condo real estate?

[Robert Vel]

Could I rent out a condo in NYC because a friend told me I cant it is illegal to do and if I could would I make a good profit off it particularly a 1br or 2br?

[Laura Williams]

@Eva Lowther I believe you'd have to check with that particular condo association in order to be 100% sure what your options are and before you make such a big investment. Each one can have different rules. From my understanding usually condos aren't so restricting as a co-op. You are allowed to rent out, have foreign owners, own in an LLC etc. which is why they sell for more money than co-ops in this area because you have more freedom to do what you want. But I have heard of condo's that have rules where they won't allow rentals or have waiting list of people wanting to rent out to keep the numbers of renters down. This usually has to do with financing cause banks won't lend on condo buildings where there are too many renters and not enough owners living there. In general co-ops and condo's are a pain cause people love to make rules and get in other people's business but if you want to invest in our area there's not much of a choice.