Allison: Most vacation homeowners use their property only 5 to 6 weeks yearly
“Most people who own a vacation home only use it five or six weeks a year.”
Allison: Pacaso has sold over $1B in units across 40 destinations
“We've now been around for four and a half years. We've sold, you know, well over a billion dollars of these Picasso units. We have thousands of owners and operate in about 40 destinations around the world.”
Allison: Pacaso sells remaining home interests within 90 days of closing
“What usually happens is about half of the home is spoken for by the time we close. We then take temporary ownership of the other half of the home, and we have great financing partners that enable us to finance that. And then we sell through the remaining inter…”
Rascoff: Mortgage rate hikes were a bigger threat to Pacaso than COVID-19
“Actually, frankly, the more almost existential challenge more so than COVID really was the rise in mortgage rates. And that hit the brakes on really most real estate transactions, whole home, partial home, everywhere in between. And so managing through that se…”
Allison: Pacaso hit a $1.5 billion valuation in its first 18 months
“So we grew from, you know, zero to I don't know, billion and a half was our series C valuation, which we did in like the first 18 months. We were operating in 35, 40 markets. We had three to 400 people. I mean, we were growing fast, hundreds and hundreds of pe…”
Allison: Pacaso initially ignored community resistance in Napa and St. Helena
“When we first started getting feedback, you know, in Napa is where it all started, or St. Helena, actually I just kind of ignored it because I'm like, you know, these people just don't understand. Like, this is actually a great thing for them. These are not re…”
Rascoff: Reg A offerings are the future of pre-IPO capital raising
“We think it's the future of capital. It's sort of capital raising at this Kind of bridge moment once you're done raising venture capital from traditional Silicon Valley type investors, but before you're publicly traded up.”
Sam Parr bets money that fractional ownership startup Pacaso will succeed
“I'll bet you money that this company's wildly successful.”
Puri: Pacaso charges a 12% upfront fee plus monthly management fees
“And this company takes this insane rake. So they take 12% of the purchase price up front. Just straight off the bat. And then they charge you a monthly management fee because they have the app that you and the other owners use to coordinate who's booking what,…”
Puri: Pacaso reached unicorn status in five months after raising $75M
“So Picasso raises seventy five million, goes from launch to unicorn in five months.”