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Old 08-12-2017, 08:23 AM   #1
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Default Selling 1/4 shares in home in Marathon

Thinking about selling 3 shares in my home at Indigo reef in marathon FL. Link to the Unit is below. We really don't use it enough to warrant owning it and looking at options

Has anyone ever been involved in a shared home arrangement before?

Looking to hear any any words of experience.

Thanks Phil
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Old 08-12-2017, 08:32 AM   #2
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its very nice,good luck and hope it works out for you
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Old 08-12-2017, 08:40 AM   #3
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Sell entire house?
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Old 08-12-2017, 09:05 AM   #4
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I know of 4 groups that owned in lower keys with a partner. Three of four went poorly. The one that worked well is mine that I own 50/50 with my dad. He grumbles occasionally and I offer to buy him out and he pipes up. We have owned for 16 years.
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Old 08-12-2017, 09:19 AM   #5
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Good luck. The ONLY partner I am interested in is my wife. Been there, done that - got the T-Shirt.

...and I'm *STILL* paying for it.

If you aren't using it - rent it out on VRBO. If you can't make that work, you won't be able to make a quarter-share deal work either.
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Old 08-12-2017, 10:10 AM   #6
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Quote:
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Good luck. The ONLY partner I am interested in is my wife. Been there, done that - got the T-Shirt.

...and I'm *STILL* paying for it.

If you aren't using it - rent it out on VRBO. If you can't make that work, you won't be able to make a quarter-share deal work either.
I own it, no mortgage. I also rent it and do so successfully, for instance the month of Feb I got 9k, holidays and lobster etc it gets 3-4k/ a week.

Im not looking for what I should do with it or how to manage it but if anyone has been involved in a share and how it worked out for them.
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Old 08-12-2017, 10:21 AM   #7
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I know a few guys who tried to share vacation homes, all were total disasters.
Either the other owners would trash the place, or you had random guests showing up, or worse squatter guests. Major issue came when it was time to sell. Not many want to buy a stake in a home with a stranger, and to sell the property to a new owner, or partial, required consent from all parties.
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Old 08-12-2017, 11:05 AM   #8
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That has BAD IDEA written all over it for several reasons. Most notable and obvious would be the fact that all parties involved would inevitably want to use the home on the same holidays, weekends, mini season, etc.. Feelings get hurt quickly. I've never seen this scenario work out successfully.
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Old 08-12-2017, 11:49 AM   #9
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Quote:
Originally Posted by PalmBeachMarineFuel View Post
I own it, no mortgage. I also rent it and do so successfully, for instance the month of Feb I got 9k, holidays and lobster etc it gets 3-4k/ a week.

Im not looking for what I should do with it or how to manage it but if anyone has been involved in a share and how it worked out for them.
Didn't mean to offend you... Good Luck.
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Old 08-12-2017, 01:00 PM   #10
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That has BAD IDEA written all over it for several reasons. Most notable and obvious would be the fact that all parties involved would inevitably want to use the home on the same holidays, weekends, mini season, etc.. Feelings get hurt quickly. I've never seen this scenario work out successfully.

So you're telling me you have seen it done before? Or are you just expressing your opinion?

From what I can tell that's usually spelled out in the shareholder agreement, you take the 4 busiest weeks and every year it rotates or every year a different shareholder starts at week one and the weeks get distributed. There are other options I've seen as well...
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Old 08-12-2017, 01:20 PM   #11
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these deals work best when there is a written agreement spelling out rules prior to someone buying in. Also predetermine budget and amounts to be paid in each year to an account to handle ALL expenses including building up a capital budget for repairs and possibly improvements.
this avoids all the fighting that incurs when expectations ,rules and money are involved and solved on the fly.
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Old 08-12-2017, 01:27 PM   #12
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Success rates probably 5%
Usually ends bad
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Old 08-12-2017, 01:44 PM   #13
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Sounds like you've made up you mind.

Contracts are great - but just because something is written, doesn't mean it'll get followed.

I know, I know... you only want to hear from people that have done it.

I know I don't want to dog poop, and I've never tried it.
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Old 08-12-2017, 03:53 PM   #14
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Of course it can work out, lots f people do it with vacation homes, planes and even boats. I've been in two boat partnerships which were great. Almost every thread on THT about this subject is filled with people who have never done it. Your idea of the rotating schedule is exactly how it works. Finding good people and s the hardest.
My BIL rented a house in the Keys with three others for years
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Old 08-12-2017, 05:59 PM   #15
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As expected, 3 out of 4 have an opinion but no experience.

Wango please share your math as to how you arrive at 5%.

Old Pete, no I haven't made my mind up, just started thinking about it today and thought maybe I would get some educated responses ....(I should no better)
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Old 08-12-2017, 07:29 PM   #16
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I'm a firm believer in that when most people tell you something is a stupid idea -- you're probably on to something and you should pursue it... most people have no vision. And that's a good thing for those that do!

Here's where I know I'll get flamed... and I'm ready...

However... there are certain things that seldom work. Do they work at times? Yes. And with proper vetting of the partners, it is very possible. However, and I say this VERY respectfully -- you seem to come across as a bit of a "tough guy" -- which is great... and I mean that VERY respectfully... however...

Beating on people that were simply giving you their OPINION on something that YOU came to an open forum speaks volumes as to how a partnership would go. Nobody wants to be partners with a person like that. Willingness to brainstorm and flexibility are key.

Just some food for thought. Have a Blessed Day.
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Old 08-12-2017, 08:41 PM   #17
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I know several people that own shares of ski homes out west and homes in the keys ..

If done properly it works well ...

The "manager" who coordinates everything is the keys to success ...
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Old 08-12-2017, 11:05 PM   #18
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Quote:
Originally Posted by OldPete View Post
I'm a firm believer in that when most people tell you something is a stupid idea -- you're probably on to something and you should pursue it... most people have no vision. And that's a good thing for those that do!

Here's where I know I'll get flamed... and I'm ready...

However... there are certain things that seldom work. Do they work at times? Yes. And with proper vetting of the partners, it is very possible. However, and I say this VERY respectfully -- you seem to come across as a bit of a "tough guy" -- which is great... and I mean that VERY respectfully... however...

Beating on people that were simply giving you their OPINION on something that YOU came to an open forum speaks volumes as to how a partnership would go. Nobody wants to be partners with a person like that. Willingness to brainstorm and flexibility are key.

Just some food for thought. Have a Blessed Day.
I'm not trying to be combative or come across as a tough guy, I'm just trying to have a discussion with other members who have experience with this setup.

It's so widely used in vacation homes, planes and and to some degree boats that I thought my question was specific and stated with a very pointed question.

Just frustrating when threads can't stay on point and comments made offer little value.

DP, triplenet and Toadmon thanks.
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Old 08-13-2017, 04:24 AM   #19
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First it always makes me curious/uneasy when someone posts under 2 different screen names.

This is an Internet forum, and even if it's not what you want to hear it doesn't mean it is bad info. Do I have a partnership, no I would never do it in today's world, but I do know several that did which is why I posted.

Here is some more opinion you don't want, lol. I work at an airport sometimes and notice not many are doing partnerships anymore. It has become more economical to rent a plane when needed then have the liability of ownership.

Likewise in today's world of easy access apps (vrbo, airbnb,.....) I think partnerships in property are becoming more rare, just like traditional timeshares, because the advantages are shrinking.

And this is just me being punchy because it's early in the morning. Who in their right mind would agree to a 4 way partnership. Great for a ton of money I can get a prime time slot every 4 Years! Lol, you can continue ignoring me now.
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Old 08-13-2017, 04:33 AM   #20
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My neighbor owns 1/12 of a house in Mexico. They go for a month each year. They seem happy with it but I am not sure of the particulars. I am much to anal about my things to share ownership with others but that is just me.
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