Can't Buy A Home? Think Again Renters!

Apr 25

Click above to view the full episode on YouTube.

Actor and humorist Will Rogers famously said, “Don’t wait to buy real estate. Buy real estate and wait.” True! Owning a home is perhaps the best vehicle for building generational wealth and ensuring future financial security. But homeownership is an elusive dream for many, especially in high-value markets like San Francisco. As a result, more than 65% of the city’s residents are renters, many of whom believe the deck is stacked against them. At the same time, many multi-unit owners who are landlords wish to sell their buildings but feel their property’s value as a straight-up investment is severely limited. Realtors to the rescue! A cadre of dedicated practitioners are coming up with creative solutions to this intractable problem. Shelly Sutherland and Lisa Zahner of “The Neighborhood TIC” talk about how tenants and landlords can live in peace and work together to create win-win scenarios for all.

Highlights:

Professional and caring Realtors are some of the best allies anyone can have
In a high-property-value setting like San Francisco, the bar to homeownership is high, and one of the main impediments is down payment
San Francisco is at the vanguard for protecting and preserving tenants’ rights, but there are downsides for both tenants and property owners
Landlord-tenant relationships don’t have to be difficult, and the majority of landlords care deeply about the well being of tenants
The Neighborhood TIC is focused on helping tenants become owners of the buildings they live in, thereby creating win-win situations for landlords/sellers and renters/buyers
Fractional financing for tenancy-in-common units, a relatively unknown lending vehicle, is a boon for would-be buyers who are struggling to come up with down payment
Neighborhood TIC transactions result in better “deals” for both buyers and sellers
“You don’t know what you don’t know” are words that prospective buyers and sellers can live by when it comes to small commercial residential buildings
“Constitutional Peasants” scene from Monty Python and the Holy Grail: https://vimeo.com/748305311
Co-housing, aging in place, community building