La Quinta, CA Vacation Home
$1,600,000
target home price
$400,000
cost per share
$3,607 / mo
estimated costs
$4,000 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Down Payment
$80,000
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Closing Cost
$24,000
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Reserve Fund Deposit
$12,000
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Total Cash at Closing
$116,000
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Details
We are two couples who met via Plum CoOwnership, and we are seeking 1 to 2 more co-owners. All four members of our group are PlumCertified. As avid golfers, our dream is to own an income-producing property in the Coachella Valley in CA.
We're targeting properties in the $1.2MM to $1.8MM range (roughly $400k per share). Our two families are each taking 2 shares a piece, so 50% of the interest in the home is spoken for.
We are specifically seeking properties that are on or very near to a golf course, and which have a beautiful view of the mountains. We will have a pool (hopefully with southern exposure so that it's warm most of the year!) and a deck to enjoy the scenery.
We intend for the LLC to buy an electric vehicle and a golf cart to be stored on the property for Members' private use when visiting the property.
We're actively looking at properties, and our intended timeframe is February to March of 2024, but could move sooner if we have our group assembled and see the right opportunity.
House Usage
- 4 shares total
- 13 weeks a year per share
About the Organizer
We are two couples who met via PlumCoOwnership. Mike, his wife Jenna, and their 4 children live in the DC Metro area. They love the La Quinta area for the desert mountains, sun and fun year round in the pool and on the golf course. David and his wife, Shelagh enjoy escaping the cold and heading to the warm environs of the Coachella Valley. David is a 4 handicap, loves playing golf, and watching hockey!
Amenities
- Fire place
- Hot tub
- Pool
House Rules
- Only dogs allowed
- No firearms allowed
- Short term renting permitted
Ask A Question
2 of 4
2 of 4
2 of 4
Calculated Costs per Share
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CASH AT CLOSING PER SHARE
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Down Payment
$80,000
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Closing Cost
$24,000
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Reserve Fund Deposit
$12,000
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Total Cash at Closing
$116,000
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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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Mortgage Payment
$2,348
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Insurance/Taxes
$433
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Repairs
$333
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Maintenance
$333
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Utilities
$103
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Cleaning
$56
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Total Expenses
$3,607
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$4,000
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Total Monthly Income
$4,000
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A good threshold for rental property investment is the 1% Rule (source). It states that you should only invest in rental property if you are reasonably confident that the property can rent for 1% of the sale price per month.
We’ve included that assumption here. It is critical that the group validate pricing, rental history, and future rental projections of any specific property before proceeding with a purchase. You can explore rental incomes of any property with this free estimation tool at Rabbu.com.