HGV Flamingo Owner - Selling Questions.

[NeosUnderground]

Hello all, I was an idiot 28 year old for not doing my research and thinking I could AirBnB my 5,440 point HGV for profit or to break even. I paid 22k for the "1BR property" in June of 2023 and while I can afford the monthly payments ($314) and the annual maintenance costs (around $1400), I haven't used it once and at this point I'm just throwing away money. I have started to look into TUG and KOALA to rent out my points instead of AirBnB but I'm still in the early stages of that. I was wondering if anyone knew what I would be able to get out of my timeshare if I sold it outright? I'm not expecting to get anywhere near my initial price but I have no idea what these things go for. How much could I roughly charge if I rented out my points each year? I'm sorry for the ignorant questions but I'm trying to understand the world of timeshare as to not make this mistake again and to help others be more informed as well. I really appreciate it, Thanks.

 

[jp10558]

Well, you can only rent out your home week reservation, not the points. I have no idea what the rental rates are in Vegas, but it's got a lot of supply, so probably not much - might not meet the MFs.

You can't sell a TS if it has a loan on it. You also probably wouldn't get much if anything for that point value - do you know the actual MFs for it? I don't know if Flamingo has good LV point / MF rates, but you'd need someone with a special need to want only 5,440 pts, even for $0. Most of us on TUG get HGVC points in chunks of 11,200 or more.

Sorry to have bad news, but first you need to pay off the loan.

 

[NeosUnderground]

Thanks for the reply JP! The MFs are $1417. I figured I'd have to pay it off beforehand, assuming I did, what would my options be?

 

[dioxide45]

Why not try and use it for occupancy yourself? Do you not go on vacations? The best timeshare is the timeshare that is used. Just because you can't use it for its original intent doesn't mean it doesn't have value in use.

 

[NeosUnderground]

Dioxide, I definitely do like the idea of using it for myself and maybe later in life that would be more viable but not for right now as its hard to get time away from work. That's why I like the idea of renting it out or maybe just selling.

 

[dioxide45]

Dioxide, I definitely do like the idea of using it for myself and maybe later in life that would be more viable but not for right now as its hard to get time away from work. That's why I like the idea of renting it out or maybe just selling.

Unfortunately the resale value is going to be fairly low. Maybe a few thousand dollars depending on the unit size and season. Some Vegas weeks have more value than others.

 

[NeosUnderground]

Gotcha, that's what I was expecting..crazy how low the resale values are lol. Here's my unit specs:

1 Bedroom (EP)​

Size 831 sqft Accommodates 4 guests
This spacious one-bedroom, one-bathroom suite features a primary bedroom with a king-size bed and bathroom with a free-standing shower and separate oversized tub. The suite also includes a full kitchen, generous living room, stackable washer and dryer, workstation with USB outlets, counter-height dining area and full-size sleeper sofa.

It looks like I can choose my home week between Feb 7th - 14th , May 23rd - September 12th, and November 1st - December 5th.

 

[alwysonvac]

Perhaps you can try renting your home week to cover some of your expenses .
I would look for a high demand event or convention week. Just make sure your rental price is better than Hilton.com total price.

 

[Snezz1e]

It has almost no resale value. I use to own this same deed that I bought for less than $500 but came with free points. I later tried to give it away for free with no points and there was no takers so I just did a deed back.

 

[WorldT]

OP just bought this in 2023 and pays about $300 per month on the loan. It seems there is likely a significant balance still left. This means selling and deed back are off the table.
Options left:
1. Rent - if you can get enough to offset the cost
2. Use it - doesn't seem possible
3. Keep paying till loan is paid off and deed back can be done (at least rent for as much as possible if these option is chosen)
3. Default - last option and consider possible consequences.

 

[letsgobobby]

Gotcha, that's what I was expecting..crazy how low the resale values are lol. Here's my unit specs:

1 Bedroom (EP)​

Size 831 sqft Accommodates 4 guests
This spacious one-bedroom, one-bathroom suite features a primary bedroom with a king-size bed and bathroom with a free-standing shower and separate oversized tub. The suite also includes a full kitchen, generous living room, stackable washer and dryer, workstation with USB outlets, counter-height dining area and full-size sleeper sofa.

It looks like I can choose my home week between Feb 7th - 14th , May 23rd - September 12th, and November 1st - December 5th.

so your home week includes F1. make a reservation now and put it up for rent. a high demand event during gold season is a bit of a gift to you.

 

[NeosUnderground]

I'll probably just rent it out over F1 to cover as much of the cost and pay down the loan over time and maybe by then I can actually use it. Does anyone know how much HGV would offer for it to sell it back to them (once its paid off)? I put in an inquiry but apparently they're "45 days out" on replying lol.

So next step, what would be the easiest way to rent it out during that week? Would I rent out the points somewhere or make a listing on AirBnb/VRBO?

You all have been amazingly helpful and I greatly appreciate it!

Also, it looks like the going rate for my suite over f1 is about $2100, and even if I undercut but a few hundred, it would more than cover my MFs for the year at least:

 

[dioxide45]

I will provide a word of caution. Las Vegas has lots of supply, thus lots of competition. Many have attempted to rent their timeshare weeks and reservations for what should seem like prime events in Las Vegas but their reservations go unrented. Simply too much competition with over 150,000 hotel rooms.

 

[letsgobobby]

agreed, for that reason you definitely want to undercut hilton and maybe if nobody bites you go to vegas yourself and enjoy the experience.

 

[NeosUnderground]

Definitely great points from everyone! At least I'm starting to feel slightly better now haha.

 

[jp10558]

I'll probably just rent it out over F1 to cover as much of the cost and pay down the loan over time and maybe by then I can actually use it. Does anyone know how much HGV would offer for it to sell it back to them (once its paid off)? I put in an inquiry but apparently they're "45 days out" on replying lol.

So next step, what would be the easiest way to rent it out during that week? Would I rent out the points somewhere or make a listing on AirBnb/VRBO?

You all have been amazingly helpful and I greatly appreciate it!

Also, it looks like the going rate for my suite over f1 is about $2100, and even if I undercut but a few hundred, it would more than cover my MFs for the year at least:

View attachment 104977

In HGVC you can't rent out points. You can book your home week as a home week booking (note that's 1 full week, and not booked like points but via the home week booking) and rent that out.

Giving it back to HGV - they won't pay you, but I don't think they charge you either, but it is a possibility.