Most of use dream about owning a vacation home in a special location. A place you can go to year after year, and have fun or relax in your own home, not a hotel or short-term rental. But the cost can put this dream out of reach. Plus the home sits empty most of the year. And you are stuck with all the maintenance and repairs. So, instead of relaxing at your vacation, your fixing things. Ugh!
That's where Pacaso is a fantastic alternative. Pacaso sells partial ownership of luxury vacation properties in amazing locations. It's not a timeshare, where you are locked into certain weeks. It's real ownership, that you buy and sell. In this episode we interview Marnie Blanco, Vice President, Industry Relations for Pacaso, about what is partial ownership, how it works, and how you can view available properties and buy into a dream. Tune in to see if you can make your dream of a vacation home, a reality.
Own a Dream Vacation Home-Affordably
· Dennis and Judy interviewed Marnie Blanco about her business called Picasso, which offers partial home ownership for vacation homes. The mission of Picasso is to make second-home ownership possible and enjoyable for more people. - PLAY @0:01
· Marnie explained that Picasso is a co-ownership model for second homes where high-end luxury homes are bought and turned into a co-owned second home. Each home goes into its own LLC and every owner of the home is an owner of that LLC, making it easy to buy and sell shares. - PLAY @13:00
· Marnie discussed how Picasso buys high-end luxury homes and furnishes them to a specific standard. They handle the management and maintenance of the homes, dividing the cost among the owners, and have a presence in 40 different markets worldwide. - PLAY @19:08
· Marnie, Judy, and Dennis discussed how Picasso finds inventory for their homes and how they work within local ordinances. They also talked about the restrictions on renting and the good neighbor policy for owners. - PLAY @25:11
· Marnie explained how their co-ownership system works for single family homes, including the scheduling app and the maximum number of weeks per eighth ownership. They also mentioned personal lockers for owners and the option to buy up to a half share. - PLAY @30:47
· Dennis, Marnie, and Judy discussed the financial commitment and potential conflicts that may arise when purchasing a partial ownership in a Picasso home. They also talked about the YOLO program, which allows owners to swap to any other home they want within the first year of owning their Picasso. - PLAY @35:55
· Marnie discussed the benefits of partial ownership of vacation homes through Picasso, including the ability to resell with appreciation. They also mentioned a new development in Washington State called Rocky Pond. - PLAY @41:33
· Marnie discussed the concept of co-ownership of second homes with Judy and Dennis, explaining that they only buy homes that are ready to go and turnkey. They also talked about the challenges of regulations and restrictions in different markets, and the possibility of referring buyers to Picasso Homes in other areas for a full 3% commission. - PLAY @48:00