This week we talk with Jonathan and he asks us a few questions from his real estate exam class.
Coops or cooperatives are the most common type of housing in New York city. Here are a few quick points you should take away from the episode.
- When you own a coop, you own shares of a cooperation not real property
- These shares allow you to lease back your home from the coop
- A coop is seen as a singular tax bill with the city
- A portion of your maintenance is tax deductible against your income
- Coops have rules, many don't allow sublets or pets
- The Finnish were the first immigrants to form coops in New York
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