Renting out my timeshare for the first time -advice needed.

[sage]

I really hope all you Tuggers can give me some extra advice on renting my timeshare. I've read many of the threads but I need a few questions answered before I can do this.

I live outside the US and have managed to reserve Nascar week in Las Vegas with my T/S. I feel that I may have left it a bit late to try to rent out the two units.

Do I need a contract or is the reservation in the renters name usually good enough?
How much should I charge? I have no idea what both units would rent for (MGC 1 & 2 BR).
Where are the best places to advertise (apart from TUG)? I was considering Ebay but think it may not rent by this method.
I have heard that I will be slugged tax by the US govt? How much is it (%) and how do I pay it?
If I go through Paypal, should I get just a deposit or the whole amount up front? I do not want someone to pull out at the last minute and be stuck with 2 weeks I cannot use.

Any suggestions would be greatly appreciated.

Gillian

 

[Dave M]

There are good answers to most of your questions, including where to advertise and how to determine an asking price, in the How to Rent article that, if you lose this link, is located at the top of the list of topics for this Buying, Selling, Renting forum.

There is no magic for how much to charge. You'll have to do some work yourself. As suggested in the article, search various rental sites (e.g., Redweek.com) for rentals at your resort or similar resorts during NASCAR week. Then price your rental asking price below the lowest price you can find. That should give you the best chance for success.

Whether you have a contract or not is between you and your renter. The article includes suggestions and links to sample agreements, in case you decide to use one. If you don't use one and if you are referring to your Marriott, it's a simple matter to contact MVCI Owner Services and add the renter's name to the reservation (no fee). If your renter has a Marriott Rewards number, the renter can look up the reservation at Marriott.com once you give him/her the reservation number.

Whether to ask for the entire amount up front is another issue that's for negotiation between you and your renter. However, most TUGgers seem to be in favor of getting the entire amount up front.

Here's the answer with respect to how the 30% U.S. tax on your rental is withheld. However, it's likely that your renter will not have heard of this requirement and will shy away from renting from you when faced with the obligation to (1) withhold (2) figure out what form to complete and (3) determine how to submit the tax to IRS. Thus, it's between you and your renter as to what you do about this obligation. It's your renter's problem, not yours.

 

[sernow]

Unless we're talking about some sort of Nascar week I don't know about, it's over 4 months away. It not even close to being too late to rent them out. Set up a paypal account (and make sure it's the type of account that enables you to accept credit card payments), require paypal only for payment, and rent them out!

 

[CPC]

Renting timeshare for first time

I have been renting my timeshare "Cliff's at Peace Canyon" for over three years now for $720 per year directly through the resorts management itself. You may wish to contact the management of your property and ask them to mail you a rental form.

P.S. Anyone interested in renting CPC for 2009 (Jan 3-10)?