All Forum Posts by: Ivan Mendoza

@Nicole Cutlip

When you say no restrictions do you mean investor can rehab without Land Bank involvement after purchase?

@Nicole Cutlip

Thanks Nicole. This was exactly my plan for these $6k houses but there’s not enough meat on these deals.

Could you give me a little more info on the property you purchased and rehabbed? Purchased Price, rehab cost, rehab duration?

@Frank Procopio

I was reading up on the Land Bank objectives which are to provide low income fam opportunities to own a home and clean-up neighborhood from abandoned homes. Unfortunately this doesn’t really boost economy because investors don’t have much to work with. Now that you tell me they have strict guidelines and long processes I less interested in Land Bank homes.

@Frank Procopio

Oh I understand now. Thank you.

@Andrew Postell

Hello Andrew,

Thank you for taking the time to write all these instructions and steps out. They are very much appreciated.

Now that I analyze these inexpensive houses it’s getting clearer that the numbers are a little too tight.

The house I’m looking at is going for about $6k and it needs major renovation which I believe would be over $30k-$40k . Comps are around $35-$42k which I believe is a little to tight. Holding cost wouldn’t be to bad since the house would be bought cash: utilities and Insurance would be it on holding.

My idea was to buy, hold to rent but doesn’t seem to be a renters location.

Thankful I’ve been getting replies back from locals and I also look for more info on the State Forum.

Thanks again

@Frank Procopio

Thank you Frank. Not sure what you mean by you don’t compete against your client?

@Od Ntuk no not at all. I actually don’t live in Syracuse. My brother-in-law lives there who works as a general contractor and I want to set up some deals so we can work together.

@Frank Procopio thank you

@Frank Procopio oh I see. I saw Bank and automatically thought bank owned.

Some houses in Syracuse NY are going for $6K. Some are total demos and some look decent. They are usually bank owned.

Are these houses good investments?

My goal would be to buy, rehab and rent?