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Someone I know owns a Westgate Resorts timeshare and I'm aware one can sell "packages" and make side income renting timeshares. Is this legitimate or a form of pyramid scheme sort of thing?
Someone I know owns a Westgate Resorts timeshare and I'm aware one can sell "packages" and make side income renting timeshares. Is this legitimate or a form of pyramid scheme sort of thing?
You would only own a fractional share. How many packages could you make out of one week? Two? Maybe three? I guess technically you could make seven, but it would have to be a really, really, really desirable location.
I probably should have put seven really's there because I can't imagine a location that desirable.
I could, with one, turn the time into the timeshare and they would rent the timeshare out, but you barely got the annual maintenance cost back, and that was if it was rented for a peak time. On an off time, one would get about 90% of the annual maintenance fee back. Now, to make a profit, one would have t consider the cost of the timeshare itself. I do not think one could then make a profit at all.
My other timeshare does rent out units that are behind on their maintenance fees. They do get maybe double the maintenance fees. That timeshare is in Hawaii. But then again, if one had to factor in to original cost of the timeshare, no one would make a profit, ever.
BTW, timeshares are fully furnished and they do charge for excessive wear and tear and for anything lost or broken. So if you are renting them out and your renter breaks a glass, does not return the beach/pool towels, takes a lamp, or leaves the place a mess, you will get a rather large bill.
My stepmom had a pair of condos in Daytona listed for YEARS, no takers. Then after Hurricane Ivan the developers wanted to tear everything down and they offered her a sum which just about allowed her to break even. She was lucky.
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