It's a foot in the door in a currently hot location. If we get the apartment, my husband will become a board member and we'll take it from there.

it has potential. Just needs the right people to move it forward.

We are not afraid of fixer uppers.

Seems to me there is nothing worse than owning a co-op. A condo is bad enough. (ANY place run by an all-volunteer board is a recipe for trouble and delays.) I'm curious about your mention of a mortgage. Co-ops in my area only permit all-cash deals, and every owner has to OK your purchase. This really limits your market when you want to sell.

Personally I would never do a coop. Condo yes, coop no. If the others on the board don't want the work and maintenance done, your DH's one vote won't do much to move it forward. And it's more likely the reverse will happen. Those who want to spend to upkeep will find a different building without the problems.

My coop experience is second had through friends but that was enough to convince me I'd never put money in one - for all the reasons mentioned above. Location may be great, area may be up and coming but coops present a real challenge and you're already starting out with issues before even being an owner - it isn't going to get better. Sounds like you're looking at the investment potential but I'd move very cautiously. Coops come with red flags to many buyers and you'll only realize your gain if you convince someone else to buy what most see as a headache.

Many, many co-ops in NYC. And there is financing out there for them, FNMA will finance co-op's and so will many banks that lend in NYC. There is a market for them in certain places. Good luck with the Board.

You nailed it Pam! It's in NYC. My husband has been a real estate investor for over forty years. We own commercial, multi family and single family properties. This wasn't something that we even thought about doing until our oldest bought her place. And actually my husband was the one who found it for her.

We feel that things can get done in the building with the right person directing the show. There are things going on that are not legal and are not safe. The board is being run by an owner that hasn't lived in the building for over 30 years.

You can rent the unit after two years of occupancy. Trust me, the rents are sky high. So, from that point alone, it will be a good investment.

But, we have a more personal reason. Our daughter lives there and we hope for our youngest to as well. With that in mind, we want to see changes.

I was hoping that people who have experienced the co op board procedure could weigh in. Again this question comes from the NY Times piece I read about a young woman buying a co op and one building kept her waiting and were making outrageous demands. We have not heard anything other than the first meeting was adjourned and that a second meeting was scheduled for the following week. At this point the lawyers are involved to get an answer either way.

I assumed it was in Manhattan from the way you were talking. I know my Dad bought a coop my ex had rented to my sister. When it went coop in the 80's he bought it for my sister to live in. She moved out a year later and my Dad wound up taking a bath on it.

One street over from Gracie mansion. Problem was it was a studio and a walkup. But you can't get a much better location on 81st St. Again, too many problems with coops, even in Manhattan. And all I keep hearing are horror stories with coop boards.

So, why did he take a bath on it? Better location? Try the East Village! It is where all the young people want to be and they will walk up any amount of flights to be in this location. Rents are sky high. All of my daughter's apartments were on high floors. Her co op however is the parlor floor and the one we want is right above, so only one flight up.

Reading this I too figured it was Manhattan or Brooklyn. Co-op boards are just like that really. Not all, obviously, but that's just how they roll. No rhyme or reason and you don't want to offend I guess for fear of being turned down. It's really a catch 22 and I guess patience is the word. It is a great investment and will be worth it, and they know it.

(we have family that just sold a co op in Queens, way less desirable but still a good deal. the board met once a month......depending on timing of when an offer was presented, you might have to wait 6 or 7 weeks just to present to the board. Sure is frustrating but it all worked out in the end.)

"It's a foot in the door in a currently hot location. If we get the apartment, my husband will become a board member and we'll take it from there."

I'm guessing the board members have either heard this or sensed it; hence their reluctance to move as quickly as you want.