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newbie
Sorry for this new thread. I read other threads and did the search function as much as I could, but I just registered tonight.
My Dad passed away (years ago) and he had three timeshares in Marriot Cypress Harbour. I am the youngest of five children. They recently asked me if I wanted any of them, or all of them at no cost. All I have to do is pay the maintenance fees.
I don't make a lot of money, but I also don't want any money left on the table. They said they couldn't sell them in the current environment, and that they were going to give them back to Marriott.
So my choice is to take them, or leave them be. I believe that one of the weeks is for Easter weekend, and that my father paid more for that. I am the youngest of five and I don't have much experience in this. I really don't know how this works.
I want to know if I should do this. What should I do? Where should I read? I like talking to real people like this forum has.
Marriott has a high rating. People like it. I went there with my family and I liked it too. It isn't just a mirage. I have been there and the facilities are excellent. But three units? That will be three grand a year.
Can I rent these units if I buy them right now? Will I take a big hit? I am thinking that the payment is due and that my siblings aren't willing to pay anymore, and that they are releasing these properties at the last moment when I don’t have the time to rent them. And I can’t afford not to rent them. For a guy that doesn't make much and frequently in bad times skips vacations, paying all these fees seems like a disaster.
I told my wife about the call tonight. I have an opportunity to get three of these extraordinary units for free basically. My dad bought them and nobody else wants them. I love the units myself, and I have two children. Is this a good investment? I am not even going to pay anything. It is going to be deeded over. I just don’t want to pay $3,000 and then have a bad feeling. The most I would use it is 1 week a year. The other two I would have to rent. Is that easy?
This was sprung upon me tonight.. I don’t know what to say. I am asking for your help.
Is it easy to rent these things? Should I take all three? Should I just back away and never look back? Should I take the best one with the Easter Weekend?
To be honest with you, I am not a high flyer with a high disposable income. My brothers and sisters all make more than me, and if they don’t want these units for free that means that they are worthless in some of my assumptions. I have some successful siblings, and they didn’t want to touch it. I am the youngest and probably the black sheep of the family, though you didn’t need all that information.
I need to know how tough it is to rent these things out, even if I take a moderate loss in the first year. I would need to rent them.. The market could come back, and in the interim I could use them with my family, but not all three. I do love the Marriot brand, and I think we could be leaving something on the table by just not paying the fees and giving them back. This could also be a boon to me if in three years they are worth real money.
I don’t know what to do or what my options are. I want to do the best thing possible, but I don’t know what that is.
Another question is, if we get one of these units in our name and pay the money for a year, will it hurt our credit rating if we don’t re-up the next year? We pay our bills, and I don’t want to commit to something like that if it would hurt our credit, or high school and college applications. We may not make much but we pay our bills and have a perfect credit rating. I don’t want to be in a situation where someone could say that we didn’t pay our bills.
So what do I do? What are the risks? What are the benefits? Is Easter Weekend all that? Should I at least snag that one?
God Bless you all for considering my thoughts and giving me some answers in advance. Thanks for your help, both pro and con. I will consider it all. I have no idea and I need some help and guidance.
My Dad passed away (years ago) and he had three timeshares in Marriot Cypress Harbour. I am the youngest of five children. They recently asked me if I wanted any of them, or all of them at no cost. All I have to do is pay the maintenance fees.
I don't make a lot of money, but I also don't want any money left on the table. They said they couldn't sell them in the current environment, and that they were going to give them back to Marriott.
So my choice is to take them, or leave them be. I believe that one of the weeks is for Easter weekend, and that my father paid more for that. I am the youngest of five and I don't have much experience in this. I really don't know how this works.
I want to know if I should do this. What should I do? Where should I read? I like talking to real people like this forum has.
Marriott has a high rating. People like it. I went there with my family and I liked it too. It isn't just a mirage. I have been there and the facilities are excellent. But three units? That will be three grand a year.
Can I rent these units if I buy them right now? Will I take a big hit? I am thinking that the payment is due and that my siblings aren't willing to pay anymore, and that they are releasing these properties at the last moment when I don’t have the time to rent them. And I can’t afford not to rent them. For a guy that doesn't make much and frequently in bad times skips vacations, paying all these fees seems like a disaster.
I told my wife about the call tonight. I have an opportunity to get three of these extraordinary units for free basically. My dad bought them and nobody else wants them. I love the units myself, and I have two children. Is this a good investment? I am not even going to pay anything. It is going to be deeded over. I just don’t want to pay $3,000 and then have a bad feeling. The most I would use it is 1 week a year. The other two I would have to rent. Is that easy?
This was sprung upon me tonight.. I don’t know what to say. I am asking for your help.
Is it easy to rent these things? Should I take all three? Should I just back away and never look back? Should I take the best one with the Easter Weekend?
To be honest with you, I am not a high flyer with a high disposable income. My brothers and sisters all make more than me, and if they don’t want these units for free that means that they are worthless in some of my assumptions. I have some successful siblings, and they didn’t want to touch it. I am the youngest and probably the black sheep of the family, though you didn’t need all that information.
I need to know how tough it is to rent these things out, even if I take a moderate loss in the first year. I would need to rent them.. The market could come back, and in the interim I could use them with my family, but not all three. I do love the Marriot brand, and I think we could be leaving something on the table by just not paying the fees and giving them back. This could also be a boon to me if in three years they are worth real money.
I don’t know what to do or what my options are. I want to do the best thing possible, but I don’t know what that is.
Another question is, if we get one of these units in our name and pay the money for a year, will it hurt our credit rating if we don’t re-up the next year? We pay our bills, and I don’t want to commit to something like that if it would hurt our credit, or high school and college applications. We may not make much but we pay our bills and have a perfect credit rating. I don’t want to be in a situation where someone could say that we didn’t pay our bills.
So what do I do? What are the risks? What are the benefits? Is Easter Weekend all that? Should I at least snag that one?
God Bless you all for considering my thoughts and giving me some answers in advance. Thanks for your help, both pro and con. I will consider it all. I have no idea and I need some help and guidance.