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Wyndham eliminating mega-renters

dgalati

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Its happening not only for large renters but IMHO even the small ball renters are being squeezed. The new policies in place have made it harder for everyone to rent.
 

am1

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Its happening not only for large renters but IMHO even the small ball renters are being squeezed. The new policies in place have made it harder for everyone to rent.
Have to innovate. When I was just breaking in and when a small timer there were mega renters who in a few years were out of the business.
 

dgalati

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Have to innovate. When I was just breaking in and when a small timer there were mega renters who in a few years were out of the business.
I hear Wyndham is sending out letters now to owners that are renting out for commercial interests. I wonder what the parameters are to be considered a commercial business. Please help us understand what you know about Wyndham's policy on what they consider to be a megarenter.
 

55plus

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I think someone's wholly owned home or vacation home is different than fractional ownership. In this case Wyndham is the referee and it's their game, but the owners' own the court. I understand both sides of the issue.
 

dioxide45

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Can owners still not rent unlimited reservations that were made inside of the home resort priority. I can see Wyndham setting rules for reservations made inside of Club Wyndham, which is technically an exchange company, but if you make a reservation at your home resort, could they limit that too?
 

55plus

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Can owners still not rent unlimited reservations that were made inside of the home resort priority. I can see Wyndham setting rules for reservations made inside of Club Wyndham, which is technically an exchange company, but if you make a reservation at your home resort, could they limit that too?
I believe all rentals at specific resorts (high demand locations and high demand timeframes) have restrictions in order to free up availability for owners' personal travel use. I think that's the goal.
 

troy12n

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Its happening not only for large renters but IMHO even the small ball renters are being squeezed. The new policies in place have made it harder for everyone to rent.

You have no evidence of this, yet continue to use this forum as your soapbox in your personal vendetta against Wyndham...

I see Wyndham cracking down on mega renters (the real ones) if it's even happening, as a net win for all owners.

I can't be sad for someone who bought a million points retail, then 80 million resale points for a couple grand giving their resale points back because they can no longer run their most likely completely illegitimate business... gaming the VIP system to the extreme. You know, the one they aren't paying taxes on and all that.
 

am1

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You have no evidence of this, yet continue to use this forum as your soapbox in your personal vendetta against Wyndham...

I see Wyndham cracking down on mega renters (the real ones) if it's even happening, as a net win for all owners.

I can't be sad for someone who bought a million points retail, then 80 million resale points for a couple grand giving their resale points back because they can no longer run their most likely completely illegitimate business... gaming the VIP system to the extreme. You know, the one they aren't paying taxes on and all that.
Why would one not pay taxes on earned income?
 

troy12n

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Why would one not pay taxes on earned income?

Because they are dishonest and don't claim it as income... a lot of landlords don't pay any taxes on their rental properties, I expect timeshare renters to do the same...
 

troy12n

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That's a little harsh.

My previous executive Director (who just retired) owned like 8 rental properties, bragged about not paying taxes on any of his rental income, also was one of these people who voted exclusively for the candidate that promised to keep taxes low, cut programs, etc... on income he didn't even report. You know the type. Truth be known, he spent most of his time "at work" managing his properties and looking for new ones, but that's another story.
 

Cyrus24

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My previous executive Director (who just retired) owned like 8 rental properties, bragged about not paying taxes on any of his rental income, also was one of these people who voted exclusively for the candidate that promised to keep taxes low, cut programs, etc... on income he didn't even report. You know the type. Truth be known, he spent most of his time "at work" managing his properties and looking for new ones, but that's another story.
One example of a dishonest landlord and you call ALL involved in renting, dishonest. Harsh, not everybody is dishonest. And, a persons political views are not indicators of dishonesty, either. I stand by my statement. Harsh.
 

paxsarah

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One example of a dishonest landlord and you call ALL involved in renting, dishonest. Harsh, not everybody is dishonest. And, a persons political views are not indicators of dishonesty, either. I stand by my statement. Harsh.
We owned rental property for a few years and paid taxes on it to the letter. Anecdote refuted!
 

rickandcindy23

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I pay income taxes on my rental income. I claim every dime of my income.
 

CO skier

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Can owners still not rent unlimited reservations that were made inside of the home resort priority. I can see Wyndham setting rules for reservations made inside of Club Wyndham, which is technically an exchange company, but if you make a reservation at your home resort, could they limit that too?
No, if an owner is renting their deeded, fixed week.

Yes, absolutely yes Wyndham can limit reservations at a home resort, if booking reservations using Home Resort Undivided Interest points (not weeks) in the 10-13 months booking window (this is where megarenters operate), because those points are part of and subject to the Club Wyndham Program terms and conditions, which prohibits "Commercial Uses." I am confident every owner who bought UDI points, signed and agreed to the "Personal Use" provision.

My deed, where I have ARP, is only for UDI points. It references the specific interval associated with those points, but I have no ability to preferentially reserve that time block and rent it.
 
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CO skier

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I can't be sad for someone who bought a million points retail, then 80 million resale points for a couple grand giving their resale points back because they can no longer run their most likely completely illegitimate business... gaming the VIP system to the extreme. You know, the one they aren't paying taxes on and all that.

Why would one not pay taxes on earned income?
What percentage of taxpayers do you think pay taxes on income for which they do not receive a 1099 form?

Wyndham does not send out any 1099s for private rentals in Club Wyndham.


There a plenty of honest renters who report their income; there are plenty of renters who do not, because there is no 1099 form issued.
 

rickandcindy23

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What percentage of taxpayers do you think pay taxes on income for which they do not receive a 1099 form?

Wyndham does not send out any 1099s for private rentals in Club Wyndham.


There a plenty of honest renters who report their income; there are plenty of renters who do not, because there is no 1099 form issued.
But money goes through your account somehow, and that is all something you cannot lie about. This is why we originally set up a special account, so we could follow it easier for claiming on our income tax. I wouldn't want to undergo an audit and have the IRS agent look at those numbers and wonder about it. We have a Tax ID number associated with our account as a business.
 

troy12n

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But money goes through your account somehow, and that is all something you cannot lie about. This is why we originally set up a special account, so we could follow it easier for claiming on our income tax. I wouldn't want to undergo an audit and have the IRS agent look at those numbers and wonder about it. We have a Tax ID number associated with our account as a business.

Yep, everyone pays the piper eventually... i'm not wasting effort trying to argue with someone whose logic is "well if it's not on a 1099"... come on now. Unfortunately a huge number of people do this
 

dgalati

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Yep, everyone pays the piper eventually... i'm not wasting effort trying to argue with someone whose logic is "well if it's not on a 1099"... come on now. Unfortunately a huge number of people do this
Come on now. I'm sure you have bought something online and didn't pay the state sales tax. Unfortunately a huge number of people do this also. Florida counts on a sales tax to fund infrastructure. Not paying sales tax is probably why they don't have enough funds to plan for growth.
 

Lisa P

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I think I would be pretty upset if I was told I could not rent my house.
Actually, many HOA's only allow for a limited percentage of the neighborhood to be rented out. When we closed on our condo, we signed agreement with the bylaws that had such a restriction and we appreciate the reasons for it. Even if you don't have such restrictions on the use of your home, but you co-own your home with dozens, hundreds, even thousands of other owners, why would you be upset at being told you could not rent it out whenever and wherever you want? I'm okay to take one (inconvenience) for the team... and choose an unrestricted time to give to family, friends, or a renter.
 

dioxide45

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Actually, many HOA's only allow for a limited percentage of the neighborhood to be rented out. When we closed on our condo, we signed agreement with the bylaws that had such a restriction and we appreciate the reasons for it. Even if you don't have such restrictions on the use of your home, but you co-own your home with dozens, hundreds, even thousands of other owners, why would you be upset at being told you could not rent it out whenever and wherever you want? I'm okay to take one (inconvenience) for the team... and choose an unrestricted time to give to family, friends, or a renter.
Many condos end up with a lot of non resident owners. Really just owners buying for rental property. If that type of ownership hits a certain percentage for the entire condo, many lenders won't approve the condo and new buyers can't get financing.
 

am1

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Many condos end up with a lot of non resident owners. Really just owners buying for rental property. If that type of ownership hits a certain percentage for the entire condo, many lenders won't approve the condo and new buyers can't get financing.

All non issues when it comes to timeshares and when the rules allow renting.
 
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