Is it bad to buy a condo in a building where a lot of the tenants are now renting?

Dg8375
Home Buyer
Astoria, Queens, NY

How do I find out the renter to owner ratio of a building?

Answers (2)
Anna Brocco
Broker
Williston Park, NY

If you are working with a Realtor, he/she should be able to find out the ratio and if not they must have a management company and they will be able to tell you. As far as the purchase the decision is totally up to you, and I agree with Julie as far as the mortgage issues.

Anna
917-576-5376
abrocco@laffey.com

Tue Jun 2 2009, 16:24
Julie Rees
Agent
95630
FIRST ANSWER

Finding a loan for a condo in which the community is predominantly tenant occupied may be difficult. Most lenders require that a certain percentage of the complex be owner occupied (more owners than tenants). Keep in mind, even if you are purchasing this condo using all cash (no loan contingency), when you go to sell it, a potential buyer will face the same challange you face now - owner vs. tenant occupancy and lendability.
Julie Rees
Coldwell Banker - Folsom, CA
(916) 622-7337

Mon Jun 1 2009, 15:23

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