Renting out a coop you own

I lived in forest hills for a number of years (as a renter in a coop building) and I know that the two buildings in which I had rented the owner lived for a relatively short time (about 2-3 years). Therfore, conceptually this my not be a problem. However, note that the basic design of a coop is a group of owners not renters and there are usually a number of hurdles to treating a coop as an investment property. Most have limitations as to how long you can rent out the property (ie my first coop had a three-five rule. Of course, they also have to approve your tenant and I know that I got a great rate on my second apartment because the owner did not have a tenant for a while and was very interested in having his unit occupied.

Each coop is different, you should check the by-laws of the building you're looking to purchase. This is done as part of our due dilligence before signing the contract. You can get this info from the building's management company. Make sure you confirm with them and not someone else like the broker, esp if this is a concern for you.

Just rent it. Hell with the coop board.