#Pacaso Launches to Create New Category of Second Home Ownership; Secures $267 Million in Funding
Former #Zillow leaders Spencer Rascoff and Austin Allison Launch Pacaso to make second homes more accessible during and after Covid-19
Buyers considering a second home can tell Pacaso where they want to buy, how much they want to spend and how much time they expect to spend in the house.
Pacaso and its real estate agent partners will help them find the perfect home and set up a professionally managed LLC uniquely designed for co-ownership.
The buyer will purchase their desired share — for example, half of the home, which will guarantee them access to the home for half the year — and Pacaso will briefly purchase the remainder of the home, before reselling the remaining portion to vetted buyers.
Pacaso will manage the property, and owners will use Pacaso’s mobile app to make scheduling easy and equitable.
Buyers will pay a 10 percent fee at the time of purchase, and then will pay an annual property management fee equal to 1 percent of the purchase price.
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