Questions from the Community

1. “Can I keep my mortgage and still sell shares of my home?”

Yes, in most cases you can.

If you already own a vacation home and want to sell shares, but still have a mortgage — here’s how it typically works:

✅ We create an LLC that will hold the property
✅ You transfer the home and mortgage into the LLC (in most cases the mortgage company will allow this, check with your mortgage company before starting the process)
✅ We help you sell co-ownership shares of the LLC with specifics on how the mortgage will be handled
✅ You can either share the mortgage payments across the membership based on ownership interest or … you can use the proceeds to pay down the mortgage, and then use the remaining proceeds to diversify, or buy into a second home

The mortgage remains your responsibility, but the operating agreement outlines how it’s handled within the group. We help make sure it’s structured fairly and clearly.

It’s a great way to unlock equity without giving up a place you love and without taking on more debt.

2. “How do you know a co-ownership group is going to work?”

It’s a great question and one we hear often from folks who are excited about the idea but nervous about the group dynamic.

You don’t have to know your co-owners ahead of time. Some of the most successful groups we’ve seen started as complete strangers who met through Plum.

What made it work?

✅ They had a shared goal
✅ A fair, transparent structure
✅ And a system that made communication easy

We’ve seen this work for all kinds of groups:

• Business partners creating a shared retreat

• Friends & family teaming up for something they couldn’t do alone

• Colleagues who want to split costs but still enjoy a premium property

• Vetted partners matched through Plum with aligned values and expectations

It doesn’t matter whether you know the people beforehand or not…having the right structure is what makes it work.

Operating agreements, shared calendars, group messaging, and financial transparency keeps things smooth and drama-free. And we help with all of it.

So if you’re flying solo, or just want to make sure your group has guardrails from the start, we’ve got you covered.

3. “How do I avoid financial surprises when co-owning a vacation home?”

No one wants a surprise invoice derailing their beach week.

Here are a few best practices we recommend (and help facilitate):

✅ Start with a written agreement. This outlines how costs are shared, who’s responsible for what, and how decisions get made. It keeps everyone on the same page.

✅ Build a shared budget. Know what it takes to maintain the home and make sure contributions are fair and transparent.

✅ Use a dedicated bank account. This makes expense tracking way easier and removes the guesswork.

✅ Fund a reserve account upfront. We typically recommend 3% of the purchase price, funded at closing, then topped off monthly. It’s the best way to prepare for those “surprise” expenses and protect the relationships between co-owners when something breaks.

Plum Connect and our LLC Management Service handle all of this behind the scenes, so your group can focus on enjoying the home, not stressing over logistics.

Got a question about co-ownership?

I set aside some time this week to chat with readers who are exploring the idea of co-ownership — whether you’ve got a property already or you’re just curious what’s possible.

Grab a time on my calendar here. I’d love to hear your story.