Should I buy Wyndham points from a relative?

tnort5 · Apr 22, 2015

I have an opportunity to buy Wyndham points from a relative. The total points are around 1,700,000. Does anyone have any advice on some of the following questions? How many points would I realistically want to buy? How much should I pay for points? And does the VIP status transfer to family members? I've used points many times as a guest, but do not own any myself at this time.

DeniseM · Apr 22, 2015

Depends - what is the asking price?

markb53 · Apr 23, 2015

tnort5 said:
I have an opportunity to buy Wyndham points from a relative. The total points are around 1,700,000. Does anyone have any advice on some of the following questions? How many points would I realistically want to buy? How much should I pay for points? And does the VIP status transfer to family members? I've used points many times as a guest, but do not own any myself at this time.

That is a lot of points. The maintenance fees for that many points are likely more than $9000.00 per year. With that many points you could book more than 7 weeks in 2BR units at many Wyndham timeshares.
VIP status will transfer to immediate family members only.

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TUGBrian · Apr 23, 2015

that is an insane amount of points for a first timeshare purchase.

vacationhopeful · Apr 23, 2015

The family has been USING these points and most likely, this family member would continue to have the family "rent" the vacations they have grown accustomed to.

Yes, we need to know if YOU are a direct family member --- child?

Are there PIC'ed weeks involved ...look in the financial or point status area?

Do you have assess to a paper copy of the Member Directory? This will help you learn the system ... explain the rules and look at the resorts & COST in points of the vacations YOUR family would be taking. Confer with OTHER family members & discuss costs --- you most likely can NOT afford to pay for all these points without RENTING some of these vacation stays.

And remember, these MFs are about $10,500 YEARLY .. due every month. If these are ALL developer brought points or converted fixed weeks or PIC weeks .... you need to understand WHERE the value is and how much this will even COST to transfer everything into your name...

ASK here - many very experience Wyndham people here on TUG. I own MORE points than your family ... you might just need a little education or even if you are clueless ... we can help you unravel the rules.

Jason245 · Apr 23, 2015

tnort5 said:
I have an opportunity to buy Wyndham points from a relative. The total points are around 1,700,000. Does anyone have any advice on some of the following questions? How many points would I realistically want to buy? How much should I pay for points? And does the VIP status transfer to family members? I've used points many times as a guest, but do not own any myself at this time.

Have you spent 6 months researching and fully understanding how to use the purchase?

Are you willing and able to pay for such a large ongoing committment?

How much will this cost (depending on the size and types of contract(s) you are looking at, there have been a number of points contracts listed in the bargain basement for nothing)?

If the deal goes south, would you hold it against your relative (e.g. if in 2 years you get hit with $10k in special assessments would it hurt an otherwise happy family relationship).

tnort5 · Apr 23, 2015

My mother is the sole owner right now. I think she said once that the MF's are over $7K. She just let me know that she wants to sell, probably just to get out from under the MF's, so I'm just getting started on research. She has talked to ResortShare as well.

I think these would qualify as PIC points because, when I use them, I can choose any week, from any resort, as long as there are enough points still available. I also think, for a fee of some sort, they can be exchanged on RCI.

I am not quite prepared for the costs, but also don't know much about renting. It sounds like renting might be a big help in covering this initially. Inferring from other posts, since she is my mother, I can keep the VIP status, correct?

I don't know yet what she thinks the points are worth, but will be talking to her again soon and find out. Is checking past auctions on eBay a good source for determining point resale values?

Thanks,

DeniseM · Apr 24, 2015

Don't let your mom list her points with an upfront fee company - they are notoriously unhelpful. If you pay them upfront, why should they make any effort to actually sell your time share - they already HAVE your money?

The Wyndham rental market is extremely competitive. There are a lot of very experienced mega-renters renting heavily discounted Wyndham rentals, and it's difficult, if not impossible, for a newbie to compete with them.

ronparise · Apr 24, 2015

You need to find out what your mother owns, and secondly you need to define your vacation needs before we can even begin to advise you here.

If her mf is really only $7000 a year you have something of significant value (but only a small fraction of what mom paid if she bought it all from Wyndham) There are several of us here that would gladly pay you for this ownership or manage it for you taking on the responsibility of paying the maintenance fees and then "renting discounted vacations to you"

Yes, ebay is a good place to watch to help you determine value, but be aware that the large contracts like yours are few and far between, its hard to extrapolate from a 105000 point contract to one as large as yours

Should you take it over? can you use that number of points? do you have $7000 a year for the maintenance fees?, do you have the time to manage this as a business? do you want, or can you afford 3 months of vacation a year? Only you can answer these questions, but dont try until you are armed with the facts. and that will take some time and someone willing to tutor you. I would be happy to do it, but understand I have a personal agenda; I know how to use it and make money with it and as I suggested above, I want to buy it, so my advice will be a little slanted.

Having said that, If you want to chat with someone that knows how Wyndham works, and what this stuff is worth, call me 239-247-0341 (in the AM, I probably wont answer the phone in the afternoon) If I dont answer, leave a message

Wyndham has recently named 3 "preferred" brokers (Im not one of them) that they refer folks to, I can point you to one of them if you like,

Jason245 · Apr 24, 2015

ronparise said:
You need to find out what your mother owns, and secondly you need to define your vacation needs before we can even begin to advise you here.

If her mf is really only $7000 a year you have something of significant value (but only a small fraction of what mom paid if she bought it all from Wyndham) There are several of us here that would gladly pay you for this ownership or manage it for you taking on the responsibility of paying the maintenance fees and then "renting discounted vacations to you"

Yes, ebay is a good place to watch to help you determine value, but be aware that the large contracts like yours are few and far between, its hard to extrapolate from a 105000 point contract to one as large as yours

Should you take it over? can you use that number of points? do you have $7000 a year for the maintenance fees?, do you have the time to manage this as a business? do you want, or can you afford 3 months of vacation a year? Only you can answer these questions, but dont try until you are armed with the facts. and that will take some time and someone willing to tutor you. I would be happy to do it, but understand I have a personal agenda; I know how to use it and make money with it and as I suggested above, I want to buy it, so my advice will be a little slanted.

Having said that, If you want to chat with someone that knows how Wyndham works, and what this stuff is worth, call me 239-247-0341 (in the AM, I probably wont answer the phone in the afternoon) If I dont answer, leave a message

Wyndham has recently named 3 "preferred" brokers (Im not one of them) that they refer folks to, I can point you to one of them if you like,

Out of everyone on TUG, I think Ron is probably the most knowledgeable on the best ways to use Whndham ownership. I highly recommend you contact him and take him up on the offer.

csxjohn · Apr 24, 2015

Jason245 said:
Out of everyone on TUG, I think Ron is probably the most knowledgeable on the best ways to use Whndham ownership. I highly recommend you contact him and take him up on the offer.

Ron is one of a few here who fully understand the system, I've rented from him and trust him completely. He will point you in the right direction even if it means you won't sell him the contract(s). He has reached out, take advantage of his knowledge.

gmarine · Apr 24, 2015

Definitely take Ron up on his offer to help. Awesome guy who helped me tremendously with something not even related to timeshares.

presley · Apr 24, 2015

tnort5 said:
I am not quite prepared for the costs, but also don't know much about renting.

I'd say don't buy it based on this one sentence. Talk to Ron and find out her best strategy to get rid of it and help her with that if you want to. Maybe there is a way to keep one of her contracts if you are interested - Ron would know the answer to that.

Never buy any timeshare if you cannot completely fund it by yourself.

55plus · Apr 24, 2015

I inherited a Platinum VIP membership from my parents and added several million resell points to it. I rent to pay maintenance fees, pay for our travels and put some money in our pockets. As more owners get into the rental business availability at nicer resorts is becoming more scarce. Being a newbie you should research and test the waters before jumping in. Make reservations and rent them for your mom to see if this is something you want to get into. If it's too much then buy enough points from your mom to keep the VIP status in the family and sell the others points...

Jay_Y · Apr 24, 2015

If you enjoy the perks of having a timeshare and being able to travel with your family, there are legitimate companies that help rent out your unused nights, but be diligent before choosing a company and do NOT pay any upfront fees. Some of these companies can also help transfer ownership if that's what you choose to do.

However, if you choose to keep the timeshare, you would need to rent out 50+ nights/year at approximately $120/night to fully offset the MF. In order to reduce this you need to select dates and locations that can command a higher rate per night. Doing it yourself can be done but requires time, knowledge and patience.

Additionally, like Ron said Wyndham does have 3 options available for owners:
1. Referral program
2. Give-back program
3. Give-back program with right-to-use for a few more years
Read more about Wyndham's offers at the link below
http://www.redweek.com/resources/as..._article_wyndhamhelping&utm_campaign=tw_apr15

We hope this helps and good luck!

Bill4728 · Apr 24, 2015

Please be aware that the resale value of these points will be >10% of what your mother paid for them. So if your mom wants to sell she will not get much for them.

They may have a lot more value to you because as her daughter Wyndham will treat you the same as they treated her.

good Luck

DeniseM · Apr 24, 2015

A gentle reminder: Buying/Selling/Renting, are not permitted in the discussion forums. Those are good discussions for private messages.

Should I buy Wyndham points from a relative?

tnort5

DeniseM

markb53

TUGBrian

vacationhopeful

TUG Review Crew: Rookie

Jason245

TUG Review Crew: Expert

tnort5

DeniseM

ronparise

Jason245

TUG Review Crew: Expert

csxjohn

TUG Review Crew: Expert

gmarine

Tug Review Crew: Rookie

presley

TUG Review Crew: Expert

55plus

Jay_Y

Bill4728

DeniseM