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Buying vacation property with others
Posted on 4/3/13 at 2:28 pm
Posted on 4/3/13 at 2:28 pm
And basically setting up your own timeshare group.
Anyone with experience doing this?
Pros? Cons?
Anyone with experience doing this?
Pros? Cons?
4
Posted on 4/3/13 at 2:33 pm to Y.A. Tittle
Pros - Cheaper
Cons - The list is endless
Cons - The list is endless
Posted on 4/3/13 at 2:37 pm to Mootsman
quote:
Cons - The list is endless
I get that. I'm wondering what's the most glaring.
I'm also wondering, is it better doing with people you know well (i.e, good social type friends), people you just casually know, maybe professionally or something (this is sort of where I would lean), or people you don't know at all.
I'm looking at maybe splitting a property 6 ways.
Posted on 4/3/13 at 2:40 pm to Y.A. Tittle
If it was me I would deal with people that you know. That are descent people, who can hold a job, and that are not shaddy unclean people. If you go get randoms then you never know what your gonna end up with. Also if you buy it with people you know it will probably be easier to buy thier portion if they want out, or let them buy your if you want out.
Posted on 4/3/13 at 2:41 pm to Y.A. Tittle
My parents have 2 groups they are involved in.
They seem to like it so far, you just have to make sure you're in with a good group.
We don't allow it to be rented out at all, but that is a decision you and your group should make.
Also discuss shares. If someone wants out, you should reserve the right for one of the current owners to buy it out before he can sell to anyone else.We set up an LLC and have some basic guidelines in the operating agreement.
Before any one discusses what dates they want the property, set the schedule. We do Thursday to Wednesday for one and Friday to Thursday for the other.
Each year, a different owner gets to pick first which week he wants. Then it goes in a rotation after that. People can always switch if they want, but every few years you are guaranteed to get the week you want
Other than that, the biggest problem I saw from a distance was all the women went one weekend to decorate. That can be a disaster.
eta: They knew everyone and were at least somewhat friends with them before hand.
They seem to like it so far, you just have to make sure you're in with a good group.
We don't allow it to be rented out at all, but that is a decision you and your group should make.
Also discuss shares. If someone wants out, you should reserve the right for one of the current owners to buy it out before he can sell to anyone else.We set up an LLC and have some basic guidelines in the operating agreement.
Before any one discusses what dates they want the property, set the schedule. We do Thursday to Wednesday for one and Friday to Thursday for the other.
Each year, a different owner gets to pick first which week he wants. Then it goes in a rotation after that. People can always switch if they want, but every few years you are guaranteed to get the week you want
Other than that, the biggest problem I saw from a distance was all the women went one weekend to decorate. That can be a disaster.
eta: They knew everyone and were at least somewhat friends with them before hand.
This post was edited on 4/3/13 at 2:43 pm
Posted on 4/3/13 at 2:53 pm to Y.A. Tittle
quote:
Anyone with experience doing this?
Yes. The key is to do it with some (doesn't have to be all) people that you know and trust very well.
My aunt and uncle knew some friends of theirs for about 20 years. They talked to a few other couples that they both knew about the idea, and in the end there were 13 couples. The 13 couples went in together and bought a condo on the beach in Florida. It is split up evenly with each family getting the condo 4 weeks out of the year, one week in each season. It has worked out famously with no real problems. Anytime something major needs to be done (new appliance, new carpet, whatever) it is split up amongst all 13 groups. Honestly, I can't think of a single drawback to it, although of course I'm not my uncle and don't really see the behind the scenes part of it.
Posted on 4/3/13 at 3:10 pm to Y.A. Tittle
Hypothetical: Members A - F buy awesome beach house. YA's, aka Member A, vacation expenses drop as a result. 3 years later, Member B gets the big Casino and stops paying their bills. Who wants to be the guy to call Member B's spouse on a regular basis to remind Member B's spouse to cut checks in between chemo sessions?
VRBO, do it.
VRBO, do it.
This post was edited on 4/3/13 at 3:11 pm
Posted on 4/3/13 at 3:53 pm to Solo
quote:
3 years later, Member B gets the big Casino and stops paying their bills. Who wants to be the guy to call Member B's spouse on a regular basis to remind Member B's spouse to cut checks in between chemo sessions?
Seems like they'd be happy to be bought out at that point.
quote:
VRBO, do it.
I do on the rental end. Are you suggesting I keep that up (I likely will) or that I should buy the property I'm looking at and rent it out for 5/6 of the year (it's a possibility, but I think that's fraught with problems too)?
Posted on 4/3/13 at 3:53 pm to Solo
quote:
VRBO, do it.
I love VRBO.
If you want to do a coop then have it professionally managed so you don't have to deal with each other on all the issues. I see this as a disaster waiting to happen.
Posted on 4/3/13 at 4:03 pm to Y.A. Tittle
I'm suggesting that life is much easier if you rent a nice beachouse on VRBO, cut the check and be done with it.
Posted on 4/3/13 at 4:06 pm to Y.A. Tittle
Do you need to rent it out for 5/6 of the year if you purchase it yourself?
My wife and I are looking at property in TCI and it looks like we can do very well if we just rent it out for 4 months out of 12. I want the property to help sustain itself but I also want to be able to go down there on a whim for the better portion of the year.
My wife and I are looking at property in TCI and it looks like we can do very well if we just rent it out for 4 months out of 12. I want the property to help sustain itself but I also want to be able to go down there on a whim for the better portion of the year.
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