Listing Bits Episode 63: Making Second Home Ownership Accessible – with Austin Allison of Pacaso

Owning a second home can be an enriching experience, allowing us to make priceless memories with friends and family. But many can't afford to buy a vacation home, nor does it make much sense to leave a house sitting empty for ten-plus months, even if you can afford it. So, what if you could buy a share of a second home and enjoy true ownership for a fraction of the cost and hassle?   ***MAKE SURE YOU CONSULT WITH A CPA.  THIS PODCAST AND ITS CONTENT ARE NOT INTENDED TO GIVE TAX/INVESTMENT ADVICE ON LOSS/GAIN OF PASSIVE INCOME*****   Austin Allison is the Cofounder and CEO of Pacaso, a startup designed to make the dream of second homeownership a reality for more people. The platform allows up to eight people to buy a share of a vacation home for much less—in a way that is seamless, hassle-free, and without risk. Austin's first venture was Dotloop, the real estate transaction management solution he built in 2008 and sold to Zillow in 2015.   On this episode of Listing Bits, Austin introduces us to the benefits of co-owning a second home through Pacaso over the DIY model, explaining what differentiates a Pacaso from a resort or hotel timeshare. He describes how the platform's scheduling feature works and why it can actually be better to own a property with people you don't know versus friends and family. Listen in for Austin's insight on how his company makes money and learn how you might use Pacaso as a second home buyer, seller or real estate agent.   What's Discussed:    How Austin's frustration with creating and signing documents as an agent inspired the creation of Dotloop How Pacaso's mission around second home ownership inspired the company name The broad range of people Pacaso serves and the potential market for second homes in the US and Europe What differentiates a Pacaso from a resort or hotel timeshare --True ownership vs. rights to use --Single-family home --Easy to resell Why Pacaso prohibits short-term rental activity in its properties How Pacaso's scheduling feature allows users to reserve dates in a way that corresponds with their ownership level How Pacaso makes money through a markup on the real estate and asset management fees What happens if a Pacaso home increases in value The benefits of owning a home with people you don't know through Pacaso over the DIY model The potential tax benefits of owning a second home with Pacaso How the Pacaso process works for buyers, sellers, and real estate agents Connect with Austin:  Pacaso Austin on LinkedIn   Resources: Dotloop California Association of Realtors' Partnership with zipLogix The a16z Podcast The a16z Podcast on Joint Home Ownership Sponsor: Cloud CMA