Questions/advice about owning HRC contracts with friends

[ncaahockeyfan]

We regularly travel with 3 or 4 other families from our neighborhood - Colorado ski, Florida beaches, summer hiking out west, and Hawaii. I am the main planner for the group. and think it might make sense for us to collectively own a couple of HRC contracts.

The broker I am in contact with tells me up to 4 names can be on an HRC deed. Since HRC is essentially a points based program, it would be fairly easy to figure out how much of the MFs each family owes at the end of the year based on usage. Let's say we have three contracts with 6000 points and $6000 in MFs, each family pays $1 per point used. All transaction fees (exchange, e-plus, etc) are paid at the time of reservation, which also keeps things simple.

However, what's not clear to me is how this could work in II?

1) Would the group share one II login or would each person from the deed have their own II account?

2) Would all the HRC contracts show up under each user's account?

3) I am assuming EEE points across multiple contracts can be used to make a reservation?

4) I am assuming we would want our HRC contracts to be for adjacent, or close to adjacent, weeks - to keep point availability consistent.

Appreciate any thoughts on or advice on this.

 

[HedonisticEpicurean]

it might make sense for us to collectively own a couple of HRC contracts

If I interpreted that correctly I would say four things: No, No, No, and #### NO!

Even if the members are from the same family and have matching heart tattoos that say "MOM," I would not suggest putting them on the same deed or ownership documents. Inevitably one of the couples will get divorced, face financial hardship, or become tired of traveling as a group, leaving others stuck with a higher share of the MF, etc.

Others will give advice on how you may set something up, but don't.

 

[Janann]

keeps things simple.

Not a chance.

As mentioned above, at some point, one or more families will want out. What happens then? Will there be some sort of contract that everyone previously signed that explains the process for the remaining families to be forced to buy out the departing family's interest?

My only suggestion for something that might possibly work is for you or another willing family to buy a large contract. Then each year the other families would pay you rent. If a family decides to skip the trip one year, then you would be on your own to find some other use for the excess points. Its not ideal, but its better than joint ownership of a timeshare. Good luck.

 

[ScoopKona]

Not just no but [CENSORED] no. You are setting yourself up to ruin your friendships and lose money.

If you buy one of these, you're going to learn very quickly that most people are all talk and all mooch. Timeshare mooching is basically a sport for a small subset of the vacation travel set. They will "forget" to pay the maintenance fees, burn through all the points, and leave whoever is on the deed on the hook with all the bills and none of the fun.

Here's a better idea -- everyone buys their own week, pays their own maintenance fees, books their own vacations and you meet up when convenient. Then you can separate the men from the boys. (And the women from the girls. I'm an equal-opportunity cynic when it comes to the average tourist.)

 

[claraj]

I couldn't have said it better than SkoopKona!

 

[dms1709]

Do not do it! Look at ScoopKona's post.

 

[Scavanjer]

Or how about this option, if you can afford it, you buy all the timeshares and rent it back to your neighbors every year. That way, if you don’t like some of them in the future you stop renting to them and swap some family or couple you like better.

 

[ncaahockeyfan]

Not a chance.

As mentioned above, at some point, one or more families will want out. What happens then? Will there be some sort of contract that everyone previously signed that explains the process for the remaining families to be forced to buy out the departing family's interest?

My only suggestion for something that might possibly work is for you or another willing family to buy a large contract. Then each year the other families would pay you rent. If a family decides to skip the trip one year, then you would be on your own to find some other use for the excess points. Its not ideal, but its better than joint ownership of a timeshare. Good luck.

Several HRC properties seem to have great resale success. The plan would be to stick to only those properties and either have a buyout plan for the exiting family or sell off a contract to fund the exiting family.

The plan would be to use most, if not all, of the points in II, so that takes renting out of the equation.

 

[ncaahockeyfan]

Not just no but [CENSORED] no. You are setting yourself up to ruin your friendships and lose money.

If you buy one of these, you're going to learn very quickly that most people are all talk and all mooch. Timeshare mooching is basically a sport for a small subset of the vacation travel set. They will "forget" to pay the maintenance fees, burn through all the points, and leave whoever is on the deed on the hook with all the bills and none of the fun.

Here's a better idea -- everyone buys their own week, pays their own maintenance fees, books their own vacations and you meet up when convenient. Then you can separate the men from the boys. (And the women from the girls. I'm an equal-opportunity cynic when it comes to the average tourist.)

Lol

 

[ScoopKona]

Lol

Scoff if you want. Most people can't manage a timeshare. That's why most timeshare owners are unhappy. (That, and they bought the wrong timeshare for what they want to do. They were sold something instead of doing their homework and then purchasing what they wanted -- if they buy anything at all.)

Timeshares can work. They can work quite well. I can only think of two groups who are happy with their timeshare:

1) People who own the week they want in the location they want at the resort they want. They are happy to work 50 weeks a year if they know their two weeks at the Leaky Lake Lodge for the Miss Mosquito Pageant are waiting for them.

2) Traders who have real flexibility. Not "I don't care which unit I get in Manhattan for New Year's Eve week" flexibility. Actual flexibility. "I'm good with having a couple dozens places to choose from during the summer. Could be Malaysia. Could be Malta. I'm happy either way.

So, unless your friends are exactly like you (they aren't), and are willing to book their vacations at the same time you do (they aren't), and can stick with the decisions they make (they can't), bringing them along for the ride is going to be a dumpster fire in a train wreck. And when someone wants "out," what then?

One of my coworkers at the Hyatt went in on a week with one of his friends. It was a biennial. Least-expensive thing sold at the time. They agreed that they would alternate paying the fees and using the points. A guaranteed nice vacation every four years for the both of them. Their agreement didn't even last four years -- one of them didn't want to pay the fees or use the points "their" year. "I'm busy. I can't take off. I don't want this."

They sold at a loss. And now they no longer speak to each other.

 

[ncaahockeyfan]

Scoff if you want. Most people can't manage a timeshare. That's why most timeshare owners are unhappy. (That, and they bought the wrong timeshare for what they want to do. They were sold something instead of doing their homework and then purchasing what they wanted -- if they buy anything at all.)

Timeshares can work. They can work quite well. I can only think of two groups who are happy with their timeshare:

1) People who own the week they want in the location they want at the resort they want. They are happy to work 50 weeks a year if they know their two weeks at the Leaky Lake Lodge for the Miss Mosquito Pageant are waiting for them.

2) Traders who have real flexibility. Not "I don't care which unit I get in Manhattan for New Year's Eve week" flexibility. Actual flexibility. "I'm good with having a couple dozens places to choose from during the summer. Could be Malaysia. Could be Malta. I'm happy either way.

So, unless your friends are exactly like you (they aren't), and are willing to book their vacations at the same time you do (they aren't), and can stick with the decisions they make (they can't), bringing them along for the ride is going to be a dumpster fire in a train wreck. And when someone wants "out," what then?

One of my coworkers at the Hyatt went in on a week with one of his friends. It was a biennial. Least-expensive thing sold at the time. They agreed that they would alternate paying the fees and using the points. A guaranteed nice vacation every four years for the both of them. Their agreement didn't even last four years -- one of them didn't want to pay the fees or use the points "their" year. "I'm busy. I can't take off. I don't want this."

They sold at a loss. And now they no longer speak to each other.

Scoop - as always, you have a way with your words - appreciate the advice! I'll stick to one family ownership.

 

[GTLINZ]

Scoop's source of wisdom is often derived from Bob Dylan lyrics. You are being advised to be "on your own, like a rolling stone" ...

 

[ScoopKona]

Scoop's source of wisdom is often derived from Bob Dylan lyrics. You are being advised to be "on your own, like a rolling stone" ...

Every time we've tried to travel with friends, it never worked. The last time we offered to bring a person who is like family to Napa with us. We were flush with points. She's a Pinot drinker. We can make that work. So we grabbed an extra unit in Napa. All she had to do was fly over from Florida. In summer. When it's oppressive.

A few days before departure, she canceled her flight and called us. "It says it's going to rain a couple days."

Really? Rain? In Napa Valley? You don't say!

So she stayed a week in hot and muggy. And we ate the points and the exchange fee and went on wine tastings for a week -- as per usual. And yes, it rained -- almost every morning near dawn.

People are flippin' crazy.

 

[marmite]

Maybe if one of your friends is really interested in the timeshare idea (and has the funds to get a contract), you could help them through the purchase process and teach them how to use and manage their points. Points-based contracts can take a bit of skill to maximize, especially if there is banking, borrowing and managing CUP/LCUP (or whatever the Hyatt buckets are). There are so many decisions to make when owning a timeshare, including when the right time is to get-out of yours. I would want to make all the decisions on my own and would find it hard to make decisions with a group.

 

[Ski-Dad]

This is a great idea if you no longer wish to remain friends. It establishes a foundation for conflict. We regularly invite friends to join us on our timeshare vacations. We are almost always at a Sheraton or Marriot resort which I trade into with my small SDO 1 bedroom. We charge our friends their share of my full cost (MF, exchange fee and even a portion of my annual II fees). Our friends think they are getting a great deal (which they are), but there is no ongoing commitments (less chance for conflict).

I manage conflict at my work. I do not need it on vacation.

 

[ScoopKona]

especially if there is banking, borrowing and managing CUP/LCUP (or whatever the Hyatt buckets are).

There's a one-page guide in the Hyatt forum, stickied. Explains it all in English without the Hyatt alphabet soup.

 

[marmite]

There's a one-page guide in the Hyatt forum, stickied. Explains it all in English without the Hyatt alphabet soup.

It's funny that after researching Hyatt years ago the alphabet soup is still stuck in my mind.

 

[Kal]

I can only imagine how big the contract would be between the families. We're talking a 2" book. The first year would be fun. Then the middle years, the wheels come off the wagon. Then someone wants out. See paragraph 435 of the "book". At the end of that page it says "kiss off those friends FOREVER".