Renting ????

[rplowden Junior Member Find all posts View Profile Close rplowden]

I'm new to the forum, and I searched for my answer, but couldn't find exactly what I was looking for. If there is something out there, then please point me in the right direction.

I own points at both Bonnet Creek, FL and in San Antonio, TX. I don't know exactly what my point status is right now, but my plan is to rent most of my yearly points out a both locations and keep about 28,000 per year to be used in RCI.

I called my coordinator in San Antonio, but for some reason he has been "promoted" and I have yet to get him on the phone. GMAC keeps calling me wondering about renting my points. I believe GMAC does Wyndham's financing, am I correct? They was either $600 up front for a yearly rental or $1000 up front for the life of my contract. And he says for the amount of points I'd be looking to rent I would make approx. $2600.

Is this BS? What is the best way/place to rent points? What should I look out for?

Thanks for any input,

Rivers

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

I don't own wyndham but have rented points from owners a few times in the past especially to get into San Antonio. I rented directly from the owner and I paid him with paypal. He put an ad on redweek and I found him there. Everything went smoothly and I was pleased that I was able to get a 2 bedroom at the Riverwalk for $600 for 7 nights. This is probably not as profitable as it could have been, I would have paid more considering the hotels were charging $200 and up a night during a Medical convention, but that was his asking price so I got a good deal. Obviously this covered his expenses and he seemed pleased. He emailed me the confirmation and I veritifed it before I left. Maybe you can try redweek instead. I think they charge $10 or $15 for an ad for 6 months. He advertised his points in the San Antonio section so I guess you need to pick a resort and market it as a week there. He lived in Texas so I guess it made sense to him to do what he knows best. Good luck, I wouldn't pay $600 to make $2600. Do they guarantee you $2600? I doubt it.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I'm new to the forum, and I searched for my answer, but couldn't find exactly what I was looking for. If there is something out there, then please point me in the right direction.

I own points at both Bonnet Creek, FL and in San Antonio, TX. I don't know exactly what my point status is right now, but my plan is to rent most of my yearly points out a both locations and keep about 28,000 per year to be used in RCI.

I called my coordinator in San Antonio, but for some reason he has been "promoted" and I have yet to get him on the phone. GMAC keeps calling me wondering about renting my points. I believe GMAC does Wyndham's financing, am I correct? They was either $600 up front for a yearly rental or $1000 up front for the life of my contract. And he says for the amount of points I'd be looking to rent I would make approx. $2600.

Is this BS? What is the best way/place to rent points? What should I look out for?

Thanks for any input,

Rivers

Never pay an upfront fee to rent or sell your timeshare - I am not talking about the small fee (under $50) that Redweek or MyResortNetwork charges.
GMAC keeps calling you to get your listing and your money - and USUALLY will place an ad on the internet that is overpriced for what u own.
Tell them u will sign a contract that pays them their $600 AFTER they get the rental with advanced payment for you.
You won't hear from them again.

Wyndham has stopped as of March 1 allowing owners to rent their points to other owners.....you can still make a reservation with your points at a Wyndham resort and rent that reservation to someone.

This may sound easy but you would have to find a renter willing to pay your price (and what would your price be???? it would have to be based on the number of points needed to make a particular reservation, correct?) and you would have to be able to get the reservation that the renter wants at the time they want.
Some people who rent make reservations at their home resorts at the 13 month ARP or at other resorts at 10 months during popular times and with that reservation in hand, rent out THAT reservation...

Other more experienced Wyn/FSP owners will pipe in.....but never pay upfront for someone to rent or sell your TS - once they have your money, there is no motivation for them to market your TS aggressively.

[rplowden Junior Member Find all posts View Profile Close rplowden]

Thanks for the replies. Can guests use reservations made through RCI? It seems like the points would go much further if so.

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Thanks for the replies. Can guests use reservations made through RCI? It seems like the points would go much further if so.

You cannot rent an RCI exchange. You can give it to friends to use and get the exchange fee and Guest Cert costs only. If RCI catches you making money on these you will lose your RCI account.

[GrayFal Silver Contributor and supermoderator Find all posts View Profile Close GrayFal]

I forgot to say Welcome to TS4Ms

Thanks for the replies. Can guests use reservations made through RCI? It seems like the points would go much further if so.

You cannot rent an RCI exchange. You can give it to friends to use and get the exchange fee and Guest Cert costs only. If RCI catches you making money on these you will lose your RCI account.

As Lawren stated, no, No, NO .
Anything u rent out must be a direct reservation made thru Wyndham because you OWN it.
That is why this type of ownership can be a bit of a challenge to rent successfully.

I own a week at a nice resort in Myrtle Beach - it is 'float time' - so I call up 1 year ahead and book a week in July.
I then post that week for rent - stating in the ad that this is the ONLY check-in date I have available.
I rent it, add the renters name to the reservation after getting full payment upfront....and that is it.

It is a bit less complicated then trying to rent out a point ownership.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

I'm new to the forum, and I searched for my answer, but couldn't find exactly what I was looking for. If there is something out there, then please point me in the right direction.

I own points at both Bonnet Creek, FL and in San Antonio, TX. I don't know exactly what my point status is right now, but my plan is to rent most of my yearly points out a both locations and keep about 28,000 per year to be used in RCI.

I called my coordinator in San Antonio, but for some reason he has been "promoted" and I have yet to get him on the phone. GMAC keeps calling me wondering about renting my points. I believe GMAC does Wyndham's financing, am I correct? They was either $600 up front for a yearly rental or $1000 up front for the life of my contract. And he says for the amount of points I'd be looking to rent I would make approx. $2600.

Is this BS? What is the best way/place to rent points? What should I look out for?

Thanks for any input,

Rivers

Welcome.

Since there is no guarantee they will rent out your unit, unless you doing like 100+ rental yearly, does not seem a good idea to pay up-front fee. And if you do that many, there are much better way to handle the ad.

It is in the middle of the year, so you will not use ARP. For simplicity, you can first study BC and San Antonio,TX. To see when there is some events that can attract enough crowd there, and you can get. If you identify a few, look at the one that cost you less points, and list them in date. Try to get the one come first. Then you need to determine if you want to get 1 BD or 2 BD. Usually, 2BD is for family. Since both your resort is at south, I will guess summer vacation is not their best time slot, so you should still be able to get some time slots that you will fid enough people willing to take it.

Then try to ad it aggressive in all the sites (tug2.net has a good list of them) you don't have to be the lowest priced, but you want to be in the low end of all the ad since this year economic is really bad. And if you think the ad ask too much there for you, than you should be the lowest one.

Make a decision at a day before 15 days you will cancel the reservation, so you don't loss your points.

Wyndham no longer allow you to transfer point between owner, you have to make reservation and add Guest Certification fee which you should assume it is $99.

Except Redweek, You can not rent out any exchanged week unless you get them from Wyndham.

It is not a good year to start renting, on the other hand, it is great you start at this time, if you success rent out, you know you can do that most of the time.

Good luck.

Jya-Ning

["Z" Junior Member Find all posts View Profile Close "Z"]

Hi,

I've spent an enormous amount of time online today reading/rereading your conversations. Locating and pulling up a forum alone took me about an hour what with a few phone calls out of state just to find this. Savvy? MMmmm Nope! Persistent? Mmmm, Yep!
'Nwayz, economy has forced me to look into doing something with my points account, a multi-destinational (timeshare), w/ Diamond Resorts. Knowing it's unlikely it will sell w/ current market, I'm mustering courage to rent. I have no clue where, how and if to start. I appreciate all the exchange I read here today. Most important, not to pay up front fees. Coincidentally, VPResales popped-up last night, and I held a conversation with them. That triggered courage and effort to tune in here today. I am one happy person that I found you all. You seem generous and confident to share. Thank you!
Does a hand book on this stuff exist anywhere? or perhaps an online resource? Completely void of real estate jargon/knowledge I'd appreciate any food for thought you can offer.

Cheers,

"Z"

[lawren2 Malibu Beach Barbie & A Super Moderator Find all posts View Profile Close lawren2]

Hi,

I've spent an enormous amount of time online today reading/rereading your conversations. Locating and pulling up a forum alone took me about an hour what with a few phone calls out of state just to find this. Savvy? MMmmm Nope! Persistent? Mmmm, Yep!
'Nwayz, economy has forced me to look into doing something with my points account, a multi-destinational (timeshare), w/ Diamond Resorts. Knowing it's unlikely it will sell w/ current market, I'm mustering courage to rent. I have no clue where, how and if to start. I appreciate all the exchange I read here today. Most important, not to pay up front fees. Coincidentally, VPResales popped-up last night, and I held a conversation with them. That triggered courage and effort to tune in here today. I am one happy person that I found you all. You seem generous and confident to share. Thank you!
Does a hand book on this stuff exist anywhere? or perhaps an online resource? Completely void of real estate jargon/knowledge I'd appreciate any food for thought you can offer.

Cheers,

"Z"

wecolme Z to TS4Ms.

We like to think we are generous in our knowledge. Lord knows none of us makes a dime here and we have the creme de la creme of the individual resort systems all here.

If it is Diamond you want to learn about then you need to go here:Diamond Resorts International (fka Signature, Sunterra, EPIC) - Timeshare Forums

I'm sure you will get expert advice and assistance there regarding renting your points.

[T. R. Oglodyte Moderator Find all posts View Profile Close T. R. Oglodyte]

[quote="Z";319394]
Does a hand book on this stuff exist anywhere? or perhaps an online resource? Completely void of real estate jargon/knowledge I'd appreciate any food for thought you can offer.

Cheers,

"Z"[/QUOTE]

You might check out the "Renting Timeshares" information in the Timeshare Users Group Advice area: [url]http://www.tug2.net/tug_timeshare_advice.shtml[/url]. The article on [URL="http://www.tug2.net/advice/howtorentyourtimeshare.htm"]How to Rent your Timeshare[/url] might be particularly helpful.

[Jya-Ning Silver Contributor Find all posts View Profile Close Jya-Ning]

Hi,

I've spent an enormous amount of time online today reading/rereading your conversations. Locating and pulling up a forum alone took me about an hour what with a few phone calls out of state just to find this. Savvy? MMmmm Nope! Persistent? Mmmm, Yep!
'Nwayz, economy has forced me to look into doing something with my points account, a multi-destinational (timeshare), w/ Diamond Resorts. Knowing it's unlikely it will sell w/ current market, I'm mustering courage to rent. I have no clue where, how and if to start. I appreciate all the exchange I read here today. Most important, not to pay up front fees. Coincidentally, VPResales popped-up last night, and I held a conversation with them. That triggered courage and effort to tune in here today. I am one happy person that I found you all. You seem generous and confident to share. Thank you!
Does a hand book on this stuff exist anywhere? or perhaps an online resource? Completely void of real estate jargon/knowledge I'd appreciate any food for thought you can offer.

Cheers,

"Z"

As lawren2 said, we have a Diamond forums, and people there are very experienced.

Not owing Diamond, so don't know if it is the same as Wyndham. But you will need to make reservation, ad it, talk with potential renter, sign a contract, get the money, get a GC for it. Then make sure you still have those unit before the trip date approaching.

If this is your first time, start with area you have some idea, so you can feel if there is enough interesting to rent the area.

As said, it is late for this year, so try to just get your feet wet.

Make sure you study the rule book of Diamond, so you know what will be your penalty if you can not rent the reservation and has to cancel it. And all the cost associate with the rental.

Jya-Ning