[ 2019 ] Resale wait times?

[dgalati]

Since this is my first resale purchase, would you mind briefly listing Wyndham’s internal process so I know what to expect? I just mean the steps they go through, not an estimated timeline.

Deeded ownership: It is as follows Once Wyndham received A recorded deed and the $299 resort transfer fee.
1) Received all paper work and transfer fee
2) In process or being reviewed
3) Approved or waiting to be transfered.
And the last one which puts everything back to step one with Transfer company preparing a corrected deed for recording and sending back to Wyndham to start the clock over again from Wyndhams side.
4) Deed rejected and sent back to be corrected and rerecorded

Time frame has always varied some I have had some transfer in less then 4 weeks others took over 6 months.

 

[Richelle]

Since this is my first resale purchase, would you mind briefly listing Wyndham’s internal process so I know what to expect? I just mean the steps they go through, not an estimated timeline.

Dgalati pretty much summarized it. Mine is on step 3 at the moment. Usually the deed rejection happens at step 2 though.


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[dgalati]

Dgalati pretty much summarized it. Mine is on step 3 at the moment. Usually the deed rejection happens at step 2 though.


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Correct on deed rejection at #2

 

[Rolltydr]

Dgalati pretty much summarized it. Mine is on step 3 at the moment. Usually the deed rejection happens at step 2 though.


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Thanks to both of you. I got sidetracked and didn’t notice his post.


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[dgalati]

Thanks to both of you. I got sidetracked and didn’t notice his post.


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[dgalati]

No problem I'm glad you found the information helpfull.

 

[Richelle]

FINALLY! Resale transferred to new owner. Just two days shy of the 12 week mark. There was no mention of anything causing a delay during Wyndham’s part of the process, so as far as I can tell, LT Transfers did everything right.

 

[bendadin]

I just received A&A for a CWA contract that I gave away. So when I called in today to ask a different question, they told me not to freak out when my account went negative so they absolutely know that there is a transaction in the works corresponding with the date that they mailed out the A&A.

 

[dgalati]

I just received A&A for a CWA contract that I gave away. So when I called in today to ask a different question, they told me not to freak out when my account went negative so they absolutely know that there is a transaction in the works corresponding with the date that they mailed out the A&A.

Hmmm negative account balance?

 

[bendadin]

Hmmm negative account balance?

Yes but they also know that I have contracts coming in that will cover it AND they said that they wouldn't be canceling my reservations. I was prepared though, so I have almost a million 2019 points sitting in reservations at the end of the year that they can cancel.

 

[Richelle]

Wonder how long it will take them to add the Margaritaville I got to my account. We are at week 8. There is no deed to review, so hopefully that will speed things up. I want to roll them over to next year. Otherwise, between that and the Canterbury resale that's in the works as well, I'll have a ton of points to rent out.

 

[dgalati]

Wonder how long it will take them to add the Margaritaville I got to my account. We are at week 8. There is no deed to review, so hopefully that will speed things up. I want to roll them over to next year. Otherwise, between that and the Canterbury resale that's in the works as well, I'll have a ton of points to rent out.

That's what I'm talking about!

 

[Ecelso]

I am curious when I hear people having lots points and renting. Are many of you into this to make a profit? I just bought 413k PCB resale to vacation with my family. and I am still waiting for the transfer to complete - I think I am on step 3. Anyway, when I read how some of you rent out, I feel like I have lots to learn on the rental market. Can someone please enlighten me and and set me straight. Can I use my TS to make profit?

 

[Richelle]

I am curious when I hear people having lots points and renting. Are many of you into this to make a profit? I just bought 413k PCB resale to vacation with my family. and I am still waiting for the transfer to complete - I think I am on step 3. Anyway, when I read how some of you rent out, I feel like I have lots to learn on the rental market. Can someone please enlighten me and and set me straight. Can I use my TS to make profit?

When I rent, I rent at cost. So if I have 300,000 points, my fees on those would be about $1,500. I'd rent 100,000 for $500 plus a 2.9% paypal fee. I don't charge for the guest certificate because I get 10, and use maybe one a year for myself, so the other 9 would go to waste. When I make a short term reservation, I get a 35% discount. If it's within my upgrade window, I give them the upgrade if I can. I could charge more, but I don't. Many do what I do, and rent at whatever their costs are. So you are competing with people like me, who do not need to make a profit. If you are not VIP, you have to charge more, because you are charging the full point value. So competing with VIPs is difficult. People who make a living off renting timeshares, often work with more than one timeshare system.

Also, people don't always like renting from someone without a reputation. I participate in Facebook groups a lot, so many have seen my contributions. I don't rent often, but when I do, it's not difficult to find someone who will rent from me. Especially when I offer $5 per 1,000 points. I got a guy a one-bedroom at Panama City Beach for a long weekend during prime season. Charged him $265 for the room and that included the paypal fee. I originally booked a studio at a discount, and it got upgraded to a one-bedroom. That guy was referred to me by someone who has seen my posts on Facebook. I didn't have to seek him out. Obviously he was very happy with the deal, and I made my money back on those points I couldn't use.

So, in a nutshell, it's not likely you will make much of a profit. There is too much competition out there like me, that do not need to make a profit.

 

[bendadin]

Wonder how long it will take them to add the Margaritaville I got to my account. We are at week 8. There is no deed to review, so hopefully that will speed things up. I want to roll them over to next year. Otherwise, between that and the Canterbury resale that's in the works as well, I'll have a ton of points to rent out.

Isn't there at least A&A on Margaritaville?

 

[Richelle]

Isn't there at least A&A on Margaritaville?

There is and they got it around 7/17.


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[bendadin]

There is and they got it around 7/17.


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I think that they say 8-10 weeks so you should be in the ballpark.

 

[Richelle]

I think that they say 8-10 weeks so you should be in the ballpark.

10 weeks would put me a few days shy of my deadline so that would work for me. I had to roll my points forward, so I could make a reservation with my credit pool points that will expire in February. I will have to spend another $39 fee to roll the Margaritaville points forward but I just received $400 for a reservation I made using credit pool points. It works out.


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[Ecelso]

When I rent, I rent at cost. So if I have 300,000 points, my fees on those would be about $1,500. I'd rent 100,000 for $500 plus a 2.9% paypal fee. I don't charge for the guest certificate because I get 10, and use maybe one a year for myself, so the other 9 would go to waste. When I make a short term reservation, I get a 35% discount. If it's within my upgrade window, I give them the upgrade if I can. I could charge more, but I don't. Many do what I do, and rent at whatever their costs are. So you are competing with people like me, who do not need to make a profit. If you are not VIP, you have to charge more, because you are charging the full point value. So competing with VIPs is difficult. People who make a living off renting timeshares, often work with more than one timeshare system.

Also, people don't always like renting from someone without a reputation. I participate in Facebook groups a lot, so many have seen my contributions. I don't rent often, but when I do, it's not difficult to find someone who will rent from me. Especially when I offer $5 per 1,000 points. I got a guy a one-bedroom at Panama City Beach for a long weekend during prime season. Charged him $265 for the room and that included the paypal fee. I originally booked a studio at a discount, and it got upgraded to a one-bedroom. That guy was referred to me by someone who has seen my posts on Facebook. I didn't have to seek him out. Obviously he was very happy with the deal, and I made my money back on those points I couldn't use.

So, in a nutshell, it's not likely you will make much of a profit. There is too much competition out there like me, that do not need to make a profit.

Thank you for the thorough explanation. This helps my understanding with rentals and I am happy with my personal points.

Summary for successful rental:
1. More ROI when VIP. 2. Word of mouth rep is main driver 3. Lots of competition from VIP not looking to profit 4. For profit in rentals TS is best to explore multiple systems.

Another realization: I should have probably looked into rental from VIP before buying a TS even if resales. Seems like there are many VIP looking to rent to make some MF payback.

 

[Richelle]

Thank you for the thorough explanation. This helps my understanding with rentals and I am happy with my personal points.

Summary for successful rental:
1. More ROI when VIP. 2. Word of mouth rep is main driver 3. Lots of competition from VIP not looking to profit 4. For profit in rentals TS is best to explore multiple systems.

Another realization: I should have probably looked into rental from VIP before buying a TS even if resales. Seems like there are many VIP looking to rent to make some MF payback.

There are a lot. I just received $400 for a reservation I made with credit pool points that will expire in a few months. $5 per 1,000. I probably could have gotten away with a little more, but they will come back the next time they want to rent. Eventually I can push it to $6 per 1,000 and make a tiny profit. I don’t need or want to pursue a for profit business. One or two here and there are fine with me. Easier to manage a couple reservations. People who do it to make a profit have to manage dozens of reservations and questions from dozens of renters. Then you have the people that are unhappy with the accommodations and try to get their money back. Too much stress for me. These guys know I don’t do refunds and that the quality of the accommodations are out of my hands. As long as I give them what they want, at a reasonable price, they are happy. I get money towards my maintenance fees, so I’m happy too.

Basically, get the timeshare to enjoy it. Not rent it out. There are some benefits to owning. For starters, like I mentioned, I don’t give out refunds. Many who rent don’t give refunds either. So if I was renting from someone and needed to change my plans, I couldn’t without losing my money. If I’m lucky, the person who I rent from will book me something else with those points, but they’ll likely charge me for the guest certificate. Our plans do change from time to time and I like being able to change my plans up to 15 days out without losing anything. Another benefit is you’re not relying on a stranger. Often times, people rent because they need the money to make loan or maintenance fee payments. If they are struggling to make those payments, you run the risk of them stopping altogether, and the reservation gets canceled. You lose your reservation and money. Don’t expect them to pay you back that money if they cannot afford to keep up with payments. If Wyndham’s system screws up or the cancellation email ends up on your junk folder where you do not see it, you might end up showing up at the check in counter, only to find out you don’t have a place to sleep. That would be my biggest fear, which is why I call two weeks out to verify they still have the reservation.

Finally, there are scam artists out there. They could take your money and hold the reservation until 15 days out and cancel it. Then disappear and you cannot get your money back. That’s worse case scenario, but it could happen. PayPal doesn’t offer much protection on timeshare rentals. There is some debate on if it’s against the rules to use PayPal for timeshare rentals. If they determine it is against the rules, you get zero protection.


Owning does have its benefits. Obviously you have maintenance fees to pay every month, but I’m ok with that because I have control over my reservations and don’t have to worry about getting scammed.


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[Rolltydr]

FINALLY! Resale transferred to new owner. Just two days shy of the 12 week mark. There was no mention of anything causing a delay during Wyndham’s part of the process, so as far as I can tell, LT Transfers did everything right.

Not sure if you will know this, but have the points been deposited in the new owners account or does that still take more time for Wyndham to complete?


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[Richelle]

Not sure if you will know this, but have the points been deposited in the new owners account or does that still take more time for Wyndham to complete?


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I emailed the new owner to let her know it’s off my account. I have not heard back from her. I assume it’s instant but you never know. I’ll post when I hear back from her.


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[dgalati]

I emailed the new owner to let her know it’s off my account. I have not heard back from her. I assume it’s instant but you never know. I’ll post when I hear back from her.


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If it leaves your account its in her account, from past experience.

 

[dgalati]

Not sure if you will know this, but have the points been deposited in the new owners account or does that still take more time for Wyndham to complete?


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Points are in account day it shows in New owner account. If they are not there call Wyndham and file a case.

 

[Richelle]

Points are in account day it shows in New owner account. If they are not there call Wyndham and file a case.

I think what they were asking, is if there is a gap in time between the time it disappears from my account to the time it lands on their account. That I am not sure of. I don't think so, but I don't know for sure.