All Forum Posts by: David Erjavec

Welcome Paul,

I am a realtor in SF and my specialty is connecting off market properties with buyers and investors around the Bay Area.

Please reach out. I would be happy to network with you.

Great, and moving forward at a fast pace. I see good growth for three more years.

San Francisco is hub and magnet for innovation.

Typically after Super Bowl is when we have a flood of inventory and buyers en mass. With access to properties online through Zillow, etc. consumers are more in control when they will purchase. Reports from agents on the front lines holding open houses there are close to 70 parties at the some properties. So as we move forward with the year I only see an increase in demand from buyers. We are adding 10,000 plus individuals each year to our San Francisco population. Our housing supply is down. There is new construction coming online.

As we know tech is leading the way ever since Benioff decided to expand Salesforce with a then campus in Mission Bay. Everyone since then in tech has since looked,kept a close eye on or moved to San Francisco. Here is a recent article from The Registry that breaksdown simple the tech footprint in San Francisco by sector.

Posted on by publisher8 in News Releases

San Francisco has nearly 1,800 tech firms occupying 22.4 million sq. ft., or 29% of total occupied office inventory in San Francisco. Software and cloud firms combined make up nearly half of all tech occupancy with 10.9 million sq. ft. There are also 40 tech unicorns occupying 3.6 million sq. ft. of office space.

Tyler,

Can you tell me the price?

Thank you,

Can you email property address.

I have a cash buyer.

Hi John,

I am a local investro friendly San Francisco Realtor. I specialize in connecting investors with off market SFH, multi and development properties. I do not market for sellers in the Presidio but happy to let you know of any properties that I come across that might work for you. Send me an email with your criteria.

My best,

Vlad,

I am interested.  Can you please email me more information?

Thank you,

Let me know how I can help.

I have many resources for sub contractors and for properties.

Great post by @Raimondo Forlin

I also would recommend speaking with an attorney about your particular goals and check out San Francisco Tenants Union to brush up on OMI , Ellis Act, TIC and condo conversions.

You have a couple of options when you purchase a multi tenant occupied unit in San Francisco.

Option #1-  Congrats you are now a landlord. With current tenants and current rents.

Options #2 - You can do a landlord or owner move-in eviction.

Landlord must be a person and not an LLC, parnership, corporation or other business entitiy.

When doing a OMI  Owner Move-In Eviction.  As a owner you have the right to live in the building you own. The unit you choose becomes the "owners unit" for the life of the property.  When someone else buys the building and wants to live in the building they can only inhabit that particular unit.  Unless the new owner is disabled then this can be bypassed.

Option #3 - Tenant buyout. This allows you to remove the current tenants so that you can bring in new tenants at a higher rate than the previous tenants.  If your goal is cash flow.  Or allows you to remodel the units. The buyout does not go on record with the deed. You start with the Tenant Buyout Agreement. Then you talk to the tenant about a dollar figure to move out.  Keep this conversation personal with you and the tenant. Do not involve your attorney or have them draft a letter.  You seek counsel with the lawyer and they advise you on actions to take. Otherwise the tenants will "lawyer up" and you will pay much more than you might have if you did not involve the lawyer. Tenants in San Francisco are very savvy and connected.  They will reach out to their friends or ask an attorney about how much other tenants are getting. The goal for you is to have the tenants move out without it costing a large amount.  Fyi - I have heard of tenant buyouts go for upwards of $100,000 and even $125,000 per tenant. Personally I would start out at $25,000 and negotiate from there.

Option #4 Would be an Ellis Act Eviction. There is a relocation payment to each tenant involved but far less than a tenant buyout will be. Each tenant would have 120 days to move unless they have a school age child then they would have until the end of the that school year.

This would take the units off the rental market. It is recorded with the deed, so it is on public record and the units can not be rented out for 5 years. By remodeling and converting them to TIC's then you can sell them individually. TIC agreements run about $1500. The new owners still could not rent out the units for 5 years. Then the next step would be to convert them from TIC's to condos with a Condo Conversion.

This is just a simple outline of some options that are available to you when you purchase multi family units in San Francisco with tenants.

Your individual situation, goals and tenants may vary.

I do.

Contact me and I am happy to supply.

I am interested in the deal also as I have connections with investors/developers.

Please email me information at [email protected]