http://jalopnik.com/rich-bay-area-residents-pissed-after-two-genius-investo-1797602238
Saw that on the news this morning, pretty funny.
So basically, the HOA that owns the street didn’t pay property taxes for years, so the city auctioned the street and it was bought cheaply by some people. 1) Well, that’s San Francisco. 2) Few things are certain in life, but one thing that is: if you leave some loophole that can be exploited, you’ll be porked by some Chinese.
#troof
Assuming 50% usage of 120 slots at $10 per day (low ball estimate), their investment of 91k would be paid off in less than half a year. Curious how this thing even went to auction, the city should have repossessed it and done the same thing.
I’d turn it into a toll road.
If they own the street, they could probably (technically) put up a toll road on it and charge residence for entering and/or exiting.
lol hp beat me to it
They could really be d!cks about it,
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make it so they devalue the price of the homes,
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buy the homes at a discount … 5. profit!
That would be such a low blow. …
https://www.zillow.com/homedetails/26-Presidio-Ter-San-Francisco-CA-94118/15089421_zpid/
Zestimate®: $11,130,447
These houses are expensive… they could make so much money if they were real @ssholes about it. Of course, they would probably have to lawyer up the more d!cks they were about it. … this is very interesting.
tax liens
Maybe turn it into a road where automakers can test cars for noise, vibration, and harshness (NVH). Steep inclines, washboards, potholes, one stop shop.
Volunteer to host the gay pride parade just in circles along that street, every weekend.
Unlikely that they can turn it into a toll road, at least not for residents. Should be no problem to charge for parking on the road though. I suspect they’re going to get buried in lawsuits though and it will make sense for them to just go ahead and sell it back to the HOA for a tidy profit.
From the look of the houses there, if they sold back to HOA, they could make $500K, $1mm easily … quick profit would be nice
The buyer won’t make much by charging for parking. There are only a few cars parked on that street, and if parking cost money, more residents would just park in their driveways. Furthermore, how will the street owner enforce this law? Is the guy going to go there every day and check for parking violations?
Also, there is a nearly 100% probability that one of those millionaire house owners will be so offended that they will make it their personal crusade to fight the street owner, no matter what the cost. I know how these things work. The homeowners will happily spend hundreds of thousands of dollars on legal bills, because they are 80 years old and above the inheritance tax threshold, so FU. Chances are there will be multiple of these people too, and they will pool their money.
So, this might have seemed like a smart move at first, but monetizing this gain will destroy the buyer’s life. This is how old rich liberals operate. They will spend irrational sums of money and burn down everything you care about to prove their principle is correct. The best case is that the buyer cash out with a slight return if the city or HOA agrees to just pay for the street.
^ Parking doesn’t have to be just for residents of that street, but I agree. If the buyer acts like a complete di c k, the residents will be willing to spend multiples of a reasonable buyout in legal fees and bury them in motion after motion.
He’ll have to hire parking enforcement, and likely just incur legal bills trying to get millionaires to pay up. Good point, they’ll never collect and the millionaires will just fight them in court, the HOA will probably buy them out. That is unless the couple is willing to get vicious and start towing cars.
As ridiculous as parking enforcement might seem, there is a small strip mall near me where the owner sits in the parking lot all day and well into the night telling people they can’t park there if they’re not shopping at one of the stores. He gives them one warning and then has them towed. The mall is in the “downtown”, where parking is scarce, and there is a very popular brew pub/restaurant directly across the street that has almost no parking of its own.
I hope these guys get buried in law suits. They give asians a bad name.