Buying Coop for Mother

What don't you look for a brokerage that has a specialist in housing for "retired" people? They know which buildings would be a good fit. I know Klara Madlin has that service. There have to be others.

I would not apply on behalf of your mom. Is she working now? Good credit? Will she show an income on her 2014 tax returns? Will she have any cash in the bank after paying all cash for her new apartment? The board will want to see that she is capable of paying her maintenance.

Typically this is done as two applications - one from you and one from Mom. If she's not yet drawing Social Security, you might want to offer a couple of years of maintenance in escrow to bridge the gap.

Ali r.
(downtown broker)

Ali, are you saying we wouldn't necessarily have to lie to the board about my living there? As long as can demonstrate Mom can cover the maintenance payments through Social Security, savings, etc. and I pass the financial screen as co-owner?

You should never try to deceive a board. Many co-ops allow co-purchasing and so those are the buildings you should target. Both you and your mother would be co-applicants, and your mother would be listed as the resident. If both your income and your mother's ss payments can cover the maintenance and your housing costs comfortably then you would probably be fine. By comfortably, a common minimum housing debt to gross income would be considered below 28%. It also depends on the location. Many boards in upper Manhattan and outer Queens are more liberal and might be fine with your mother's savings and ss income. Lot of unknowns here... which neighborhoods, the price point, how much liquid assets after the all cash purchase, your income and housing costs, etc.

Thanks Jason. 1BR, price point is under $250K, need maintenance that is $800 or lower. Definitely looking upper Manhattan, Riverdale, and Queens. Also pet friendly hopefully. A big ask I know. If anyone has a good broker to refer for this kind of thing please post.

With these specs your mother might be able to qualify on her own depending on her post close liquidity. She also might be a good candidate for HDFC buildings if she has little to no income for the past couple of years and can purchase in cash.

Bick, that's exactly right. It will be easier for you if you're moving your mother closer to you, and can make that statement to the board, but this is not an unusual narrative at all.

I'm sorry that this went, because it sounds like it have worked nicely for you: http://streeteasy.com/building/870-west-181-street-new_york/28

Off the top of my head, don't know anyone who has the bandwidth to do both upper Manh and Queens, but I'll give it a think.

ali

^^ although now I read your post -- she's leaving WaHi -- would Riverdale or Inwood really be better?

Forest Hills, Rego Park, Briarwood in Queens. treelinetoskyline.com