Outrigger Resources Reserve Funds Issue

[JulieFoxcroft]

We just sat through an update meeting with Wyndham Property Management. We own at Waikki Beach Walk Outrigger. We were told that there is new legislation that requires resort properties to have 100% reserve funds available. And apparently Outrigger had not done this well and are projected to drastically increase their maintenance feeds over the next 10-15 years in order to get to 100% reserve fund.

This is the first time we have heard of this and I just want to confirm with as many sources as I can that this is indeed accurate. If anyone can provide additional information that would be greatly appreciated.

Note I have reached out to Outrigger directly as well but still waiting response. I just want to make sure Wyndham Property Management isn’t making this into a bigger deal than it is just to get us to buy a Wyndham property.

Thanks
julie

 

[vacation911]

We just sat through an update meeting with Wyndham Property Management. We own at Waikki Beach Walk Outrigger. We were told that there is new legislation that requires resort properties to have 100% reserve funds available. And apparently Outrigger had not done this well and are projected to drastically increase their maintenance feeds over the next 10-15 years in order to get to 100% reserve fund.

This is the first time we have heard of this and I just want to confirm with as many sources as I can that this is indeed accurate. If anyone can provide additional information that would be greatly appreciated.

Note I have reached out to Outrigger directly as well but still waiting response. I just want to make sure Wyndham Property Management isn’t making this into a bigger deal than it is just to get us to buy a Wyndham property.

Thanks
julie

By Wyndham Property Management-you mean like at a sales presentation- because you said update meeting.....?

Sounds like their lips are moving. Don't buy based on the stories they tell you at the meetings. The sales team would not have that knowledge. If you were at an update meeting, you were talking to the sales team. Their job is to sell you more points, plain and simple. They are not there to help you long term. They are definitely doing it, just to get you to buy a Wyndham property.

 

[simpsontruckdriver]

I just want to make sure Wyndham Property Management isn’t making this into a bigger deal than it is just to get us to buy a Wyndham property.

There is your answer!

TS

 

[Fido Chuckwagon]

We just sat through an update meeting with Wyndham Property Management. We own at Waikki Beach Walk Outrigger. We were told that there is new legislation that requires resort properties to have 100% reserve funds available. And apparently Outrigger had not done this well and are projected to drastically increase their maintenance feeds over the next 10-15 years in order to get to 100% reserve fund.

This is the first time we have heard of this and I just want to confirm with as many sources as I can that this is indeed accurate. If anyone can provide additional information that would be greatly appreciated.

Note I have reached out to Outrigger directly as well but still waiting response. I just want to make sure Wyndham Property Management isn’t making this into a bigger deal than it is just to get us to buy a Wyndham property.

Thanks
julie

Do not believe anything a salesperson has told you and do not purchase from Wyndham directly to try to “lower your maintenance fees.”

There are kernels of truth in what you were told, but I’m sure it was part of a pitch to get you to give Wyndham a boatload of money. Don’t do that. Nothing you purchase from Wyndham directly will bring your costs down. Those are all lies.