Thinking about buying a coop in Mineola for renting (Huntington: sublets, rentals)

[sbm7]

I know there is a lot of restrictions on that. Anybody know anything about it? Like do I have to live there for certain time before renting out? Thanks.

[nuts2uiam]

That would depend up the regulations of each specific property and that would be spelled out in the CC&R's for each co-op.

[william munny]

nuts is right. It will be determined by the coop. It is called subletting and each property will have its own rules. I would speak with a knowledgeable broker who can tell you what buildings allow immediate subletting, or subletting after a certain time period. Some buildings also allow immediate subletting but you can only sublet 3 years out of every 5.

[liny1123]

It's uncommon for co-ops to allow rentals. I actually live in a co-op that does allow sublets without much restriction but it's a rarity. They're not meant to be investments.

[nuts2uiam]

Originally Posted by liny1123

It's uncommon for co-ops to allow rentals. I actually live in a co-op that does allow sublets without much restriction but it's a rarity. They're not meant to be investments.

That was not our experience in RVC. There was a percentage allowed of the total number of units and that number could always be less but never more.

[Elke Mariotti]

Originally Posted by nuts2uiam

That was not our experience in RVC. There was a percentage allowed of the total number of units and that number could always be less but never more.

Same here in Huntington (one large one in particular - not all of them).