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Originally Posted by camberiu
I have looked at Condos, but they seem to be brutally expensive. Here is some financial information:
2005 Coop revenues - $1,006,657
2005 Coop expense - $1,161,640
Total deficit for 2005 - $154,983
They do have about 400K in notes as reserves, but they have more debt (mostly long term) than assets. Again, not sure if this is typical or not.
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long term debt is probably a bank mortgage that most co-ops have. in my case it's around $37 million for 12 buildings
when they say 50% deductible maintenance, it's a combo of taxes and this building mortgage debt
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