check flip/resell you offer will most likely not be accepted.  This is the website from the city  with links to purchase city owned properties. https://cityofschenectady.com/... As @Fred Weinkauff said, the city does not want more landlords, they want owner-occupants. The properties, in my opinion, generally do not sell for a low enough price to give a big enough spread to invest and not owner-occupy and cash flow. The city will be checking in often to make sure the work is done right and, as someone who has walked many of these properties, they are going to require a lot of work. City owner properties are just one way to get an investment property in Schenectady. There are plenty of other properties on the MLS that could be similar in rehab costs to these city owned properties with less paperwork headache. @Penelopy Savory if you are have questions feel free to reach out and i would happy to be of assistance.