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re: How many people own a condo in Gulf Shores? Is it worth it?
Posted on 7/27/14 at 12:00 pm to Tiger n Miami AU83
Posted on 7/27/14 at 12:00 pm to Tiger n Miami AU83
Slight thread hijack regarding HOA fees.
How many HOA's are corrupt and pocketing dollars on their own?
That seems like an extremely easy way to launder money and/or get suppliers to backfill your pockets.
I say that because I pay a shitton of money for my 1 bedroom condo in Br as an HOA and I just can't see how they spend so much money.
How many HOA's are corrupt and pocketing dollars on their own?
That seems like an extremely easy way to launder money and/or get suppliers to backfill your pockets.
I say that because I pay a shitton of money for my 1 bedroom condo in Br as an HOA and I just can't see how they spend so much money.
2
Posted on 7/27/14 at 12:00 pm to Robin Masters
quote:
In 20 years, After all baby boomers die it will be worth about half what you paid, if you're lucky.
Please explain your logic behind this
Posted on 7/27/14 at 12:03 pm to yellowfin
quote:
I don't really know enough about time shares to have an opinion.
Ditto. All I ever hear or either horror stories, or the occasional happy camper. Not sure what causes either to be that way.
Posted on 7/27/14 at 12:04 pm to tduecen
A friend of mine had one in OB. Said it was the happiest day of his life buying it. Second happiest day was the day he sold it. (5 days before a storm hit the gulf)
Posted on 7/27/14 at 12:06 pm to Lester Earl
Time shares are one of the WORST vacation "investments" one can make...stupid idea lester !!
Posted on 7/27/14 at 12:10 pm to LSUzealot
Some are definitely corrupt. I was pretty involved with one after Ivan that was fielding purposals to sell to a developer. Went to all the meetings, spoke with the developers team and agents who would be doing the marketing. The amount of shady n some illegal shite that went on was impressive. A lot of money was at stake though. The property sat on about 5 acres of absolute prime real estate.
On a smaller scale, the property manager was a total slime ball. He was totally worthless and did nothing but voted himself a raise every year. Dude was making 60-65k and living in a unit doing absolutely nothing but laying out on the beach 24/7. All outof the dues.
On a smaller scale, the property manager was a total slime ball. He was totally worthless and did nothing but voted himself a raise every year. Dude was making 60-65k and living in a unit doing absolutely nothing but laying out on the beach 24/7. All outof the dues.
Posted on 7/27/14 at 12:12 pm to tickfawtiger
I'm not endorsing time shares, I just said there are some deals if you fit the profile
Posted on 7/27/14 at 12:13 pm to MBclass83
Oh yeah other thing I should have mentioned... We buying it from friends mom who bought it to make money and couldn't....
Posted on 7/27/14 at 12:14 pm to tduecen
quote:
Basically this would be 3 people splitting cost with me living there a month a year and us trying to rent it out when we are no occupying it.
Does one of y'all have the time to run down there when you get a huge water bill and realize that something is leaking to get it fixed? Or to get the ac fixed, or the cable, or the fridge, or when the upstairs unit floods yours? Are y'all going to agree on prices or is there one person who will want 5 different quotes? When one of your friends gets drunk and accidentally knocks a hole in the cheap arse wall, you've still got to go down there and sit around while it gets fixed, even if he pays for it.
Every single time I go, there's at least one maintenance issue that needs to be addressed. Unless you're paying someone to take care of it for you, there's a ton of work that goes into these places that you never think about when you're renting.
Posted on 7/27/14 at 12:17 pm to DrinkDrankDrunk
Not to mention the tax implications (property, rental, etc), HOA, paying a cut of rent for maintenance, and the fact that your hurricane/wind insurance is going to be high as giraffe pussy.
Posted on 7/27/14 at 12:18 pm to LSUzealot
quote:
I say that because I pay a shitton of money for my 1 bedroom condo in Br as an HOA and I just can't see how they spend so much money.
You should get an audited annual statement. If you get on Board of HOA you can be involved in all decisions/ costs.
Posted on 7/27/14 at 12:21 pm to biglego
My sister has a house on Fort Morgan rd. Don't rent it out. You won't go as much as you think you will. I can go anytime I want but usually only go about twice a year. Usually in Sept-Oct. or May-June. If you rent it out plan on spending at least one day when your there fixing shite like snake the shower drains to get rid of hair and old folk pubes
Posted on 7/27/14 at 12:22 pm to tigers win2
quote:
You should get an audited annual statement.
Ask for an annual statement already audited or audit one myself or pay someone to do it?
Posted on 7/27/14 at 12:22 pm to DrinkDrankDrunk
Well that would be winter, during summer one of the 3 of us or friends who rent it will occupy it. Right now we are scratching surface of cost as we've agreed in principal to a price with the owner. Not as expensive as some and since she bought cheap after Katrina she walks away with a little money....
It would be a 4 hour drive so any of us to go so we would have to hire a cleaning lady/maintenance person when we would not occupy it
It would be a 4 hour drive so any of us to go so we would have to hire a cleaning lady/maintenance person when we would not occupy it
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