Bald Head Island - Plum Group
$850,000
target home price
$212,500
cost per share
$882 / mo
estimated costs
$0 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Down Payment
$42,500
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Closing Cost
$13,350
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Reserve Fund Deposit
$6,375
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Total Cash at Closing
$189,725
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Details
Forming a group to buy and co-own a vacation home on Bald Head Island. This group will be 4 - 8 co-owners and will allow Short Term Rentals for unused weeks and allows pets. We will be closing this group by May 15th.
House Usage
- 4 shares total
- 12 weeks a year per share
About the Organizer
Plum is organizing this group and can hand off the management to a member if desired.
Amenities
- Dock
- Porch
- Waterfront
House Rules
- Only dogs allowed
- Firearms allowed
- Short term renting permitted
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Calculated Costs per Share
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CASH AT CLOSING PER SHARE
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Down Payment
$42,500
|
|
Closing Cost
$13,350
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|
Reserve Fund Deposit
$6,375
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Total Cash at Closing
$189,725
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This is an estimate of the amount of cash needed when closing on the purchase of a property financed with a 30 year Mortgage at 8.0% interest rate.
Plum’s estimate includes 20% of the value of the house as a down payment, 6% of the value of the house for closing costs (including Plum’s Group Success Fee) and 3% of the value of the house for the initial reserve fund.
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ESTIMATED MONTHLY EXPENSES PER SHARE
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Insurance/Taxes
$211
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Repairs
$44
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Maintenance
$314
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Utilities
$138
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Cleaning
$125
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Plum Subscription
$50
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Total Expenses
$882
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