I understand that condos are the best bet for investors because of less uncertainty on sublet policies. But of course, it comes at a price since condos cost more. If one can find a cond-op (i.e., coops with condo rules), would it make more sense since ROI would be higher? Or are cond-ops for investors really a pipe dream? Other related/ follow up questions: (1) How easy/ difficult is it to find... [more]
I understand that condos are the best bet for investors because of less uncertainty on sublet policies. But of course, it comes at a price since condos cost more. If one can find a cond-op (i.e., coops with condo rules), would it make more sense since ROI would be higher? Or are cond-ops for investors really a pipe dream?
Other related/ follow up questions: (1) How easy/ difficult is it to find such a cond-op? Do mention specific ones you know of; (2) What is the probability of cond-ops changing their sublet policies? What is required to do so? (There is *always* the possibility of course - not looking for a yes/ no answer but more an educated/ experienced assessment of how often it occurs in reality.) (3) What hoops would one have to jump through to sublet a cond-op, that one can avoid with a condo? (4)Are there difficulties obtaining financing for such units?
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Response by NewYork4me
over 14 years ago
Posts: 6
Member since: Mar 2012
Hi Dan, I was browsing through discussions and yours caught my eye.. I am not experienced enough myself to offer advice, but I kind of wished this thread would get going as it seems it would be an interesting one.. Maybe it'll catch someones eye.. Thanks!
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Response by calincny
over 14 years ago
Posts: 2
Member since: Aug 2009
Dan, I think your misunderstanding about a condop is very common. It isn't a co-op with condo rules. Here is an article explaining what a condop is http://www.nytimes.com/2007/05/20/realestate/20cside.html And in case the link doesn't work here is a quote: “A co-op with condo rules is not a condop,” said Jeff Reich, a real estate lawyer. A true condop, he said, is a condominium building that has separate commercial and residential units, with the residential units controlled by a co-op corporation. "
According to the article also, it says there are only 300 condop's but of course this is from 2007 and that could be different now.
Hope this helps. Most people would recommend condo for an investor btw.
Hi Dan, I was browsing through discussions and yours caught my eye.. I am not experienced enough myself to offer advice, but I kind of wished this thread would get going as it seems it would be an interesting one.. Maybe it'll catch someones eye.. Thanks!
Dan, I think your misunderstanding about a condop is very common. It isn't a co-op with condo rules. Here is an article explaining what a condop is http://www.nytimes.com/2007/05/20/realestate/20cside.html
And in case the link doesn't work here is a quote: “A co-op with condo rules is not a condop,” said Jeff Reich, a real estate lawyer. A true condop, he said, is a condominium building that has separate commercial and residential units, with the residential units controlled by a co-op corporation. "
According to the article also, it says there are only 300 condop's but of course this is from 2007 and that could be different now.
Hope this helps. Most people would recommend condo for an investor btw.