All Forum Posts by: Brandon Cohen

@J Usmonov To add on to the great advice already given here, a coop can change their rules should they see fit.  I wouldn't advise a client to purchase in a coop if the sole reason was to rent it out.  

Hi @Victor O. no that shouldn’t be a problem.  I’ve sold townhomes/brownstones for owners with the same “issue” and haven’t had abutting come up.  The point is to not deceive.  Often times in BK 2 family houses are set up as one.  Good luck and let me know if I can help

@Joseph Ranola I would say there’s no typical scenario, it should be fluid with each deal. And perhaps your broker would be willing to set up a special fee for your client if they’re planning to buy a lot of houses....for example: your client pays you a set fee on a sliding scale based on house price. Just a thought.

All that said, your goal here is to get your client the best deals, so if someone wants to sell their house, try to convince them to add a commission on to it.

@Joseph Ranola I can’t see how any broker would have an issue with that!  When you find a property for them, you’ll agree to a commission prior to a deal being made.  You should get a commission on the buy and the sell side.  Great client to have!

@Robyn J. you’re getting some sound advice above.  One thing to note on the sale of your property that you’re accounting for all fees on top of your sale price less mortgage.  Broker fee, attorney fee, NYC/NYS transfer taxes, and if your building has a flip tax.  

Agreed with everyone here: I'd go with a REBNY member in which they're required to split the commission evenly. And do go with the person who's cutting commission immediately, as they'll likely negotiate the same way to sell your home.

@Jinyu Shao judging by the size of building and apartments available sounds like you might be in Tudor City?  I know some folks who have had a hard time selling simply because it’s so saturated (if that’s where).  You have to stand out someway, either making the apartment look incredible - which could be hard with a tenant) or being the best price.  You may be able to get a 30 fixed for not much more than you have right now.  

Typical for a coop to have one annual shareholder meeting, however the board should meet regularly and You should be allowed to sit in on a meeting.   If you aren’t able to reach the members of the board directly, reach out to your managing agent.  

Yup, agreed with everyone here.  My coop has a great flip tax, which I wish all buildings had...perhaps you can suggest to your building: It's a set dollar amount per share.  That way you know what it will cost when you sell the apartment from the outset, instead of being punished for doing well on the sell side. Good luck 

@Rashad Ellis agree with pretty much everything in this thread.  Parts of BK can be like the Wild West: brokers not willing to co-broke, not allowing access, etc.  whether it’s your first deal or your 5th I think it’s best to work with an experienced agent as we’re spending all of our time in this field.  This agent sounds like he’s trying to take advantage of you.