Agent

Duplex owner’s TIC conversion a risky move

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

DEAR BOB: I own a very desirable duplex that my husband and I bought in the 1970s. One tenant has been there more than 30 years; the other has been there 20 years. Both keep their units in tip-top shape. The rents are a few hundred dollars below market value, but we have zero vacancy. I want to sell one of the units to the tenant and keep the other one for my old age (I am 75). What do you think of a tenant-in-common sale? Converting the two-family duplex into condominiums would be difficult without a zoning variance because the local condo parking regulations require 1.5 spaces per unit and there are only two parking spaces. Would a life tenancy work for either tenant or me? --Alleen R. DEAR ALLEEN: Forget the life tenancy idea. That leads to nothing but trouble. Purchase Bob Bruss reports online. Selling one of the units to your tenant as a tenancy-in-common (TIC) creates potential problems. How will your buyer finance the purchase of the unit? Are you willing to carry the mortgage t...