Purchasing a cooperative

[Jonathan Beaumont]

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $68,000
Cash invested: $30,000

My cooperative in Westchester NY.

What made you interested in investing in this type of deal?

I was encouraged to purchase a cooperative instead of renting. I figured I would be able to sell it for a modest profit, once I decided to move.

How did you find this deal and how did you negotiate it?

My brother found the deal for me. The original price was $75k, I got the price down to $68k.

How did you finance this deal?

I financed with a bank. I have a mortgage.

Lessons learned? Challenges?

I learned that you need all the help you can get when purchasing property. The more experienced people you have on your side the better.

[Jonathan Beaumont]

Hi Karl,

I purchased my co-op in New Rochelle. I wanted to stay in Queens at the time, however it was too expensive to purchase in the city. I am not sure exactly how my brother found the unit, but he told me to take a look. I couldn’t pass up on that offer.