March 15, 2006
San Francisco TIC For $100,000!
Nope, that’s not a typo. A Potrero Hill TIC is currently on the market for $100,000. Before you call your agent, however, you might want to read all the notes:
“Listing is for a 1/6 (TIC) ownership interest in this Potrero Hill single-unit home. Other 5/6 ownership positions are held by related family members of seller. Occupany [sic] by 1/6 buyer will most likely not be an option.”
Please tell us we shouldn't be filing this one under trends. And for once, we’re going to take a pass on the housewarming. (And most likely, so will the “buyer”...)
∙ Listing: 249 Texas - $100,000 [MLS]
First Published: March 15, 2006 10:35 AM
Comments from "Plugged In" Readers
As an added bonus, one of the tenants of the house, [name removed by editor] is a registered sex offender.
Posted by: ph dude at March 15, 2006 3:01 PM
Quite honestly that last comment just caught us by surprise.
We are trying to confirm/clarify with the listing agent and will provide an update as soon as we have any new information.
Posted by: SocketSite at March 15, 2006 4:50 PM
While you are at it, ask how a TIC set up can exclude possesion. I think I must have missed that day of law school.
Posted by: godzillow at March 15, 2006 5:03 PM
You. Have. Got. To. Be. Kidding. 100K to help subsidize the 'family' that's living there? Wow. New business model gets created every day doesn't it. Heh. Take your 100K ask and ***** it.
Posted by: Binkomonster at March 16, 2006 8:46 AM
It looks like they're looking for an investor to pick up a share of their costs. Some of the wackier real-estate-investing gurus recommend this method of getting financing: the 1/6th share non-resident investor gets to hope for continued appreciation so that s/he can make a profit by later selling that share back to the family.
Whether it's legal as a TIC (or a good idea), I haven't the foggiest notion.
Posted by: drwende at March 16, 2006 8:46 AM
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