Frequently Asked Questions


How does Co-op First work?
Why is there no interest?
How long is the wait?
How long must I be a member before being put on the active list?
Where does Coop First do business?
How is my percentage of the company based?
What tax forms do we recieve?
Whose name is the title in?
What if i make and extra payment?



How does Coop First work?
It's very simple. Co-op first pools all of the Investors money to buy homes and cars. Then the user member makes monthly payments, with each month, he/she is buying more percentage of his/her asset. Once the user has paid off 100% of the asset, the title is transferred to his/her name.

Why is there no interest?
As stated above, there is no loan from any person or bank bearing interest. Once the asset is bought, a monthly payment goes each month to the coop, a part for rent (for the use of the asset) and the rest towards their asset.

How long is the wait?
The wait varies monthly. The larger we grow with investors, the shorter the wait. If you are already a member and wish to purchase an asset, you are placed on active list, if you accumulate 20% as investor, your priority is moved up the list.

How long must I be a member before being put on the active list?
As stated above, you must have at least 20% of your desired asset invested in the Coop for at least 4 months before we place you on the active list. During this time we encourage you to invest as much as possible as your investment will be gaining return during the wait, providing you with a larger down payment.

Where does Coop First do business?
Coop First is based in Ohio, but can purchase assets in any state the member may live in.

How is my percentage of the company based?
After becoming a member, your percentage in the company is based on how many shares you own with respect to the total of the company.

What tax forms do we recieve?
Investors recieve a K-1 and the buyers recieve a 1098 (gov't interest equavalent) which is used for tax deductions.

Whose name is the title in?
When the asset is bought, the title is filed jointly, between Coop First and the buyer. Once paid off the title is transferred to the buyer.

What if i make and extra payment?
If a buyer makes an additional payment (ie he has already paid his normal monthly one) any additional goes directly to his equity and is not split. This is encouraged as it will reduce the time greatly for the asset to be paid off. Making a small extra payment earlier makes a huge impact on the end.