Co-op Board Application

These are not creative exercises or art projects. Completely supply all info--no more or less. They ask for 3 recommendations, then don't send 4. They want 3 months of bank statements--don't send a year-end summary. Make it neat, separate sections with tabs or colored paper, supply the correct number of copies.

Also make sure you get the same information from everyone in your building. You don't want people laughing at you in the elevator because they know all your information and also know you don't know their naughty secrets.

Thanks Kyle, appreciate your response

IF you have a complicated situation that is not readily discernible from the basic financials, a cover letter drawing a road map. An awful lot of coop board members don't have the slightest clue about financials, and when they hit anything complicated, get lost quickly. Some will automatically assume the worst, and once they have gotten in their mind that your financials are 'bad", it will be hell to trun that around.

trembling, that is the stupidest comment of the month--and there is a lot of stupid on here.

There has been some discussion of applicants who ask for their information back at the end--all 20 copies or something. I think that tags you as a bit odd and difficult in 99% of cases. I'm sure there are anecdotes out there of leaked or abused info, but in the 24 years I have been involved with coops and boards and admissions committees, I have never encountered a single problem arising from a carelessly handled package. I know ID theft etc is a concern these days, but in my experience the packets are dutifully shredded or destroyed after the interview. Remember: Don't do anything weird! That's the goal here.

I do believe that's a "tongue in cheek response", and quite appropriate to someone who chose the name Trembling

Yes, I think it was facetious, but it did give KyleWest an opportunity to share more of his wisdom - always a good thing!

spqsyndey, I totally agree with 30years -- who I work with -- to do a cover letter. Essential elements include your basic financials ("I/we have a yearly income of X, and our housing costs on apt Y would be Z, so we would be spending just XX% of our income on housing costs"), your stated desire to live in the building, and a sentence thanking board members for their time for wading through this (remember, they don't get paid).

You can put in anything else strong, like pointing out that you have "X" of liquid assets, or a history of having owned before .. .

Limit the letter to one page, and stick it on top.

Also, keep a full copy of your package and bring it with you to your board interview, just in case.

ali r.
{downtown broker}

Great advice, thanks very much Ali and 30 yrs

I am going to disagree with Ali (a rare event) re: contents of the cover letter. I like covers that say something generic but well-worded and polite about how excited you about the opportunity to join the coop's community of shareholders...

I don't like summarizing finances because virtually every package contains a form that outlines this information right up front. It is the first thing admissions committee members flip to. If the cover letter misstates any of the figures on that form, or interprets the figures differently than the admissions committee, the entire package is then viewed with increased suspicion and gone over with a particularly fine tooth comb to see if any other misinformation or exaggerations are contained within. There is little to gain and much to lose. Personally, I see including such info in the cover letter as the type of "extra" that is inadvisable.

I am going to agree with onthebyte and drdrd that my comment was tongue in cheek and facetious. Thank you kylewest for pointing out that my comment, on the 30th day of the month, was the stupidest comment of the month. I'm sure you are a nice guy, helpful, intelligent, but the joke, well, is on you.
On to more important things.

whatever. sarcasm rarely comes across well in posts. and to the extent trembling's post was "a joke" is wasn't exactly funny -- just banal. There's been much discussion on multiple past threads of views shared by many that coops are unacceptably and unnecessarily intrusive. I disagree with that view and thought trembling's post was more of that type of opinion.

Still not sure why people want to buy co-op's besides it simply being more affordable. Some packages will be almost 100 pages in intrusive length. What's your SSN, list of LLCs you're affiliated with, secret societies you're affiliated with, bank account numbers and dollar amounts, it's unreal! If a criminal gets their hands on that you're DONE. Take a look at this: https://www.hauseit.com/sample-coop-board-application/ .. just a standard (perhaps on longer side) application. Why on earth would you want to go through that? It's beyond me.

I love living in a coop! I like that my neighbors have all been vetted and that the building rules are well articulated and enforced. It makes life very pleasant. I always imagine that living in a condo is like living in a rental building, although I have no actual experience. The application/package process to buy into a co-op is only something that you go through once and at the same time as going through a lot of other time consuming an annoying processes associated with buying a place to live. Besides, the broke handles the putting together and presentation of everything. You just have to get a hold of the various documents.