Home Buying in Miami>Question Details

Skyreacher, Home Buyer in Arizona

Buying a co-op in Broward county.

Asked by Skyreacher, Arizona Tue Sep 18, 2012

I know little or nothing about co-ops. I have considered buying an investment property in Broward county and have been to both Broward County and the Miami area. So far most of what I have looked for has been condos, but I have openned the door to single family homes, and townhouses and villas. Whar are the advantages to a co-op, and what would they generally requirement for a down payment, and could a rent be collected form them?Time shares are something that I would comepletely avoid and would hope that they have no comparison to them.

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I have a question on a co-op I own in pompano, unlike most, there is no land lease, It was paid off several years ago by the buildings previous owner, but I am a disabled veteran and live in another state and do not get down to my unit as much as I would like, and I am young, many people are jealous off my situation and have made it very hard for me as an absent owner to keep my place down there!, while I do have someone regularly check on it I cant make it to many meetings, and with only 20 owners who pass their own rules and bylaws by simply a vote ( or by who likes who) things get passed that I feel are unreasonable,

1st. I was told all owners had to get hurricane windows or shutters on the windows per a letter by the ins. company & if we didn't get them by a certain date, they would get them and charge the owner
2nd when owners ask for a complete copy of the past bylaws we are told we are sent them
3rd we have a 80 year old lady (not a owner) doing the books who is in financial trouble, and no-one except a couple people are allowed to review the bank records to see what deposits are made & what is being taken out
4th we have a lot of money in reserve & they never want to use it to fix things around the building, they just make special assesments & raise HOA

I was a financial officer for many years and things don't add up to me , but as one of the 20 owners I am not allowed to make sure money is not being spent in the wrong way
seems the young owners who are not down in fla. are harassed and they make it hard on us , because they know we don't have the money they do & we owe on our places & we have to fly down & make a special trip to florida

WHO CAN ANWSER SPECIAL QUESTIONS ON MY RIGHTS ON A CO-OP OWNER

THANK YOU VERY MUCH
0 votes Thank Flag Link Fri Mar 7, 2014
Here is a good link Financing of coops in Florida is challenging to say the least as such resales aare slower

http://www.bankrate.com/brm/news/real-estate/condos1.asp
0 votes Thank Flag Link Wed Sep 19, 2012
Hi Skyreacher,

Recently a client was searching in Hallandale and condos vs cooperatives came up.

This time the client was an investor and the building he was asking about had the rental restriction once in a lifetime. Of course this was not acceptable to him and he quickly switched back to condos.
Of course there can be restrictions on renting out condo's too. Retal restrictions needed to be addressed by investors and any Realtor who takes his or her work seriously wil point this out to a potential investor.

We've seen many different restrictions on rentals depending on the building.

-Rent immediately OK

-Rent once every three years

-No rentals allowed in the first two years of ownership etc.

I always recommend letting your Realtor know what you are looking for and what you will be using the new home for. Circumstances change and depending on the decisions made by a buyer the condominium and cooperative rules and regulations can work for and against the needs of the
owners.

If you are moving in to a building which limits rentals and you plan to live there you may be happy that the building has few renters as this generally keeps the fluctuation of the residents down. There are may ways to view the rules. Happy to discuss.

Thanks

Allister Lenn

Prudential Florida Realty

Allister Lenn

305-900-9121
0 votes Thank Flag Link Wed Sep 19, 2012
Hi Skyreacher,

Odds are that if you purchase a coop you will need the approval of the board of directors before you can rent it. They have more ability to deny the rental than a board in a condo.

There are many single family houses in non-gated communities, where you will have a much greater flexibility on to whom you rent and how often you rent.

There are both benefits and drawbacks to owning a single family, or multi family, home. You are responsible for all the maintenance; groundskeeping, painting, roof repair, etc. Some of these things are covered in the maintenance fees when you own a condo or townhouse. If your home is in a community with no HOA, you don't have to worry about limits on the number of rentals per year, pet restrictions, age restrictions, or what else is going on in the HOA.

Please contact me directly if I can be of further service.

Nadine Mauro
Highlight Realty
561-414-0864
NadineSellsHouses@gmail.com
http://www.floridahouseseller.com
0 votes Thank Flag Link Tue Sep 18, 2012
If you invest in Coop you never have a deed, only the cooperative keep it the ownership. You are buying just, just the space. Additional, if you are thinking to sale in the future you need to offer it before to the coop. Legally matter apply to the coop condo. Need additional information 305 519-3199
0 votes Thank Flag Link Tue Sep 18, 2012
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