San Francisco properties are subject to a wide variety of ordinances and regulations concerning tenant’s rights, rent controls and evictions, as well as zoning and use issues. Fortunately, we have landlord tenant attorneys and land use attorneys and advisors to help guide us though the ever-changing maze. Over the years, I have had dealings with many of the issues that come up on development of TIC units, unlawful detainer evictions and Owner-Move-In Evictions (OMI), the Ellis Act, and tenant buy outs.
The rental market in San Francisco is very strong and while offerings for investment properties and developmental opportunities can be lucrative, there are many pitfalls. Investors need local, reputable expertise in these areas to define the problems and provide for cost effective solutions. The following are some useful websites that may be helpful to you to navigate through this maze. This list is for informational purposes ONLY and not intended to be used as recommendations. Please call me direct for more specific details.
Landlord – Tenant Attorneys
Evictions – OMI- Ellis Act- Tennant Buy Outs – Land Use Issues
TIC and Condo Conversions
It is amazing how many sellers have told me to sell their rental and income properties and have NOT considered tax planning. When I ask about the tax consequences, they tell me they will worry about this after the property sells.
Some of these sellers have owned the property for years, with a VERY low tax basis, so the Capital Gain Tax is going to be substantial.
Fortunately, the IRS has created tax deferred exchanges to help investors keep more your hard earned dollars. However, if the trade is not structured correctly, the seller has no option other than to pay the IRS on the taxable gain.
Tax deferred exchanges allow sellers to defer the taxable gain from the sale of their properties subject to IRS rules and regulations. The 1031 Exchange and Reverse Exchange serve to postpone all or part of the gain from the sale of qualified properties. The rules are fairly simple but VERY unforgiving if not followed exactly as allowed. Therefore, a qualified and experienced intermediary is a MUST if you are considering an exchange. The Title companies and many independent qualified intermediaries offer their clients services and ADVICE for IRC 1031 Exchanges. Here are a few links to explore: Please call for specific details: