How are you going to be different than Pacaso which has a lot of Zillow execs?
Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
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Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#22If it looks like a timeshare and smells like a timeshare, it’s a timeshare. If there’s no secondary free market to sell these “fractional ownerships” it’s just forced rent I can’t resell.
You should have read the post before commenting. > Unlike a timeshare, Ancana owners own a real asset (the property) versus a block of time. If you decide you want to sell your share, you are free to do so at any time, either through us or on the open market, and capture any appreciation the property has accrued.
“Open market” yeah right
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#23Why are you describing timeshares as if it's some sort of innovation?
That's how you sell timeshares, by describing your particular implementation as innovation, often by explicit misrepresentation of the existing ones or implicit misrepresentation of yours (describing others maintenance/management fees as expensive and/or hidden while you have and do not highlight your own fees of the same kind being a common example of the latter.)
My parents have been timeshare owners for years so I'm very familiar with the sales tactics resorts use. Regardless of how they spin it, all you really own is a block of time. With Ancana your purchase is a deeded right to the property. You are an actual home owner. Where the difference becomes clear is when you can use the property (fixed weeks vs. on-demand) and what happens when you want to sell the property. Resorts force you to sell your time back to them and they dictate the prices. With an Ancana home, we will help find a buyer from our network of qualified leads, or you are free to sell through an agent of your choosing or on your own. The market dictates what the property sells for, not Ancana. We retain no ownership stake in the property once all of the fractions are sold.
As for fees, we simply split the ongoing property costs amongst the co-owners with no markup. We do charge an annual management fee for administering and maintaining the property, but this is fixed and transparent.
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#24Can you help me understand the key difference here between this and Pacaso (I think from one of the Zillow founders)? https://www.pacaso.com/
Very similar model. We are currently operating in different markets (US vs. Mexico) and are targeting different properties (Pacaso is going after ultra luxury homes). We also have slightly different approaches to splitting up the properties. Pacaso only sells 1/8 shares for all properties, where we also offer 1/4 or 1/10 shares for certain properties based on demand. On the properties side we partner with developers…
Pacaso allows you to purchase more than 1/8 of a residence, you can purchase as many 1/8 shares as you like. So in theory you could easily purchase 1/4 of a residence.
Pacaso is also purchasing homes that are not yet built, for instance they’ve purchased two homes in North Lake Tahoe that are actively being developed.
I am a 1/8 shareholder of a property in North Lake Tahoe through Pacaso and I love the model. Best of luck to you.
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#25Your testimonial section of "happy customers" are just the stock headshot photos from this wix template. It's probably safe to assume that the testimonials themselves are fake as well? I'd suggest removing this section entirely as it comes off as dishonest and misleading.
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#26Intriguing idea. What does "property management" entail? Does Ancana take on the costs of major property failures, like a pipe bursting?
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#27If it looks like a timeshare and smells like a timeshare, it’s a timeshare. If there’s no secondary free market to sell these “fractional ownerships” it’s just forced rent I can’t resell.
You should have read the post before commenting. > Unlike a timeshare, Ancana owners own a real asset (the property) versus a block of time. If you decide you want to sell your share, you are free to do so at any time, either through us or on the open market, and capture any appreciation the property has accrued.
and as others have pointed out many timeshares say this exact same thing.
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#28What inspired you guys to go with such a long time window? Most of the timeshares I know are like 2 weeks out of the year, but here it looks like you get (for most properties) almost 3 months!! Do people really take 3 month vacations? And even if you broke it up into what seems like a more manageable vacation (something like a month max) that’s still 3 vacations a year! Also, are the prices on your site the entire pr…
As a co-owner, you get access to the property based on your ownership %. So if you own 1/4 of the property, you can use it for 1/4 of the year. This ownership model provides flexibility to book stays throughout the year vs. being locked into 1-2 week windows annually. You don't have to take all 3 months at the same time. In fact our scheduling platform does not allow for stays this long to ensure all co-owners get equitable access to the property on the dates that are important to them.
All prices are per share and based on the ownership %. Even still, the US housing market is bananas
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#29What inspired you guys to go with such a long time window? Most of the timeshares I know are like 2 weeks out of the year, but here it looks like you get (for most properties) almost 3 months!! Do people really take 3 month vacations? And even if you broke it up into what seems like a more manageable vacation (something like a month max) that’s still 3 vacations a year! Also, are the prices on your site the entire pr…
It will be interesting to see what the remote first movement does to this. You could certainly see someone from Seattle spending 3 months in Mexico between Jan 1 and April 1 as a "working vacation"
Definitely. We've seen a lot of interest from people looking at these homes as remote offices. We're optimistic this trend will continue as people take advantage of no longer being tied down to a certain geography
Re: Launch HN: Ancana (YC S21) – Fractional ownership of vacation homes
#30How do you handle the situation where one owner refuses to make any investment in the property or doesn't pay for investments / costs?
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
I don't believe this answers the question that was asked.
They are asking about upkeep not default