As a homeowner (in NY), how would someone start a housing coop in the house and specifically gear toward community and environmentally minded people. Isn't a coop owned by all the members? How would that work? What type of business entity should it be, a corporation? Anyone with any insight or experience in this, please share your knowledge with me or direct me to organizations who might be able to give me more information. Thanks!
2007-03-21 09:26:18 · 1 answers · asked by Mary R 5 in Business & Finance ➔ Renting & Real Estate
Coops are very tricky. You need to have "like minded" members who have a decent amount of money to start.
Essentially you are starting a TIC Tenant In Common deal.
There are books you can buy on Amazon that show you how to do it.
The most difficult thing in the beginning is getting your financing together and getting your member rules established.
I have started onw Co-op and then we sold out of it for a great profit.
Basically, if you can buy a 4 unit building for $2MM and each owners piece is $500K, most likely the minute you turn it co-op, the value of each piece will be $650K+
It is a very smart thing to do.
2007-03-24 05:06:51 · answer #1 · answered by Santa Barbara 7 · 0⤊ 0⤋