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Isn't that simply an apartment owner renting out his apartment?
I thought a sublet worked like this: a renter in an apartment decides to leave town for a year or whatever the circumstance and rents out his leased apartment to someone else. The original renter is the one on the lease and the sublettor is a temporary (perhaps long term) tenant but does not sign renewal leases, the original tenant does.
No. If it's a co-op, the owner (who is, strictly speaking, a shareholder and not an owner) has a proprietary lease to the apartment in question. Then he is subletting it.
No. If it's a co-op, the owner (who is, strictly speaking, a shareholder and not an owner) has a proprietary lease to the apartment in question. Then he is subletting it.
Ah! Mucho thanko. I didn't realize that.
I wonder if the OP would have any luck with a co-op owner in this situation as they might jump at the chance to get paid a year in advance but not be able to get it past the board.
I hope the OP posts back the result of his/her search and what type of unit they get. It'll be interesting to see how it turns out.
I'm just wondering what you consider a "decent" rent in Manhattan. If you are talking about $2k a month (just an example) and you earn $50k a year (again, just a generic example), the LL may wonder how you are going to manage after the first year is over.
a ''decent'' area for me is a 2bd apt in:
financial district
midtown west
midtown east
upper east side
it will be me and my girlfriend coming, looking for an apt in these areas in a price range anywhere from 1500 to 2000 a month... our combined monthly income is about 60k
my plan is:
call me foolish all you want- but, we're coming to NYC to find our dream job... i make nice money as a banker but it's not where my heart is. and we both have aspirations to make a name for ourselves there (i'm coming from san antonio)
i figured, a year is plenty time for me to network in my area of ambition
same for her, now after the year is over- worse case scenario and we don't get what we came for, we move back to san antonio where all our family is.. nothin will ever happen if u don't try, and why not try here!
and if all goes just as planned, we either stay or upgrade! after all, we're still gonna be making money with our current jobs still so we'll still be saving up
so i'm thinkin
i know brokers are a little pricy
but i might just end up gettin one to do all the legwork for me n find out which landlords will cooperate
Last edited by blackitout; 08-14-2009 at 08:12 PM..
I wonder if the OP would have any luck with a co-op owner in this situation as they might jump at the chance to get paid a year in advance but not be able to get it past the board.
I hope the OP posts back the result of his/her search and what type of unit they get. It'll be interesting to see how it turns out.
yeah we had to get passed the board BEFORE we even were given the option of paying in full. I totally forgot about that part. For the board my parents had to give a letter from their accountant (my dad owns a business so he doesnt have pay stubs in that sense) showing they made x80 the income. Then after everything was set he offered to reduce the rent if payed in full. After we put the fortune down in security deposits and first and last months rent. That was SUCH a long day.
yeah we had to get passed the board BEFORE we even were given the option of paying in full. I totally forgot about that part. For the board my parents had to give a letter from their accountant (my dad owns a business so he doesnt have pay stubs in that sense) showing they made x80 the income. Then after everything was set he offered to reduce the rent if payed in full. After we put the fortune down in security deposits and first and last months rent. That was SUCH a long day.
the board? whats the board?
also, did your dad have to become a guarantor/co-signer?
or do financial 'backup/just in case' letters work?
thanks for EVERYONE's info
the board? whats the board?
also, did your dad have to become a guarantor/co-signer?
or do financial 'backup/just in case' letters work?
thanks for EVERYONE's info
If you are sub-leasing a co-op, most times you have to have board approval to be able to get a lease on the apartment, very similar to purchasing one where you must be cleared by the board before the contract is accepted. The only time this is not the case is when the unit in question for sale or rental is a sponsor unit as the sponsor may act independently of the board for sales/rentals.
__________________
All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.
~William Shakespeare (As You Like It Act II, Scene VII)
In a co-op 'the board' refers to the board of directors of the co-op. A cooperative is a corporation and the shareholders get a specified number of shares and proprietary leases to the individual apartments. The board is the governing body of the building.
the board? whats the board?
also, did your dad have to become a guarantor/co-signer?
or do financial 'backup/just in case' letters work?
thanks for EVERYONE's info
The board IMO opinion is like the "principal" of the building. It wasnt scary tho. The president is a very sweet teacher who has been living in the building for 20 years.
yes my parents are my guarantors but the had to make x80 the rent in order to do so.
I dont know what a financial back up letter is. Things we had to bring: W2 form, Letter from the accountant, enough for first, last, and security deposit, and they ran a credit check. Then we had to get a blood sample...Haha jk jk
a ''decent'' area for me is a 2bd apt in:
financial district
midtown west
midtown east
upper east side
it will be me and my girlfriend coming, looking for an apt in these areas in a price range anywhere from 1500 to 2000 a month... our combined monthly income is about 60k
If you find a 2 bedroom in any of those areas in that price range, you'll be very, very, very lucky. I was just out looking at 2 bedrooms today in FiDi & BPC & didn't see anything for less than $2900. And FiDi is probably the cheapest of the four areas you have listed. We saw a number of 2 bedrooms in Park Slope for 2200-2300 that were ok - a little small for our needs at around 7-800 sq ft, but your needs would depend on how much furniture you have.
ETA - if you're looking for a 2 br flex (a large one br that can be converted to a 2 br) you should be able to find something for 2k.
No. If it's a co-op, the owner (who is, strictly speaking, a shareholder and not an owner) has a proprietary lease to the apartment in question. Then he is subletting it.
Technically correct, but functionally not so.
The tenant-shareholder is technically subletting from the corporation.
There are rental laws governing subletting and do not apply in the above circumstance.
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