Are you tired of short-term renting and now thinking about selling your vacation home? If so, contact GRAATIFY today and learn how you can monetize your vacation property AND still retain home ownership.
The GRAATIFY co-ownership model provides for the best of both worlds, allowing you to monetize your vacation home without dealing with the headaches associated with short-term rentals while RETAINING ownership rights and interest. By leveraging GRAATIFY's co-ownership model, you can sell one share or a group of shares of your home to vetted co-owners, freeing up valuable capital while being able to continue enjoying your vacation home.
GRAATIFY Co-ownership is a simple as these 4 steps.
Evaluate your usage needs
A recent study indicates that better than 60% of existing second homeowners are generally more likely to spend two or three plus weeks on vacation, which means that most vacation homes sit empty for 10-months a year. When considering co-ownership, GRAATIFY strongly recommends evaluating your vacation home usage as a starting point. The time that the home is sitting vacant can be monetized and sold as shares to other co-owners who have the same desire to enjoy the property as you do.
Identify potential co-owners
After determining your usage of your vacation home the next step is to have GRAATIFY match you with other compatible owners to start the co-ownership journey. Working with GRAATIFY, together we will help to identify friends, family, neighbors or co-workers and contact them to gauge their interest in potentially co-owning the property with you. An alternative option is to have GRAATIFY act as matchmaker with other owner-investors who desire co-owning the type of vacation property that you currently own.
Obtain a professional appraisal
We know that most people are exuberant regarding the value of their property so when it comes to determining what the value of your home is worth GRAATIFY requires having a professional appraisal done. A professional appraisal will also help attract co-owner/investors by knowing that the property has been evaluated by an appraisar and that it’s not just you stating what the property is worth.
Let GRAATIFY do the rest
The homestretch leading to closing is quite intensive from a process and documentation standpoint and candidly is where GRAATIFY provides the greatest value to the vast majority of our clients. GRAATIFY handles the following: 1. Entity formation (setting up an LLC, filing of paperwork, obtaining an EIN, and issuing K-1s, etc), 2. LLC Operating Agreement (GRAATIFY's governance model will align co-owners with operational scenarios such as ownership transfers, voting procedures, repairs, and expenses), 3. Financing (GRAATIFY's lending partners can provide short-term and long-term loans for LLC-owned property), 4. Banking (GRAATIFY will create a bank account for the LLC and supports deposits, rental distributions, expense withdrawals, and a reserve for the property), 5. Property closing (GRAATIFY's real estate agent partner will work through the due diligence process, and assist in successfully closing the property).