Think of buying a coop....
Im in my mid twneties and was thinking of buying a coop in the near future and being Ive never done this before I had a lot of questions:
1)Is the mortgage on a coop tax deductible?
2) Would i be able to write off depreication (if Im filing as a poker pro) and if so would deprecaiting it over 27.5 year be correct?
3)What is the best way to start looking for a "good deal" on the coop (I dont know [censored] about real estate and netiehr do any firneds/family)
4)How much off of the asking price does property usually go
for (sorry if this is a dumb question and if theres no way to give a reasonable answer)
5) How can I best detemrine a good price?
6) Are coops generally a better alternitive to renting (assume i will live here for alteast 10 years)
7)Ive read closing costs are 5-10% of the sale price. If I pay in cash how much cheaper should they be (whether or not I paid in cash would depend on the answer to question #1 and
if I could even get a loan at a good interest rate)
Thanks in adcance from a complete newbie at this
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