U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
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.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 04-26-2018, 06:50 PM
 
23 posts, read 12,655 times
Reputation: 10

Advertisements

Hi all, I'm in contract for buying a co-op in Riverdale. I know I should think positive but I'm very worried about getting board approval.

I'm only 23 and just got out of college less than a year ago, got excellent credit, $50k+ salary and no debt whatsoever. My DTI is 30-33% but I know boards want to have folks in the 25% range. I know boards are different across the board but what are your experiences with your co-op?
Reply With Quote Quick reply to this message

 
Old 04-27-2018, 11:03 AM
 
Location: Confines of the 101 Precinct
19,497 posts, read 34,564,197 times
Reputation: 8349
Quote:
Originally Posted by alexh1005 View Post
Hi all, I'm in contract for buying a co-op in Riverdale. I know I should think positive but I'm very worried about getting board approval.

I'm only 23 and just got out of college less than a year ago, got excellent credit, $50k+ salary and no debt whatsoever. My DTI is 30-33% but I know boards want to have folks in the 25% range. I know boards are different across the board but what are your experiences with your co-op?
You can be denied for any reason. Co-op boards are there to ensure that the quality of life throughout the co-op is maintained. So they can and will deny anybody who they think will pose a threat to that. Don't worry about what's not in your control, and treat the board meeting like a job interview.
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence

Forum TOS: http://www.city-data.com/forumtos.html
Reply With Quote Quick reply to this message
 
Old 04-27-2018, 11:21 AM
 
10,879 posts, read 9,280,972 times
Reputation: 6557
It's more than just quality of life issues. Coops, with their shared property taxes and underlying mortgages have a large degree of shared liability between the corporation and the shareholders. If shareholders are unable to pay maintenance, the corporation could default, and the building could be foreclosed on, at which point the shareholders would lose their entire investment.

Quote:
Originally Posted by SeventhFloor View Post
You can be denied for any reason. Co-op boards are there to ensure that the quality of life throughout the co-op is maintained. So they can and will deny anybody who they think will pose a threat to that. Don't worry about what's not in your control, and treat the board meeting like a job interview.
Reply With Quote Quick reply to this message
 
Old 04-27-2018, 12:22 PM
 
Location: Confines of the 101 Precinct
19,497 posts, read 34,564,197 times
Reputation: 8349
Quote:
Originally Posted by BBMW View Post
It's more than just quality of life issues. Coops, with their shared property taxes and underlying mortgages have a large degree of shared liability between the corporation and the shareholders. If shareholders are unable to pay maintenance, the corporation could default, and the building could be foreclosed on, at which point the shareholders would lose their entire investment.
No, it's about quality of life. People who have money and can very well pay still get turned down.

https://www.nytimes.com/1985/07/19/n...nna-s-bid.html

Article is from 1985!
__________________
"The man who sleeps on the floor, can never fall out of bed." -Martin Lawrence

Forum TOS: http://www.city-data.com/forumtos.html
Reply With Quote Quick reply to this message
 
Old 04-27-2018, 01:51 PM
 
10,879 posts, read 9,280,972 times
Reputation: 6557
I'm the president of a coop. Yes, we can and do use the powers of the coop corporation to deal with quality of life issues. But the reason they have the powers is because of the shared liability. It terms of priority the latter is more important than the former. However in really rich buildings, there's so much money flowing that the liability is never an issue. Get down the coop food chain, and it very much is an issue.

Quote:
Originally Posted by SeventhFloor View Post
No, it's about quality of life. People who have money and can very well pay still get turned down.

https://www.nytimes.com/1985/07/19/n...nna-s-bid.html

Article is from 1985!
Reply With Quote Quick reply to this message
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.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Options
X
Data:
Loading data...
Based on 2000-2016 data
Loading data...

123
Hide US histogram

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 06:30 PM.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top