Re: What would you do with a lifetime leased unit?

[Mabel L.]

I need some input for a SF specific situation that no one but those who knows the tenants laws in SF could possibly understand:

I purchased a 1 bdrm TIC to live in, moved back home temporarily (so I thought) when my mother was sick, rented it to someone who knows & maxes tenant's rights laws and was grandfathered in with a lifetime lease when we went through the expanded condo conversion. It's been 8 years, I really do want out of this but not quite sure what is the best financial option. Do I...

Option A: Sell like 50% under-market value with tenant (who will surely let buyers know she is a lifetime tenant).  If I do a buy-out, I am working on an informed assumption based on her past history that she will ask for so much that it's like selling it for 50% under market.

Option B: Sell to tenant like 70% under market value knowing well she will turn around and sell the unit for market value making a better profit than I? (The 70% guess comes from 2 different realtors who thinks she would probably agree to that price point)

Option C: Keep hanging on hoping she will want a bigger place, get married, have kids and move.

Option D: You tell me!

About the tenant:

-Single, early 30's.

-Pays on time, takes care of the place but I have had to relocate her twice and she demanded max payment and faked disability to get more money.

Thank you in advance for anyone willing to chime in!

[Mabel L.]

Sorry for my delayed response but I have amazing news! This lifetime lease tenant of mine actually submitted an intent to vacate about 3 weeks ago!!!! I am free of this lease now!!! Up until 3 weeks ago, I was just playing the waiting and hoping game.  I had been following these cases but they were not promising.  I can't express how relieved/happy/excited I am.  I do wish all owners with these ridiculous lifetime leases a win soon!  Thanks for following up!