Posted by Ed Garcia on January 06, 2001 at 09:44:41:
Here are the choices I see other than a TIC (tenancy in common) at 7:15 a.m. and before I’ve had my first cup of coffee.
See if the house can qualify and be turned into 2 condos.
Check the zoning to see if it can be converted into a duplex.
See if It can be turned into a CO-OP ( Cooperative) . Kelly a Cooperative is an apartment building, owned by a corporation and in which tenancy in an apartment is obtained by purchase of shares of the stock of the corporation and where the owner of such shares is entitled to occupy a specific apartment in the building. In California, this type of ownership is called a “stock Cooperative”.
Borrow against the property, matching the loan payment to 75% of the income.
Kelly, if you decide to borrow against the property, call me, and I’ll help you. Don’t worry about showing income, there are programs out there such as NIQ’s, Stated Income, NIV"S, etc. Kelly, I really wouldn’t rule out selling the property. The timing seems right; you could use the money, and re-invest in property that is not so inflationary. You know the bubble is eventually going to bust. I don’t know how often you’ll be visiting S.F. but if it’s just on occasion, it would be cheaper to stay at a hotel, when you consider taxes etc.