sublet on west side

If you are planning to purchase in a co-op building, be advised you will need to live in the unit for a specific amount of time (by-laws vary building to building) before being approved to sublet.

The only possible exception would a sponsor unit on which you have negotiated sponsor rights (which would allow you to rent out the apartment without board approval until such time as you decided to occupy it yourself).

Otherwise, your only option is a condo.

As for what to ask in rent, that will vary by location, size, amenities, etc. Hard to say in abstract. Good areas to sublet studios tend to be near colleges and universities--NYU in the village, for example, or Columbia (UWS), to name a couple.

or better yet, don't buy anything until you need it.

Thanks for the info. Starting to look now while interest rates are down. It may take a while. Buildings allowing immediate subletting are few and far between.

ChrisT..why don't you buy with a tenant already in place. The majority of times you can get a favoeable price with an apt that has an existing tenant unless it's a month to month lease. People do not like to wait to move in.

>>ChrisT..why don't you buy with a tenant already in place.<<

Not likely to be found in a co-op sale. This is happens more with purchase of a brownstone or other mulit-dwelling building, not with an individual unit.

Besides, even if you were to purchase a co-op apartment with a subtenant in place, you'd still have to adhere to co-op rules, so once the tenant's lease was up (never more than a year term in a co-op) you'd be stuck waiting a few years until being able to sublet to your own tenant as a new owner.

Squid...buy a condo with a tenant in place, not a co-op.

True, Steve--I've been talking co-ops but OP never actually said whether that was what he wanted...

yes Squid, that's the only type investment I have made - tenant in place. So much easier. Plus might get a good price if the lease is up in 6-12 months

So far I've seen a couple of units with rent controlled tenants. Not something I want to get involved with. If anyone knows of any west side studio condos with tenants in place please let me know!

ChrisT, check out the worldwide plaza. many units. should have some tenants

ChrisT, also just do a search on nytimes with keywords 'tenant"

How easy/hard is it get a tenant (non-rent controlled) out of an apartment after their lease is up?

SteveF, why don't you just send ChrisT a list of the units you are trying to unload?

is this discussion for real? why not just take your money and put it in a pile, sprinkle gasoline and lit it up with a match? or even easier, buy GM common stock?