Property Q&A in Chelsea>Question Details

Patricia Sav…, Renter in White Plains, NY

does this property allow renting. I'm looking to invest only

Asked by Patricia Savino, White Plains, NY Fri Mar 8, 2013

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It is a co-op. If you are looking to purchase as an investor, I would advise you only look at condos. While some co-ops are more lenient or more strict than others on subletting, there is always the expectation that the unit be owner-occupied. The vehicle of investment and for unlimited subletting is a condo.

Jenet Levy
Halstead Property, LLC
212 381-4268
1 vote Thank Flag Link Fri Mar 8, 2013
Excellent advice. thank you. It's unfortunate that there are limited condos available south of 90st in the $290,000 range.
Flag Fri Mar 8, 2013

The building policy is that you have to live in the apartment for 2 years and then after the 2 year period you can sublet for 2 out of 5 years. The owner is willing to pay 1 years worth of maintenance and that could possibly be increased to 2 years if someone was interested in purchasing. I hope that helps! I'm having an open house on Sunday if you would like to come by, 12-1pm.
0 votes Thank Flag Link Fri Mar 8, 2013
Keep in mind that most co-ops have restrictive policies, therefore for investment purposes focus on condos. Also consider working with an agent of your own who can provide any necessary information.
0 votes Thank Flag Link Fri Mar 8, 2013
You have to live there for 2 years, then you can rent it out 2 to 5 yrs max, if you are looking to invest Condo is your best option!

Bouchra Hourmati
Citi Habitats
0 votes Thank Flag Link Fri Mar 8, 2013
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