How One Property Owner Turned a Family Beach House Into Multiple Investment Opportunities

Written by:

Steve Marcinuk

Date:

05 Jul 2025

KeyCrew Studio

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Charlotte-based engineer uses fractional ownership model to retain family memories while accessing property equity

Eric Banks, a wireless systems engineer from Charlotte, faced a common dilemma among vacation property owners: how to maintain access to a beloved family beach house while optimizing its financial potential. His solution came through fractional ownership, a growing trend that’s reshaping how Americans approach vacation property investment.

For years, Eric and his wife Elizabeth owned a rental property at Holden Beach that doubled as their family retreat. The oceanfront home hosted milestone celebrations, including his father’s 80th birthday party with relatives flying in from across the country. “We could have done that if we just owned the share, but just having that and being able to have that resource for a family was just quite invaluable and very special,” Eric reflects.

However, the couple recognized they didn’t need full ownership of a property; they only used six to seven weeks annually. “We didn’t really need 100% ownership of it, and when speaking to my friends who are co-owners in other properties, it just seemed like that was a model that would allow us to retain the portion of the house that we wanted,” Eric explains.

This realization led Eric to explore fractional ownership through Plum CoOwnership, a platform that facilitates shared ownership of vacation homes. Unlike traditional timeshares, where buyers purchase time, fractional ownership allows multiple parties to own actual equity shares in a property.

The transition proved more straightforward than anticipated. “I thought this was a many-month-long process, and I just felt like, over the process, that they were competent in their abilities,” Eric says. The platform handled the complex legal documentation required for co-ownership arrangements, including refreshing operating agreements to accommodate multiple owners.

Market response exceeded expectations. “When we started marketing our property, we got interest right away, and we actually sold two shares out of the eight that we’re offering,” Eric reports. The sales closed in June, with additional interested parties already in the pipeline.

The fractional model addresses several pain points for vacation property owners. Beyond the obvious benefit of shared maintenance costs and responsibilities, it provides access to property equity without requiring a complete sale. For Eric, this means potential investment in additional properties. “It will also allow us to pull out some of our equity in the property, which we hope to use on another co-share, such as in the mountains,” he explains.

The approach also solves the challenge of finding compatible co-owners. “When you enter into a relationship with these strangers, you want to make sure that they’re vetted and and that’s another thing that Plum does,” Eric notes.

The co-ownership market has gained momentum as traditional vacation ownership faces headwinds. Rising property values, increased maintenance costs, and changing short-term rental regulations have made fractional ownership an attractive alternative. According to Plum CoOwnership, over 2 million homes in the United States already operate under some form of fractional ownership arrangement.

For Eric’s family, the model delivers the best of both worlds: retained access to their cherished beach retreat while unlocking capital for additional investments. “We want to earn the income for the weeks that we don’t use personally, but then we want to have that asset as well for our family during the summer months,” he explains.

The arrangement allows Eric to maintain his full-time career in wireless systems engineering while professional services handle the property management complexities. “Our involvement has been minimal, and Plum has been doing 95% of the work, which is great because I’m still employed, and I don’t have time to ask, nor do I have the expertise,” he says.

As vacation property costs continue rising and ownership models evolve, Eric’s experience illustrates how fractional ownership can preserve family traditions while optimizing financial returns, a combination that’s increasingly appealing to property owners nationwide.

Disclosure: Individuals or companies mentioned may have a commercial relationship with KeyCrew.