La Jolla, 'The Jewel' of Southern California !
$3,990,000
target home price
$332,500
cost per share
$2,919 / mo
estimated costs
$3,325 / mo
monthly income
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CASH AT CLOSING PER SHARE
|
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Down Payment
$66,500
|
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Closing Cost
$19,950
|
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Reserve Fund Deposit
$9,975
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Total Cash at Closing
$96,425
|
Details
La Jolla aka 'The Jewel' of SoCal. Discover the ultimate opportunity to own a slice of paradise in La Jolla, California, without breaking the bank. Why wait when you can Co-OWN now? Join forces with like-minded individuals to share the initial costs and expenses of a stunning $4.5 million vacation home. This is your chance to handpick your dream getaway while relishing the luxury and benefits of OWNING a real estate equity stake in one of California's most iconic destinations. Don't miss out on your piece of La Jolla – act now and make your vacation home dreams a reality!
House Usage
- 12 shares total
- 4 weeks a year per share
About the Organizer
Hello! I'm Rick Edward Richards, a Plum Certified Real Estate Agent and Co-OWNERSHIP Specialist with Coastal Pacific Real Estate in La Jolla, California. Plum has done the 'heavy lifting' in the creation of this platform that makes Real Estate Co-OWNERSHIP much easier, accessible, and affordable! I am here to guide you through the process, answer your questions and create a transparent, enjoyable and seamless venture into the realm of Real Estate Co-OWNERSHIP! Surf's up! Let's have some fun!
Amenities
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
$66,500
|
|
Closing Cost
$19,950
|
|
Reserve Fund Deposit
$9,975
|
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Total Cash at Closing
$96,425
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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
$1,952
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Insurance/Taxes
$360
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Repairs
$277
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Maintenance
$277
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Utilities
$34
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Cleaning
$19
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Total Expenses
$2,919
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ESTIMATED MONTHLY INCOME PER SHARE
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Monthly Income
$3,325
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Total Monthly Income
$3,325
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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.