tenants in common VS condo/ co-op

Id kind of like to liquidate some of my home equity before the SHTF, I could just sell but I was wondering if there is a way around the insane new 2-3 family DOB FDNY etc rules that they are not even able to articulate, by dong a tenants in common. I imagine selling off an apt or two as a condo or co-op would require the same insanity as if converting to a 2-3 family for rental.Its currently a one family. Look in construction my whole life so I more or less get the code changes, in fact i actually sprinklered with the pex sprinklers which far as i know are not yet approved in NYC when i did my own reno hoping one day they will be approved.And theres actually a fire escape though i thnk it may need to come out seems not built well but i could maybe redo that. Is there any difference with tenant in common regarding occupancy. or would i still have to file for a change to 2-3 family, and then would there be any difference in the process? besides the sprinks i also built with this half in mind and all the public and common wall are already 2hr

sew536

in General Discussion 8 years and 2 months ago

5

Please log in, in order to post replies!

5 replies

Newest Oldest

sew536 | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4919 (8) {
  ["data"]=>
  object(stdClass)#4908 (12) {
    ["ID"]=>
    string(6) "193217"
    ["user_login"]=>
    string(6) "sew536"
    ["user_pass"]=>
    string(34) "$P$B5CH1YnP7uEfm2TApmQMZHaeUBCk8x."
    ["user_nicename"]=>
    string(6) "sew536"
    ["user_email"]=>
    string(20) "weeksskeew@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 10:40:23"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(23) "Sarah Weeks Sarah Weeks"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(193217)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

First let me say its very hard to even predict a market turn let alone a black swan event. That said the stock market has now gone from 666 to 21000 in 9 year tripled and the longest bull run in history so a bit long in the tooth. real estate in nyc now well past o6 highs which we were told were insanely high now apparently its fine. However I consider these markets within the range of normal bull/bust. My shtf comment is more the systemic risk from continuing to spend at an international national and personal level way more than we produce in short insane debt that its clear no one is ever going to take seriously. the credit default swaps that caused the last 2008 crash are now ten times what they were then a quadrillion dollars of synthetic bets highly leveraged and tied usually in some way to this myth that we can debt forever inflate forever and produce nothing on top of that we have 100 trillion in actual debt and obligations only being currently the reserve currency allows us to get away with that. and of course the rest of trhe world is also in just as much deb t any one of which could set the dominos toppling. I bought in 09 when there was blood in the streets and would like to lighten up and put some equity in more liquid form

sew536 | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4918 (8) {
  ["data"]=>
  object(stdClass)#4917 (12) {
    ["ID"]=>
    string(6) "193217"
    ["user_login"]=>
    string(6) "sew536"
    ["user_pass"]=>
    string(34) "$P$B5CH1YnP7uEfm2TApmQMZHaeUBCk8x."
    ["user_nicename"]=>
    string(6) "sew536"
    ["user_email"]=>
    string(20) "weeksskeew@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 10:40:23"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(23) "Sarah Weeks Sarah Weeks"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(193217)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

First let me say its very hard to even predict a market turn let alone a black swan event. That said the stock market has now gone from 666 to 21000 in 9 year tripled and the longest bull run in history so a bit long in the tooth. real estate in nyc now well past o6 highs which we were told were insanely high now apparently its fine. However I consider these markets within the range of normal bull/bust. My shtf comment is more the systemic risk from continuing to spend at an international national and personal level way more than we produce in short insane debt that its clear no one is ever going to take seriously. the credit default swaps that caused the last 2008 crash are now ten times what they were then a quadrillion dollars of synthetic bets highly leveraged and tied usually in some way to this myth that we can debt forever inflate forever and produce nothing on top of that we have 100 trillion in actual debt and obligations only being currently the reserve currency allows us to get away with that. and of course the rest of trhe world is also in just as much deb t any one of which could set the dominos toppling. I bought in 09 when there was blood in the streets and would like to lighten up and put some equity in more liquid form

sew536 | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4908 (8) {
  ["data"]=>
  object(stdClass)#4914 (12) {
    ["ID"]=>
    string(6) "193217"
    ["user_login"]=>
    string(6) "sew536"
    ["user_pass"]=>
    string(34) "$P$B5CH1YnP7uEfm2TApmQMZHaeUBCk8x."
    ["user_nicename"]=>
    string(6) "sew536"
    ["user_email"]=>
    string(20) "weeksskeew@gmail.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2024-02-23 10:40:23"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(23) "Sarah Weeks Sarah Weeks"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(193217)
  ["caps"]=>
  array(1) {
    ["subscriber"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(10) "subscriber"
  }
  ["allcaps"]=>
  array(3) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

First let me say its very hard to even predict a market turn let alone a black swan event. That said the stock market has now gone from 666 to 21000 in 9 year tripled and the longest bull run in history so a bit long in the tooth. real estate in nyc now well past o6 highs which we were told were insanely high now apparently its fine. However I consider these markets within the range of normal bull/bust. My shtf comment is more the systemic risk from continuing to spend at an international national and personal level way more than we produce in short insane debt that its clear no one is ever going to take seriously. the credit default swaps that caused the last 2008 crash are now ten times what they were then a quadrillion dollars of synthetic bets highly leveraged and tied usually in some way to this myth that we can debt forever inflate forever and produce nothing on top of that we have 100 trillion in actual debt and obligations only being currently the reserve currency allows us to get away with that. and of course the rest of trhe world is also in just as much deb t any one of which could set the dominos toppling. I bought in 09 when there was blood in the streets and would like to lighten up and put some equity in more liquid form

notfromny | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4917 (8) {
  ["data"]=>
  object(stdClass)#4919 (12) {
    ["ID"]=>
    string(6) "176968"
    ["user_login"]=>
    string(9) "notfromny"
    ["user_pass"]=>
    string(34) "$P$BJdTq6e17SHNB6Es.G7kQ0IdU4RrYo/"
    ["user_nicename"]=>
    string(9) "notfromny"
    ["user_email"]=>
    string(16) "jbethc@gmail.com"
    ["user_url"]=>
    string(51) "http://bstoner.wpengine.com/forums/users/notfromny/"
    ["user_registered"]=>
    string(19) "2017-08-10 14:25:53"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(9) "notfromny"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(176968)
  ["caps"]=>
  array(2) {
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(2) {
    [0]=>
    string(10) "subscriber"
    [1]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(4) {
    ["read"]=>
    bool(true)
    ["level_0"]=>
    bool(true)
    ["subscriber"]=>
    bool(true)
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

No answer to this, but curious about what makes you think the S is going to HTF? I am feeling the same and trying to make some real estate decisions about it, but wondering if I
am just being paranoid!

eileengray | 8 years and 2 months ago

string(1) "1"
object(WP_User)#4914 (8) {
  ["data"]=>
  object(stdClass)#4918 (12) {
    ["ID"]=>
    string(6) "185785"
    ["user_login"]=>
    string(10) "eileengray"
    ["user_pass"]=>
    string(34) "$P$B0NiQirfkybndiVQvJsyaJdMuryGsv0"
    ["user_nicename"]=>
    string(10) "eileengray"
    ["user_email"]=>
    string(23) "architect705@icloud.com"
    ["user_url"]=>
    string(0) ""
    ["user_registered"]=>
    string(19) "2017-08-10 13:29:00"
    ["user_activation_key"]=>
    string(0) ""
    ["user_status"]=>
    string(1) "0"
    ["display_name"]=>
    string(10) "eileengray"
    ["spam"]=>
    string(1) "0"
    ["deleted"]=>
    string(1) "0"
  }
  ["ID"]=>
  int(185785)
  ["caps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["cap_key"]=>
  string(15) "wp_capabilities"
  ["roles"]=>
  array(1) {
    [0]=>
    string(15) "bbp_participant"
  }
  ["allcaps"]=>
  array(1) {
    ["bbp_participant"]=>
    bool(true)
  }
  ["filter"]=>
  NULL
  ["site_id":"WP_User":private]=>
  int(1)
}

The form of ownership and legal occupancy are not the same thing. A three family is still a three family even if the owner occupies one of the units. A two family is still a two family even if it is a co-op or owned by tenants in common. If you are looking to sell off parts of your house, you will need to provide a separate and legal dwelling unit or two.