Fractional Ownership Structure for a 2nd Home/Cabin/Vacation Spot

[Jason Merchey]

I'm thinking of fractional ownership of a cabin in the woods or mountains or on a lake or whatever, shared legally with 3-7 other people. In the Asheville North Carolina area, more or less. I suppose within 25 miles of Asheville would be good.

I saw this type of ownership structure a couple times when I was an agent a long long time ago, but I just don't really know of where to look now that it's more affordable. But I think: heck, if I could spend $200k on an $800k cabin with some acreage, or by a lake, or whatever, and use a Google calendar or something to pick who gets which days -- amounting to a pro rata share for each owner -- and we each pay $7.5k a year for cleaning and insurance and property tax and such, that would be awesome. Sellable shares with everyone's approval, that kind of structure. Guests of owners could use the place, etc. 

Would prefer there be no loan on the property, etc.

Christmas and summers in a mountain cabin! A getaway spot that is more predictable than an AirBnB, less expensive than owning, safer than buying with a loan, and so on. Only decent people with good credit need apply!

Very rarely does one want to live in a cabin 365 days a year, so if you get it for about 85 days a year and it's 1/4th the price, that's great, right? 

If anyone hears about anything along these lines, let me know!

[John Underwood]

You would be better off to put your 200k towards a down payment on a cabin that you would fully own. Then you would have 100% control and make 100% of the profits. Buying an asset that makes money is good use of leverage and how people get rich in real estate.

Don't put all your cash into something that you only partially own.

Rent it out and make money off it when your not there.

If you buy it just to use then is a liability not an asset.

You should read the book "Rich Dad Poor Dad"