Seed 2 bed Co-ops, only $2500.00 downpayment. Lottery (Prospect: real estate, apartments, coops)
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Location: Read the Marketing Handbook, and Income a Guide.
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New Co-ops lottery. Only $2500.00 downpayment. Price $250,000.00. Financing possible at 2%. 80% AMI.
2 person Household minimum with Income $48K to ~$85K; 3 person max ~$96K; 4 person max ~$107; 5 person max ~$115K.
Newly Constructed Energy Efficient walk-up building has two-bedroom apartments on the 2nd, 3rd and 4th floors. This would appear to be an exception to ADA.
It’s only available to first-time home buyers. Primary Residency is also required. ANY PROSPECTIVE APPLICANT WHO CURRENTLY OWNS OR PREVIOUSLY HAS PURCHASED A RESIDENTIAL PROPERTY IS INELIGIBLE.
Location: Read the Marketing Handbook, and Income a Guide.
2,034 posts, read 1,650,859 times
Reputation: 491
Quote:
Originally Posted by Denellis
What’s wrong with co-op please explain like the pro and cons I am relatively new to this
There are numerous articles online by real estate journalists and personal financial journalists at reputable news media outlets that will give you details about co-ops pro and con. There are short articles and long articles. Search on ‘should I buy a co-op’
No disrespect to any of the anonymous posters here but a published article might give you a more complete picture of the matter.
This particular co-op opportunity is unusual because it only requires a 1% downpayment of about $2500, and the purchase price is very low already. Typically downpayment minimums start at 20%, some are higher.
Of course, if you miss the Lottery deadline on May 22 you won’t have to worry about it.
Thousands of NYC people live in co-ops. It works well for many of them.
There’s usually a clause to these things where you have to own them for 30 years before you can sell for any profit. And even then, the profit allowed will be limited.
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