One of our supporters in California received this 'time sensitive' offer in an email last week.
Dear Alan,
It was a rough week for the economy, and you might be asking: How should I use my money?
I’d love to talk about how Pacaso can help you to diversify and expand your portfolio into real estate, a purchase class which has historically been a safe and resilient place to park money during uncertain times. Not to mention, a second home is a tangible place where you can make lifelong memories, unlike a U.S. Treasury bill.
And for a limited time, you can own a luxury second home for just 5% down with Pacaso’s special offer. But act fast, this ends on April 30, and limited homes remain. Reply to this email to learn more!
Michael Botefuhr
Pacaso
(305) 413-5857
Schedule time with me
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The link between SVB and Pacaso? This WSJ headline says it all
"The SVB Tremors Will Shake SoftBank
Lender’s collapse could force reckoning on valuations of unlisted startups—of which SoftBank is a major backer"
Softbank was Pacaso's last and biggest investor in September 2021. The amount they invested was small potatoes in the tech world and Pacaso was never listed in the news stories about Softbank's meltdown. Pacaso is an 'unlisted startup'
and the reckoning is coming!
Read the full story HERE
It is all about the 'use' of the house - Newport Beach organizing against Pacaso
March 15th in the LA Times headline, "Newport Beach fractional home ownerships might be defined as timeshares."
Newport Beach has 11 fractional ownership homes in their small community. The town has been reviewing options to regulate them and just this week have asked the Planning Commission for deeper discussion.
“What we know is we cannot preclude owner occupants from purchasing property in an LLC, nor do I think we want to do that. We cannot prevent property owners from hiring a company to manage their properties, nor do I think we want to do that,” Kleiman said. “What we can look at is the use of the property and whether it’s consistent with the neighboring uses as intended by our general plan and our zoning code. This is obviously a very transient use that has the potential for impacts that can be differentiated from the typical residential use in our neighborhoods.
Pacaso is working the Utah win with the 'property rights' comments here:
“Many existing homes within Newport Beach are co-owned through a multiowner arrangement like an LLC or trust, no different than how Pacaso homeowners own their homes,” the statement read. “It is important that property rights are protected for all residents in the city, full time and part time. Pacaso will continue to engage with city officials to help them correctly understand our model and how co-ownership can benefit the community.”
Remember, neighbors also have property rights!
Read full article HERE
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STR owner changes home to fractional ownership to skirt regulations
SPN received an email from a California supporter living near a short term rental party house. The neighbors were successful in working with the County permitting office and the homeowner lost the permit.
What did the owners do?
They listed the home for sale in 10 fractions (is there a limit?) to avoid any regulations.
The parties continue but now, when the County knocks on the door, they say they are a guest and not paying any short term rental fees.
Sadly, the greed and entitlement continues.
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Tell us your news! Email us at StopPacasoNow@gmail.com
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