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Can anybody explain why someone sell me an apartment in resort ? (self.asklemmy)

submitted 4 months ago* (last edited 4 months ago) by hahattpro to c/[email protected]

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It seems sketchy as hell.

They sell an apartment, that apartment in resort. The price is about typical normal apartment.

They said that I own that apartment, and can visit the resort few days a year, enjoying staying at that apartment. Just book your day and they handled the rest. I still not fully wrapped my head about this concept yet, but why not stay there forever but "book" ?

My aunt said this seems good deal. But I feel something fishy.

Is it a good investment compared to normal apartment in residence building ?

Can someone tell me more details on this type of real estate?

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[–] [email protected] 12 points 4 months ago

The sales people are cons, but the idea has merit but not to make money. You're probably not going to rent it out for a profit.

Where it has merit is if you do the research and understand specifically that the concept can work for you, and take the timeshare off someone else in the secondary market it can save you a lot of money, but only in specific situations.

There are good and bad systems and locations. You want to optimize on those.

You also have to be someone who will go on week long trips multiple times a year and have a life that let's you either lock the dates in firm 9 months to 13 months out (depending on system) or can go in 30 days or less to what opens up last minute.

And you have to want to go to resort locations like Myrtle Beach, Orlando, Las Vegas, Smoky Mountains, Hawaii, Breckenridge, Branson, Williamsburg or California.

Oh, and you'll want to be ok with 3 star locations without daily maid service.

The upside is you can often stay in 2 bedroom suites with full kitchen and laundry with pools and hot tubs and arcades and mini golf in various amazing locations for about 1,800 dollars a week or less. Sometimes much less. If you're comparing 2 hotel rooms at today's prices that can be very cheap for 7 days. The average say Hampton Inn is close to 200 a night per room, so at the higher end of 1,800 you're still 1k less for the week.

And I've hit sales in the less demanding seasons for as little as $550 for the week. But of course if you're looking at Hawaii in season you might be at the higher end of 4k for a week cash, and technically the sky is the limit. This is where knowledge and planning comes in because you can pay for a week in say Florida for 1,600 every year, but trade that week with one that in Hawaii that goes for 4,000 much of the time. You just have to beat everyone else to the trade which is what the planning is for.

I am not a salesman just a so far happy "owner" going on a lot of trips this way by "sams clubbing" my vacations and paying ahead for some.

If you do want to learn realistic costs and nuts and bolts - tugbbs.com can teach you a lot for free.