Connect with us

How To

Shock as Savvy Couple Pays $90,000 for Street in Exclusive Gated Community

Published

on

Looking for your next savvy investment? Why not buy a street?

That’s exactly what Michael Cheng and Tina Lam, an opportunistic couple from San Jose, Cal. did in 2015. Find out how they took advantage of a great situation to buy an entire street in a prestigious community of San Francisco named Presidio Terrace.

Gated Community

NexT Shark

They Bought It For How Much?!?

You would imagine that buying a street would come with a hefty price tag, especially when it’s in a community where the average home is worth over $5 million. Cheng and Lam got a steal by paying only $90,000 for the entire street! That includes the sidewalks, roads, and landscaping.

Daily Mail

Presidio Terrace is a gated community of over 90 beautiful mansions and sports previous famous residents like Minority Leader of the United States House of Representatives Nancy Pelosi. With residents and property worth so much money, how did the street end up for sale? Turns out Mr. Tax Collector struck again!

The Infamous Unpaid Taxes

The reason that Presidio Terrace’s street was up for a city auction was unpaid county property taxes that had accrued for over thirty years. Perhaps you’re thinking that the amount owed was some enormous figure? Nope. The taxes to be paid every year to the county were only $14!

Daily Mail

Apparently, the homeowners association never paid the tax bills because they were being sent to an accountant that hadn’t been employed by the community since 1980s. In total, the outstanding amount owed by Presidio Terrace was $994, including interest, fines, and back-taxes.

That was when the county decides to put the street up for auction, and Cheng and Lam had the winning bid at $90,100. They didn’t even check out the property before placing their bid—they just knew a good deal when they saw it.

No One Noticed

For two years, none of the residents in Presidio Terrace had any idea that their road had been bought out from under them. Only recently when they were approached about buying it back did they learn of the situation, and suffice to say, they were not pleased!

Daily Mail

“I was shocked to learn this could happen, and am deeply troubled that anyone would choose to take advantage of the situation and buy our street and sidewalks,” said one homeowner who preferred to go unnamed.

The homeowner’s association is fighting to have the auction sale overturned, but it’s a difficult argument to make since the sale took place over two years ago.

Cheng and Lam have been trying to find ways to make a profit off the street, and they’ve decided the best route is to charge a reasonable parking fee for anyone that parks on the road. There’s estimated to be a hundred and twenty parking spaces.

The moral of this story: Never forget to pay your taxes!

How To

Cuando Una Cita De Tinder Va Peligrosamente Mal

1. Conoce a Warriena Tagpuno Wright Warriena Tagpuno Wright, de 26 años, era una chica vivaz y hermosa de Lower Hutt, Nueva Zelanda. Su padre, Warren Wright, era un electricista semi retirado, su madre llegó al país desde Filipinas. Warren dice que le enseñó a su hija a no confiar nunca en un ser humano, siempre debe sospechar. [caption id="attachment_132726" align="aligncenter"...

Published

on

Continue Reading

How To

Estos Errores Hilarantes de Blockbusters Son Simplemente Demasiado Grandes Para Ignorar

1. Demasiado Pronto Para el Español: Gladiador Esta película histórica épica de 2000 fue dirigida por Ridley Scott y protagonizada por dos actores importantes: Russell Crowe y Joaquin Phoenix. En la película, Crowe interpreta al general Maximus Decimus Meridius. La película ganó el Oscar de Mejor Película y Mejor Actor. [caption id="attachment_132642" align="aligncenter" width="720"] WallpaperSafari[/caption] En la película, el personaje...

Published

on

Continue Reading

How To

Guy Tries CPR to Bring a Dog Back to Life and It Actually WORKS

There are plenty of moments in life when you're not really sure something is going to work, but you have to try it anyway. Francis Esmero from Taguig in the Philippines is a perfect example of this, and a video of him resuscitating an unresponsive dog with CPR is going viral for all the right reasons. See for yourself! Meet Francis...

Published

on

Continue Reading