A house in San Francisco is listed at $488,000. It’s valued at $1.8 million. So, what a steal right?
Whoever buys it won’t be allowed to move in until 2053. That’s a mere 29 years from now.
Here’s the issue. It has renters living in it right now. Because of tenant laws, they might have the right to be there that long even if the owner wants to sell the place. Also, they get to pay only $416.67 a month plus utilities until 2053…….. in a 3 bedroom house on a 3,200 square foot lot in San Francisco.
Buying it sounds like a horrible decision with taxes and everything figured in. However, it could also be a great bet if it pays off. Who knows how much that house will go for in 30 years; maybe millions more.
Then there’s also the personal aspect here. There’s and 83 year old woman and her daughter living in the house. The person trying to sell it is the 83 year old’s son. The way she makes it sound is that he’s trying to run her and his sister off for the money.
Yeah, it’s that last part that really changes the dynamics. 1st, I was thinking, “Okay. I could wait the tenants out and cash in down the road.” But then you toss in the whole family fighting/ trying to kick his own elderly mother into the street thing and I’m suddenly thinking, “Oh look. There’s a new coffee shop in town.” And I don’t drink coffee.