Tuesday, February 6, 2007
TIC investment in Santa Cruz
A Realtor buddy of mine is working on an interesting investment. He bought a fourplex in Santa Cruz for $250,000 per unit, added $30,000 per unit for new kitchens and baths. $1,500 for a TIC agreement by the preeminent Bay Area legal authority. Now he is selling the units for $400,000 per. Simple? Yes. Profitable? Yes. So, why isn't everyone doing this?
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Question is: have all 4 units been sold or are they still on the market? This sounds like a mini condo conversion project to me. It was something everybody was doing a couple of years ago when the housing market was really hot. Now, not many of such projects around. And there's some very good explanation to that.
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