Hi everyone! I’m seeking advice from any investors who have dealt with the pain of owning a co-op in NYC. I bought my co-op in the Concourse area of the Bronx in 2019. The area was showing so many of those signs we’ve seen time and time again that a neighborhood will one of those you wish you invested in on the ground floor.
I lived there for three years and I’m now coming up on my second year of renting it out. My building has the 2 out of every 5 year rental rule. I realllllly don’t want to sell because I don’t think it has had enough time to appreciate, but I also don’t want to waste thousands of dollars every year in the likely event that my co-op board will not allow me to keep renting out my place. Also, the maintenance has gone up so much I’m down to only $89 cashflow each month. Here are the facts/numbers:
2019 purchase price: $212,000
Outstanding loan: $153,000
Co-op: 1bed, 1bath, 774sq ft. Renovated kitchen and bath. All the pre-war charm.
Has anyone been able to get around the subletting restrictions?
Should I have a family member live there at a loss each month? (Maybe - $500)
Would I be better off selling and investing the funds elsewhere?
Hold?
Any advice is appreciated! Thank you!
