Bald Head Island - Fractional Ownership
$1,000,000
target home price
$100,000
cost per share
$926 / mo
estimated costs
$1,000 / mo
monthly income
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CASH AT CLOSING PER SHARE
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Down Payment
$20,000
|
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Closing Cost
$6,000
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Reserve Fund Deposit
$3,000
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Total Cash at Closing
$29,000
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Details
Learn more about Bald Head Island.
House Usage
- 10 shares total
- 5 weeks a year per share
About the Organizer
This is a PlumSponsored group, where Plum is serving as the organizer. As co-owners assemble for this opportunity, we'll guide and navigate the group through the entire process. Important to note that Plum never takes an equity position in the home. Our job is to convene and align co-owners.... which means you get to own full equity in your co-owned home.
Amenities
- Fire place
- Pool
- Porch
House Rules
- Only dogs allowed
- No 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
$20,000
|
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Closing Cost
$6,000
|
|
Reserve Fund Deposit
$3,000
|
|
Total Cash at Closing
$29,000
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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
$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
$41
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Cleaning
$23
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Total Expenses
$926
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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.