Land Bank purchase Ohio

[Kory Miles]

I’ve come across some interesting offerings via a local land bank. I am wondering how exactly to approach them. One is a residential that I think could be a good rental property. Seems to be in pretty decent shape from the pictures listed. However the website states “Single Family Home - Property is only available to applications for new construction/infill development of single family homes at this time. We are not currently accepting Lot to Yard, Garden and Green or Commercial Development applications.”

is “new construction” the same as “fix and flip”???

The second property is a commercial property I think could be store front retail at the bottom and have 3-4 units atop. “Commercial - Property is only available to applications for construction of commercial developments at this time. We are not currently accepting Lot to Yard, Garden and Green or Single Family Home applications.”

Does this mean if I am not bringing big box retailers I am unable to secure the property?

Over all I think these have potential to be great investments and this would be my first transaction should it go all the way through. I’m open to any suggestions or tips concerning what I should do or be looking for in going after these properties

[Evan Polaski]

@Kory Miles, new construction is not a fix and flip.  The first one they want someone with plans to demo house and build a new house on site.  

The second could be a property to fix up, but as soon as you involve retail components you are into commercial building code. This could mean apropriate fire suppression throughout the building, potentially adding elevator, full ADA compliance, etc.  Basically, they want to sell to someone that knows what they are doing.

Lastly, I have heard some stories of land bank deals taking over a year to complete the transaction, and tying up the investor's money for that period.  Of course, each land bank is typically operated by the county, so each county will have different requirements and process.