My tenant buyout in San Francisco
Just wanted to write down my experience of tenant buyout in San Francisco, in the hope of helping those trying to go down that road...
So I have a unit in a 5 unit building in Pacific Height...Building comes up for condo conversion this year but my tenant needs to move so that my unit can be vacant...
He was paying $3700 when market rent was around $4800...After 6 months of long and (very) painful negotiation, tenant and I agreed at $61K buyout....
Tenant has been there for 8+ years, been a super perfect tenant, very nice and friendly, never late on rent in all of 8 years...I was actually kind of sad to see him go...
That was my experience... if you want to share yours, please go ahead....
Most Popular Reply
I'm 100% acknowledging that I have no understanding or experience in your market, but the fact that a housing market exists, where its appropriate to give a tenant $61k to give you control of your own property blows my mind.