Why buy a Co-op with rent stabilized tenant?

[mathjak107]

Originally Posted by crone

But...

Former SIL is in a rent stabilized apt on CPW. It overlooks the park. His mom is the lease holder. She is 98 and has had that apt since SIL was a child. He's retired and paying +/- 3500 a month. The lease stays she can sign it over to him. And he can sign it over to his son.

The owner keeps thinking the old lady will die. He needs to read the paperwork. They can pass it on like they own it.

as long as they are actually living there for two years then succession is possible. that is why you buy packages of apartments for cents on the dollar in these deals

investors never buy apartments with others who are already known to have succession rights.

we paid the super to watch things for us as far as who actually is in the apartments

[SuperJewNYC]

Originally Posted by Kefir King

I am in a Mitchell-Lama co-op in the finest part of Manhattan that again confronted the issue of going private. I was for privatization and some quick money but the majority of old-timers thought otherwise.
In an elevator conversation, where most talk is conducted, natch, a woman spouting off for keeping things as they were said she couldn't afford to go private. I said it's a win-win for us: stay and maintenance will likely stay the same because of the rather high flip tax, leave and take a bundle of cash with you.

She said "But I can't AFFORD to buy my apartment and seemed dumfounded when I said 'You already OWN it, you can sell it for at least a half million dollars.'" She kept saying "I can't AFFORD a half million dollars." I finally realized I was talking to a fool or a cinderblock wall. Her ilk carried the NO vote.
That conversation gave me insight into what little common sense to expect of my fellow earthlings.

Actually, I would say she intuitively understands what’s good for her. Why would she want to change the status quo even for $500K if she’s 60+?

[mathjak107]

Originally Posted by SuperJewNYC

Actually, I would say she intuitively understands what’s good for her. Why would she want to change the status quo even for $500K if she’s 60+?

why ? because renters are usually renters because they are not financially sound .

it sounds like the woman was completely confused and was likely in a position of needing that money

[SuperJewNYC]

Originally Posted by mathjak107

why ? because renters are usually renters because they are not financially sound .

it sounds like the woman was completely confused and was likely in a position of needing that money

If she needed that money, I think she’d take it. I think you’re underestimating how importantmaintaining the status quo is for many people. Why would this lady give up comfort and stability in her twilight years for $500K and the unknown? Maybe she wants to only live in Manhattan.

[mathjak107]

don’t know

all i can say is i read my own tenants correctly…

i knew that most would not live on central park south once they retired with no pay checks .

7 out of 9 took the 100k offer eventually