Fighting Blight with Property Investment
Syracuse native and longtime resident Phyllis Moore has seen the city landscape change during her time here, particularly the Southwest corner that has become increasingly blighted by vacant properties in recent years. For her part, she is committed to join in efforts to revitalize the region by restoring some of the properties she has seen deteriorate over time.
Ms. Moore recently secured financing to purchase and renovate a Land Bank property through the Home HeadQuarters Investor program. This new program provides flexible and reasonable financing to qualified investors looking to purchase and rehabilitate vacant and/or foreclosed properties for affordable rental housing.
This is not Ms. Moore's first property purchase or her first renovation, but it is certainly her most ambitious rehab project to date. Although she will be enlisting contractor help she will be tackling many of the home repairs herself. She has made it a point to be well-informed of the process and associated costs of renovating a home, attending classes in basic home repair at both Home Depot and BOCES, including classes just for women. This is her best advice for new and aspiring property investors: learn how to make repairs yourself no matter how basic. It will save you money and time and it's always useful to have skills in your tool belt!