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Herman, Other/Just Looking in 10583

The Garth Rd. apartments look like a great investment--do the co-op boards allow for investor purchases.

Asked by Herman, 10583 Fri Feb 20, 2009

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Most of the boards prefer to have the units owner occupied, however sometimes they make exceptions. If you need assistance please feel free to call me to discuss your real estate needs.

Gladys 914 589 2455

Gladys Viruet
Keller Williams Realty Sales Associate
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0 votes Thank Flag Link Mon Jun 20, 2011
Herman,

Yes you can buy a Co-Op for investment. The issue really is whether you are able to rent it. This is based on the By Laws of the Cooperative. Each building has its own rules. Some will allow renting while others do not. Some you can buy and rent immediately and others you may have to occupy for a period of time before the Board will allow you to rent the unit. Also, the Board may limit the term of the rental and most probably will require the prospective tenant to be interviewed just like you have to as the prospective buyer for the purchase of a unit.

Please go to our Company's website or my personal website for more information that may aide you.

Steve Geiger
Houlihan Lawrence
Associate Broker
sgeiger@houlihan Lawrence.com
http://www.houlihanlawrence.com/stevengeiger
914-328-8400 ext 375
0 votes Thank Flag Link Tue Feb 24, 2009
Hi Herman, coops do tend to frown upon investing. There is usually an owner occupancy stipulation. For example you may rent for one year after occupying the unit for two, then you have to live in the unit again befiore you can rent it a second time. The rules will vary form board to board. There is also a flip tax that is usually paid by the seller. This is imposed to try to deter flipping, hence the name. That figure ranges from percentages of the sale to an amoun t per room. I've seen coops in Bronxville that have a $2,500 per room flip tax paid at the closing. In the Coops and banks eyes renters tend to bring down property values and if you know anything about coops they can't take on any financial liabilitys.

Hope this helps you.

Sincerely,

Christopher Pagli
Associate Broker
Legends Realty Group
914.406.9023
0 votes Thank Flag Link Fri Feb 20, 2009
most co-ops do not allow for investor but every building has its own rules. Is there one you are thinking of? I would be very happy to find out the information for you, just let me know which or all buildings on Garth.you can e-mail me at sgreenes@billingsleyrealty.com
thanks-stacy
0 votes Thank Flag Link Fri Feb 20, 2009
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