3 ms·

How do you handle the situation where one owner refuses to make any investment in the property or doesn't pay for investments / costs?

rblack44 5y ago
This is a great question and we think one of the real advantages of our model. Because each co-owner owns an independent share of the home, they are protected if one of the other co-owners defaults on their payments. Ancana assumes responsibility in this case and if necessary we will take over the fraction and find another co-owner to purchase. The terms are laid out in the contract each co-owner signs
- avs733 5y ago
  I don't believe this answers the question that was asked. They are asking about upkeep not default
- MisterBastahrd 5y ago
  And if that owner of an "independent share" decides after purchasing the share that they don't want to do business with you? What about if they can't make it out to Mexico that year, and they want to AirBnB the property for those weeks?
- joshuaheard 5y ago
  I think he means maintenance costs. I own several rental properties, and I'm always coughing up large chunks of cash for water heaters, furnaces, AC units, rotting decks, and the like. What if an owner can't pay? Is there some sort of management reserve?
rblack44 5y ago
My bad, I think I misinterpreted your question! Each home has a reserve fund that is paid into by all co-owners. For standard fixes/improvements, Ancana will handle the work and pay for it out of the reserve fund. If a co-owner stops paying their monthly fees, they are in violation of the real estate contract and liable to forfeit their ownership in the home. Similar to someone defaulting on their mortgage.
- DonHopkins 5y ago
  What is unique and refreshing about your pitch is that you're using contracts, but you don't use the blockchain! The environment thanks you, and you don't automatically sound like a charlatan shilling a get-rich-quick pyramid scheme. And you used a nice word like "bananas" to aptly describe the US housing market instead of cussing.
  - fuzzer37 5y ago
    > you don't automatically sound like a charlatan shilling a get-rich-quick pyramid scheme Well they don't automatically, but this is still very clearly just a shady timeshare ad.
    - DonHopkins 5y ago
      Now where did I put my Buzzword Bingo card? I think I have a winner! What a singularly awful name, that didn't age well in the COVID era: Crowdvilla will leverage blockchain to rejuvenate the timeshare industry https://venturebeat.com/2018/03/20/crowdvilla-will-leverage-blockchain-to-rejuvenate-the-timeshare-industry/ https://venturebeat.com/2018/03/20/crowdvilla-will-leverage-...

rblack44 5y ago

This is a great question and we think one of the real advantages of our model. Because each co-owner owns an independent share of the home, they are protected if one of the other co-owners defaults on their payments. Ancana assumes responsibility in this case and if necessary we will take over the fraction and find another co-owner to purchase. The terms are laid out in the contract each co-owner signs

avs733 5y ago
I don't believe this answers the question that was asked. They are asking about upkeep not default
MisterBastahrd 5y ago
And if that owner of an "independent share" decides after purchasing the share that they don't want to do business with you? What about if they can't make it out to Mexico that year, and they want to AirBnB the property for those weeks?
joshuaheard 5y ago
I think he means maintenance costs. I own several rental properties, and I'm always coughing up large chunks of cash for water heaters, furnaces, AC units, rotting decks, and the like. What if an owner can't pay? Is there some sort of management reserve?

rblack44 5y ago

My bad, I think I misinterpreted your question! Each home has a reserve fund that is paid into by all co-owners. For standard fixes/improvements, Ancana will handle the work and pay for it out of the reserve fund. If a co-owner stops paying their monthly fees, they are in violation of the real estate contract and liable to forfeit their ownership in the home. Similar to someone defaulting on their mortgage.

DonHopkins 5y ago
What is unique and refreshing about your pitch is that you're using contracts, but you don't use the blockchain! The environment thanks you, and you don't automatically sound like a charlatan shilling a get-rich-quick pyramid scheme. And you used a nice word like "bananas" to aptly describe the US housing market instead of cussing.
- fuzzer37 5y ago
  > you don't automatically sound like a charlatan shilling a get-rich-quick pyramid scheme Well they don't automatically, but this is still very clearly just a shady timeshare ad.
  - DonHopkins 5y ago
    Now where did I put my Buzzword Bingo card? I think I have a winner! What a singularly awful name, that didn't age well in the COVID era: Crowdvilla will leverage blockchain to rejuvenate the timeshare industry https://venturebeat.com/2018/03/20/crowdvilla-will-leverage-blockchain-to-rejuvenate-the-timeshare-industry/ https://venturebeat.com/2018/03/20/crowdvilla-will-leverage-...