All Forum Posts by: Aileen Mitchell

@Ricardo P. I'm looking all over online to read more about this and I've only seen it a "proposal". Could you share the link that shows it passed the Board of Supervisors in SF 10-1??

@Lawrence Leung Oh it can be done.. Thanks, Lawrence, I'll look into it and find an interested investor. I appreciate!

It’s such a loaded question.. So a seller currently lives in a one-story old house in the ritzy, expensive part of San Francisco. Its neighbors are 2-3 stories high and this is the shortest on the block. It is zoned RH2 which is 2 units on the lot. So an investor can build 2 condos on there. It’s in a nice neighborhood and it also has a deep lot so imagine a nice landscaped backyard and rooftop.

The thing is, this seller does want to sell but would prefer not to move (he’s been living there 25 years and it was handed down by his grandfather). This property’s current market value is between $1.2 Million - $2 Million depending on its current condition.

The seller would like to “partner up” with an investor buyer and co-own the lot. Seller does not have money, but he does own the property free and clear, no liens (which still needs to be confirmed). So, I can think of many reasons why an investor would not want to “partner up” and share ownership. I’m curious if this kind of thing happens though.

Other solutions can be Lease Option or Lease Purchase, but, sharing ownership? What’s your thoughts on this?

@Bradford Li Ah yes, general contractors do have different ways/points of views on how they would handle the light well.

My dad was a general contractor, I learned to only do business or talk with only the ones who’ve been licensed for many years, have insurance, are experienced on the particular project, have many repeat customers. So that however their solution is on the project, I'll have some peace of mind they wouldn’t do anything illegal or stupid and compromise losing their license. Also they must be insured so I have recourse. I'll also have a contract with them that makes it clear the scope of work and timeframe so they don’t take a long time. And milestones they need to meet before I pay them, etc..(But that’s an entirely different subject now..) It seems you have 2 things you're tackling.

@Steve K. Ah yes an Exclusive BA seems like the only way that makes sense to protect myself in this case.

Too much paperwork before every time I send over a good deal but it has to happen until I figure out a better system. Because I'll also be sending the same good deal to other investors and with each one, a separate BA.

@Bradford Li I'd say you can skip trying to engage with the uncooperative property manager, and mail your letter directly to the owners’ tax billing address to make sure they’ll get it. If you don’t know the names of the owners and their tax billing address, I can tell you, I’m a realtor in San Francisco and I have access to that info. To look it up, I'll just need the property address (your neighbor’s property address) and can provide the owners names and their tax billing address. It takes 2 seconds. 

As for the light well infill, my guess is to call and ask someone at SF Planning department. I think you can do whatever you want with your own property with a proper permit. For something like this I usually consult with my general contractor they would know the protocol. Good luck!

@Johnny Hoang So this one investor said they "don't do exclusive as I'm sure you don't either as an agent.." (Hmm..)

@Steve K. I plan on sending her properties as they come. Two this weekend and I'll come across more next week for sure. Do you do a Buyer’s Agency Agreement each time with a clause added each time? I'm afraid it might get confusing.

I'm a realtor getting ready to send investors some pre-foreclosure and foreclosure properties I know. I need help with drafting some agreement. Does anybody have a contract/agreement they may want to share that I can use to make sure I'm not pushed out of a deal when I give away the property addresses? How have others done this? I'm not trying to hire an attorney to draft an agreement. Do investors typically already have some type of paperwork for this type of partnership?