La Quinta, CA Vacation Home.
Coachella Valley Co-Ownership. Two Shares Remaining.
About The Group
The McGeehans and the McGregor-deVere’s are two families that share of love of La Quinta, known as “the gem of the desert.” Mike and David are both avid golfers with single-digit handicaps, and their families love the stunning desert mountain scenery, relaxing in the pool, and enjoying al fresco dinners on the patio.
These families met via Plum’s Marketplace, got aligned using Plum’s Compatibility Quiz, and have now formed an LLC to buy the perfect vacation home in La Quinta. All four members of the group are PlumCertified.
The group recently returned from an incredible showings weekend where their PlumCertified Agent, Kris Maddock, showed them some properties that they absolutely fell in love with. After seeing the possibilities, they are fired up and eager to find two additional co-buyers who want to invest in this great opportunity. They intend to close on a house that the group agrees on in Q124.
About The Target Home
4 bedrooms | 4.5 bath Home
$1.2MM to $1.8MM range (roughly $400k per share)
Our two families are each taking 2 shares a piece, so 50% of the interest in the home is spoken for.
We are specifically seeking properties that are on or very near to a golf course, and which have a beautiful view of the mountains. We will have a pool (hopefully with southern exposure so that it’s warm most of the year!) and a deck to enjoy the scenery.
We intend for the LLC to buy an electric vehicle and a golf cart to be stored on the property for Members’ private use when visiting the property.
We’re actively looking at properties, and our intended timeframe is February to March of 2024, but could move sooner if we have our group assembled and see the right opportunity.
Answered Questions
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In my search, I would be looking for something that has an opportunity to cash flow positive and has a strong probability to appreciate in value over a short-term. To me, finding a good value on the way in is important.
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There are key events that happen in this area throughout the year. Jan PGA golf, Mar tennis, Apr Coachella…peak rental months. Leveraging local real estate agents to help find renters.
Once the group has bought a vacation home together, we make it easy to manage that property with maintenance schedules, concierge services, vacation scheduling, streamlining the finances (including the reserve fund!), and we even offer dispute resolution for that occasional disagreement about whether to buy a hot tub (or other major expenditure)!
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La Quinta just changed their short term rental policy to be 30+ days. In speaking with folks in this market including realtors, they said houses can go rent for around $15K/month upwards.
Timeshares are usually condos at a vacation resort, whereas you can co-own a home in any neighborhood in a vacation destination. Typically, timeshares offer limited flexibility with your designated vacation period. Plum CoOwnership, on the other hand, offers greater flexibility in scheduling your vacation. Moreover, you are not allowed to rent or Airbnb your timeshare. With Plum, the co-buyers or group has the option to rent and makes that determination, subject to local rules and regulations.
Pacaso is an established leader in ultra-luxury property co-ownership. Plum does not own properties but offers access to available vacation properties and other co-buyers through a shared technology platform, while Pacaso only offers access to their properties from their robust acquired real estate portfolio. High net-worth individuals compete for select Pacaso homes vs. Plum’s mass affluent customers that have access to properties anywhere.
Learn more with our fractional ownership comparison of timeshares, Pacaso and Plum.
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