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CGar — 7-unit co-ops will vary wildly. All depends on the board; could range from simpaticos (similarly situated) to a-holes. The turnover is too small to have much track record and board changes mean everything. When I was rpez of my 4-unit coop years ago, we were a pretty lenient bunch (20% down, smile at the meeting and bank will lend, we were ok with it) but we did have one flaky vote as an exception. Is coop self-managed? I suggest a little temperature-taking, lawyer to lawyer, before your gfriend goes throught the whole ordeal, but your friend should give lawyer the facts first, such as consistency in earnings history, assets, etc.
I’m on the board here and self-employed wouldn’t be a deal breaker but the tax returns would have to be strong and the money in the bank would have to be somewhat available. A boring CPA who has been self-employed for 20 years would be ideal.
I would think in a 7-unit bldg all residents are on the board, no? Or would have served on the board. I think smaller buildings are more flexible too
They didn’t cancel parking today? They did yesterday and it was nothing like this.
Hello!
ok, well I am home in Brooklyn and it’s snowing FAST AND FURIOUS here – i’d say at least 2 inches of fresh snow on the ground
I just saw the weather and apparently we are getting 2 storms and this storm will last and dump some snow maybe changing to sleet until afternoon and then another snow storm will come in tonight and dump more snow
they are calling for 5-8 inches in the city…..
CGar,
Obvs depends on the co-op. Don’t think it would be a dealbreaker, but the board would likely require more information than with another buyer. Would expect longer time to completion and more detailed board package required.
*robbie*, not to incite you or anything, but there’s an article in Wednesday Links that’s just screaming for your comments. Read dave’s posts if you don’t feel like reading the article. > > >
CGar — 7-unit co-ops will vary wildly. All depends on the board; could range from simpaticos (similarly situated) to a-holes. The turnover is too small to have much track record and board changes mean everything. When I was rpez of my 4-unit coop years ago, we were a pretty lenient bunch (20% down, smile at the meeting and bank will lend, we were ok with it) but we did have one flaky vote as an exception. Is coop self-managed? I suggest a little temperature-taking, lawyer to lawyer, before your gfriend goes throught the whole ordeal, but your friend should give lawyer the facts first, such as consistency in earnings history, assets, etc.
Cgar,
I’m on the board here and self-employed wouldn’t be a deal breaker but the tax returns would have to be strong and the money in the bank would have to be somewhat available. A boring CPA who has been self-employed for 20 years would be ideal.
I would think in a 7-unit bldg all residents are on the board, no? Or would have served on the board. I think smaller buildings are more flexible too
They didn’t cancel parking today? They did yesterday and it was nothing like this.
If that income level has been reasonably consistent (say 3+ years) I think he would be fine, CGar.
Hello!
ok, well I am home in Brooklyn and it’s snowing FAST AND FURIOUS here – i’d say at least 2 inches of fresh snow on the ground
I just saw the weather and apparently we are getting 2 storms and this storm will last and dump some snow maybe changing to sleet until afternoon and then another snow storm will come in tonight and dump more snow
they are calling for 5-8 inches in the city…..
CGar,
Obvs depends on the co-op. Don’t think it would be a dealbreaker, but the board would likely require more information than with another buyer. Would expect longer time to completion and more detailed board package required.
well i like to expout practical knowledge to keep people from getting into poopy situations like that.
*rob*
*robbie*, not to incite you or anything, but there’s an article in Wednesday Links that’s just screaming for your comments. Read dave’s posts if you don’t feel like reading the article. > > >
I was hoping we could get recycling picked up this week…..but probably won’t happen.
Thanks very much, Biff. I IMd her with follow up questions.
[Choosing to ignore *rob* and Pete]