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At the co-op we sublet in, we had to prove we were very financially comfortable and paying rent wouldn't be a hardship for the duration of our stay. Fortunately, my BF has enough in savings to cover our living expenses for two years should we both lose our job, so we qualified. Present yourself in the best financial state possible because if you are not really qualified, there is a good chance they will reject you. Is there someone you could list as a guarantor just in case? That might tip you over the edge.
My sister rented in a co-op building in Bay Ridge on 4th Avenue. She paid the application fee, interviewed with the board and everything was fine. A year and a half into her living there, the owner told her he was only allowed to rent the unit for 2 years per his proprietary lease so she had to move six months later.
She had carpet put down when she moved in and purchased a few pieces of furniture that fit nicely into the space. She never would have done this if she thought she'd have to move so soon.
I'd make sure to ask the owner of the co-op very directly if there are any time limits on renting the co-op.
My sister rented in a co-op building in Bay Ridge on 4th Avenue. She paid the application fee, interviewed with the board and everything was fine. A year and a half into her living there, the owner told her he was only allowed to rent the unit for 2 years per his proprietary lease so she had to move six months later.
She had carpet put down when she moved in and purchased a few pieces of furniture that fit nicely into the space. She never would have done this if she thought she'd have to move so soon.
I'd make sure to ask the owner of the co-op very directly if there are any time limits on renting the co-op.
thanks, Cleasach. that is exactly what I am worried about. Although, I am hoping that I am not going to stay in Bayridge for the rest of my life, I also don't want to feel insecure about having to move out after a certain amount of time because that is my probelm right now in my current residence. After I have been very comfortable in my current place, I am being asked to leave after 4 years, and I can tell you for sure, IT IS HARD.
At the co-op we sublet in, we had to prove we were very financially comfortable and paying rent wouldn't be a hardship for the duration of our stay. Fortunately, my BF has enough in savings to cover our living expenses for two years should we both lose our job, so we qualified. Present yourself in the best financial state possible because if you are not really qualified, there is a good chance they will reject you. Is there someone you could list as a guarantor just in case? That might tip you over the edge.
Hey Tina, I don't have a guarantor. As for the savings, the owner told me if I have 3-4 months of rent in savings, I should be fine. that is only what I have. I don't know if that is enough to get a board approval?
thanks, Cleasach. that is exactly what I am worried about. Although, I am hoping that I am not going to stay in Bayridge for the rest of my life, I also don't want to feel insecure about having to move out after a certain amount of time because that is my probelm right now in my current residence. After I have been very comfortable in my current place, I am being asked to leave after 4 years, and I can tell you for sure, IT IS HARD.
I am sending you a message now.
Thanks everyone for your inputs.
I understand how you feel. In your OP, you mentioned how eager the person is to rent the unit. If they are that urgently wanting to get someone in there, they may be willing to withhold this information to get someone in there renting. I hate to sound so cynical but I remember my sister was so upset that she had to up and move that time.
Of course, I could be completely wrong and there may be no limitations. I think it just varies from building to building. I just wanted to stress that you really should directly inquire about this. There is a chance that the co-op owner will not be truthful though and I'm not sure if it's wise to ask the Board this question at your interview. I would though after seeing what happened to my sister.
It depends on the board. Is there some way you can get a copy of the co-op's by-laws? That will tell you how long you can stay and things like that. Our co-op lets us stay for three years. We're going to be married by then and will be looking for a place our own, but you should definitely find that out first.
In general, co-ops are less strict the further out from Manhattan you go. We are subletting on the UWS and we had to all but pledge our first born child. I can't imagine what they'd ask if we were buying. Bay Ridge is probably less stringent but I'd see if there's a rep of the co-op board you can contact directly. If the owner is desperate to rent the place, he may not be giving you all the details because he wants to make the place sound good. It never hurts to check with the source.
It depends on the board. Is there some way you can get a copy of the co-op's by-laws? That will tell you how long you can stay and things like that. Our co-op lets us stay for three years. We're going to be married by then and will be looking for a place our own, but you should definitely find that out first.
Well realistically if you have a time limit and you KNOW you have a time limit, it will give you enough time to find a new place. Especially if it's two years!
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In general, co-ops are less strict the further out from Manhattan you go. We are subletting on the UWS and we had to all but pledge our first born child. I can't imagine what they'd ask if we were buying. Bay Ridge is probably less stringent but I'd see if there's a rep of the co-op board you can contact directly. If the owner is desperate to rent the place, he may not be giving you all the details because he wants to make the place sound good. It never hurts to check with the source.
Haha me and my mom kept saying we were waiting for a blood test lol. Also Co-ops have tons of rules! we got a copy of the rules when we moved in. There are so weird and bizarre sometimes. one was "No throwing rags in the toilet".
Well realistically if you have a time limit and you KNOW you have a time limit, it will give you enough time to find a new place. Especially if it's two years!
Haha me and my mom kept saying we were waiting for a blood test lol. Also Co-ops have tons of rules! we got a copy of the rules when we moved in. There are so weird and bizarre sometimes. one was "No throwing rags in the toilet".
That's not bizarre. People throw all kinds of things into the plumbing system and doing that causes floods. And, in a co-op, if you do something that causes a flood in someone else's apartment, YOU are responsible for paying for the repairs to both the plumbing and their apartment. The rules are simply what one would expect for a considerate and responsible community.
That's not bizarre. People throw all kinds of things into the plumbing system and doing that causes floods. And, in a co-op, if you do something that causes a flood in someone else's apartment, YOU are responsible for paying for the repairs to both the plumbing and their apartment. The rules are simply what one would expect for a considerate and responsible community.
I know I know I just thought it was funny that people think you can flush these things down the toilet.
To me it seemed just odvious and common sense. But I guess people would have maids who didnt know this and thats why there is a written rule about it now.
so renting a co-op unit is not a recommended idea... right,guys?
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