San Francisco home selling for $488,000 but you can't move in until 2053

Рет қаралды 410,767

Ай бұрын

The 1,100-square-foot home in San Francisco's quaint, upscale Russian Hill neighborhood has three bedrooms and two baths. The price tag and unusual requests are definitely raising eyebrows among neighbors and prospective buyers. abc7ne.ws/3Ryfg7Z
#realestate #sanfrancisco #housing #house #abc7news

Пікірлер: 955

@HAIRistaTV Ай бұрын

Plot twist the tenant is the seller

@lizabetx483 Ай бұрын

Good one!

@HiThisIsMine Ай бұрын

Exactly what I was thinking. How can you secure housing for 30 years for dirt cheap and also get a nice chunk of change for your retirement and reduce your personal liability… game the housing laws.

@BrandNewHeavy Ай бұрын

This comment deserved so many more likes.

@nouseforaname5378 Ай бұрын

That’s exactly what I think lol

@aribasiebel Ай бұрын

Not a plot twist. The writing is written on the wall. Probably childless elderly so why not cash out and have a place to stay until they pass? Actually it's a win win. Most likely it will be bid to 800k - 1m you heard from the here first

@Paul_Wetor Ай бұрын

There was an old woman in France who sold her house to a younger buyer who could have it after she died. She outlived him, and he never took possession.

@mooveegal Ай бұрын

The French lady was in her 90’s, he was in his 40’s, so can’t blame him for being optimistic. Who knew she would keep going into 120’s while he died first in his 70’s, which is normal life expectancy for men. I think his surviving wife still need to take over to financially support the very old lady when he past. Life can be so unpredictable.

@jaker3151 27 күн бұрын

In such a scenario if I where the seller I would be concerned the buyer might try to take me out early.

@tainadelcaribe 27 күн бұрын

@@jaker3151That guy was banking in her having so ke from teenage hood and being 90 when he made the deal to pay her to live inside the property (which she owned) as along as he could take possession (basically inherit) of the property upon her death. He died of natural causes in his 70s and she when unto being celebrated for being the oldest human alive. 😂😂😂 He thought he was playing her, but Karma had other plans!

@yobench 26 күн бұрын

It’s called "vente en viager", it’s a practice in France

@williebillie925 25 күн бұрын

Wasn’t she the oldest person to ever live

@GurpreetSingh-et8ix Ай бұрын

People are getting creative with their scams these days. Why would anyone want to pay for upkeep/repairs/property taxes on a house they can't utilize for 30 years?

@TechTails Ай бұрын

Because math is not their strong suit.

@GizmoMaltese Ай бұрын

As a long term investment like a 30-year bond. They could probably sell it for 3x value in 15 years.

@GurpreetSingh-et8ix Ай бұрын

@@GizmoMaltese Highly doubt someone will want to buy a property in 15 years when $417 a month won't even cover monthly utilities cost and the tenant has a lease that'll last another 15 years. Also, the bond has a negative return in the context of accrued interest.

@GizmoMaltese Ай бұрын

@@GurpreetSingh-et8ix Property value appreciation gives you a positive interest return. Do we know if the rent includes utilities? I doubt it. Also, tenant could be elderly and is unlikely to survive the full 30 years. All these factors must be considered. Might be worth it for someone who wants to park their cash.

@TechTails Ай бұрын

@@GizmoMaltese launder money you mean

@adammoe605 Ай бұрын

$400 won't even cover a fraction of property taxes and property maintenance.

@london229 27 күн бұрын

That's the point

@Kisimotto 23 күн бұрын

"Take it or leave"

@jon9103 22 күн бұрын

That's why it's so below market rate (but probably still not low enough to compensate for the terms).

@TheBigJawn 3 күн бұрын

$417/month is insulting, I agree, but can’t the owner raise the rent once they purchase the home?

@unimagin2ble Күн бұрын

@@TheBigJawn 1:06 in the video, the tenant pays the same amount of rent until they move out. it's in the agreement

@nouseforaname5378 Ай бұрын

It’s pretty clever. The current owner, once sold, becomes the renter and set his own rent price lol

@byefelicia8632 Ай бұрын

You’re right. Its pretty clever.

@RaymondHng Ай бұрын

@@byefelicia8632 Zillow listing: _"...Former male owner, over 100 years old died by natural cause in home..."_

@raymundohernandez8322 28 күн бұрын

It's pretty clever or the buyer is really stupid.

@BigGuy10Points 24 күн бұрын

And gets $488k

@limbergsauceda 22 күн бұрын

pretty clever? dude are you stupid? this is some shit a stoner would come up with to help their parents pay the mortgage 😂

@misterbig7874 Ай бұрын

The sucker buyer needs to be willing to wait until they die before they can take possession. The cost of maintaining the house will exceed the rent of $417. It's a legal scam.

@stacypeters2856 Ай бұрын

100%

@dimasbeltran866 Ай бұрын

And believe it or not, there will be a sucker that will buy it ! They're there lined up to see it already !!! 😎

@Bread996 Ай бұрын

It's not a scam. It's just a bad deal.

@GizmoMaltese Ай бұрын

The buyer might expedite the renter's end of lease.

@misswill8488 25 күн бұрын

@@Bread996A bad deal that requires a sucker = scam.

@x-men69-96 Ай бұрын

30 years? I have already gone from this planet

@joezhou5426 Ай бұрын

😂😂 what a weird case in America .

@2hottie89 29 күн бұрын

Stay out of Cali yes I’m in Cali to this happens in stupid ass cali

@rajuvaripetpatelkumon36 9 күн бұрын

Same

@blanco-sanchez450 Ай бұрын

Too risky, there’s other costs associated with owning property that a meager $417 won’t cover. Not to mention, a lot can happen in 30 years.

@yolyprog2561 Ай бұрын

Absolutely

@jaad9848 Ай бұрын

If you account for inflation its basically a 3.5M dollar home with 30 years of wear and tear that you have to pay for. Because that 488k would be about $4M properly invested in 2053 while it would be about 1M inflation adjusted so you are paying 3M in loss of possible investment gains and 488k for your principal then you need to add in all the rehab costs for 30 years of wear and tear on top of that. I wouldnt do it

@JohnSmith-nj4zq Ай бұрын

With crimes, homelessness, drug users and taxes, California cities are turning into the next Detroit. Houses and neighborhoods become abandoned. The housing markets is going downward not upward.

@SafeEffective-ls2pl Ай бұрын

$417/mo won't even cover the property taxes

@miralomagal Ай бұрын

@@SafeEffective-ls2pl And insurance which keeps rising every year!

@kristentindle3075 Ай бұрын

I wish my rent was $415

@user-sc9lr6kz8t Ай бұрын

I used to pay rent for $400ish a month, many moons ago.

@kwnewark Ай бұрын

I will settle for even double that!

@Algoo-X Ай бұрын

I pay that but with roomies lol I don’t mind

@aaronnava2985 Ай бұрын

I pay 700 I love at home with my family. It's bank greed. It's no longer black people getting redlined. Btw it's also the people who invest in the area I have nothing against Asians. But I know a few who buy areas of land. Houses flip them. Sell them to their friends lol😂 🤧 more like Patsys. Rinse repeat. Make the area nicer. Then you have places where all the people are renters. And because of all the culuding before. That first person who owned the house is one city counsel.😂😂😂😂😂😂😂 It's not just Asians btw. Thought you will notice if you go to an Asian store. Like the ones in the malls. No not like mall malls but more than just a super market and fast food joint. They are own by the same people they all cousins funn😂😂😂😢😢😢😢 it's kind of a pyramid scheme no one talks about

@ChefBuckeye 25 күн бұрын

One of my friends lives in an apartment like that. It was even simpler when he was still married. The single bedroom apartments in the city are already crossing $1,000 a month, its such a better deal.

@KellySellsLuxury Ай бұрын

As a real estate agent in California, nothing about this makes any sense for a buyer. Regardless of all the different scenarios I’m reading in the comments, this is all around ridiculous. The “tenants” which are clearly the homeowners, would be the only winners in this situation with rent lower than a car payment.

@FUBBA 25 күн бұрын

Imagine having a luxury cali home for less than a cheap luxury wristwatch payment.

@LikeSpee 24 күн бұрын

You can be a half-witted, smooth-brained, , knuckle dragging, mouth breathing moron from land of gimps and this deal still wouldn’t make sense 😂

@RC02216 23 күн бұрын

Judging by the sale price it's probably a married couple. They can jointly file taxes and exclude capitol gains up to $500k in California if they lived there at least 2yrs and owned 5yrs min. They probably have a retirement and or social security to pay rent and general living expenses. So logically they would put the full sale price received into an investment account and make 6-8% return. About $25k to $35k a year. Not a bad plan. But who knows what will happen to SF in 30yrs.

@theghostofmaximumvolume3414 22 күн бұрын

Why are you paying 1.6k a month for a vehicle?

@theghostofmaximumvolume3414 22 күн бұрын

@nuevomexico505 Oh, my GAWD... 417 a month in rent? I thought that was weekly payments... I had the wrong numbers.

@CasonSearan 24 күн бұрын

*No man is too rich til you leave the earth you leave with nothing*

@SofiaYankelevitch 24 күн бұрын

well at least the rich achieved something in life before that person dies. his kids will probably inherit the fortunes and pass on to the next generation. cycle of life.

@BeresDrager 24 күн бұрын

true.but.i.wont.die.poor

@SamViens 24 күн бұрын

We live in this earth, we gotta play our part...He's living life while he is still alive...

@KinnanThornbury 24 күн бұрын

If you are not in the financial market space right now, you are making a huge mistake. I understand that it could be due to ignorance, but if you want to make your money work for you...prevent inflation

@SpencerMaloona 24 күн бұрын

@@KinnanThornburyInteresting, This is superb! Information, as a noob it gets quite difficult to handle all of this and staying informed is a major cause, how do you go about this are you a pro Investor?

@hisokamorow8388 Ай бұрын

Sad how $488k back in the 90s was considered expensive.

@user-or6yn8pm3c Ай бұрын

Not to mention it was a much better place to live in those days.

@antoniox2040 Ай бұрын

Yup, remember the kid in the movie Blank Check bought that mansion for $250K 🤣

@MariaMaria-sr8zg 25 күн бұрын

It's still considered expensive to me ha

@jimmyjay689 24 күн бұрын

So u have it now? Doofus

@jimmyjay689 24 күн бұрын

@@MariaMaria-sr8zgto a majority

@ltkwok Ай бұрын

The rent doesn’t even cover real estate taxes. Pay $500k and then lose $ for another 30 years. The only buyer is the Mob 😂.

@brotherbruns2989 Ай бұрын

Why would I want to pay a mortgage on a property for 30 years when I can’t live in it, have to pay rent somewhere else, and have to pay property taxes? It’s insane.

@msorge74 25 күн бұрын

It'll be worth 3-10 million in 30 years. That is why. It's a long term investment.

@gringoboy701 25 күн бұрын

@@msorge74 0 chance that the money you put into repairs, taxes, insurance, etc that this property revenue will outpace just putting that money into the market for 30 years. They'll pay 1 million in property tax alone before they even step foot in the place.

@Alexandria-hq1uy 24 күн бұрын

@@gringoboy701who said whoever buying wants to set foot in there?

@ANonyMouse627 20 күн бұрын

The prospective buyer would be someone super wealthy who is not looking to actually live in the house

@shelbynamels7948 Ай бұрын

what makes this deal so outrageous is the $417 current rent. Not only is that more appropriate to a property selling for about 50k - 80k, if that amount stays fixed for thirty years it won't be enough to pay the property taxes or pay for basic upkeep. Anybody buying this property today will be feeding a negative cashflow for the next thirty years (or until the current tenant passes away, which may or may not happen anytime soon, we don't know anything about the person) in the faint hopes of cashing in big decades from now.

@shipwreck8847 Ай бұрын

No, it's not the outrageous thing is you can't own it and use it until 2053. There's ways of getting that tenant out. But you can't move in is basically waiting until the seller dies and then you get it at no more use to him.

@wittypoker Ай бұрын

@@shipwreck8847 you don't know anything about real estate. Inflation in over 30 years will screw you over. Once you own that home in 30 years you will pay a supplementary tax and it will not be pretty along with the property tax. Oh wait SF is known for earthquakes so if there's one major earthquake your investment is gone.

@shipwreck8847 Ай бұрын

@@wittypoker stfu you idiot. i own several homes. i own more than you. just stfu. you're basically giving them a free loan. that's the thing.

@THEhorihito Ай бұрын

The fact that anyone showed up for this shit shows you how hard the fall will be. And it's a-comin.

@jesusdiaz9176 Ай бұрын

Crash bro!!!

@jojothetasmaniansassmonkey8866 Ай бұрын

if you want to avoid a market crash just increase your potassium intake. Simple.

@jojothetasmaniansassmonkey8866 Ай бұрын

@@jesusdiaz9176a banana a day keeps the crash away.

@kyleklmondwa9042 Ай бұрын

Look around you, 80% of society took the Cl0tShots for a free D0nut, there's plenty of morons to go around these days. Unvaxxed Chad checking in.

@ent1311 Ай бұрын

😂 Yeah because it can't be that area of California is desirable right ?

@sengthao6968 Ай бұрын

Let's see who's dumb enough to purchase this property.. 😂

@jml9550 Ай бұрын

If my son was born today, I would buy it. But the time he is 30 he would own the house free and clear. $488k is a steal at that location.

@UpUpDnDnLtRtLtRtBAStart Ай бұрын

@@jml9550yep.

@sirclark4405 Ай бұрын

Investment companies. They have billions. This is a drop in the bucket.

@aguynamedscott11 Ай бұрын

Who’s dumb enough to buy a house in San Francisco?

@GreenClawForestry Ай бұрын

I'm sure after the Americans are ethnically and culturally replaced it will be productive again.

@lizabetx483 Ай бұрын

The deal breaker is really the low rental. That wont even cover the usual annual repairs. Project home owners insurance, repairs rewiring etc over 30 years. This is no deal! It is subsidising another persons lifestyle at your expense.

@yolyprog2561 Ай бұрын

Well said! I didn’t even think about that! Thirty years is a very long time for this so called investment

@edwoo1005 Ай бұрын

Nevermind the repairs costs, property tax will be really high. At $500,000, this will be at least $6,000 a year in property taxes.

@SafeEffective-ls2pl Ай бұрын

@edwoo1005 the property tax assessment is a lot higher

@BusArch42 29 күн бұрын

Taxes will be way more

@Alexandria-hq1uy 24 күн бұрын

@@yolyprog2561yet you have a 401k

@JesusIsReal925 24 күн бұрын

Call it a scam. Don't even bother or do business with that real estate company

@user-dw1ls3rp1l Ай бұрын

And what are the odds an earthquake doesn't bring it down in the next three decades?

@robyngillum8577 Ай бұрын

I think I get it. It’s actually quite clever and savvy. I’m interested to see if more people come up with this plan, to keep the banks from profiting. It’s essentially a reverse mortgage to a person rather than a bank.

@annanajduch5201 Ай бұрын

I wrote the same thing but you phrased it much better. Bingo and spot on.

@bbmak0 Ай бұрын

Yes, genious. Probably nobody wants to buy the property, which is the owner wanted.

@jose09841 Ай бұрын

Seems lile a Rent to own scam, you pay rent for 30 years and then its yours IF you even make it 30 years! By then who would have replaced the roof and kept up with the maintenance??...I would not go for it!

@robyngillum8577 Ай бұрын

@@jose09841 even if the property was inhabitable, the land alone will be worth double in 30 years from now.

@michaelrogers9720 Ай бұрын

@@bbmak0the average price of a house is 2 million They’re probably older and don’t want to move Houses don’t stay on the market long in SF

@DrayDray78 Ай бұрын

I looked up the tax history and taxes went from 1,700 in 2022 to 17,000 in 2023 no wonder it’s for sale the rent at $417 a month needs to be at 1,417 just to pay the taxes lol wow 🤯 ok now I understand rent control and tenants protection and all but this is highway robbery and unfair to the owners! Who has not experienced rent increases in one way shape or from in the us to make it ok for this individual to continue paying 1920’s rent price in 2023 come on!

@obviouslynottito Ай бұрын

biden tax hike!

@hreindustries 29 күн бұрын

ah yes isnt it nice when democrats have finally ruined everything

@Sweetheartbabez 27 күн бұрын

How did the tax jump thousands in just 1 year? Usually taxes go up about $1K a year. Unless lots of work was done to the home, which I highly doubt, it does t make sense. This whole thing is weird lol horrible buy

@ANonyMouse627 20 күн бұрын

It's a unique juxtaposition. Usually the tenants are the ones being exploited. Now it's the other way around. That is, if anyone makes the purchase. I don't think anyone will unless they can evict the tenant.

@aryankanthety2506 6 күн бұрын

@@Sweetheartbabez maybe prop 13? since property taxes in cali are pegged to a 2% increase each year (i think) to the original value of the home, if it was sold, the property would have been reevaluated resulting in such a high increase.

@pammmmm Ай бұрын

Buyer could drop dead in 2 years 🙄

@Look_What_You_Did Ай бұрын

Your point? Oh wait. You're one of those emoji clowns. Intellect is not your thing.

@ladedalounge Ай бұрын

I was just thinking the exact same thing....lol

@blakeaaron5698 Ай бұрын

Tenant could drop dead in 2 years 🎉

@jml9550 Ай бұрын

There is something called a trust and will.

@567307 Ай бұрын

Why can not the owner opt for owner move-in evictions?

@annanajduch5201 Ай бұрын

It's like a cash out option of a reverse mortgage.

@TinouBao Ай бұрын

Tenant mysterious goes missing LOL

@jonnyutah.308 24 күн бұрын

Exactly what I was thinking. Happens all time 🤷🏻‍♂️

@RoblesPictures Ай бұрын

Some corporations buy so many houses, and an individual decides to play a different game. I hope this story keeps getting updated because I genuinely want to know who buys this and why.

@mariusfacktor3597 Ай бұрын

The state needs to strip SF of their zoning powers. If there are 100 people willing to pay half a million for an 1,100 sq ft house, then there should be construction crews building tens of thousands of more homes in that neighborhood. The only reason there isn't is because of racist laws from the 1950s that ban building more homes. And SF thinks of themselves as a progressive city. It's egregiously ironic.

@monkmysterio Ай бұрын

Thanks for the reminder! Yep, since zoning first took root in the early twentieth century, it has invariably been used to enforce and perpetuate a uniquely American form of apartheid, shrouded in a fog of planning jargon and obtuse codes…While you will find no mention of race or class in your contemporary local zoning ordinances, the open pursuit of American apartheid forms the basis of many zoning codes still in effect today. Yes, the courts clamped down on de jure racial zoning in 1917, but court approval of economic zoning in 1926 would pave the way for de facto racial segregation…cities were quick to bring in renowned zoning framers who could provide legal cover for the same old exclusionary zoning codes.

@howardchiong9853 Ай бұрын

What happens if the tenants die? Buyer hits jackpot? Sounds like a horror movie in the making. Criminally minded buyer purchases it and tries to drive out the tenant (use your imagination)....if I was the tenant I would be constantly looking over my shoulder.

@MeEncantaKiley Ай бұрын

Stop giving out my plan

@wc4109 Ай бұрын

Exactly… Not even worth it for the tenant…. He’d be living in fear every single day, bullseye on his back, next 30 years…

@Coast2Coast88 Ай бұрын

Or the buyer! The buyer ain't safe either! I would be afraid and looking over my shoulder

@rrrealqueen 22 күн бұрын

@@MeEncantaKiley lol I'd speed up the process! Id expedite the expiration rate. Nothing ever belongs to anybody at one point we all crumble into dust anyways just giving them some help.

@Dior444L Ай бұрын

$417 for rent 30 years god damn what i gotta do for a deal like that..

@JamesMaynardMoreland Ай бұрын

Ill take it but i refuse to pay until 2103

@empressorius 26 күн бұрын

😂😂

@lorirogers9304 Ай бұрын

The rent wouldn’t even cover taxes

@zz-.- Ай бұрын

It’s actually a great idea for the seller, who clearly represents the interest of the tenant. If they don’t need capital, and can lock in 30yrs of shelter with ZERO inflation over THIRTY years - this is actually brilliant.

@aimesdavid2800 Ай бұрын

Oh that one tenant? You honestly think this is legit 😆 the owner truly cares about the tenant? A tenant? Who's this tenant honestly? The owner?

@Bread996 Ай бұрын

@@aimesdavid2800 "Former male owner, over 100 years old died by natural cause in home" according to the listing. The tennant is probably a son or daughter.

@aimesdavid2800 Ай бұрын

@Bread996 that's total cool. I'd definitely not buy it. It's still stupid for whomever buys it.

@megsley Ай бұрын

it's a scam, bro.

@carbonbomb4774 25 күн бұрын

@Bread996 or his sugar baby who's like 80 🤣🤣

@laleki9 27 күн бұрын

very smart to avoid property tax.

@teamcougars Ай бұрын

That’s beyond ridiculous who in their right mind would want to buy a place they can’t move into for 30 flipping years 🤬🤦🏼‍♀️

@Kitchie26 29 күн бұрын

That rent won't even cover the real estate tax😂😂

@MuzicTunes-lk6np Ай бұрын

It's like buying into a timeshare & never using it.

@jerrysears7607 Ай бұрын

To all the buyers willing to do this: I have some ocean front property in Arizona. From the front porch, you can see the sea. It is so pretty. $488,000. Bonus- you can take possession in 30 days. Before that time, I'm taking a trip to Costa Rica. 😮

@megsley Ай бұрын

I've got some bridges in NY for them as well!

@dhillaz Ай бұрын

I hear Arizona has such beautiful beaches - sand further than the eye can see

@SimplyPriscillaAgbani 24 күн бұрын

@@megsley😂😂

@createinmeacleanheartohgod6871 Ай бұрын

I would buy it and by the time of turn over, it would be worth millions, and time for me to retire. But i'd also make a will that in case i'd die, i'd give it to my kids and do whatever they wanna do with it. At least by then, it would be worth millions like it is today.

@PeterZin Ай бұрын

Take that same amount of money. Hire an investment advisor. I can guarantee you'll get much more in return for your investment in 30 years. Take some of that money and buy a nice home of your choice for your retirement.

@starshine3588 Ай бұрын

Or it could be worth nothing. 30 years is a long time and many things could happen during that time…especially in California where everything is getting worse faster than the rest of the US…except for maybe NYC. The house could also be lost to an earthquake, a fire, or something else too. Unless you have the money to throw away….it wouldn’t really be worth it…a lot could happen in 30 years. Of course the tenant could always pass away before the 30 years….or the person buying it could pass away….you can never plan for the future because everything changes before you get there.

@MoonriseJT-Official 19 күн бұрын

Who would buy a house occupied by a tenant paying such a low rent, especially when you wouldn't be able to move in until 2053, if you are still alive? It makes no sense!

@ericdwhitmorec 23 күн бұрын

Someone overseas will buy it

@noah_am_i Ай бұрын

$400 rent in SF in 2024 is the real shocker! 😂

@spankyharland9845 Ай бұрын

yes, the home is going through family issues, the original owner made sure that part of his family has a place to live in after they pass away, the other part of the family wants to sell it because they don't want to pay the property taxes and just get their share. whoever purchases this house will have to look at it as a 30 year investment property- it is an interesting but sad story. personally I wouldn't touch this home with a ten foot pole, but I am sure someone will buy it.

@mikeb359 23 күн бұрын

The move in date is 30 years from now because that's how long it will take to remove the squatters.

@PorshiaVonne Ай бұрын

Poor tenant is gonna go missing as soon as the new owner takes over. Sad sad 😔 I’d move. It’s not worth your life.

@_PAIGE94 Ай бұрын

Not worth the hassle!

@onamiilove777 Ай бұрын

Reverse mortgage privatized. Its not a "sloppy arrangement" its a wise arrangement to keep the wolfs away....😂😂 For an investor who looks at long term gain rather then instant gradiafication this is a gold mine that can be handled down to his her legacy. Pretty sure a corporation wont think twice about this one. I honor the person living their being able to feel secure.🙏🏾

@casienwhey Ай бұрын

A website said the property's tax is $17K. Let's assume it's $5K for maintenance, which I think is fair. Lets assume $2K in home owners insurance and $2K for contingencies. So, expected cost for the property is about $27K per year. Purchase price is about $500K, but actual value without that tenant restriction is $1.4 million. Average annual appreciation for the house is probably about 8%. So the house appreciates $100K per year and annual cost is $27K (if you pay cash). It could make sense if you have enough cash on hand, and are really patient.

@nathanielcarreon5634 Ай бұрын

$488k will be a lot lot more in 30 years than the present market value of the house.

@khoumphonh Ай бұрын

By law, the new owner can evict the tenant if it’ll be the owner’s primary residence. Doesn’t matter what the current tenants lease is but dealing with the SF eviction court is going probably be a long and annoying process.

@futurethinking Ай бұрын

Not on this one, Ellis Act doesn't apply, trust me if you could Ellis Act, this would have been sold over a 1million, Basically, the way the contract is written tenants own the place until 2053 and then ownership rights revert back to the title holder.

@ChakatNightspark Ай бұрын

@@futurethinking there Might be ways around it. I have heard of similar things in the past. But, after Lengthily Court battles back and forth. The Buyer won in them, since it was just not possible to have Legal Lease Span over a certain amount of years.

@jaad9848 Ай бұрын

@S.V.TeFiti 23 күн бұрын

come with a squatter..... LMAO

@philoctetes_wordsworth Ай бұрын

That is one way to create a rent control situation. Wow.

@Theortricesiii Ай бұрын

How in the hell does he get a deal like that, someone fucked up.

@yolyprog2561 Ай бұрын

Exactly

@SafeEffective-ls2pl Ай бұрын

Family member

@567307 Ай бұрын

@@SafeEffective-ls2pl Why can not the owner opt for owner move-in evictions?

@futurethinking Ай бұрын

@@567307 because tenant hasn't rented the property, it legally has purchased the right of ownership for 30 years for 480$ a month. You really can't evict them in anyway and you can't break that contract.

@szhinkoszhinko5006 Ай бұрын

if you’re 1 yr old and bought that that house today its not too bad if you move in to your own house at 31 yrs old. think about it.

@Gsv-w2q Ай бұрын

THE CURRENT TENANT PAYS 480 DOLLARS A MONTH. WILD. AMAZING.

@apunited Күн бұрын

So, 400k for a house and 100k for a Hitman ?

@HausofLuciana Ай бұрын

Insane.

@alisont.6940 Ай бұрын

Somewhat like a reverse mortgage where the buyer is expected to act as the lender of a lump sum and then take the property when the "tenant" dies. But 30 years is a long time, how many tenants, how old are they, what is their health like? And the monthly rent is a pittance that would not cover buyers mortgage, property taxes, barely even property maintenance. And so much could go wrong in 30 years - a fire, a tenant who destroys everything. A very young billionaire might take a flutter and hope for a windfall in 30 years. Or a corporation. Can't see most people getting anything out of it. I'm way too old, I'd be dead before the tenant.

@Look_What_You_Did Ай бұрын

We get it. You can't afford the rent, much less the property.

@567307 Ай бұрын

Couldn't the new owner just use an Ellis Act eviction(out of business) and pay out the renter? They just can't rent it out for a period of 5 years for owner move-in eviction.

@Sammy52421 Ай бұрын

2 tenants in their 80s and 60s.

@batacumba 23 күн бұрын

@@Look_What_You_Did lol pointing out that this is a blatant scam means the person commenting is broke and can’t afford it? Stfu 😂

@rhuntington3 Ай бұрын

That’s absolutely insane.

@00SingleSeven Ай бұрын

Smart seller. Probably retired old man or a lady. You get to be free from property tax obligations, no mortgage, lump sum retirement money, low rent, same neighborhood, 30 yr guarantees. If Im in 60s or 70s, thats pretty good deal

@212days Ай бұрын

Basically the renter is paying the property taxes (just a general guess, I don't know the actual amount) so the buyer gets zero out of it for 30 years. A lot can happen in 30 years.

@THEhorihito Ай бұрын

I suspect the property tax is significantly higher than 5k per year. I paid 30% more than that for my house in the 10th largest city of an east coast state, just this year. Nevermind what it will be in 30 years.

@212days Ай бұрын

@@THEhorihito Yeah you are probably right. It occurred to me that there was a good possibility that it could be higher than that but I just made a guess.

@RaymondHng Ай бұрын

@@212days According to the SF Assessor's office, the property tax was $1,692.75 last year. Land Value $55,466.00 Structure Value $87,686.00 Tax Rate 1.182484%

@212days Ай бұрын

@@RaymondHng Yeah that sounds right. Land value $55K and house value $87K... when the house was last sold 40 or 50 years ago or something. GOOD LUCK on the next person who buys the house (if anyone does) paying $1700 a year in taxes.

@winwin8129 Ай бұрын

@@212days the new tax for $488,000 will be about $5,770.xx and only if county allows

@blakeaaron5698 Ай бұрын

Could actually pencil out for the right buyer… you get $400/mo cash flow guaranteed and an asset worth maybe $1.5m now, and maybe $4-5m in 30 years. It would ultimately have to be for the benefit of the buyer’s estate (children, relatives, etc) given the timeline. BUT… if the current tenant dies, or otherwise disinhabits the residence, there may be a maturation clause that would permit early possession. If you have the doe to drop and not blink an eye, it’s investable.

@yolyprog2561 Ай бұрын

Absolutely correct

@567307 Ай бұрын

Couldn't the new owner just use an Ellis Act eviction(out of business) and pay out the renter? They just can't rent it out for a period of 5 years for owner move-in eviction.

@Sammy52421 Ай бұрын

There's 2 current tenants in their 80s and 60s.

@futurethinking Ай бұрын

@@567307 you can't Ellis Act this one, tenant essentially owns it for 30 years.

@empressorius 26 күн бұрын

The tenant (s) (probably the current owner) will be occupying the property for the next 30 years. They will only be paying $417 in rent monthly. The buyer will not be able to live in the house for the next 30 years. The buyer will have to pay the property taxes and utilities for the house out of their pocket. The buyer will be responsible for repairs and upkeep of the property. Meanwhile, the tenant gets to live in the house practically for free.

@crimsonjessi Ай бұрын

Not worth the investment unless your company is buying the house

@lovelessissimo Ай бұрын

Wouldn't the county tax it at its assessed value once the sale is made, which is probably several million dollars.

@UpUpDnDnLtRtLtRtBAStart Ай бұрын

417 won’t hold for that long. 3% yearly for rent control is the default for increases.

@user-pi2lq Ай бұрын

Squatters: well hello.

@DannyD-lr5yg Ай бұрын

Huh? Somebody currently lives there. That’s the whole reason the buyer can’t move in for so long. Squatters don’t typically invade occupied homes…

@schao7555 24 күн бұрын

Who the heck is gonna buy something and wait for it, No way

@Alexandria-hq1uy 24 күн бұрын

Rich people

@SaskiaTheBoss 29 күн бұрын

waiting 30 years for a slanted house without a backyard is stup!d work… but hey, if you wanna invest into a home for your newborn, why not…

@staunchlyspeaking Ай бұрын

San Francisco will be pretty much be uninhabitable by then, so smart move. Take the value now before it all tanks.

@Look_What_You_Did Ай бұрын

You losers have been saying this for what eight years? Despite everything still appreciating and record low unemployment and crime.

@garycallihan4206 Ай бұрын

I can't even crap on the SF sidewalks in proper security....at my 71 years. It's troubling. I don't like it.

@XIAXCI 2 күн бұрын

no freaking way the tenant is paying $417 dollars a month for a 3 bedroom house. in san francisco the rent is so high. this sounds like a family member of the seller is living there.

@AllgoodthingsTv Ай бұрын

Isn't this barred by the Rule Against Perpetuities?

@user-qh1po1yc5c Ай бұрын

Initial deposit : $488k; Years of growth: 30; Estimated rate of return: 9.5%; Total Balance after 30 yrs = $8,342,292.56 Or Initial deposit : $488k; Years of growth: 30; Monthly Contribution: $2k (on going rent $2500 - cheap rent $500); Estimated rate of return: 9.5%; Total Balance after 30 yrs = $12,408,362.91 Nobody that stupid. Just invest if they have 30 years.

@harleydude-xo8pu 23 күн бұрын

Home was last sold in 1968, this is a family member or someone close to the deceased owner that had the original owner write up a tenant lease before they passed, more then likely had an attorney that deals with tenant leases write it up to make sure it can't be broken.

@marcosozzi749 24 күн бұрын

This listing is over 30 days old. If this property sale/deal was truly a great buy, a cash buyer would have already closed escrow on it 😂😂😂

@rebeltheharem7028 Ай бұрын

Even if the house is being sold at 1/3 the price, for something you can't do anything with, but still have to keep up the maintenance for a yearly lost of probably around 15K a year (from taxes, maintenance, insurance, etc. minus the 5K a year in rent), its not worth it. Unless you think the house is going to be worth over 7.5 million dollars after 30 years, and you have the patience of a saint to wait 30 years before you can get anything on your investment, and nothing happens to the house in those 30 years, there's no way it makes sense. This is a super long game plan type purchase, that is taking a huge risk, that doesn't match the return. This is basically a subsidy to the tenant (probably the owner). You take on all the risk, and reap no rewards for 30 years.

@TheBigJawn 3 күн бұрын

$417/month in rental income is insulting compared to the cost of ownership but can’t the owner raise the rent once they purchase the home? If the tenant doesn’t pay, owner evicts

@arthurbarnes9738 Ай бұрын

As a former Realtor in San Francisco I read this book from the title.

@Mary-sh2bp 11 күн бұрын

Neighbors won’t like it. When a house gets sold, the price of the nearby houses will either go up or down depending on how much that one house sells. My sister’s neighbor sold her new house for 1.2 Million, which makes her house worth about the same.

@rmc8044 18 күн бұрын

$417 dollars for rent is wild specially because you’re not accounting the inflation 30 years from now

@therealmattseal 5 күн бұрын

$417!? That's either a blatant lie, or that person got the deal of a lifetime

@fernandogonzaloleonmacias7313 28 күн бұрын

So what happens if the Tenant moves out or dies? Like within months after buying the home?

@ask-128 Ай бұрын

what is the average property tax a year in that location....?

@MP-yz6sb Ай бұрын

Another thing to consider is with all of the insurance carriers pulling out of California and/or dropping policies for various reasons such as homes that are too close to one another, good luck getting insurance on that.

@alicetheegreet 26 күн бұрын

The only way I can see this working is if parking costs more than the mortgage, and that's a 2 car garage that house has; and the new owner can have use of both parking spaces. Or if the new owner can get a permit from the city to add an addition and make it a two family somehow to either live there or rent out at market rate to offset the cost. If not, it's a terrible arrangement. If the landlord pays the water bill in CA, that alone can come to $400/month. Add the taxes, mortgage upkeep of the place, home owners insurance, whether or not this house needs a new roof, etc; and this new owner will be paying this tenant to live there. *NO!* 👎🏾😞

@alicetheegreet 26 күн бұрын

I just saw that there's an HOA as well??? Absolutely NOT!

@josephhodges9819 14 күн бұрын

The rent being charged will not come anywhere close to what the buyer has to pay in property taxes and mortgage.

@bradleyc328 9 күн бұрын

It’s like preordering a video game 😂 except no doubt would it pay off in the future.

@asimpleguy9667 14 сағат бұрын

that grandpa who bought that home for - 10 dollars in 1960😅

@frankblangeard8865 16 күн бұрын

A half million dollars for an eleven hundred square foot house doesn't seem like such a bargain even if you could move right in. What does a cardboard box sell for in San Francisco?

@S650Jesse 2 күн бұрын

30 year right of possession for only $417/mo? That home's value is damn near zero in my book lol, that's like a permanent stain on it

@FlyBoyMT 29 күн бұрын

So the prospective buyer will be hiring a hitman? Lmao

@BruceMilpitas Ай бұрын

Wow, $417! The rent is so low. No wonder the lease is so long.

@lokchan9399 Ай бұрын

The major issue for me is the $417/mos for 30yrs. It's like "free" rent for the tenant for 30 more years!

@walterbrown2425 Ай бұрын

$417 dollars a month is rent for a home like that is outrageous! How can they afford to fix anything should some thing go wrong!

@AF-ib8ec 24 күн бұрын

plot twist. the buyer is able to change the calendar the whole world uses and sets the current year to 2058

@JW-mx3qg Ай бұрын

This kind of deal, I wish people just do not put any bid of money, but offer $10 maximum for this property. It is just stupid to give anyone the green light to sign anything guaranteeing them for a sure stay for "pennies" the current owner should get punished for this kind of decision making.

@MG-jj3pn Ай бұрын

Beautiful house and neighborhood

@Omar_Zazzle Ай бұрын

Sold as is, so it probably needs $550,000.00 worth of repairs to be livable.

@YlehsaMichelle 28 күн бұрын

Some idiot is going to buy this place and then reach out to the news station crying about how much they’re losing out on. This is the biggest scam, nobody in California renting a bedroom is paying $400 a month and this person thinks that they can have a whole house to themselves for 30yrs, paying $400 a month…lol, that covers nothing!

@LouisianaBredTexasFed Күн бұрын

30 years huh? So roughly the entire term of a mortgage? Such a weird coincidence

@SeaChellesShore Ай бұрын

Question: (1) How many tenants are in the house from original agreement? (2) How old is/are tenant(s)?

@guadalupe1942 Ай бұрын

My mom paid $35,000 for her house long time ago in San Francisco. Five years ago. I told her to get the hell out she sold it for 1 million 500 thousand.