Ask HN: Feedback on fractional real estate ownership for digital nomads
The idea:
Since I started nomading, the biggest problem has been finding a place to stay. Airbnbs are so expensive, I have to go on facebook or local real estate websites and negotiate directly with landlords. While an airbnb will cost $2000+/m, this method lets me pay around $500 for example, in Greece. But this is such a hassle every time, and makes digital nomadding a challenge when you have to do it every time you need to move.
The real estate in many of the countries we visit is cheap and long term rents are cheap, they shouldn’t cost so much. People like me, who are “slow nomaders” spending usually 3 months in a place, are under served in terms of options.
What I want to do to address this is allow people to own fractional shares in apartments. For example, if an apartment costs $150,000, it can be divided into four pieces for $45,000. This would grant you exclusive right to the apartment for the 90 days you purchased. There would also be permanent storage chests for each owner, so you could keep some clothes and things permanently year round. There would also be a group chat with the other owners, so you could coordinate stuff, like maybe trade time.
Unlike a timeshare, which are big scams because they charge obscenely high “maintenance fees,” when you buy the property share, the contract is guaranteed that you won’t pay more than reasonable, actual costs plus a fixed profit %. The company can make a fair profit without being a scam like a timeshare.
With a service like this, you would be able to own shares in properties across the world and build a “circuit” for yourself. This is the true meaning of the word nomad: real nomadic cultures go around the same places, they aren’t always going to new places. This fills the paradoxical human need for familiarity but also variety.
It would let you build real relationships with the locals in your favorite places, because they know they will see you again. Which is another problem nomads face currently.
But If you did want to change or cash out your position, we would operate a market to sell or trade your shares with others, and since it would be an internal company transfer it would be much simpler than a fullfat international real estate transaction.
If this is something you’re interested in, please fill out the form with some information I need to know about market demand for this, and if there is sufficient demand I will start this company.
https://forms.gle/oRrfELkA8pWtHQ2c6
Thank you!