Hi everyone-
I have also posted this question on the HICV facebook owners page. I know that this site has some smart minds so I'm hoping someone might provide me with some direction on who I could contact for more information.
I recently purchased two resale timeshares at Smoky Mountain from Sumday Vacations. Both are 2 bedroom units in peak season with float weeks 22-31 & 51-52. I am not currently at HICV member. From looking at Smoky Mountain's weeks, these are diamond weeks and worth 154,000 points each. It is my understanding that Smoky Mountain is one of 3 points resorts where points transfer to the new owner, however Sumday does not have any information about the points values of this units.
I need to confirm with hicv/orange lake that these units have points value rather than deeded weeks and the points will transfer to me as the new owner. I have called multiple numbers and been transferred numerous times but so far can't find this information. I'm hoping someone can point me in the right direction to help me find the information I'm looking for.
Thanks in advance for any help the group can provide. Mark
Jerry Ackerman VRBO fees are through the roof and Paypal does not offer buyer protection on non-merchandise purchases.
ReplyDeleteRenting deeded weeks is safe - renting points purchases is somewhat of a gray area if you start doing 100s of them.
Getting rid of the Vegas units themselves is not hard, although if you sell them for the same $400 you paid, then you'll lose ~$300 in closing costs - it's getting any piece of the $8000 conversion fee back that's hard.
Once again, my point is not that a conversion is a bad idea because I can't see that many years ahead - my point is just that it is not risk free.
There aren't enough low maintenance HICV points units on the market to make anybody a millionaire at these prices - I've purchased 1140K points buying every unit at these price points over the last 2.5 years.
VRBO fees for the seller are very fair at $349 unlimited sales per listing or 8% of each sale with no minimum fee. The trick is high volume so that the $349 fee does not eat into your percentages.
ReplyDeletePay Pal does not consider vacation rentals as "Real estate" so you are covered for Fraud. If you call them up you will find Fraud is covered in most instances unless you use the "Freinds or Family" rate.
Tip- Sure you save the 2.9% transaction fee but you are not covered for fraud with "Friends and Family rate"
"Items Not Covered
Items like real estate, motorised vehicles (of any kind), custom-made items, industrial machinery (for manufacturing), prepaid cards, or items that violate our policies, anything you buy in person, or money transfers to friends or family."
Lets be honest with each other. Time shares have very little resell value. If you have the time and experience such as yourself it is possible but for the average person they will most likely pay someone to do it for them.
With your way or mine their is very little equity in this investment. You purchase a Time share because you want to save on your vacations. It is possible to do this if you plan it out accordingly.
Jerry Ackerman Agreed that timeshares have little resell value - my point is that if you are patient enough to buy for a little under market average and sell for a little bit over market average, breaking even on the initial investment on low maintenance HICV points units is feasible because availability is extremely limited.
ReplyDeleteBreaking even on the initial investment of a $8K HICV conversion is not possible - the best you can hope for is recovering the $8K (and even the $400 per 169K Vegas unit) through benefits while you own it. if you sell early for any number of reasons (affecting only you or all members), then your initial investment is wasted, which is why conversion has risk.