Lake House in the SouthEast
$500,000
target home price
$100,000
cost per share
$989 / mo
estimated costs
$1,000 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
|
Down Payment
$20,000
|
|
Closing Cost
$6,000
|
|
Reserve Fund Deposit
$3,000
|
|
Total Cash at Closing
$29,000
|
Details
Looking for a Lake house in the SouthEast including Alabama, Georgia, and into North and South Carolina. We're open to riverfront as well!
House Usage
- 5 shares total
- 10 weeks a year per share
About the Organizer
We're a married couple that just moved to Alabama hoping to find a spot where we can meet our daughter, who lives in Wilmington, to enjoy the Lake.
Amenities
- Dock
- Waterfront
House Rules
- Only dogs allowed
- Firearms allowed
- Short term renting permitted
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Calculated Costs per Share
|
CASH AT CLOSING PER SHARE
|
|
Down Payment
$20,000
|
|
Closing Cost
$6,000
|
|
Reserve Fund Deposit
$3,000
|
|
Total Cash at Closing
$29,000
|
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
$587
|
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Insurance/Taxes
$108
|
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Repairs
$83
|
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Maintenance
$83
|
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Utilities
$82
|
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Cleaning
$45
|
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Total Expenses
$989
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$1,000
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Total Monthly Income
$1,000
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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.