Beachfront Beauty in Folly Beach
$2,250,000
target home price
$375,000
cost per share
$3,338 / mo
estimated costs
$3,750 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Down Payment
$75,000
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Closing Cost
$22,500
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Reserve Fund Deposit
$11,250
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Total Cash at Closing
$108,750
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Details
Discover the allure of Folly Beach, South Carolina, sometimes called the edge of America as you join our exclusive co-ownership circle and transform your desire for a coastal getaway into a splendid reality! Imagine greeting each day with awe-inspiring sunrises casting their golden hues over pristine shorelines. Embrace the tranquility of coastal existence while leisurely strolling along powdery sands, gathering seashells, and being serenaded by the melodic ocean waves.
Our vision takes form on the captivating canvas of Folly Beach, where we aspire to craft a lavish vacation haven. Nestled amidst the natural beauty of this coastal gem, you'll hold the cherished key to your personal sanctuary. With a blend of splendid architectural design and the unspoiled beauty of Folly Beach, relish your mornings on the veranda, host unforgettable gatherings in spacious living spaces, and unwind by the infinity pool, where the glistening waters merge seamlessly with the sky.
Become part of a tight-knit community of kindred spirits who share your zeal for life's finest moments. Together, we'll forge cherished memories and commemorate milestones against the backdrop of Folly Beach's enchantment. Our journey extends beyond mere vacation home ownership; it's a pursuit to unlock the enchantment that Folly Beach bestows. Immerse yourself in outdoor escapades like deep-sea fishing, kayaking through serene waters, and exploring the captivating ecosystems of neighboring barrier islands. Dive into the tapestry of history, culture, and culinary wonders that define the essence of Folly Beach.
With a shared investment of just $375,000 per co-owner and the prospect of enjoying 8 weeks of personal usage every year, your dream is within financial reach. Revel in the liberty of co-ownership, where financial commitments are united in harmony with our unwavering dedication to excellence.
Seize this momentous opportunity! Reach out to us today and become an integral part of our extraordinary voyage. Carve a legacy that will resonate through the sands of time on the shores of Folly Beach. Welcome to a realm where aspirations transform into reality, welcome to Folly Beach, where dreams find their home!
House Usage
- 6 shares total
- 8 weeks a year per share
About the Organizer
Presenting an exclusive opportunity brought to you by Plum CoOwnership and in collaboration with Stephen Carroll, Charleston's esteemed broker and our dedicated PlumCertified Agent in Charleston SC. Embark on a journey with us on a Plum CoOwnership opportunity under the guidance of Organizer Stephen Carroll.
Amenities
- Dock
- Fire place
- Game room
- Hot tub
- Pool
- Porch
- Waterfront
House Rules
- Only dogs allowed
- Firearms allowed
- No short term renting
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Calculated Costs per Share
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CASH AT CLOSING PER SHARE
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Down Payment
$75,000
|
|
Closing Cost
$22,500
|
|
Reserve Fund Deposit
$11,250
|
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Total Cash at Closing
$108,750
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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
$2,201
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Insurance/Taxes
$406
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Repairs
$313
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Maintenance
$313
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Utilities
$68
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Cleaning
$38
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Total Expenses
$3,338
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$3,750
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Total Monthly Income
$3,750
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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.