Introducing Pacaso: Second homes made attainable and easy
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Today we launch Pacaso, a new and better way to buy and own a second home. The seeds were planted six years ago, when Pacaso co-founder Austin Allison bought a second home in Lake Tahoe. The Cincinnati native had just sold his first company, dotloop, to Zillow. After closing on their retreat, Austin and his wife, Angela, sat in front of the fire with glasses of wine, talking about how this home was the realization of a long-time dream.Millions of people share that dream, but for most there is a barrier to second home ownership. It may be cost — maybe they could afford a home in the area of their dreams, but it wouldn’t have the amenities to feel like a real getaway; it could be the hassle of owning another home; or it could be the waste and guilt of not using the home very often. Indeed, there are 30 million second homes across the U.S. and Europe, and most of those sit vacant for 10 or 11 months of the year.Pacaso is bringing those homes, and those people with dreams, together. With Pacaso, you tell us where you want a second home, how much you want to spend and how often you’ll use it. We’ll work with a local real estate agent to find you that perfect home, and then we’ll find and vet co-owners. Thanks to a property-specific limited liability company (LLC), Pacaso offers true home ownership to each co-owner. Once you own the home, we take care of everything as the LLC program manager. From interior design and scheduling, to finding and managing a local property management company. All you do is enjoy your home. It’s like we added an “easy button” to second home ownership. If you already own a second home, Pacaso can give you an easy button, too. If you still love your home but don’t use it as often as you’d like — or are tired of renting it out online — Pacaso could purchase part of the home and sell shares to vetted buyers. We’re thrilled to have raised $267 million in funding, and we intend to grow quickly, bringing Pacaso to millions of dreamers.
Study: Second home co-ownership reduces competition for homes, boosts local economies