Have there been investors who co-owned with sellers in SF?
It’s such a loaded question.. So a seller currently lives in a one-story old house in the ritzy, expensive part of San Francisco. Its neighbors are 2-3 stories high and this is the shortest on the block. It is zoned RH2 which is 2 units on the lot. So an investor can build 2 condos on there. It’s in a nice neighborhood and it also has a deep lot so imagine a nice landscaped backyard and rooftop.
The thing is, this seller does want to sell but would prefer not to move (he’s been living there 25 years and it was handed down by his grandfather). This property’s current market value is between $1.2 Million - $2 Million depending on its current condition.
The seller would like to “partner up” with an investor buyer and co-own the lot. Seller does not have money, but he does own the property free and clear, no liens (which still needs to be confirmed). So, I can think of many reasons why an investor would not want to “partner up” and share ownership. I’m curious if this kind of thing happens though.
Other solutions can be Lease Option or Lease Purchase, but, sharing ownership? What’s your thoughts on this?