Another point to add. If you are buying thinking you will fix it up while you live there just know construction is much harder in a co-op. It requires board approval and an insured contractor.
@@SargisMosyan I would advise anyone buying a co op also investigate the management company. Get the opinion of other owners on how the building is run. Monitor how many people are moving out. That's a sure sign in my opinion of bad management. The fees are probably going up so much that they cannot afford to live there.
There are a lot of factors that need to be taken into careful consideration besides just a purchase price when looking for an investment property, especially when it comes to co-ops. Some of the important factors are sublet policy, sublet fees, minimum down payment, purchase requirements, resale value, and so on. Every co-op has its own requirements so every building needs to be reviewed individually to determine whether or not it can be a good investment. Thanks for watching.
@@SargisMosyanalso percentage of ownership apartments vs vacant va rentals. 85 percentage of owner occupied is great don't want a building full of tenants or low ownership occupancy
@scottlouis6116 - In NYC, 3 reasons why a co-op's price is cheap: 1) Research the neighborhood - visit the local police station and get information on crime. The neighborhood could be dangerous or has safety issues. 2) The co-op Board does NOT maintain the building and the building looks bad. 3) The apartment itself needs repairs.
Hi. When it comes to buying a co-op apartment, most buildings in the city require a 20% down payment. However, each co-op has its own minimum down payment, which can range from 25% to 45% or even more. Some co-ops do allow a down payment of 10%, which is the lowest I have seen so far. I don't know any co-op that will allow less than 10% down payment. Hope this was helpful. Thanks for watching.
Thanks for watching the video. It is true that maybe there are co-ops in the city that might be very easy-going and have a simple board package where they want to see just enough to make sure the buyer can afford the place, however, for the most part co-ops want to see the buyers' complete financial profiles, including all the debts from a simple credit card balance all the way to other existing loans and mortgages, also verification of income, all assets and liabilities with substantiating documents, reference letters, tax returns, and if the buyer owns a business, they usually ask for all appropriate business paperwork as well including corporate tax returns.
@keithwisdom1663 - The reason co-ops want to review your finances is to make sure you will pay the monthly maintenance fee on time. Example - if you lose your job, have an accident, etc., the co-op Board still expects you to pay the monthly maintenance fee on time every month.
Another point to add. If you are buying thinking you will fix it up while you live there just know construction is much harder in a co-op. It requires board approval and an insured contractor.
Worst mistake I ever made. My management company does not own up to their responsibilities and the board lets them get away with it.
That's terrible.
@@SargisMosyan I would advise anyone buying a co op also investigate the management company. Get the opinion of other owners on how the building is run. Monitor how many people are moving out. That's a sure sign in my opinion of bad management. The fees are probably going up so much that they cannot afford to live there.
Co-ops in washington heights seem really cheap....do you think it would be a good investment?
There are a lot of factors that need to be taken into careful consideration besides just a purchase price when looking for an investment property, especially when it comes to co-ops. Some of the important factors are sublet policy, sublet fees, minimum down payment, purchase requirements, resale value, and so on. Every co-op has its own requirements so every building needs to be reviewed individually to determine whether or not it can be a good investment. Thanks for watching.
@@SargisMosyanalso percentage of ownership apartments vs vacant va rentals. 85 percentage of owner occupied is great don't want a building full of tenants or low ownership occupancy
@scottlouis6116 - In NYC, 3 reasons why a co-op's price is cheap: 1) Research the neighborhood - visit the local police station and get information on crime. The neighborhood could be dangerous or has safety issues. 2) The co-op Board does NOT maintain the building and the building looks bad. 3) The apartment itself needs repairs.
What is the percentage of the down payment should you have before even considering getting a loan.
Hi. When it comes to buying a co-op apartment, most buildings in the city require a 20% down payment. However, each co-op has its own minimum down payment, which can range from 25% to 45% or even more. Some co-ops do allow a down payment of 10%, which is the lowest I have seen so far. I don't know any co-op that will allow less than 10% down payment.
Hope this was helpful. Thanks for watching.
@@SargisMosyan yes this was very helpful. Thank you.
@@StephanieFulcher- Outside of Manhattan, many co-ops only require 20% down payments. In the nearby suburbs, most co-ops only require 10% downpayment.
Co-ops lean heavily toward older retirees.
Thanks for watching the video. NYC has so many co-ops and I wouldn't categorize co-ops as such. It's just a different type of ownership.
75% of the apartments in New York City are coops, so mathematically that’s a lot of non-retirees living in coops.
You dont need to show everything just enough to show tiu can afford the place
Thanks for watching the video. It is true that maybe there are co-ops in the city that might be very easy-going and have a simple board package where they want to see just enough to make sure the buyer can afford the place, however, for the most part co-ops want to see the buyers' complete financial profiles, including all the debts from a simple credit card balance all the way to other existing loans and mortgages, also verification of income, all assets and liabilities with substantiating documents, reference letters, tax returns, and if the buyer owns a business, they usually ask for all appropriate business paperwork as well including corporate tax returns.
@keithwisdom1663 - The reason co-ops want to review your finances is to make sure you will pay the monthly maintenance fee on time. Example - if you lose your job, have an accident, etc., the co-op Board still expects you to pay the monthly maintenance fee on time every month.