bradfordHI
TUG Member
- Joined
- Dec 9, 2016
- Messages
- 119
- Reaction score
- 7
- Points
- 78
- Resorts Owned
-
DRI Hawaii Collection 74,000 points
Westin 2 Bedroom Maui; selling it now.
2 bedroom ocean Front Hyatt week 51. We Rent it on VRBO only.
I'll defend VI (Vacation Internationale).
When you bought VI you had to sign a document which spelled out that many units are not in the program permanently. VI was initially set up as 40 or 25 year right to use contracts. Many of the VI units were structured in such a way that a given date (which seemed a long time away in the 70's and 80's but are now coming due) would go out of the system. However, you have to realize that points will also go out of the system when people's 25 and 40 year contracts end. There will always be enough inventory to support the current available points.
If the poster will look more closely at the document they put up (which is readily available from VI - so nothing being hidden), many of the units are owned on a permanent basis (and many are not - especially in Hawaii). VI knows that this is an issue and has been both adding new permanent inventory and working to convert inventory to permanent. For example, Mazatlan was all converted to permanent.
All of the units in the document published by the poster are available until their end date as clearly spelled out in the document. Those end dates range from 2018 to 2040.
If you buy from VI, there is a bold print section of the contract that spells out that many units are not permanent.
VI is an excellent company that provides a good product to it's members. The maintenance (vs reserve) portion of our fees have not gone up in 8 years. The reserve portion has and they have been putting a lot of money into the units.
FYI - VRI was the management company for VI for many years which helps increase the confusion. There is no connection whatsoever between the two any more.
Thanks for your post.
Mazatalan to replace Hawaii? That's not good trading power, that's bad! . (Almost all Mexico is right to use, also)
Read the document. Show me one page from the company showing any ability to purchase new properties. Bank loan, acquisition team? Anything.
They don't have the capital or any funds to purchase new properties or companies. Every year more and more leases expire. Less and less inventory. Hawaii lost 4 units in the 12 months.
It's a serious issue and I am a commercial real estate broker and read all the documents. It's bad.
You comments on Maintenance fees are actually a horrible sign because they would go UP...if they were planning to purchase something. Flat is bad!!! It actually shows my point.
Leases expire, thus, less rent, so no increase in MF. Less inventory to manage, thus no increases in MF.
I think the original founders set up a great, right to use and now it's near the end of it. The 80s owners are happy, new owners are being scammed. It's a SCAM now! Do not buy VI.
I would never advise anyone to purchase VI unless they know it's a 8 to 10 year right to use. With about 30 apartment units, (no resorts, no land, just 30 individual condo units) around the US and Mazatlan (which is not a good property or location)
I will correct myself if you can show the documents or explain how they plan to raise money to buy more properties. Unless you work for them or know something that we don't, please explain how.
Thanks for your input.