Please feel free to contact me at 917 363 1992 or email me at email@example.com
Fern Hammond EVP
Halstead Property LLC
I'm not going to beat a dead horse here. You have received all the right answers from various brokers around the city.
We have the ideal coop starter home, turn key, no work needed and in a central location making it easy to get around. (1) you can purchase with your daughter so both of you are on the mortgage making it a primary residence with a lower rate and (2) the bylaws of the coop are 2 years primary and/or pied e terre then unlimited subletting following that 2 year period.
We've been doing business in this bldg for years on both the sales and rental sides of the business. These are great units to hold onto while your daughter has the ability to upgrade down the road if she is able and wants to without having to sell. Follow this link below for further details and I will happy to answer any additional questions you may have. Looking forward to speaking with you.
Roger Lindsay, VP
The Lindsay Group
133 W 72 St, Suite 201 || New York, NY 10023
C: 347.909.6494 || O: 212.799.4392 || eFax: 888.308.2772
Find a condo or a condop. Or find a broker that knows the coop board policies. No point in wasting your time my friend.
For the mortgage, as an investment it be hard to find a mortgage and a good interest rate.
DOM PASCUAL, J.D., ESQ.
ASSOCIATE REAL ESTATE BROKER
"Your Experts in NYC Luxury Apartments & Lofts"
304 Park Avenue South
New York, NY 10010
Cell: (631) 741-2764
Join my social network: http://cityamicus.com
Company Website: http://demskerrealty.com/
Facebook Profiles: Dom Pascual; Manhattan Broker
** All information contained herein does not constitute any warranties, offer or commitment or obligation of any sort and/or kind whatsoever and is subject to change, error, omission and/or withdrawal without prior notice. **
As a professional investor and real estate broker, I have represented many buyers to find their dream home. You are welcome to contact me at 646-244-9167.
Kian Realty NYC
So I suppose the best place to start is with a knowledgeable city broker; my favorite agent in NYC is Pauling Evans with Sotheby's: 212-400-8740. She has helped many of my clients with apartment sales and purchases.
You and your daughter are cordially invited to my Open House
Sunday May 20th from 12 noon - 1:00 PM
Residence 6K at:
The Residences at Worldwide Plaza
(a white glove, full service luxury condominium)
350 West 50th Street
(between 8th & 9th Avenues)
Residence 6K is a loft-like large renovated corner studio with soaring14' ceilings and great sunny views. Located in "Hot" Clinton/Midtown west neighborhood. No problems purchasing for your daughter at The Residences at Worldwide Plaza.
Hope to see you Sunday!
Mitchell Hall, Associate Broker
The Corcoran Group
If your daughter has sufficient credit, and any income at all, I would be a non-occupant co-borrower with your daughter. The co-op board will prefer that option, because as an investment unit, they have to count that as such on their co-op questionnaires that they complete for anyone else, and would probably rather not, especially if there are stilll units retained by the sponsor. We used to call this a kiddie co-op, and many boards are fine with it because they know that you have the ability to help out should your daughter not be able to handle everything on her own.
Is there a particular reason you are looking to purchase a Co-Op? There are some really good deals on Condos right now in the city. Do you know in what area of Manhattan you are looking to purchase?
I have had several properties purchased for me by my parents in the city, so I am very familiar with these transactions both from the parent's side and from the child's and from the professional standpoint of how it is to be done.
I will say that one advantage to having your daughter on the mortgage would be that her credit would be established so long that monthly payments were on time and that the loan amount was not crazy high as to lower her credit score due to debt to income ratio - but if she is young and just needs a place for college or so, the mortgage may be paid down enough by the time she will want to actively use her own credit. This helped me a ton!
There are several co-ops that do allow purchasing for children and even a more select few that do allow investment - but overall, you are correct not many do. When are you looking to make the purchase?
Please feel free to reach out as I'd love to help represent you and your daughter in this transaction.
Travis R. Old
Licensed Real Estate Salesperson
City Sites Real Estate Group
3 W 57th Street (57th Street @ 5th Ave)
New York, NY 10019
Cell/Text: (347) 601 - 9600
Follow me or Like me to stay up to date on the best deals, hottest property, and no fee rentals!
Any lender who says you can treat a co-op as an investment property doesn't know very much about how Manhattan works. That may not matter to you in a lender, but I will not even show co-op apartments to investors. I think it is so ill-advised, and since I work as a buyer's broker, my fiduciary responsibility is to work for the best interests of my client. I do not think buying any co-op to rent out is a prudent business model.
A buyer's agent (everybody gets called "broker" here) could really make a difference for you. The vast majority of sales in NYC involve two brokers, and we belong to a trade association that requires sharing of commissions by the listing agent, so that is how brokers get paid. If I can help feel free to let me know.
Licensed Real Estate Salesperson
New York, NY
As already stated, co-ops are not purchased as investment properties. You would either be buying with or for your daughter. Nowadays many more co-ops allow parents to buy for children then years ago. Each building has its own rules. Many who allow this kind of purchase do so if the child has a job and is able to pay the maintenance themselves. If the child has an entry level job and is capable of covering their maintenance its most likely they do not earn enough yet to also be liable for the mortgage payments so having her name also be on the mortgage is not a good idea. Since both the buyer and the child must both submit full financials for the board package, if it appears that your daughter could be liable for more monthly payments than she is capable of making, the sale will be turned down. There are also some co-ops who will allow the parent to buy for their child elmployed or not but not as many.
This is something that would be better answered with a phone conversation. Depending on what your budget is a condo would be an easier purchase but a co-op is certainly not out of the question for you.
Feel free to contact me if you would like to discuss further. Neighborhood possibilities will also make a difference on what you can get.
You can also purhase where a pied a terre is allowed. No co-op can be purchased as an investment property .
I would like to explain more if you would like.
Call me 9173703078
Congratulations on the decision.
The big problem with Co-ops is that they require a minimum term of living in the property before using it as an investment but there is diverse flexibility and it is on case to case basics.
My suggestion is to hire a real estate agent that will help you through that difficult process, and remember your agent is paid by the seller even if he represents your best interests.
Best of luck with all the rest.
International Market Specialist
VP of Sales and Rentals at the RS Group
(o): 212.252.8772 (EXT.782)
"In the past, our growth has been by referral of current clients. We've never really done much marketing." Please refer us to your friends and family.
You will really need to work with a Manhattan real estate broker to be able to weed this out building by building.
Co-ops do not make good "investment" properties unless you are only after equity building; but if it is for the possibility of renting it out for rental income for the long term, this is not the type of ownership you should be looking for--but a condo.
Read: How to Buy an Apartment in Manhattan and Get the Best Interest Rate
I feel it is important to note that I am also a part time working real estate appraiser in Manhattan, and I know the true value in an apartment, so I make sure that my clients do not over pay for an apartment that is not worth it's salt. This license and education give my clients a higher level of expertise that most brokers do cannot offer.
If you need help for your daughter's coop purchase with a true real estate professional in every sense of the word, I am happy to help. Feel free to read and watch video testimonials from my past clients at
SVP/ Associate Broker
Rutenberg Realty NYC
Most coops prefer co-purchasing to a parent buying it outright for their child. Most coops do not want investors so number 1 is not a good option.
They much rather see that your daughter is working and responsible for at least the maintenance and or mortgage payments. They will look at both you and your daughter's financials, credit references etc.
You really need to be working with an experienced local buyer's agent familiar with the coop purchase process. Feel free to contact me. I'm happy to provide expertise and seasoned insight.
Mitchell Hall, Associate Broker
The Corcoran group
The short answer is: It depends on the building. There is no one-size-fits-all answer to your question, as many co-op buildings in Manhattan are as unique as its inhabitants. Your best bet would be to work with an experienced real estate agent who can help focus your search.
Please feel free to contact me if you have any questions about this process. (As a buyer's representative, it costs you nothing to retain my services, which can help smooth the process considerably.)
Bruno J. Navarro
Licensed Real Estate Salesperson
BOND New York Properties, LLC
1776 Broadway, 19th Floor
New York, NY 10019
The two options the bank gave you are because this purchase of this co-op for your daughter is not a primary residence for you. Treating it as an investment property is one way. Your rate will be higher this way. You are concerned about the other option they gave you, i.e. having her name on the mortgage as you say "it's difficult to get board approval and many boards don't allow purchasing for children." You are correct on this, but the thing to look at is that you cannot purchase in a building that doesn't allow parents purchasing for children, regardless of what's on the mortgage. You are looking at it in reverse. You have to select a co-op that allows parental purchasing in the first place. If they don't allow it, it doesn't matter whose names are on a mortgage. If you don't want to treat this as an investment purchase, you need to purchase a condo or a co-op that allows parents for children.
I would very strongly advise you use a skilled, experienced buyer's agent. We streamline your search, explain and clarify these sorts of questions, negotiate on your behalf and take you through every step of the process, trouble-shooting along the way. The sellers all have agents and so should you. It levels the playing field, and you will save time, money and aggravation.
Halstead Property, LLC
I have many years of experience dealing with "coop boards" the rules, board packages, mortgages, buying with children, etc..It really depends and varies building to building the rules and leniences of the buildings and what they will and will not permit.
I would be delighted to discuss this further with you in depth. Please feel free to email me at Laura@kwnyc.com or phone me cell at 917 399 5954.