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A person buys a plot of land in a touristy area and sells people the right to use that land for weeks/months of the year agreed upon when the right to use the property is sold. On the land there is a 4-plex, and everybody pays x/5200 of the total cost of the property every month, where x is the number of weeks they bought.
What is this called and is it a profitable business?
A person buys a plot of land in a touristy area and sells people the right to use that land for weeks/months of the year agreed upon when the right to use the property is sold. On the land there is a 4-plex, and everybody pays x/5200 of the total cost of the property every month, where x is the number of weeks they bought.
What is this called and is it a profitable business?
Are you allowing the placement of a building on the property ? If they are adding the building it’s a land lease. If they structure is there and you’re allowing the rent of the land and structure it sounds like a normal lease of a property.
Is it profitable? I dont know . It depends on the costs to carry the property and the lease terms.the location will greatly impact the profitability
do all of these people get named on the deed to the property, where they have an x/total # of x's interest in the property?
Say there's 13 people, and all have 4 weeks. Does each get 1/13 interest in the property, or just their 4 weeks? What happens when someone wants to increase or give up their weeks?
This might fit under the AirBnB rentals for camping space on property. There's a guy I know of who rents tent spaces on his land in the Gasquet, CA area.
do all of these people get named on the deed to the property, where they have an x/total # of x's interest in the property?
Say there's 13 people, and all have 4 weeks. Does each get 1/13 interest in the property, or just their 4 weeks? What happens when someone wants to increase or give up their weeks?
I was originally thinking just basing it on number of weeks, but the idea of dividing interest evenly intrigues me, and am curious what the pros and cons of each approach would be.
It's fractional ownership. It's not unusual in a recreational area for 4-5 people to go together and split a recreational property and divide the time up.
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