How would someone convert to a SACO tenant in common (TIC) marketing approach?
In the case of a building containing up to four units, the conversion to a SACO TIC marketing approach is generally fast, inexpensive and simple. The first step is to contact a qualified attorney to prepare tenancy in common documentation including a TIC Agreement. This can generally be completed in 1-3 weeks at a cost of around $1,500. As soon as the documents are prepared, TIC marketing can begin. In the case of a larger building, many states require some form of regulatory approval. For example, in California, a “Public Report” from the California Department of Real Estate (DRE) is required before marketing can begin on a building containing five or more units (assuming at least one of the units is residential). The first step in getting a tenancy in common Public Report is assembling and submitting an application. The application material comes from four sources: (i) an attorney who prepares the legal documents, (ii) a budget preparer, who prepares a budget for the TIC group, (iii)
