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Timeshares Only AKA Vacations Only

T

toni3063

TUG Member
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Location
Hilliard, Oh
I just had a consultant from Vacations Only contact me about a rental that I have advertised on My Resort Network. She has a qlient that wants to rent my week. She told me I will get my full asking price and they charge the qlient a finders fee. Anyone familiar with this company? Are they legit? If they have rented your unit for you... did you have any problems with the process? How do I contact my resort to give them the tenants names since I will have no contact with them? Did they get your money to you in a timely manner?
Thanks for your help.
 
Tread carefully.
 
TimesharesOnly is one of the biggest TS resale companies there is. BUT they charge huge up-front fees (up front fees are a big no-no). Their main business isn't selling TS (or renting TS) but getting people to pay them huge fees to have them try and sell/rent TS.

If you find something that they list that you want to buy or rent, go ahead after carefully checking the fees they want to charge you. BUT IMHO, as a TS owner who want to sell or rent your TS stay away from TimesharesOnly.
 
Bill4728 said:
TimesharesOnly is one of the biggest TS resale companies there is. BUT they charge huge up-front fees (up front fees are a big no-no). Their main business isn't selling TS (or renting TS) but getting people to pay them huge fees to have them try and sell/rent TS.

If you find something that they list that you want to buy or rent, go ahead after carefully checking the fees they want to charge you. BUT IMHO, as a TS owner who want to sell or rent your TS stay away from TimesharesOnly.
Click to expand...

I'm not in the market to sell my timeshare, and were I, would NEVER use this or any other timeshare resale company. One of their representatives contacted me from a rental ad that I had placed (I have it listed on all of the usual Tug recommended rental sites) and said she has a client that is interested in renting my week. I asked her what her commission would be out of my asking amount, she said that I would get my full rental (no fees to me) and they charge the client a "finders fee". I had a friend that rented a timeshare week from them a few years back, and all went well with that, however, I was wanting to know if any Tuggers had experience as the rentee with this company. If you did, how quick did they get your money to you.
 
I have rented a week through Vacations Only. The reports others are giving you only apply to the situation where you find them. When they find you, that's because you have a week that they have a renter for. So, it is legitimate. They are licensed in Florida. So, they do things by the book. It's just the book is not in your favor if you find them vs. them finding you.

The only downside is that they hold your money in escrow until check out and they give you a 1099.

As long as you do NOT pay an upfront fee for them, you should be okay.
 
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BocaBum99 said:
The only downside is that they hold your money in escrow until check out and they give you a 1099.
Click to expand...

Well that seems "fair" .... I guess ... but how is the 1099 calculated for income ... I mean if you rented the timeshare for $600 and your maintenance was $700 .... I guess it's up to you how to fill it out with the IRS.
 
BocaBum99 said:
I have rented a week through Vacations Only. The reports others are giving you only apply to the situation where you find them. When they find you, that's because you have a week that they have a renter for. So, it is legitimate. They are licensed in Florida. So, they do things by the book. It's just the book is not in your favor if you find them vs. them finding you.

The only downside is that they hold your money in escrow until check out and they give you a 1099.

As long as you do NOT pay an upfront fee for them, you should be okay.
Click to expand...


Thanks Boca. I know, she e-mailed me a sample contract and other rental docs., and when I saw the part about the 1099, I definately had second thoughts. I've never rented my timeshares where a third party (and a legitimate one that has to report to the IRS to boot) was involved. I'm only making a couple hundred over my maintenance payment, so exactly how does it get calculated, I wonder? I guess I don't mind them holding the money in escrow as long as I don't have to wait forever after check-out to receive my money.
 
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Just like other 1099s you get each year (interest dividends, stock sales, etc.), the 1099 will show the amount you received for the rental or a lesser amount if the company takes out a commission or other fee. It's up to you to list the rental income (no matter whether you receive a 1099 or not) on Schedule E of your tax return and offset it with maintenance fess, the rental commission, advertising fees and depreciation to the extent necessary to reduce or eliminate taxable income.

For more info0rmation on calculating your net rental income, see this Income Taxes and Timeshares article from the TUG Advice section.
 
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