Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
An Unwarrantable Condo or Coop does not meet certain guidelines like having too many investors properties, not enough in reserves etc that makes it impossible to get a conforming mortgage. Sometimes, things in a small older building having no CPA audited financials or lack of meeting minutes or a old walk up building or a basement unit can make it unwarrantable.
Chase, Bank of America, HSBC etc. won't lend and no Fannie or Freddie loans. The pool of buyers dry up with no mortgage and even cash buyers get nervous.
That said most folks pay cash in these buildings or have to use some shady mortgage type broker who wants a very large down payment like 50% and charges a higher rate.
Plus side is they are cheaper and an opportunity to get into super expensive Manhattan at a slightly better price. Guess hope is to join board or hope building turns around one day.
What do you think? Good Investment?
Anyhow know of any buildings like that?
I was thinking I would love to get a small little cheap place for cash in one of these buildings. Willing to have dead money for 10-20 years even and put a tenant in it and one day use it as a pied a tier or home base when I retire. And cheap I mean by Manhattan standard cheap which is relative thing like saying a cheap Picaso
They can be good investments, but also more difficult to sell when you have to.
I've seen many units like this, and no the discount isn't much if any. There are many cash buyers in NYC.
If anything I have seen these units go for a premium because they are investor friendly and can be sublet immediately. There aren't many investor co-ops in manhattan.
They can be good investments, but also more difficult to sell when you have to.
I've seen many units like this, and no the discount isn't much if any. There are many cash buyers in NYC.
If anything I have seen these units go for a premium because they are investor friendly and can be sublet immediately. There aren't many investor co-ops in manhattan.
Anyone building in particular?
I was thinking the Chinese buyer and Investor is much more geared towards condos. I was wondering if any oddball Unwarrantable Coops exist out there with liberal renting policies.
Willing to deal with first year must be a primary homeowner or something or only one unit per owner. I recall my old Coop back in day allowed renting forever just could not rent in first year and only one coop per person.
Kinda blocked investors buying up building. But if I could find a small place like that I would use it as a pied a tier or something first year then find renter. Not something big investors like to do. Looking for something like that
I was thinking the Chinese buyer and Investor is much more geared towards condos. I was wondering if any oddball Unwarrantable Coops exist out there with liberal renting policies.
Willing to deal with first year must be a primary homeowner or something or only one unit per owner. I recall my old Coop back in day allowed renting forever just could not rent in first year and only one coop per person.
Kinda blocked investors buying up building. But if I could find a small place like that I would use it as a pied a tier or something first year then find renter. Not something big investors like to do. Looking for something like that
off the top of my head I know the Cherokee on the UES
off the top of my head I know the Cherokee on the UES
I see the Cherokee going for $1000 per square foot.
Is the history of the apartments as housing for tubercular families long long ago considered a drawback?
Are banks really shunning the place mortgage-wise?
I see the Cherokee going for $1000 per square foot.
Is the history of the apartments as housing for tubercular families long long ago considered a drawback? Are banks really shunning the place mortgage-wise?
Doubt it, if anything all the balconies that were supposed to give fresh air to patients are a plus, but the units are small.
I'm pretty sure you can get a mortgage there, but it fits the investor friendly aspect.
There are mortgage lenders that specialize in these properties. H.O.M.E (Home Owners Mortgage Express) is one of them, I have use them to finance and its not that much of a hassle.
Because of cash buying foreigners, there really isn't that much of a discount from warrantable coops/condos.
Doubt it, if anything all the balconies that were supposed to give fresh air to patients are a plus, but the units are small.
I'm pretty sure you can get a mortgage there, but it fits the investor friendly aspect.
when you say investor friendly, does that mean this is a coop with no rental rules? that is really rare
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
