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Updated 14 days ago on . Most recent reply

User Stats

37
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11
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Cameron Porter
  • Real Estate Agent
  • Detroit
11
Votes |
37
Posts

City worker who can purchase properties for half off on land bank

Cameron Porter
  • Real Estate Agent
  • Detroit
Posted

Hey guys if a city worker who can buy properties for half off on the land bank as part of there benefits would it be worth it. A city worker who's also a real estate agent

Most Popular Reply

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1,224
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276
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Jaycee Greene
#2 Real Estate Deal Analysis & Advice Contributor
  • Real Estate Consultant
  • St. Louis MSA
276
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1,224
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Jaycee Greene
#2 Real Estate Deal Analysis & Advice Contributor
  • Real Estate Consultant
  • St. Louis MSA
Replied
Quote from @Cameron Porter:

Hey guys if a city worker who can buy properties for half off on the land bank as part of there benefits would it be worth it. A city worker who's also a real estate agent

Hey @Cameron Porter! An important question to ask is, "Half off of what price"? In my experience in MO, land bank properties are very low priced (these are generally properties/parcels that weren't sold at the tax auction), but they often have significant tax liens on them that must be cleared in addition to the "sale price" AND they require a significant amount of rehab in order for the properties to be inhabitable. 

  • Jaycee Greene
  • [email protected]
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