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how do you investigate a managing company and a sponsor of a co-op. I started asking questions about the mortgage which the same has been the same since 1987.
Wentworth, Jal, Coopersquare
Are now one company, as for JAL the former
Owner John is a racist right wing nut,
Jerry is an ex cop, with an attitude
Of a cop not a manager he never went to college,
he just finish his high school
Education.
I have many buildings with long term self amortization mortgages that I prefer NOT to refinance...
Ask... if the mtge is in place since 87... are the rates good? are they close to being debt free? is there an exorbitant prepayment penalty? is it more cost effective to keep the loan? ...there are many good reasons for this... Any sponsor would want a lower mortgage just as you the shareholder would; and most management companies earn 1/2-1% on the refinance so it would behoove them to refinance the overlying mortgage also..... (We recently paid off a 1986 mortgage in full and the smaller Coop has no mortgage or other debt now and is in a great financial position no matter how the economy turns!)
That being said:
As the first poster put it, the BBB and the AG are best... Also, ask around. As you see below, some people are more than happy to badmouth a company and give out information that are not on record.... Just be careful that you are listening to proven fact and not just the opinion of someone who was disgruntled with them.
Best
~AR
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I would call the Better Business Bureau and the State Attorney Generals office to see if they have any complaints lodged against them.
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