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

Asked by Dg8375, Astoria, Queens, NY Mon Jun 1, 2009

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

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Anna M Brocco’s answer
Anna M Brocco, Agent, Williston Park, NY
Tue Jun 2, 2009
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
1 vote
Julie Rees, Agent, Folsom, CA
Mon Jun 1, 2009
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
1 vote
Marco Gomez &…, Agent, Jackson Heights, NY
Thu Apr 18, 2013
The only concern you should have , is if there is more than 50% of the building being occupied by tennants.You will have a hard time finding a lender to finance the transaction which is the reason now most buildings are limitimg subletting.
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