Question about renting an apartment from an owner (Ridge: real estate, subletting)
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This may be silly but I was just doing some research on the apartment in Brooklyn that I will be looking at tomorrow and found what I think might be weird. It would seem that the owner bought the apartment in question couple of years ago but is now renting it out. I'm not sure why I found it weird, but is this something that happens a lot or is this some kind of scam, and if it is how could I tell?
Edit: Also the ad stated that the apartment required board approval. I was just wondering what it is and what's the process.
Thank you.
Last edited by loss4words; 01-28-2011 at 07:07 PM..
It's most likely a co-op. You will have a board interview but it's more of a chat. It's not weird. I rent from a co-op owner, granted I hate him and this apartment. But I am sure they aren't all like what I have to deal with.
There should be no difference between renting from a land lord and a regular person. The person acts as your landlord.
Though I am running into a of the problems because I got new appliances and the guy has a fetish for the appliances and seriously comes over all the time to cuddle them.
They are also selling my unit which is kind of annoying since I have six months left on my lease and they are going to be showing it.
The interview was weird. The board just talked to me about where I was from. My mom was with me and we had to have all our documents.
There is also a book of rules you get. Ours where all common sense and other things that obviously came out of some sort of incident (Don't flush rags down the toilet, really? thats a rule?).
Feel free to DM me if you have any other questions.
Thanks again. Yea, I was reading about the limit of stay in a co-op apartment and have just sent an e-mail to the owner asking if this applies to the apartment I'm looking at. I really wanted to find a good place for long term, and if that's the case then I guess co-ops are not for me. I probably also wouldn't like if my landlord was coming over all the time to see what I'm doing in there.
. I probably also wouldn't like if my landlord was coming over all the time to see what I'm doing in there.
Don't worry about that. From what I know, NO ONE ever does that but him. He just has a crush on my stove. It's like his child. I stated in my apartment 2 years so I am not sure about the limit of stay.
Thanks again. Yea, I was reading about the limit of stay in a co-op apartment and have just sent an e-mail to the owner asking if this applies to the apartment I'm looking at. I really wanted to find a good place for long term, and if that's the case then I guess co-ops are not for me. I probably also wouldn't like if my landlord was coming over all the time to see what I'm doing in there.
Nothing weird about renting a coop shortly after purchase, could be an investment, could be a job transfer, divorce, etc. Though, your total lack of knowledge appears a bit unnerving.
The interview is to determine whether you are a raving lunatic worthy of living among them. Some coops are rather formal with this process, desiring knowledge of all manner of your financial and personal business; others can be very informal and the interview is more a meet and greet.
Living long term in a coop/condo can happen, but more often the owners are in some temorary state of selling, plan to move back in at some point, or have some relative or friend to take over.
There are LOTS of differences renting someone's personal property, as opposed to a professional landlord's business property.
Sorry for my lack of knowledge. My current apartment I found through a real estate agency, and after a year has passed I decided to move out because of how poorly the building is maintaned, but I really like the neighborhood (Bay Ridge). I guess I should've done more research before asking questions on the forum.
Actually there are MAJOR differences between renting and subletting a co-op, especially in comparison with a rent stabilized apartment. Subletting is more of a private contract, and you have none of the protections of a rental. However, if you're lucky, of course you won't need the protections. But you should be aware.
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