PLEASE help.... buying a timeshare for the first time. need honest advice

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

Bought a gallon of milk for $ 2.69 Sunday.

Cottage cheese was $3.98 yesterday.

Sure you know what a cow is?

[bnoble Senior Member Find all posts View Profile Close bnoble]

Bought a gallon of milk for $ 2.69 Sunday.

Cheaper than gas.

[JWC Super Moderator Find all posts View Profile Close JWC]

...You are 21 in the Military, your income is not able to support a timeshare. I am not putting you down at all. I thank you for your service!

You are being very presumptuous. You don't know what he can afford.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

There's something odd about Tony buying milk.

[easyrider Senior Member Find all posts View Profile Close easyrider]

I don'y know about milk, but holy cow, I bought some steaks at Costco this last week end and I was kind of surprised.

Tony doesn't buy milk. He milks his cats.

[Glitter Brunello Super Moderator Find all posts View Profile Close Glitter Brunello]

I feel sorry for the OP having to read through this thread, if he comes back.

[JLB Please excuse me, I'm a Dick. Not a moron just a Dick Find all posts View Profile Close JLB]

You are being very presumptuous. You don't know what he can afford.

But he has a pretty good idea of what he can't afford.

[tonyg Goomba & Super Moderator Find all posts View Profile Close tonyg]

Cottage cheese was $3.98 yesterday.

Sure you know what a cow is?

Yep. We have more cows than people where I live and they are close enough for me to know when it's milking time. A moose was sighted within a mile away a week or so ago and a rather large bear has been roaming the neighborhood today.

[chriskre Super Moderator Find all posts View Profile Close chriskre]

Sure, why buy the cow?

Cause you can't always find cheap milk.

[ronparise Senior Member Find all posts View Profile Close ronparise]

I'm not sure that #2 is a great reason to own something. Making money is very very very hard---next to impossible, without making it a full-time hobby. You probably do not have that kind of time. And, I get the idea of wanting to "own" something, but really all you own with a timeshare is the obligation to continue to pay for the operation and upkeep of a (small part of) a vacation condo.

As for #1: a relaxing space is a great idea, and timeshares are way better than hotels, but in your case I would recommend renting, not buying. True, you are going during peak times, but even then it is possible to get some very good deals---a little bit more than it would cost to own, and often even less if you are not dead set on the most in-demand locations. In exchange, though, you are buying a lot of flexibility---and that's flexibility that you might need in the future. As a 21 year old, with a wife but (it sounds like) no kids yet, kids will throw a huge monkey wrench in your vacation habits in ways you can't begin to predict.

So: rent for now, get a sense for whether or not the timeshare lifestyle is one that you like. After your life stabilizes a bit more---heck maybe even after retiring from active duty service---that's the time to revisit the buying decision. Even then, renting might be better.

So you are telling the op that its hard to make money with timeshares, but that he should rent from someone that is no doubt making money with timeshares. My advice for the op is to look for a place that, first and foremost, he plans to use himself and secondly one that also has good exchange power and good rental potential

Im an old real estate junkie and now a timeshare addict. Once I bought enough for my own use I bought more because I found it easy to rent and make money with them. but I dont buy anything that Im not pretty sure has great rental potential, and there are not many of these weeks at the typical resort...so be careful...the purchase is easy..maintenance fees are forever

[ronparise Senior Member Find all posts View Profile Close ronparise]

Don't use your real name on the Internet.

I know you are winking but gotta say,, I respect the comments made by folks that use their real name more than those that hide behind a made up name

[easyrider Senior Member Find all posts View Profile Close easyrider]

Hi Ron ! I know you have both wm and wyndham and I was wondering what do you feel is easier to use.

LLIB

[bnoble Senior Member Find all posts View Profile Close bnoble]

but that he should rent from someone that is no doubt making money with timeshares.

That you make money renting timeshares is not evidence that most do. I'm quite convinced that most people who rent---particularly those who rent casually, which describes the vast majority of "landlords"---do not. Just look at the rental prices on TUG, Redweek, etc. There are lots and lots of resorts available in great locations and at great times for right around MFs and sometimes less. Factor in the cost of acquisition? Most of these are under water.

I respect the comments made by folks that use their real name more than those that hide behind a made up name

I always post under (some version of) my real name, on any board. It is useful to remember that even pseudonyms are easily traceable to real people.

[ronparise Senior Member Find all posts View Profile Close ronparise]

Hi Ron ! I know you have both wm and wyndham and I was wondering what do you feel is easier to use.

LLIB

Neither one is difficult to use. Dont get me wrong, you have to spend a little time learning how either one works, but its not rocket science. I would liken them both to the game of chess. You can learn the rules and make the moves in an afternoon. but it takes a lifetime to master.

There is an website put together by a Worldmark owner that does an excellent job of teaching you the Worldmark system from the basics to the more advanced topics. http://www.wmtsinfo.com/

There is nothing like it for Wyndham (although Ive been tempted to do one myself) except the Wyndham Primer that you can find on the Wyndham Owners website. Its more of a history book than a how to manual
http://forums.atozed.com/index.php
http://forums.atozed.com/download/file.php?id=2946
This is well done but a little outdated You should completely ignore anything here dealing with RCI exchanges.


To the advice I give prospective timeshare buyers like the op.....The reason to buy a timeshare has, in my opinion nothing to do with the ease of use. Rather its all about the resort(s) You can always learn how to use it.

Wyndham has a lot on the east coast and some in the west. Worldmark more in the west and only a few in the east.
Wyndham is cheaper to buy, Worldmark is cheaper to use, but the way I run the numbers; over time the expense evens out (just dont buy from the developer)

I bought Wyndham initially because they are the only timeshare system that has resorts in the DC metro area, and they also have a ton of properties within a few hours of my home in Florida. I bought more to fuel my vacation rental business in New Orleans. I bought Worldmark because they have resorts near my daughter and grandkids in California. and because they also have units in New Orleans that I can use for rentals.

So you can see I followed my own advice, Buy something that works well for your own use that also has good rental potential just in case you cant use what you own yourself. Your needs will be different than mine. The ops first job will be to define his own needs, before he gos shopping. (but he must always remember that the buy nothing option is one of his choices.

[ronparise Senior Member Find all posts View Profile Close ronparise]

That you make money renting timeshares is not evidence that most do. I'm quite convinced that most people who rent---particularly those who rent casually, which describes the vast majority of "landlords"---do not. Just look at the rental prices on TUG, Redweek, etc. There are lots and lots of resorts available in great locations and at great times for right around MFs and sometimes less. Factor in the cost of acquisition? Most of these are under water.


I always post under (some version of) my real name, on any board. It is useful to remember that even pseudonyms are easily traceable to real people.

Sorry I didnt mean to suggest that what I do is everyone's experience. I know you are right most that rent dont make money. but most rentals are offered by the few of us that do. (And by the way I can routinely offer rentals for less than my mf and still make money)

I think if the op decides to rent on a regular basis he probably will develop a relationship with a professional that is making money

And now for my rant.....I dont like unsolicited advice....If I had listened to the advice I got when I started my timeshare adventure, I never would have started. "its to hard", "its too risky", its too expensive" "you will lose money", "you cant compete with the big boys" etc etc. So now I neither advise anyone to rent or not to rent. but if someone is interested Ill answer questions from my experience and help in any way I can...Im not going to prejudge anyone's ability, drive or determination, I could advise the op to rent and then send him a note soliciting his business. but I didnt do that. I would rather answer his questions and stay away from giving unsolicited advice. (rant over)