Many people have been calling the neighborhood organization I work for, asking if we know anything about an outfit called SUMA Properties. This company is targeting families with postcards stating they are willing to buy their homes–for cash, regardless of occupancy or condition, in all Syracuse neighborhoods. This last part is interesting, since the low income neighborhoods we work in are generally not of interest to anyone except scammers. The property prices are usually too low to pique the interest of legitimate real estate folks.
The postcard states that the local investor is working with a network of local and out-of-town people to buy property in Syracuse. The most recent series of postcards seems to be targeting owners of rental properties. The pitch: “Are you tired of dealing with tenants? Cleaning up their messes? Tired of trying to find tenants that will pay their rent?”
The postcard also touts a website to visit if you want to buy property and uses the words “cash flow” in the URL. That leads me to suspect that the investor is some sort of middleman whose ultimate targets are out-of-town property flippers.
Oh, and the kicker? The local investor is Mark Congel.
(Thanks to Brian Cubbison, caretaker of a fine family of blogs from the Post Standard ).
A June 2008 piece by Tim Knauss in the Post Standard wrote about SUMA Properties. Apparently, the head of this company is not part of the mall building Congels (his father is a cousin of papa Bob).
His business is still property flipping though–ruining our neighborhoods one absentee landlord at a time.