Real estate platform Pacaso provided a brief update earlier this month, reporting on three years of operations. According to the platform, it has now enabled over 1,500 owners who have spent 90,000 nights in the homes at forty different destinations. The company says that second home deposits have increased by 90% in the first two months of 2023 compared to the last two months of 2022.
The concept for Pacaso is to make second home ownership easy and affordable – around the world. The platform takes care of the heavy lifting on the purchase, with owners going up to 1/8 of the property. But, of course, you can own it all. Financing is available for a listed property for up to 70% of the value of the home.
If you want to exit ownership, recent sales on the hosted marketplace have, on average, delivered a 10% return.
The homes are all located in popular vacation destinations, which is what you would expect of a second home. Furnishings, like kitchenware, are all included, and home management is part of the deal.
If you are interested in participating in Pacaso without the direct homeownership commitment, Pacaso is in the process of raising money via debt capital for a 2-year note.
Pacaso has partnered with DealMaker on a Reg D 506c offering for a note that aims to return 10% each year. Pacaso says it is “being proactive about accommodating buyer needs and offering more competitive financing solutions.” The Pacaso Growth II LLC real estate fund aims to generate passive returns for investors. The form D indicates the company is seeking to raise up to $30 million.
The company says it is the first of many opportunities to build out its marketplace. Under Reg D, you must be an accredited investor, but the minimum investment is just $5000.
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