Is Coop investing ok or should I stay away?

[David K.]

Dear all RE investors,

Please share your thoughts on investing into coops.

I am looking at this one potentially interesting 1-bed coop apartment that could bring me $300/mo CF. It is a cheap investment for NY area standards, but it is a coop and I have heard that investing into coops is not a good idea. Why?

Also, I am thinking of buying it for cash if I could make them drop the price significantly and then i would like to refinance once i am an owner - do you know if this could be an issue for me bc it is a coop?

thank you!

David