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Buying with an LLC

SkyBlueWaters

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I know some tug members actively rent. Has anyone used an LLC? Experiences shared with transfer of title and renting out would be appreciated!
 

DeniseM

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Some management companies will not transfer timeshares to an LLC, because the Viking Ship companies use LLC's.

LT Transfers (Tuggers and licensed timeshare title company) may be able to shed some light on this.

As far as renting goes, only a small percentage of timeshares are viable rentals. Your average run of the mill timeshare will not generate enough rent to make it worthwhile.
 

taterhed

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An LLC is fine....if the people whose money you're 'playing with' are aware of the risks.
Unfortunately, that would be the HOA (etc) and the other owners in this case.

You can guess my opinion of LLC ownership of a 'group' owned property with ongoing liabilities....for everyone but the LLC.
 

grab

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A LLC is frowned upon by most here because of past and current scams as pointed out above. I think a LLC has a solid benefit in most cases but not here.

You may want to consider a Trust instead if your intentions are good. A scam by a Trust would leave the Trustee personally responsible so takes the risk perception way down. Some won’t work with Trusts either but that’s a clear minority.

A financial advisor/lawyer should probably be consulted.
 
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