Co-ops

[Scott Kronzek]

Im looking to purchase my first piece of property. In dc condos/townhomes cant be found in the nice areas for under 300k or so, more than i can afford with my recently out of college salary. I did just find a tiny studio coop in a perfect location for 190k. Ive read all about coops, and would definitely prefer a condo. However units similar to the one i found would likely cost 350k if it were a condo. Should this he enough reason to suck up the coop dissadvantages and get it? Id eventually like to rent it out, i think it would go for 1500 a month while my mortgage would be around 1100, so a nice profit. The way i understand it is its up to the board whether or not i would he able to do that.

So does anybody own one, have experience with them, or can sway me one way or the other? Thanks.