another time share sucker

5 Replies

Hey, I don't know if this is an appropriate forum for my question, but I'll give it a go:

A couple years ago I bought into a timeshare. (Yes, now I know that that's a scary sentence, but I didn't know it at the time.) Having always been told that property is among the safest investments, I thought it would be a good way to get a slice of investment pie without forking over a whole lot of cash on a second home. Now, I've used the TS as a vacation spot just once -- it's not such a great vacation, actually -- and I'm paying maintenance fees that get steeper and steeper. I'd love to sell it, but apparently so would every other TS owner in the world: everyone's selling, nobody's buying. I'd be throwing away even more money just to list it, because as I said, nobody's buying. Even if I donate the thing, I'd still be responsible for maintenance fees. Worst of all, I think, is that my children aren't in line to inherit a slice of property, but instead a financial weight. I'm just sick of it all and desperate to get rid of the thing.

Now that I've spelled out all this despair (thanks for listening), I wonder if anyone out there has some advice. Thanks in advance,

Harmon

My ex had one of those things when I married her.. and took it when she left. Only benefit I ever saw in it was the ablity to bank the week and exchange it for one at another resort. If I recall, even that cost a few bucks to join the association or whatever it was.

Hello Harmon,

First, let me say...welcome to the Forum!

You honor us by bringing us your questions and input about
Real Estate. We're glad you're here.

About selling your TimeShare: if you go about it in a business-like
way, you will be able to attract a buyer. That's my belief about
the Law of Attraction.

But let me say this in general.

In investing (or in my case -- trading Forex) it is important to not
second guess yourself, and to forgive yourself for past mistakes.

This is important because we all make many, many mistakes.
Each one was a decision we made with what -- at the time -- was
the best information we had.

Each decision has this form: study the 'facts' as you see them and
make a decision. Later, if the facts were correct, you make money
and looking back it 'seems' easy and right.

If it turns out badly, just move on. You don't jump up and down
with glee, every single day, for every good decision you ever made.

Why hit yourself and berate yourself every single day for a mistake
you made. Calmly say, "that was bad. I'm going to sell that."

If it means that for this transaction you are a motivated seller, just
laugh and say, "On this one, I'm the motivated seller."

On another, later, transaction, you will be buying from the "motivated
seller" and will know how that feels. It's nothing personal. In this
business we look for motivated sellers.

But if every transaction is going to be a drama...watch out!

I say get rid of the thing as soon as possible. Of course, I agree that you shouldn't beat yourself over the head. The important thing is to stop all the financial bleeding that you're now experiencing via payments and fees. Just get out. Some people even pay companies -- TimeShare Relief is one -- to take their timeshares off their hands. This would mean a loss of more than 100% on your investment. But the investment was so bad to begin with that I think you just have to get rid of it and run for your life any way possible.

I couldn't help but notice your post having just gotten rid of a timeshare myself. Agree with you on all points. I had a TS in Myrtle Beach and used it twice. Only late in the game did I realize that it would be easier to win the lottery than offload it. Long story short, I got a postcard in the mail from this company and went to their presentation. In short, you end up paying them a fee and they take your timeshare off your hands. A complete transfer of title. You'll never pay another maintenance fee again. Your timeshare is gone. I tried to sell it. I listed it with an agent (more money), I listed it in the classifieds, I listed it on eBay, I looked into donating it, the whole nine. Bottom line is, you can't give away a financial responsibility. There are charities that will list your TS for free but you continue to pay your fees until it sells and, as it is probably becoming clear, selling one of these things is extremely difficult. A lot of people bristle at having to pay someone to take these things off their hands but when you consider how much money you're throwing away on all the fees not to mention any listing fees you might pay to try to sell it it becomes clear that a one time fee for freedom is the far better recourse. I have no regrets. I'd recommend them to anyone in a similar situation. Good luck to you! There is a way out.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here