All Forum Posts by: Diane G.

@Jay Hinrichs

LOL... you are funny... Cracked me up

@Jay Hinrichs

You are right on... yes this will allow me to unlock about $1.3m equity as it is paid off, thanks to tenants rental payment of $350K over the years

I actually took $100K out the day the buyout agreement was signed and bought a 4th property in SF.... a small studio 550 sq ft on the top of Russian Hill, on Leavenworth and Green.... Lol

Going forward though, I would never touch TIC again.... it is emotionally hurtful to go thru this buyout process....Lots is pissed off and sleepless nights .....

@Amit M.

Tenant is only 37 year old. Moved in when he was 28.... so not protected... and yes this is a registered buyout....

The two of us negotiated directedly, both retained lawyer on consulting basis. Tenant lawyer Dave Crow is definitely a hater of capitalizm, who is an advisor on Rent Board..... told my tenant that I sounded like a typical SF landlord who has 1000 tricks to hurt tenant...

I was also told many time, along the negotiation, that I did not follow the rules of SF, and they are about to call Rent Board and report me...Everytime I just got so mad that I told them to go F themselves....

At the end of the day, we were able to close the deal, with lots of hurt feelings on both side....Tenant and I quickly repair our friendship afterwards, to a certain extend ....

I have to say I got lucky because of the friendship we had.... And that my tenant is a young person with lots of options ...He just signed a lease at a lux high rise building near Van Ness...he was paying me $3700 at my 2/2, which means he is only paying $2000 for his part, and roommate pays $1700.... he is now paying $3800 on his own at his new lux apt...

I honestly think rent would be lower in SF without rent control, but hey, no politician wants to believe that.... Lol

@Kris L.

It is not required.... it is negotiated.... I had to negotiate because in SF a landlord can’t kick a tenenat out unless the tenants wants ....so that is why it is called a buyout, because I am buying the tenant out....Lol

@Andrew Smith

No where

@Lynnette E.

The highest buyout this year is a $330K payout in mission district....

I told myself I will never buy TIC again in SF...next time I will just buy 4-plex and legally evict the tenant , pay each tenant $5K per law, and convert the building into TIC... much easier

@Darwin Crawford

Thanks i will definitely go spend that $18....Thank you...

$61K might seem a big number for people outside of SF, but I feel it is an OK deal that I got.. Not the best, not the worst either...

Also, I bought the place for $620K about 10 years ago, this tenant paid me around $350K in rent over 8 years, and the property is now worth $1.2M....

So, I started the negotation offering my tenant $30K which he quickly accepted...Then he got a lawyer called "Crow & Rose", who is a pretty malicous person...lot of hatry for landlord and capitalizm in general...Lol

"Crow & Rose", at one point, told my tenant that he should ask for $384K...

After lots of back and forth, we settled at $61K, roughly the mid point of tenant's initial expectation of $50K to $75K, before he got the lawyer....