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I'm hot on the trail of a "too-good-to-be-true" type rental listing, a co-op in an outer boro with great transit access. So good that this studio would provide significant cost savings over my current shared apartment in an admittedly extremely expensive nabe.
Strangely, the communications so far with the ostensible "owner" (their words, I am aware you don't really own within a co-op) aren't tripping any of my scam senses, which I wholly expected this to be... I am still wary that an attempt will be made to pull a fast one, but so far there have been mentions of having the super show the apt, letters to management to get approved, signs that this could be legit and not renting out in an under-the-table type of way. Note that I am relatively inexperienced with coops, I did live within one when I was a child briefly, that was in Manhattan and overall a bad experience because it was without approval. Had to be sneaking around all the time because on occasion security/doorman would be asking what we were doing in the building.
So what am I missing? What else could drive such an unbelievably good deal? For example, I am aware that in *buying into* such a building, you should be aware of needed capital repairs and such which could jack up maintenance costs further down the line. C-D "experts" () please advise on what sort of red flags you would be looking for, and what in particular should I be probing on if and when we get down to business?
You're comparing an outerborough location to prime Manhattan. There will be sticker shock no matter what type of apartment, but coops do tend to get you more for your money.
I'm hot on the trail of a "too-good-to-be-true" type rental listing, a co-op in an outer boro with great transit access. So good that this studio would provide significant cost savings over my current shared apartment in an admittedly extremely expensive nabe.
Strangely, the communications so far with the ostensible "owner" (their words, I am aware you don't really own within a co-op) aren't tripping any of my scam senses, which I wholly expected this to be... I am still wary that an attempt will be made to pull a fast one, but so far there have been mentions of having the super show the apt, letters to management to get approved, signs that this could be legit and not renting out in an under-the-table type of way. Note that I am relatively inexperienced with coops, I did live within one when I was a child briefly, that was in Manhattan and overall a bad experience because it was without approval. Had to be sneaking around all the time because on occasion security/doorman would be asking what we were doing in the building.
So what am I missing? What else could drive such an unbelievably good deal? For example, I am aware that in *buying into* such a building, you should be aware of needed capital repairs and such which could jack up maintenance costs further down the line. C-D "experts" () please advise on what sort of red flags you would be looking for, and what in particular should I be probing on if and when we get down to business?
Just say the name of the CooP and someone here just might know the policy there or even live there that can give you the raw truth.
but so far there have been mentions of having the super show the apt, letters to management to get approved, signs that this could be legit and not renting out in an under-the-table type of way.
So---if he is having the super show it to you and telling you that you would have to be approved by management, what makes you think it will be a scam? How low is this price for the studio?
Most coops that do allow subletting require the tenant to submit an application to the coop. If you are doing that, then I wouldn't see how the owner could be sneaking around.
I'm hot on the trail of a "too-good-to-be-true" type rental listing, a co-op in an outer boro with great transit access. So good that this studio would provide significant cost savings over my current shared apartment in an admittedly extremely expensive nabe.
Strangely, the communications so far with the ostensible "owner" (their words, I am aware you don't really own within a co-op) aren't tripping any of my scam senses, which I wholly expected this to be... I am still wary that an attempt will be made to pull a fast one, but so far there have been mentions of having the super show the apt, letters to management to get approved, signs that this could be legit and not renting out in an under-the-table type of way. Note that I am relatively inexperienced with coops, I did live within one when I was a child briefly, that was in Manhattan and overall a bad experience because it was without approval. Had to be sneaking around all the time because on occasion security/doorman would be asking what we were doing in the building.
So what am I missing? What else could drive such an unbelievably good deal? For example, I am aware that in *buying into* such a building, you should be aware of needed capital repairs and such which could jack up maintenance costs further down the line. C-D "experts" () please advise on what sort of red flags you would be looking for, and what in particular should I be probing on if and when we get down to business?
Any possibility that this is a Mitchell-Lama coop? If so, renting out a unit is strictly forbidden.
Sounds likely to be Trump Village. It's a CO-OP yet it's not.
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) please advise on what sort of red flags you would be looking for, and what in particular should I be probing on if and when we get down to business?
