Frequently Asked Questions

A. If you have interest in one of the samples or just the idea of fractional ownership of a vacation property or yacht altogether, then here are the next steps to making your wishes come true:

1. If you have an agreement and have signed any documents with another Realtor®, then you must have your agent get in contact with MyFraction Corporate to ensure there is no conflict of interest. If you have not signed an agreement with an agent already, then MyFraction is able to assist you with your real estate desires.
2. Determine what idea appeals to you: vacation property or yacht. Take into consideration what you can afford and what type of property or yacht you're interested in.
3. Fill out a pre-qualification form and sign the bottom. Then, send it to MyFraction Corporate.
4. MyFraction agent will request your credit information then notate your desire and price range.
5. The agent will figure out the logistics of borrowing, loans, and cash payments.
6. Then, property and yacht options will be presented to you, along with all the great accessories that come along with the package, such as: car, golf cart, furniture, etc.
7. MyFraction will then use its database to find other members with similar tastes and desires who would join you in this fractional deal as the other members.

A. First, we suggest you review the LLC agreement, then give MyFraction Corporate written notice of what your intentions are. Then, the following tasks will be performed:

• The property will be appraised.
• The boat will be surveyed.
• And an audit will be conducted of the LLC you are part of.

Next, decide if you would like for MyFraction* or another agent to represent you in selling your portion.

*Note that a bonus of MyFraction representing you is that, because we already have original pictures, video, etc., we would be able to put your portion up for sale much sooner than another agent would, as they’d have to first begin gathering these crucial sales tools. An outside agent would have to work around the calendar of the selling member’s calendar dates. In addition, an agent from a different company must contact MyFraction Corporate to learn the guidelines of the sale and the business concept.

If you agree to MyFraction representing you in the sale, then the company will contact those who are interested in the seller's portion. We’d find the buyer, close the deal (with respect to the appraisal, survey and audit), then the new member will take over your part in the LLC ownership.

A. MyFraction is here to help you describe your ideal scenario. The first step is to be sure to fill out the ‘What’ and ‘Where’ portions of the form online.

* ‘What’ refers to your hobbies or interests, such as: vacation property, yacht, aviation, farm, hunting, horseback, fishing, scenic outlook, mountains, skiing, hiking, exotic cars, cycling, vineyards, shopping, urban living, cooking, entertaining, and more.

*‘Where’ refers to the region and country you desire, or whatever information you could provide that would help describe the setting for your dream.

*Note that your name and address will be kept secure; however, your interest and setting will be anonymously displayed for other potential members to view online. (All information is emailed to MyFraction so that an agent may be informed about the new interest and follow up.)

A. All MyFraction EP transactions are cash. All Limited Liability Companies (LLC) are managed according to an Energized Package (EP) schedule that includes property purchase cost with all necessary taxes, interior design costs, home owners association costs, startup costs, insurance costs, maintenance costs, cleaning costs, and accrual costs for replacing carpet and painting. For vessels, the purchase costs, tax or documentation costs, startup costs, insurance costs, annual costs, maintenance by usage costs, and accrual costs to replace the vessel in three to seven years depend on the EP. According to the MyFraction LLC sales agreement, MyFraction requires 16 months of projected property/vessel schedule costs. This is necessary in case there is a divorce, bankruptcy or death. This time period will allow MyFraction to work through these issues with the member who is in this situation.

A. No. Both MyFraction, Inc. and MyFraction Property Management Group are paid based on actual cost, not projected cost. The property management company will have monthly costs and will get paid for each month's cost after all costs are accounted for. MyFraction, Inc. will only get paid if there is a new transaction or accrual dollars are spent to update a vessel or some other accrual item. All MyFraction EPs will be set up on QuickBooks Professional software and a statement will be sent out at the end of each quarter showing budget cost vs. actual cost.

A. Each EP or MyFraction LLC is unique. In most cases, each EP has a $10,000 deductible for both the property and vessels. This greatly reduces the risk to the insurance company. However, if there is a claim, the members will have to fund the deductible reserve within a 30-day timetable. To get insurance companies and underwriters interested in writing insurance for MyFraction LLC's, there are some items that cannot be part of an EP. For example, personal watercraft and motorcycles. Anyone who drives a vessel must be trained by a captain and know the boating laws in which the vessel will be utilized. MyFraction is communicating as much information as possible on safety and the operations of an EP to help prevent any insurance claims. If there is a claim, you should expect insurance costs to go up.

A. Please see the definition of a "member," plus the following: MyFraction, Inc. will have relationships with lenders and insurance brokers. The member is required to bring cash to the closing table and must have a creditable history with credit and insurance claims. When an agent has a prospect, they will pre-qualify them by using the pre-qualify form.

A. First in first choice. Over a five year time period all members will experience all holidays.

A. The interior design will have the following choices: Contemporary, traditional, contemporary traditional, soft contemporary, retro contemporary, mod contemporary, Florida contemporary and eclectic. The interior furnishing will be contrasting natural. Each member will be able to bring in their unique taste with towels, bed sheets, pillows, rugs etc.... also personal photographs that will be exchanged between member visits.

A. Yes, after the transaction is complete. All members for each LLC will be posted on a secure website. Also, all accounting information will be accessible via secure website.

A. Maintenance- All maintenance is overseen by MyFraction Corporate and executed by MyFraction Property Management Group. Proactive seasonal maintenance tasks, as required maintenance tasks, and long term maintenance tasks where money is accrued per the EP schedule. In most cases MyFraction will try to perform these maintenance tasks between members visits.

Cleaning- MyFraction will clean the assets of an EP per (House Cleaning Biz Systems) including bathrooms, kitchens, dusting and polishing, vacuuming, special projects, and window washing. This cleaning service will be done between members visits. No cleaning will be provided during a members visit, unless agreed upon in advance of member’s visit.

Minor issue such as light bulbs that are burnt out, spills, or similar such issues will be handled by the member.

A. This is la créme de la créme. Spoil yourself with the best available package of décor, features and amenities sure to please even the savviest of tastes. Get everything the bronze and silver levels offer and more. This luxurious package includes top quality linens, kitchen appliances, and furnishings. Plus, there are boat upgrades galore. Details vary by property.

A. This package is for those who desire a few extra upgrades without all the bells and whistles. Enjoy all the luxuries the bronze level has to offer and more, such as a computer, an upgraded Sleep Number bed, and better appliances. Plus, your boat gets a boost with items such as twin engines and extended swim platform. Details very by property.

A. This is no ordinary base package. Find yourself at home with tasteful decor, a well-equipped boat, and plenty of amenities. Features include all your modern conveniences, some exercise equipment, and plenty of items to keep you and your guests entertained. Plus, your boat comes with everything you need, including dock and hoist. Details vary by property.