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Ad appeared today:

FREE* TIMESHARE!! *take over payments!!
I need to get rid of my timeshare with Amber Resorts! I don't use it and I'm just throwing my money away each month!! My monthly payment is $87. You'll get 59,000 RCI points every other year, plus one get-away week EVERY year. I am behind in last year's maintenance payment; it was due in January, 2013. I owe like $450. If you take over payments and bring the maintenance up to-date, YOU CAN HAVE IT!! I want nothing!!

I'm not interested in selling it! I don't want to pay a dollar more for something I've only used ONCE since I bought it! If you're in real estate, you take it and YOU sell it!! I want my name cleared of the timeshare TODAY!!!!
Only serious people should reply to this!

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SinglePapa said:    *take over payments!!
My monthly payment is $87. last year's maintenance payment was due in January, 2013. I owe like $450.


Sounds more like $1500+ per year with $451 down payment.

We need to know how many payments are left.

BingBlangBlaow said:   We need to know how many payments are left.until you die...the joys of timeshares

I assumed the $87 was a loan payment for the original purchase. I understand the $450 is constant, and will only increase.

sounds correctBingBlangBlaow said:   I assumed the $87 was a loan payment for the original purchase. I understand the $450 is constant, and will only increase.

Go ahead and buy it. But save a copy of the ad - in 3 or 4 years you'll be posting the same one.

SomeOtherChick said:   Go ahead and buy it. But save a copy of the ad - in 3 or 4 years you'll be posting the same one.
not sure. There is another aspect (besides finance) to owning vacation points: my family can vacation.

What I'm trying to understand about this ad: assuming 1% monthly financing charge, that means the original sucker bought into around $10,000 price. Now he advertizes at seemingly $1; but is it so - if the purchaser has to take over payments?

So do I understand correctly: when we come accross a FREE TIMESHARE ad, the whole point of you as a secondary market buyer is whether it's in fact a $10,000 discount from original, or you're just taking over payments and effectively buying at almost the same price he did?

Check eBay, you can get them 90% off from what they offer at timeshare presentations. Packages for 1k or less.

If I wanted to pay $87 a month to not go on vacation, I'd get married.

I love timeshares and travel almost exclusively with them. Much like Fatwallet, Frequent Flyer miles - and similar - there's the "game" - and if you can play the game, you can do well.

Generally speaking, you are looking for properties where your maintenance fees return about 1 RCI point per dollar. Also, you're looking for a history of not having many special maintenance fees where they hit you with a one time fee of $1000 bucks or so because it's time to reconstruct the property or settle a lawsuit.

If you get a 1:1 ratio, that would be considered a "good" (but not screaming) deal.

So it looks like you're getting 30k RCI points for $450 a year. This is not considered a good deal. You're getting 2/3rds of a point for a dollar. I'd hold out for a 1:1 deal if not better - with specific plans on how you'll use it. We saved up 3 years this year for a killer deal on a Disney property (if you consider Disney properties to be killer deals) - retail for a 2 bedroom condo on site is about 4,000 a week for the time we went - and I ended up getting it considering RCI fees, membership and dues on points for about $1800. Some people would rather stay off-site and stay for about $100 a day, so good deal is relative (much like flying first class with miles) to what your family wants to do.

If you have specific plans for how you will aim to use your RCI points, it's a great deal to get in - but know you'll also be on the hook for about $100 dollars a year in RCI fees and $150-$200 dollars everytime you use it.

In my head, I thought RCI points would be good for last minute deals (you can get a week for 6000 points + exchange fee) - but the inventory they've had at the last minute has been crap. Be sure you have a plan and have researched before you get in.

But no, not a good deal as is. Research more about timeshares if you have to ask... This spoonfeeding is because I'm trying to look good to get spoonfed by PM a good deal one day.

green for spoonfeed; who's PM?

SinglePapa said:   green for spoonfeed; who's PM?

Private message?

SinglePapa said:   green for spoonfeed; who's PM?The Prime Minister of FatWallet of course. Once in a blue moon he will send you details of a delicious deal that hasn't hit the front page yet.

You are correct , my child

I looked into harborside at Atlantis a few years ago. At that time it was a great deal. Move forward 5 years. HOA rates (or whatever they are called) have gone up 15% a year. Now the owners are screwed and can't get out. One of the best nondecisions I have ever made.

i just bought a 131,000 points for 152.50 all in including transfer and title work. so my advice to you would be call the resort and tell them you want to give it back no one on the resale market is going to pay more than a few hundred dollars for a timeshare and usally the resort will let you out to keep from having to get it back through courts.

rgwiazdzinski said:   i just bought a 131,000 points for 152.50 all in including transfer and title work. so my advice to you would be call the resort and tell them you want to give it back no one on the resale market is going to pay more than a few hundred dollars for a timeshare and usally the resort will let you out to keep from having to get it back through courts.
Amber resorts is probably asking for a few hund-o (in addition to becoming current on account) just to take back the TS. So this would be "Great Deal" for the current owner.

Liquidity is everything. If you are confident that you can dump your interest at anytime in the future without having to pay to get rid of it. Then you can start looking at the rest of the deal. 95% of everything, even in the fire sale market, you need to stay away from. There might be a few gems so I wouldn't say never look at a deal if the terms really fit your needs.

There are people who buy cheap ones like that just for network trading privileges. The ongoing taxes and maintenance are more of a factor if it's priced at $1. Be careful.

I like timeshare only to the extent that I get to stay for free by attending a 2 hour lecture. Other than that the concept doesn't make sanse to me.

I'd love to stay for free in FL, how do I sign up?

Horseymen said:   I love timeshares and travel almost exclusively with them. Much like Fatwallet, Frequent Flyer miles - and similar - there's the "game" - and if you can play the game, you can do well.

Generally speaking, you are looking for properties where your maintenance fees return about 1 RCI point per dollar. Also, you're looking for a history of not having many special maintenance fees where they hit you with a one time fee of $1000 bucks or so because it's time to reconstruct the property or settle a lawsuit.

If you get a 1:1 ratio, that would be considered a "good" (but not screaming) deal.

So it looks like you're getting 30k RCI points for $450 a year. This is not considered a good deal. You're getting 2/3rds of a point for a dollar. I'd hold out for a 1:1 deal if not better - with specific plans on how you'll use it. We saved up 3 years this year for a killer deal on a Disney property (if you consider Disney properties to be killer deals) - retail for a 2 bedroom condo on site is about 4,000 a week for the time we went - and I ended up getting it considering RCI fees, membership and dues on points for about $1800. Some people would rather stay off-site and stay for about $100 a day, so good deal is relative (much like flying first class with miles) to what your family wants to do.

If you have specific plans for how you will aim to use your RCI points, it's a great deal to get in - but know you'll also be on the hook for about $100 dollars a year in RCI fees and $150-$200 dollars everytime you use it.

In my head, I thought RCI points would be good for last minute deals (you can get a week for 6000 points + exchange fee) - but the inventory they've had at the last minute has been crap. Be sure you have a plan and have researched before you get in.

But no, not a good deal as is. Research more about timeshares if you have to ask... This spoonfeeding is because I'm trying to look good to get spoonfed by PM a good deal one day.



About 2 years ago I looked at this space thinking their just might be some distressed opportunities from the pressure of people trying to offload these liabilities. I probably spent 100 hours researching to see if there was even a corner of the marketplace that represented real value. You know what I concluded after reading all of that? There isn't a single spot of the entire market that represented a good value. Not a single place where you could actually profit from the distressed values. In all of that research I only came across one guy that had succeeded in finding a niche that allowed him to find enough value to run a profitable business acquiring timeshare points and he did it through connections with people who specialize in offloading these things with one company that has since closed the opportunity through a change in their legal language.

And practically all of the value you find in that space for your own personal use(not for profit) can be commandeered through 'rent my timeshare' sites where existing time share owners try to offload their liability for the year at a discount.


Across the entire board timeshares represent prepaid vacations where you mostly pay for the cost of stay each year anyway and pay an upfront fee to get that. Even when you get it for $0 you are often times paying either more than what you can find for cost of stay or the same amount and you're assuming this liability on an ongoing basis.

And I determined that those that feel like they found value from the timeshare market only believed they did because they weren't aware of other methods to achieve the same thing or better through other means. Furthermore, the timeshare companies that were set up to game the exchange mechanism didn't produce enough reward on money deployed(because those don't actually go for $1 online) to be worth it given the future value of that money and the risk of failure in the exchange mechanism(points have to be converted to an actual time share before they can be exchanged and what it gets converted to is outside of your control--if you end up with a weak conversion you lose bargaining power in the exchange mechanism with their formula for pairing similar 'quality' timeshares).

And this doesn't even look that great even though your valuing your time at $0 during this whole process.


My advice stay away from the whole thing. Companies have been very good at making sure that no one could procure enough benefit to profit off of this system and anything you can't profit off of could only represent minuscule savings after time, money, risk, etc. at best.

Sorry to disagree with your post.

OP I know enough to tell you to stay the hell away from that post. $450 a year is a hell hole that you could likely find a way to stay at for a similar amount, has next to zero bargaining power in the timeshare exchange market, and represents an ongoing liability in the future towards that same hell hole.

Much like any crappy financial product (credit protector , etc) there are ways to find a angle to profit

I believe fw member ilikebtmoney used to post about his timeshare angle in prior threads but haven't seen him around lately

Generally - any timeshare bought from the developer is a terrible deal . Some exceptions include the early Disney vacation club memberships , which gave actually appreciated in value ,

On the resale market there are some rare deals out there if you're willing to spend the time amassing intimate knowledge of their points systems , transfers to other properties etc

The easiest way to make money with timeshares is to help resell them by matching owners and buyers . Many people do this on eBay - they don't actually own the timeshare they just post a listing and match a buyer up with someone looking to unload they're unwanted unit

My father had a time share on the florida keys; he finally paid some guy $1000 to take it off his hands. Impossible to sell.

SUCKISSTAPLES said:   Much like any crappy financial product (credit protector , etc) there are ways to find a angle to profit

I believe fw member ilikebtmoney used to post about his timeshare angle in prior threads but haven't seen him around lately

Generally - any timeshare bought from the developer is a terrible deal . Some exceptions include the early Disney vacation club memberships , which gave actually appreciated in value ,

On the resale market there are some rare deals out there if you're willing to spend the time amassing intimate knowledge of their points systems , transfers to other properties etc

The easiest way to make money with timeshares is to help resell them by matching owners and buyers . Many people do this on eBay - they don't actually own the timeshare they just post a listing and match a buyer up with someone looking to unload they're unwanted unit


Actually I think you reminded me that ilikebtmoney was the one that initially sent me on the quest to research it through a forum he posted on here(which lead to a bunch more sources of info). I came to a very different conclusion than he did after exhaustingly looking through it.

I don't agree that the resale market there are 'rare deals' that would allow you the ability to turn a noticeable profit after you went in the exchange marke and then tried to find a buyer/renter. In the case of timeshare pts pre exchange(not in exchange) it's not enough profit to make up for the fact that you can get a bum conversion and lose on occasion.

If you really found a deal on the resale market the best way to profit would be to take it and then just resell it on the resale market for the amount that doesn't represent a 'rare deal'. But this has nothing to do with using the timeshare market itself to make a profit it's only the buying and selling of the small upfront cost of it which brings me to your next comment.

Of course that would be profitable, but your not actually using the ownership of timeshares or timeshare pts to make that profit. You're just playing market maker. A market maker doesn't actually have to believe there is value in the 'asset'(read liability) in order to do that and make money.

My folks have a handful of time shares through Starwood (Sheraton, Westin, etc). I'm told that the Hawaii properties have held their value, but the other properties are held mostly to get top status with the Starwood hotel chains [they were a lot cheaper than the HI purchases]. We have had endless free upgrades to multi-room suites, but they also travel quite often to the properties they own.

I don't know that they could pay less $$ on vacation rentals in the locations of these properties, but its certainly possible. I know the property taxes are deductible. You certainly have to want to travel to the same place (or within the network - and Starwood is only in a handful of locations - for it to make sense). If my folks didn't get the status for hotels, I'm not sure that they would own as many as they have. They also can trade in the unused timeshare weeks for SPG points, though some properties have more point value than others.

My FIL owns two, one through Diamond, one through Interval. You know who makes out like a bandit from timeshares? Family members that get to stay for free when the owner can't use it. He wouldnt listen to me when I advised him not to buy them, and since then he's been paying a stupid tax each year by giving me his unused points.

He seems to think we are going to keep them after he passes. 'Im giving you a vacation you have to use every year.' Nope. They'll go away with the rest of his estate.

JCranfill said:   My FIL owns two, one through Diamond, one through Interval. You know who makes out like a bandit from timeshares? Family members that get to stay for free when the owner can't use it. He wouldnt listen to me when I advised him not to buy them, and since then he's been paying a stupid tax each year by giving me his unused points.

He seems to think we are going to keep them after he passes. 'Im giving you a vacation you have to use every year.' Nope. They'll go away with the rest of his estate.


I would agree with this.

JCranfill said:   My FIL owns two, one through Diamond, one through Interval. You know who makes out like a bandit from timeshares? Family members that get to stay for free when the owner can't use it. He wouldnt listen to me when I advised him not to buy them, and since then he's been paying a stupid tax each year by giving me his unused points.

He seems to think we are going to keep them after he passes. 'Im giving you a vacation you have to use every year.' Nope. They'll go away with the rest of his estate.


An interesting little tidbit about the timeshare industry is the issue of inheritance. The industry wants to make it a requirement that it be included in the estate and passed to the heirs which is literally retarded and would never fly. But that tells you right there that these things really are liabilities. But since they can't claim they are liabilities they can't put a claim on the assets of the estate to recover their losses. So they just end up taking them back at death.


Which reminds me of the only smart move I ever thought of in the timeshare space. Once you're positive your going to die soon offer to take anybody's time share off of them for like $2k+ each and then when you collect like 100 of them die pass your kids the cash, but send all of the $hitty timeshares back to the $hitty timeshare companies. LOL!

Is there a good resale site besides eBay? looking from buyers and sellers perspective...

How do you get the free weekend timeshare presentation offers?

When I was young my dad used to take us on timeshare vacations... one of the best parts was when they took us into a room and ran their sales pitch and my dad told them straight up he wasn't interested and we only came for the free stay... that got us out quick.

vickh said:   Is there a good resale site besides eBay? looking from buyers and sellers perspective...

The main forum that I now forget what it's called has it's own marketplace on their as well as well. Many of the rent my timeshare sites also double over as a secondary market for the sale of a timeshare as well. eBay is by far the most dominant from what I remember though.

brettdoyle said:   How do you get the free weekend timeshare presentation offers?

When I was young my dad used to take us on timeshare vacations... one of the best parts was when they took us into a room and ran their sales pitch and my dad told them straight up he wasn't interested and we only came for the free stay... that got us out quick.


Yeah I would be more interested in a site that just tracked the best deals in timeshare promo vacations where you can take their free $hit while giving them the finger when you actually get down there.

I know that when my family has brought guests, the guests have been able to get free stays on a future visit in exchange for the sales pitch.

dshibb said:   JCranfill said:   My FIL owns two, one through Diamond, one through Interval. You know who makes out like a bandit from timeshares? Family members that get to stay for free when the owner can't use it. He wouldnt listen to me when I advised him not to buy them, and since then he's been paying a stupid tax each year by giving me his unused points.

He seems to think we are going to keep them after he passes. 'Im giving you a vacation you have to use every year.' Nope. They'll go away with the rest of his estate.


An interesting little tidbit about the timeshare industry is the issue of inheritance. The industry wants to make it a requirement that it be included in the estate and passed to the heirs which is literally retarded and would never fly. But that tells you right there that these things really are liabilities. But since they can't claim they are liabilities they can't put a claim on the assets of the estate to recover their losses. So they just end up taking them back at death.


Which reminds me of the only smart move I ever thought of in the timeshare space. Once you're positive your going to die soon offer to take anybody's time share off of them for like $2k+ each and then when you collect like 100 of them die pass your kids the cash, but send all of the $hitty timeshares back to the $hitty timeshare companies. LOL!


Green for this. If someone has a terminal disease and does not have a legacy to pass on, this is a ballsy move that would reap benefits both for your kids or heirs and also help the people to get rid of costly timeshares.

Obviously consult with a lawyer first, and involve your heirs in the planning to "return" the timeshares after death. I do suspect there would be a some hassle in returning a hundred timeshare units to their owners, and some expense, and perhaps there are other considerations that make this not such a great deal. Still, I love this concept.

Kanosh said:   dshibb said:   JCranfill said:   My FIL owns two, one through Diamond, one through Interval. You know who makes out like a bandit from timeshares? Family members that get to stay for free when the owner can't use it. He wouldnt listen to me when I advised him not to buy them, and since then he's been paying a stupid tax each year by giving me his unused points.

He seems to think we are going to keep them after he passes. 'Im giving you a vacation you have to use every year.' Nope. They'll go away with the rest of his estate.


An interesting little tidbit about the timeshare industry is the issue of inheritance. The industry wants to make it a requirement that it be included in the estate and passed to the heirs which is literally retarded and would never fly. But that tells you right there that these things really are liabilities. But since they can't claim they are liabilities they can't put a claim on the assets of the estate to recover their losses. So they just end up taking them back at death.


Which reminds me of the only smart move I ever thought of in the timeshare space. Once you're positive your going to die soon offer to take anybody's time share off of them for like $2k+ each and then when you collect like 100 of them die pass your kids the cash, but send all of the $hitty timeshares back to the $hitty timeshare companies. LOL!


Green for this. If someone has a terminal disease and does not have a legacy to pass on, this is a ballsy move that would reap benefits both for your kids or heirs and also help the people to get rid of costly timeshares.

Obviously consult with a lawyer first, and involve your heirs in the planning to "return" the timeshares after death. I do suspect there would be a some hassle in returning a hundred timeshare units to their owners, and some expense, and perhaps there are other considerations that make this not such a great deal. Still, I love this concept.


I almost want to recommend looking into this to the guy who came on with the terminal disease post. As of right now it appears that he could still make it, but if it ever took a turn for the worse he could end up making it so that his heirs live like kings.

If possible that could make this the most worthy tidbit to his situation of anyone on here. You know what I have already convinced myself I'm shooting him a PM. I might end up helping his family become pretty damn well off if he was ever aware he would for sure pass.

DShibb,

I don't disagree with you, per se - it's just what you value in your life. I value travel. I just spent a week in the Smoky Mountains for $280 dollars for 7 days in a 2 bedroom condo. That's cheaper than most Motel 6's to have 1200 square feet, a kitchen, a balcony and a view. For the pics crowd, here's a picture from our balcony this week.

Pics!

Now, to this end, I got this on a last minute deal - and clearly there was inventory to be had - this was not Hawaii at Christmas by any means - but still, I have learned to save more money by timeshares than anywhere else. And I bet the person who sold it to me made money, too. Might not have been a lot - but he got some value for his points.

If you're GOING to travel anyway, and you prefer to travel in bigger spaces - well, this is a very financially sound way to do it. I absolutely travel to the deals instead of always finding a deal where I travel - that's part of what I'm willing to sacrifice to snag deals like this.

Are you going to make a boatload of cash doing it? No - but you might save some. A penny saved is a penny earned, in my eyes.

I'm honestly not really sure what you were disagreeing with - as I mentioned that if you value say - staying at Disney - buying up RCI points at 1:1 ratios might be a cost effective way to do it, but if you didn't value that - you could likely stay in Orlando at someone else's timeshare at the last minute for $50-$100 bucks a night if it's not completely booked. You'll be hard pressed to find DVC at a discount except in rare situations when someone has to cancel at the last minute and unload their reservation - but even then, they can command a high price - because someone will drop what they're doing and go to Orlando for the right deal.

The website you were referring to was TugBBS - and I do most of my travel purchases on there on their last minute board (where you pay a max of $100 a night for anything available within 45 days)

But my point was that most people are not knowledgable of this. That's why I compared it to flying in first class using frequent flier miles - if you're going to do that anyway - you might as well do the miles game. If you're going to go to Disney anyway - might as well do it on RCI points. If you don't care - yes, there's almost always other ways to be in the area cheaper.

But not to get into an e-penis war - but I was in an 1100 sq ft room on the Vegas strip 14 floors up right next to the Elara for the fireworks this NYE for $100 a night.

Vegas for NYE!

I spent a week on the Pacific Ocean last summer for $100 bucks a night.

Oregon Coast

Again, this is not meant to be a look-at-me post - people like pics! But learning to play the timeshare game, given that I love and value travel and travel 8-12 weeks a year, has been one of the most financially beneficial piece to my spending portfolio. I suspect people are profiting on my travel.

As with anything FWF based, and as SIS said - it's really about finding the angle. For me, the angle has been spending less on things I plan on doing anyway. For others, it might be getting 10% back on your RCI points based on booking and reselling high demand trips (which I believe is against the TOS - but people do it anyway...)

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