Hi have a close friend who been living in Brooklyn for 11 years now. His building is being converted from apartments to Condos or Co-Op. They are offering current tenants $625K to purchase their places. His is 1000 sq ft 1b/1ba. The place is right next to between Eastern Parkway and Empire. next to the BK Museum, Botanical Gardens, and Prospect Park. He wanted to know if we would be interested in purchasing it. What are the typical monthly fees and taxes on a place like this?
Is this an unreasonable price?
Well there are a number of question you need to ask yourself. Will you be living in the property or is this for investment? If it's for investment, you need to find out for sure, if this will be a condo or co-op? This is a very important question, because some co-ops won't allow you to rent out the property or have stipulations concerning rentals. Condo's normally don't have those type of stipulations but check. This would a great location investment wise, because the trains and the attractions in the neighborhood.
agreed- condos and co-ops tend to go for drastically different prices for that reason. it's also difficult to get financing on an investment co-op as opposed to an investment condo. you can do it, but the rate will likely be higher and there are only a handful of banks that would consider lending there if it were an investment co-op. For an investment co-op you will max out at around 70% financing on a purchase as opposed to 80% or even 85% in some cases on an investment condo.
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