Any info on RCI/timeshare (Canyon Lake, Canyon: for sale, rent, how much) - Texas (TX) - City-Data Forum

nicholasa101 · 07-24-2007, 08:11 AM

My husband and I are considering buyng into a timeshare in Mustang Island through a company called RCI- but I wanted to check it out a little first- does anyone have info regarding this company or any insight? Thanks!

NOTAM · 07-24-2007, 10:00 AM

i dont know anything about the company but i personally think timeshares are the biggest rip off...........would NEVER do it.

threeactingup · 07-24-2007, 10:58 AM

I have to concur with belle and here is why.

I don't know what the buy in is on the one that you are looking at, but let's say that it is a $12,500 for a premium week.

First, ask yourself the question how much do you love Mustang Island? Because although they say you can trade for other locations you don't get to trade for places like Maui or Orlando but instead trade for Branson (fun but let's be honest not on the top 10 of most people). So, you will go there a lot. Do you love it enough to spend the next 25 years of vacations there?

Next, how much are the annual maintenance fees? $450?

Let's do the math here. How many nights at Mustang Island can you get for $12,500? I don't know what the answer is for sure but a quick check of the internet looks like you can rent a "luxury waterfront home" for $575 a week during peak season. Using that figure after your $12,500 buy-in (again a guess) you have to pay your annual maintenance fees of $450 anyway, so you have roughly saved $125 off of what non-members pay. How many years would you have to go to Mustang Island to recoup the $12,500? 100 years.

That's assuming that you paid cash and did not have that $12,500 invested in the market.

If you are financing it through the time share company. You are paying a ridiculous interest rate normally well over 7% for many years and then the cost is even greater.

In a previous life I was in financial planning, one thing I will promise you is our wealthy clients never had time shares and our poor ones often did. Hmmmmm....

My husband and I have gone to many pitches in the past, and never do they add up. I have a degree in Economics and my husband Masters is in Financial Mgmt.

I know this is an unpleasant answer because they make those presentations attractive and will make you feel like you don't love your family if you don't buy, but WALK AWAY!

Good luck with your decision whatever you choose!

nicholasa101 · 07-24-2007, 11:17 AM

Thank you sooo much for the input- I hadn't thought about the maintance fees, and yes they did promise we could trade for bigger and better locations.
I was a leary of the promises and wanted to check it out before investing (your figures are right on- it was 11,900) the salesman did not like that I wanted to check it out first- which of course made me really want to check it out! Again- thanks.

threeactingup · 07-24-2007, 11:26 AM

Good for you, always do your research! I remember that we said we wanted to think about it too and the salesman got upset with us too! You're right a big red flag! Glad it helped!

texasdreamin · 07-24-2007, 04:31 PM

I've had a timeshare for over 20 years and believe me...it has paid for itself, time and again. I paid $10,500 for it, which is not a premium week. It is a white week...IF I stay at my home resort, but it is a premium (travel any time) week if banked into RCI. I've spent a week at resorts right on the ocean. Resorts that if rented outside of a timeshare, would have cost around $2500 for that week. Every year, I would reserve a resort on the ocean front and children would meet me there. I can travel anywhere in the world on that week, anytime of the year, if I bank that week with RCI. I can also trade that week towards a week long cruise, if banked through RCI. I've had RCI for over 20 years. I went to Canyon Lake, last year and spent my week in a resort there, while I looked for my land. Saved myself hundreds in hotel fees. With RCI, you can travel anywhere in the world. So, for example, if you purchased your week at Mustang Island and are a member of RCI, you can take your purchased week from MI and bank it into RCI. You then have two years with RCI to travel anywhere in the world, anytime you choose...premium or off season travel. I have not spent one week at my base resort (the resort I purchased at) in the over 20 years that I have had the timeshare. I travel everywhere else. Even if you do spend $12,500 for it, you will make that up in no time, depending on the resorts you stay at...high end v low end. Beats forking out for hotel fees. Also, the resorts come with everything...full kitchen with dishes and all that you need. You just bring yourself and your guest/family. Enjoy.

PS...if I were you, I would purchase my timeshare somewhere, where it is really inexpensive. You never have to stay at the base (home) resort. I would then join RCI and bank all of my given weeks, as they come available and travel to everywhere else. You could even book into MI.

ChristieP · 07-24-2007, 04:54 PM

Timeshare Users Group - Timeshare Owners Helping Each other, Unbiased Timeshare Information for All Owners, Buy Sell Rent Timeshare has GREAT information on timeshares. The BEST advice I can give you is to BUY RESALE, NOT from the developer!! We've owned our timeshare (on the Strip in Las Vegas) for 4 years now, and we rent it out every year.

texasdreamin · 07-24-2007, 05:20 PM

Quote:

Originally Posted by ChristieP

The BEST advice I can give you is to BUY RESALE, NOT from the developer!!

I absolutely agree. Buy resale. You get it MUCH cheaper. I purchased from the developer. At that time, I didn't know much about timeshares and the fact that I could purchase resale. They did give me a nice tub spa and a casio minature 2" color TV, though. Flat screen 20+ years ago.

Connor Heim · 07-24-2007, 05:29 PM

My dad owned a timeshare for over 20 years and was a member of RCI. It was the best investment ever! Here's why: He bought the cheapest, awfulest timeshare on Cape Cod for two weeks in the dead of winter for supercheap. Then traded it for awesome locations all over the world. He never even saw his timeshare! He bought it fully intending to trade. The only challenge is because he had a craphole timeshare, he was in the lowest category for trading. He needed to book his trade within 30-60 days of visiting instead of having a "priority" category which would have allowed him to set up his timeshare trade further in advance. The upside of this is that it allowed him to visit places he wouldn't have chosen at first glance, but in the end had a wonderful time visiting.

If you are adventurous and like variety, this is the way to go!

texasdreamin · 07-24-2007, 05:49 PM

Quote:

Originally Posted by nicholasa101

My husband and I are considering buyng into a timeshare in Mustang Island through a company called RCI

Don't buy it through RCI. Go straight to MI's website and see what they have up for sale and buy it directly from them or some other resort. Lots of resorts have their resales listed. You can even call them to see what they have. All of this I found out when I was thinking of buying a second week and I wanted it somewhere that was cheap, just for the trade.