BH thoughts on Time shares

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dodgersummer
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BH thoughts on Time shares

Post by dodgersummer » Wed Feb 22, 2017 1:14 pm

I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?

DSInvestor
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Re: BH thoughts on Time shares

Post by DSInvestor » Wed Feb 22, 2017 1:19 pm

I'd rather pay for the tickets than sit through one of those hard sell presentations.
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cheese_breath
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Re: BH thoughts on Time shares

Post by cheese_breath » Wed Feb 22, 2017 1:32 pm

If you don't mind sitting through hours of high pressure sales pitches in a remote desert location miles from civilization, well OK. But be prepared to leave with a timeshare deed along with your free tickets.
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whaleknives
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Re: BH thoughts on Time shares

Post by whaleknives » Wed Feb 22, 2017 1:45 pm

And I'd like some comments on who has been able to use timeshares at the time and place they wanted.
  • "Why in the world would you pay thousands and thousands of your hard-earned dollars for a place with minimal square-footage that you might get the chance to visit for one week each year? Add to that the fact that you have absolutely no equity in the place. And you have to pay extra ongoing "maintenance fees." And selling it is near impossible." The Truth About Timeshares, Dave Ramsey
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Toons
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Re: BH thoughts on Time shares

Post by Toons » Wed Feb 22, 2017 1:49 pm

Steer Clear.
As others have said,
High pressure.
All you are "buying" is a fixed amount of time during the calendar year.
Next to impossible to unload if you purchase. :happy

FYI
http://www.marketwatch.com/story/6-thin ... 2015-02-17
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HIinvestor
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Re: BH thoughts on Time shares

Post by HIinvestor » Wed Feb 22, 2017 1:55 pm

Be sure you have a good understanding about ALL fees connected with anything you're presented with--annual fees, cleaning fees, exchange fees, buying/selling fees, etc. I've never purchased one as we prefer to just stay at hotels wherever and whenever we want to travel. I also don't sit thru any "free" presentations--I value my time and freedom.

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Re: BH thoughts on Time shares

Post by Jack FFR1846 » Wed Feb 22, 2017 1:56 pm

You can pick up some good swag or some total junk. They'll require you stay for a 90 minute presentation that will take 4 hours to go through. When the wife and I were newly married, we would do one every year while on vacation. We had no little money so the free speedboat ride around the island with free drinks or restaurant certificate or snorkle trip was worth the presentation.

I think the very last one we did was in Aruba and was the softest sell of all of them. When they started their "why wouldn't you buy this?", my honest answer was "my parents have 14 weeks at a better resort here and we get to stay for free.

If you enjoy going into car dealers and negotiating, time share presentations should be no problem. I go with friends and negotiate for them. They save money and I have fun. If not.....stay away.
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mptfan
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Re: BH thoughts on Time shares

Post by mptfan » Wed Feb 22, 2017 2:03 pm

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
They are ripoffs. Huge ripoffs.

random_walker_77
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Re: BH thoughts on Time shares

Post by random_walker_77 » Wed Feb 22, 2017 2:06 pm

Beware, the sales people are really really good at what they do. My frugal parents, who helped me open a vanguard IRA after my first summer job, couldn't resist the pitch and got taken. Even though it was a ripoff, it's motivated them to take many more trips in retirement than they would have otherwise done, so I can't completely fault them. Sometimes, having it be a sunk cost helps them to relax and take trips to Hawaii.

Before you go to a pitch, look up the resale value on ebay or timeshare resales sites. You can get a 50-90% discount by buying resell... Some timeshares are even sold for $1 because they seller wants to escape the maintenance fees

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Re: BH thoughts on Time shares

Post by PVW » Wed Feb 22, 2017 2:07 pm

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Can't comment on the sales pitches - I've never attended one. But if you are seriously considering buying a time share, look up the resale price.

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Re: BH thoughts on Time shares

Post by fourwheelcycle » Wed Feb 22, 2017 2:11 pm

My wife and I went to a time share presentation in the Florida Keys about thirty years ago. They promised a $25 reward and it was painful, painful, painful. They acted insulted when we said said no sale and asked for our reward.

We vowed never to go to another presentation, but then about ten years ago we went to a very nice tour and presentation in Sedona that promised a soft sell and four $25 coupons for local restaurants. We were in town for four nites, so we went to the presentation. It was a very soft sell, as promised, and the people were very courteous when we we asked for our coupons, which we used and enjoyed.

We still visit Sedona every third year or so, but we would not have used a week each year. We have friends who have a week at an expensive Back Bay condo in Boston. The condo corporation rents unused condos by the night when time share owners are not using them, or trade away for other vacation sites. Our friends have figured out that with their purchase price and annual maintenance fee their seven nites per year are costing them more than they would pay if they just called up and rented a condo by the nite or by the week.

randomguy
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Re: BH thoughts on Time shares

Post by randomguy » Wed Feb 22, 2017 2:17 pm

PVW wrote:
dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Can't comment on the sales pitches - I've never attended one. But if you are seriously considering buying a time share, look up the resale price.
Doesn't that mean you should be buying your timeshare used? If you are the type of person who takes the same vacation every year for the next 20 years and you can get the timeshare at 70%+ off, it might be a decent deal.

Trying to get a free meal/show by giving up a couple of hours of your life isn't my idea of fun.

quantAndHold
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Re: BH thoughts on Time shares

Post by quantAndHold » Wed Feb 22, 2017 2:19 pm

In college, I lived across the street from a timeshare sales place. Someone firebombed it one night. Seriously.

Regardless, I've been to several of those presentations. They tend to be long and painful, and the giveaways aren't worth the pain. As other people said, if you want a timeshare (and there are perfectly valid reasons why they're a good idea for some people), buy one on the secondary market. You can get them for not much more than just closing costs and taking over the maintenance fees.

alfaspider
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Re: BH thoughts on Time shares

Post by alfaspider » Wed Feb 22, 2017 3:06 pm

With the maintenance fees, I'm not sure I'd want a timeshare if someone gave it to me for free. Besides, the last time I went on a vacation that wasn't for someone's wedding, birth, funeral, graduation, or to visit a friend was my honeymoon.

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Hayden
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Re: BH thoughts on Time shares

Post by Hayden » Wed Feb 22, 2017 3:09 pm

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
The presentations vary from unpleasant to agonizing. And the sales people are very good at what they do. Don't underestimate that. I have known several otherwise prudent people who fell victims to the sales pitches.

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Re: BH thoughts on Time shares

Post by ianferrel » Wed Feb 22, 2017 3:17 pm

random_walker_77 wrote:Beware, the sales people are really really good at what they do.
My wife and I sat through one of these two years ago and, honestly, it was phenomenally easy to say no. Maybe our guy was just not very good, or was too nice? Or maybe we just projected a "we're not suckers" vibe?

Magic words #1: "This sounds really interesting. I'd like to take the contract with me to review with my lawyer."

They won't let you. They know that no one who leaves ever buys anything (our salesman said exactly that to us), and they don't want the specifics of what they're offering released onto the internet.

Magic words #2: "I'm sorry. There's simply no way I'm going to enter into a property purchase and decades of financial commitment without carefully reading and understanding the agreement."

We got $250 for 90 minutes of our time. Not a bad hourly rate. The fact that they'll pay you that much just to sell to you tells you everything you need to know about the value of these things.

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David Jay
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Re: BH thoughts on Time shares

Post by David Jay » Wed Feb 22, 2017 3:33 pm

If you would utilize it, the annual fees are not excessive versus the rental value.

You can pick up a timeshare for next to nothing on the open market. There are websites that specialize in selling timeshares, such as redweek. I looked up Myrtle Beach. Five star timeshares for $100 and up. The hundred dollar ones will be on the back of the building with no view, but the point is - never buy from the developer.
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Re: BH thoughts on Time shares

Post by bsteiner » Wed Feb 22, 2017 4:16 pm

If you go to the free dinner seminar (or in this case if you go to the presentation and get the reward), and you buy the annuity, the timeshare, the living trust, or the bridge, not only did you pay for your free dinner (or your reward), but you paid for the free dinners (or the rewards) for everyone else in the room (or everyone else who went to a similar presentation).

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Re: BH thoughts on Time shares

Post by neilpilot » Wed Feb 22, 2017 4:30 pm

whaleknives wrote:And I'd like some comments on who has been able to use timeshares at the time and place they wanted.
Picked up 2 weeks on the resale market about 15 years ago. We use 1 of the weeks at that location about once every 1-2 years. We have always been able to use the other 2-3 weeks (every 2 years) in locations that we wanted to visit, and in almost every case in very nice units (managed by Marriott). It helps that each week can be used in the space of 3 years (1 year before to 2 years after the actual time). Have visited Spain, and France multiple times, along with various locations in the USA, the Caribbean and even China.

We consider the value very reasonable for the annual maintenance and trade fees. Our resale price for the 2 units was well under 10% of what the original owners paid (but no free dinner :wink: ). If we had paid original sales price, that would be another story.

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Re: BH thoughts on Time shares

Post by letsgobobby » Wed Feb 22, 2017 4:40 pm

neilpilot wrote: We consider the value very reasonable for the annual maintenance and trade fees. Our resale price for the 2 units was well under 10% of what the original owners paid (but no free dinner :wink: ).
This is the key to timesharing. If you find a unit you like, and can buy it for 0.1% or 1.0% or 10% of original list price - and all of these are viable prices as you will see on Ebay or TUG2 - then you may be satisfied.

tug2 dot net is where aspiring timesharers need to go before they buy.

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HomerJ
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Re: BH thoughts on Time shares

Post by HomerJ » Wed Feb 22, 2017 5:02 pm

neilpilot wrote:We consider the value very reasonable for the annual maintenance and trade fees.
How much have they gone up over 15 years? My wife owned a timeshare before I met her, and within 10 years, the annual fees steadily increased until they cost more than just renting a place for a week. And of course, then it was difficult/impossible to sell, because you had to disclose the high fees.

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HomerJ
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Re: BH thoughts on Time shares

Post by HomerJ » Wed Feb 22, 2017 5:08 pm

dodgersummer wrote:Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Never ever buy one.

But for free stuff, sometimes it's worth going to the presentation. If you get two free tickets to a high-priced show in Vegas, maybe worthwhile to sit through 2 boring hours. It will be 3 boring hours if you waffle at all, though. Do not even give them a hint that you are interested.

We went to one in Cabo a few years back which was actually rather fun... We got to tour the resort (to see all the different villa types), got free drinks during the tour, and ended up with 2 passes for golfing and 2 free massages.

So not bad. I keep telling my wife to say no to the presentation, but she likes free stuff (She's very good at saying No to the timeshare though!)

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Re: BH thoughts on Time shares

Post by np81 » Wed Feb 22, 2017 5:44 pm

Depending on the reward, some presentations can be worth it - provided that you're confident that you can say 'no' at the end. I own two timeshares, both purchased on the resale market (Tug2.net is the go-to resource here), and have zero regrets. I use one of them every time, and rent the other most of the time; the unit we rent covers both maintenance fees and then some.

Saying 'timeshares aren't worth it' is just a poor generalization that is made all too often. They can be tremendous investments.

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Re: BH thoughts on Time shares

Post by Cheyenne » Wed Feb 22, 2017 5:50 pm

If you decide you want one, buy a resale. Some of them sell for 1 cent on eBay.

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Re: BH thoughts on Time shares

Post by alaskantraveler » Wed Feb 22, 2017 6:02 pm

Posted a thread a little bit ago about my father who has been convinced into buying 5 of them and blown $69k on them not including the maintenance fees.

NEVER EVER buy one from the developer, as others have said. Redweek, TUG2, ebay, are good resale markets.

Even for those people interested in buying on the resale market, the maintenance fees may be reasonable for that property. My fathe'rs have $1100 per year maintenance fees. But if you want to use them at a different property via Interval International there is a $275 transfer fee so you are paying $1375 for a week which comes to $196 per night. For the limited flexibility, not sure that its worth it even if you get it for free. Or make sure you find one with low maintenance fees.

As for the presentations, almost no one goes to one of these presentations with the intent to buy a timeshare. about 10% of people walk out with a timeshare. Be very very wary. These are some of the best sales people in the world, and they are very convincing. There is nothing you can say to derail them. You are better off saying very little. Make sure you have wits of steal dealing with the pressure and be aware that you can rescind the deal up to 3 days later with no penalty. For most, the stress, pressure is not worth it. They almost always last longer then the advertisement says. One common strategy is that you meet them somewhere then they drive you in a golf cart or a van or car to somewhere else making it difficult for you to leave on your own accord.

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Re: BH thoughts on Time shares

Post by Grt2bOutdoors » Wed Feb 22, 2017 6:06 pm

If you do go to the presentation, when the sales-shark starts the hard sell, tell them you waiting for your legal guardian to review the contract. Contracts are unenforceable when you have a court appointed legal guardian, anything you sign can be voided. :twisted:
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Re: BH thoughts on Time shares

Post by WannabeEarlyRetiree » Wed Feb 22, 2017 7:08 pm

When I was a poor college student, I attended several of those. They are very good at selling the package but I was firm at keeping saying "no". I see it the same as sitting in couple hours of boring classes. Since I was poor, the rewards ($150-$300 worth of tickets to theme parks or shows) was worth it.


Now I am older and not so poor, my time off is more precious, I rather pay for everything out of pocket.

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Re: BH thoughts on Time shares

Post by BobDaBlob » Wed Feb 22, 2017 7:27 pm

alaskantraveler wrote:One common strategy is that you meet them somewhere then they drive you in a golf cart or a van or car to somewhere else making it difficult for you to leave on your own accord.
+1
Was young, stupid and in love and my then-girlfriend now wife said "lets go...it'll be fun"...that was 20+ years ago, and I still ask her why we got into a car with total strangers :oops:
Too much of everything is just enough...

Bud
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Re: BH thoughts on Time shares

Post by Bud » Wed Feb 22, 2017 7:52 pm

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Ripoffs... The people who I know that have timeshares weren't happy, felt that the deal was misrepresented, didn't use it as much as they expected and had difficulty selling them.

Personally I never had the urge....

rgs92
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Re: BH thoughts on Time shares

Post by rgs92 » Wed Feb 22, 2017 7:56 pm

I always thought that all timeshares were just scams bordering on fraud and if you ever had one you would get nothing if you tried to sell it
(usually because the owner needs to pay upkeep fees).
I heard a lot of people walk away from ones they own but still get hounded for fees, so they are worth less than nothing.
And you know the harder the sell, the more terrible the product.

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Re: BH thoughts on Time shares

Post by jalbert » Wed Feb 22, 2017 8:34 pm

Multiply the 1-week timeshare purchase cost and maintenance fees by 52 and ask yourself if would be fair value for the property if it were offered as an exclusively owned condo at those costs.

52x the purchase price is likely going to be on the high side for the value of the property, but the maintenance is usually the killer. It is likely a monthly maintenance fee which looks fair and reasonable for monthly maintenance cost until you realize it needs to be multiplied by 52 and not 12 to annualize it, as they are collecting 52 of those "monthly maintenance fees" per year on each unit. This is why timeshares typically depreciate rapidly after initial purchase.
Risk is not a guarantor of return.

student
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Re: BH thoughts on Time shares

Post by student » Wed Feb 22, 2017 8:37 pm

I sat though one of them in Las Vegas to get free tickets. Not worth it. Almost everything coming from the salesperson's mouth is a lie and they became hostile when we did not buy.
Last edited by student on Wed Feb 22, 2017 8:40 pm, edited 1 time in total.

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White Coat Investor
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Re: BH thoughts on Time shares

Post by White Coat Investor » Wed Feb 22, 2017 8:38 pm

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Don't buy it. If you do buy it, buy it on the secondary market for 10 cents on the dollar. At least then you stand a chance of getting your money (excluding ridiculous annual maintenance costs) out of it someday.
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Re: BH thoughts on Time shares

Post by Pajamas » Wed Feb 22, 2017 9:02 pm

quantAndHold wrote:In college, I lived across the street from a timeshare sales place. Someone firebombed it one night. Seriously.
I don't get many belly laughs from Bogleheads but that hit my funny bone.

It also sums up the whole timeshare sales business succinctly. Every time that I have encountered high pressure sales tactics, it was a clear signal to get out of there as fast as possible and to check to make sure my wallet was still in my back pocket before I skedaddled.

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Wildebeest
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Re: BH thoughts on Time shares

Post by Wildebeest » Wed Feb 22, 2017 9:33 pm

Timeshares are a terrible idea. Watch the queen of Versailles. http://www.magpictures.com/thequeenofversailles/

When we felt poor and wanting, we would go for the freebies and would get the $ 250 or $ 500 certificates to sit through a 60 minutes presentation and then the hard sell.

I would feel guilty about the sales people. After less than 5 minutes of the hard sell, it was clear we were there to collect our money and would never buy the sucker's deal. We would get "our reward" , and we would be out there in no time, but it left me feeling disgusted with the whole process.

Life is so much better to reach financial independence and have no desire to sit through a sales pitch anymore.
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Re: BH thoughts on Time shares

Post by VictoriaF » Wed Feb 22, 2017 10:35 pm

My thoughts on time shares are similar to my thoughts on sexual slavery. Beautiful Russian girls are lured abroad by promises to become models, but once they commit they are done for. You are being lured by the time share models, but once you commit your money are done for.

Victoria

P.S. The expression "are done for" is used in lieu of a vulgar expression that would have represented my meaning more accurately.
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Re: BH thoughts on Time shares

Post by np81 » Thu Feb 23, 2017 7:34 am

Clearly, not everyone in this thread is actually knowledgeable on the topic. In nearly all cases, buying from the developer is going to be a bad deal. The same cannot be said for the resale market. There are yearly maintenance fees, yes, but I have yet to see fees that were higher than what you'd actually pay to stay at that resort - and this is the key that so many seem to be missing, or just ignoring for their own measure. If my maintenance fee is $900, but it costs $2500 to rent that very same unit, how is that a bad deal? Unless you're really bad at math, it's not. One of my units has a maintenance fee of $1k/year, but I can routinely rent it for $4k. Again, unless you're bad at math, this is not a bad deal.

Timeshares aren't for everyone. We bought ours because it's where we want to spend our vacation. It's one of, if not, the most sought after property that Marriott owns, so renting it out and choosing to go somewhere else is always an option. Not all properties have that luxury, which is why I would suggest that anyone who is interested in owning a timeshare should sit down and actually think about whether or not they want to go to the same place every year or other year.

But saying that they're just bad investments entirely is nothing short of blind ignorance.

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Re: BH thoughts on Time shares

Post by Valuethinker » Thu Feb 23, 2017 8:11 am

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Generally the advice is against buying these things.

Let me tell you a little from my (very limited) exposure to religious-type brainwashing.

Humans are plastic and much weaker than we tend to realize about ourselves. Give them enough time, they can get *anyone*.

Don't put yourself into a situation (the presentation) where you can be persuaded. Seriously. If you are like the rest of us, you are probably not as immune as you think you are.

If you read Robert Cialdini's book on Influence (he went undercover as a used car salesman, stereo salesman, to find out how they did it) you realize that humans are pretty hard wired to a handful of persuasive techniques.

Or read any account of the Chinese Cultural Revolution, Stalin's Show Trials etc. Darkness at Noon (Arthur Koestler) etc? Or police interrogation tactics.

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Re: BH thoughts on Time shares

Post by Valuethinker » Thu Feb 23, 2017 8:13 am

Oh yes, Glengarry Glen Ross (David Mamet) is an excellent film on the tactics of persuasion.

So is 12 Angry Men for that matter.

Any documentary on cult-like religious practices.

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Re: BH thoughts on Time shares

Post by Valuethinker » Thu Feb 23, 2017 8:14 am

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
The shows are real, but so too are the persuasive techniques. I would avoid them like the plague.

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Re: BH thoughts on Time shares

Post by Valuethinker » Thu Feb 23, 2017 8:16 am

np81 wrote:
But saying that they're just bad investments entirely is nothing short of blind ignorance.
What you say re resale is very interesting.

Timeshares are like high fee active funds. One might get lucky (or skilful in your case). But the odds are very much against-- most of the factors you list are, by definition, scarce in the timeshare industry.

It is an industry legendary for fraud and customer dissatisfaction, that attracts the sleaziest people in finance. That is warning enough for most investors I think.

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Re: BH thoughts on Time shares

Post by Valuethinker » Thu Feb 23, 2017 8:17 am

VictoriaF wrote:My thoughts on time shares are similar to my thoughts on sexual slavery. Beautiful Russian girls are lured abroad by promises to become models, but once they commit they are done for. You are being lured by the time share models, but once you commit your money are done for.

Victoria

P.S. The expression "are done for" is used in lieu of a vulgar expression that would have represented my meaning more accurately.
Wait. You mean those emails I get from "beautiful Russian models" are real people? ;-).

Dives into spam folder .... ;-).

np81
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Re: BH thoughts on Time shares

Post by np81 » Thu Feb 23, 2017 8:20 am

Valuethinker wrote:
np81 wrote:
But saying that they're just bad investments entirely is nothing short of blind ignorance.
What you say re resale is very interesting.

Timeshares are like high fee active funds. One might get lucky (or skilful in your case). But the odds are very much against-- most of the factors you list are, by definition, scarce in the timeshare industry.

It is an industry legendary for fraud and customer dissatisfaction, that attracts the sleaziest people in finance. That is warning enough for most investors I think.
Buying from the developer = High fee active fund
Buying resale = Low cost index fund

But yes, timeshare salespeople can be awful, and try and distort the math. That's why being able to simply say 'no' is the only requirement, IMO. I have attended a few presentations for various rewards, because the time was worth the cost to me, but stopped as of last year.

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Re: BH thoughts on Time shares

Post by alfaspider » Thu Feb 23, 2017 8:37 am

np81 wrote:There are yearly maintenance fees, yes, but I have yet to see fees that were higher than what you'd actually pay to stay at that resort - and this is the key that so many seem to be missing, or just ignoring for their own measure. If my maintenance fee is $900, but it costs $2500 to rent that very same unit, how is that a bad deal?
It's a bad deal if you wouldn't otherwise stay in a comparable unit, or wouldn't otherwise go to that location for vacation.

np81
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Re: BH thoughts on Time shares

Post by np81 » Thu Feb 23, 2017 8:44 am

alfaspider wrote:
np81 wrote:There are yearly maintenance fees, yes, but I have yet to see fees that were higher than what you'd actually pay to stay at that resort - and this is the key that so many seem to be missing, or just ignoring for their own measure. If my maintenance fee is $900, but it costs $2500 to rent that very same unit, how is that a bad deal?
It's a bad deal if you wouldn't otherwise stay in a comparable unit, or wouldn't otherwise go to that location for vacation.
That goes back to what I wrote in my previous post:
Timeshares aren't for everyone. We bought ours because it's where we want to spend our vacation. It's one of, if not, the most sought after property that Marriott owns, so renting it out and choosing to go somewhere else is always an option. Not all properties have that luxury, which is why I would suggest that anyone who is interested in owning a timeshare should sit down and actually think about whether or not they want to go to the same place every year or other year.
If you would go to that location repeatedly, then they can be good investments. My biggest issues here are the broad generalizations.

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Re: BH thoughts on Time shares

Post by boglegirl » Thu Feb 23, 2017 9:08 am

np81 wrote:If you would go to that location repeatedly, then they can be good investments. My biggest issues here are the broad generalizations.
People make broad generalizations because they are generally true. Timeshares, even bought on the resale market, are almost always a bad deal. My parents own more weeks than I can keep track of (at least 8). They are elderly and I am BEGGING them to try to get rid of these so they don't end up as an obligation of the estate. I don't want them even for free! The other heir and I will promptly disclaim, but I just don't want the hassle. Every time my parents use their unit, I look up how much they could have paid cash for the week, and it's almost always cheaper than their maintenance fee.

np81
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Re: BH thoughts on Time shares

Post by np81 » Thu Feb 23, 2017 9:13 am

boglegirl wrote:
np81 wrote:If you would go to that location repeatedly, then they can be good investments. My biggest issues here are the broad generalizations.
People make broad generalizations because they are generally true. Timeshares, even bought on the resale market, are almost always a bad deal. My parents own more weeks than I can keep track of (at least 8). They are elderly and I am BEGGING them to try to get rid of these so they don't end up as an obligation of the estate. I don't want them even for free! The other heir and I will promptly disclaim, but I just don't want the hassle. Every time my parents use their unit, I look up how much they could have paid cash for the week, and it's almost always cheaper than their maintenance fee.
Some timeshare deals are good, and some timeshare deals are bad. It sounds like your parents are in the latter group.

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fizxman
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Re: BH thoughts on Time shares

Post by fizxman » Thu Feb 23, 2017 9:21 am

I've been to only one of those time-share presentations. When it came to the price (like a $5,000-$10,000 down payment and $100 a month, but to be honest, I don't really remember) we were asked if we could afford it and we said no, which was the truth at the time. We told them we just bought a house and could not afford the down payment. We were out of there in about 30 minutes. I'm tempted to try this again but I'm scared it was just a fluke and that I'll end up with a time-share at the end.

Now my in-laws have three time-shares which my wife and her two siblings will inherit one day. I've already told my wife I don't want it, even for free.

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Re: BH thoughts on Time shares

Post by ruralavalon » Thu Feb 23, 2017 1:00 pm

dodgersummer wrote:I know very little about time shares, but see ads for them in Las Vegas. Are these good to attend for "free" tickets to shows and to buy or are they ripoffs?
Don't even consider going to this type of presentation. The timeshare developer always has an enormous markup to pay for the promotional gimmicks and sales commissions.

Never buy a timeshare from the developer. Even at the very best locations timeshares are very difficult to resell when you want out. If you buy at all then buy only on the secondary market at a deep discount, and only if you fully intend to use the unit nearly every year.

For timeshare resales see http://www.tug2.net and http://www.redweek.com .

Timeshares are not an investment.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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Re: BH thoughts on Time shares

Post by ruralavalon » Thu Feb 23, 2017 1:16 pm

whaleknives wrote:And I'd like some comments on who has been able to use timeshares at the time and place they wanted.
We had a timeshare on West Maui, which we had purchased on the secondary market. We used it every other year for about 20 years, and enjoyed it very much.
"Everything should be as simple as it is, but not simpler." - Albert Einstein | Wiki article link:Getting Started

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