Home Buying in White Plains>Question Details

Zoster Gibri…, Home Buyer in White Plains, NY

Does anybody know where I can get a list of all the buildings (coop and condos) which allow renting in White Plains?

Asked by Zoster Gibrilian, White Plains, NY Wed Dec 26, 2012

I am looking to buy a 1 bedroom apartment in White Plains as an investment and rent it in the future (2-3 years)
My understanding is that condos should not have any restrictions but coops usually have very strict rules on allowing owners to rent.

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7
What's up Mihai! Long time no speak!! Look at you - real estate investor extraordinaire! If you haven't found anything yet and are looking, give me a call (or email me, or message me on facebook, etc.) I work in the Bronx and Westchester, it would be my pleasure to help you out.

All the best,
Alex
0 votes Thank Flag Link Fri Mar 15, 2013
Hi Zoster,
Happy New Year! Your question is a good one but not easily answered in terms of a list.
If you are looking on-line on your own, use a site that allows you to see detailed MLS information. For instance on our MLS there is place where it will tell you if the complex allows renting.

However, having said that, your best way to know for sure is to call the managing agency for the complex and asking them (if course an agent you work with can do this easily and may get a quicker response). Reason for this, you are right that most co-ops have stricter rules than condos for renting. However, a co-op listed on the MLS may show that there is no renting on the MLS sheet but if you call the managing agency they may tell you after a year or two usually, renting may be allowed.

Before buying anything, make sure you have a direct answer from the managing agency and if need be the board. Sounds like you want a place you can live in for now but want to hang onto in the future for investment. Remember if you find a co-op that will eventually allow renting, the board is going to have to approve your renter. With a condo you do not have to pass your renter to a board for approval. If you have more questions, don't hesitate to ask. Sorry there is no easier way.
0 votes Thank Flag Link Wed Jan 2, 2013
Why not simply consider working with an agent of your own who can provide any necessary information; if purchasing with a mortgage, be aware that a mortgage pre-approval letter is required in order to determine your price range and for any offers to be taken seriously.
0 votes Thank Flag Link Wed Dec 26, 2012
Dear Zoster,

I can share with you this information. I have been a co-op and condo sales (and rental) specialist for many years, mostly in White Plains, New York.

Please feel free to call directly if I may help.

Best wishes for a peaceful New Year,
Gail Simring
The Foxes Real Estate
914-421-1436
0 votes Thank Flag Link Wed Dec 26, 2012
Hi Zoster:

If you would like help in finding the best option for you in White Plains, please give me a call. I have lived in White Plains my entire life and know it like the back of my hand!

Most condos rent and most co-ops do not. For some reason...most of the co-ops on Old Mam'k Rd. allow renting.

You can also sign up for a free account to search real estate with up to date information by setting your criteria, which you can change anytime, at this link:
http://www.annemariecentury21.listingbook.com

Thanking you in advance for your attention to this matter.

AnneMarie
Century 21 Schneider Realty
914-774-2764
0 votes Thank Flag Link Wed Dec 26, 2012
Hi, Any agent can do a search for you on the MLS..If you would like me to do so feel free to message me directly. The problem with coops is some have an owner occupancy stipulation that says you can rent it for some time but then have to live in it again. Coops frown upon renting because in a banks eyes, too man renters bring down property value. Most condos don't have issues with renting but there arer some exceptions. I had a condo listing that just sold on North Broadway in White Plains and the complex had a moratorium on renting for the time being. After performing a proper search for you I could always look into the rules for each complex you have interest in.

Sincerely,
Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
William Raveis Legedns Realty Group
914.406.9023
0 votes Thank Flag Link Wed Dec 26, 2012
Hi Zoster: I can definitely help you analyze those options. There are easy ways to figure it out properly to your best benefit. We should create a value analysis showing which apartments cost the least but rent for the most on a per square foot basis. Please call me at my office 914-273-9688 so that we can talk more about your search. Happy holidays. Sincerely, Michael F. Levy, Principal Broker, Grand Lux Realty. http://www.GrandLuxRealty.com.

We're looking for more agents & offer commission splits up to 80% with no fees.

If you know anybody who might be interested, I'll pay you up to $2,000 each for your agent recruits.
0 votes Thank Flag Link Wed Dec 26, 2012
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