They have absolutely NO value. A search on Ebay for “timeshare” yielded many results of a single dollar, in places like the Caribbean and Mexico.
Timeshares are sold by scam artists, and then resold by… scam artists. If you own a timeshare, chances were you were given free stuff and wined and dined like a celebrity. Then you were verbally assaulted by a group or chain (or both) of timeshare salespeople who only had one goal in mind: get you to sign a timeshare contract. More free gifts were offered. Prices were cut. Grandiose promises were made. Even more free gifts were offered. And you were forced to deal with anger or an imposed guilt trip by one of the sales people if you didn’t sign.
They are a black hole for money. Rising HOA fees, maintenance fees and mysterious “Special Assessment” fees and, they cost money whether you use them or not!
In most cases, you can’t change your weeks. Everything in your life changes, including schedules, jobs, where you want to vacation, and of course, your financial situation. Most timeshares are sold as value purchases because you “would save money” over the course of your lifetime by buying into one. But who wants to vacation in the exact same spot every year? Cancun is great once or twice, but every year for the rest of your life? Orlando, Aspen are the same way. Even the world’s most exotic vacations like Paris and Moscow aren’t worth a visit every year.
You can never get out of them – wait, this one is incorrect! Only Transfer Smart gets you OUT OF YOUR TIMESHARE guaranteed. That’s right; we’re the only ones with an IN-WRITING GUARANTEE! Go to one of our presentations to learn more, we travel ALL OVER THE COUNTRY! We will discuss with you ALL of the options: timeshare sales, donation, and transfer. I think you can tell what we think the best choice is by our name.
With the recent release of Mitt Romney’s tax information, the disclosure that he has $100 million available in his Individual Retirement Account (IRA) was surprising to some. But prodigious investors saving for the future are looking at IRA’s in a whole new light and exploring the many options they offer.
IRAs began in 1974 as an act of Congress. There are several different types all with different tax benefits. For example, the SIMPLE IRA requires an employer to match employee contributions dollar for dollar, similar to a 401K. The Roth IRA, started in 1997, will have no tax impact on the user. All monies invested here will not be subject to taxes.
IRAs can have a diversified portfolio. Investments in land, business or charities can all be a part. What is illegal is using your IRA before it matures or before you turn 59.5 years old. For example, using a timeshare that’s in your IRA; using a hotel room that your IRA has stock in; or taking a vacation in a rental car from a company that’s listed in your IRA. Financial advisors issue these warnings to prospective buyers:
Keep your paper work. There are articles of organization, investor agreements and a secretary of state certificate. The IRS audits IRA’s once a year, and the custodian keeps these audits on file.
Learn your tax rules. Any prohibited transaction can render your entire IRA taxable and also subject you to a 10% penalty if you’re under 59.5 years old. As I wrote earlier, don’t self-deal, which includes buying, selling or leasing an asset to or from your IRA, such as a timeshare.
Know your providers. There are the state-regulated banks and private ones. They also tend to charge higher fees than 401K providers.
The asset-backed securities index for national timeshares reported a rise in delinquent timeshare debt over the last six months of fiscal year 2011. Total delinquencies in third quarter 2011 were 3.56% and rose to 3.82. Defaults in third quarter 2011 were at 0.62% and rose to 0.75% during the fall.
This information is courtesy of Fitchratings.com. They say despite these declines in the market, timeshare resorts are still sound investments and remain stable. Delinquencies and defaults were similar to fiscal year 2010. Timeshare loan delinquencies are at their historical norms. They had reached all-time highs during 2008 and 2009, mostly due to the economic and housing recession cutting into the vacation budgets of many families.
OwnAmerica, a collection of real estate experts, has launched an ongoing online survey asking people about their experiences investing, which investments are the smartest, and which ones yield the highest returns.
81.6% of respondents who have invested in real estate said they made money, and the same amount expect real estate values will “definitely” appreciate over the next 10 years.
The survey represents a trend that investors are fed up with Wall Street stocks and now believe in something much more tangible. Their past experience and future outlook backs up their claims. One thing proposed as an investment but is actually a huge waste of money are timeshares. Here at Transfer Smart, we believe people should spend their money the way they want to, and not continue to waste money on poor investments like timeshares.
“The unique nature of this market today has created a perfect scenario for investors — dropping prices and rising rents,” says Gregory Rand, OwnAmerica CEO. “As a result, there are hundreds of cities and towns across the U.S. that have become positive cash flow markets, meaning the rents exceed the costs to own. Investors can buy, earn double digit returns just on the rent and gain the appreciation when it comes.”
As of this writing the survey was still open and can be found here.
Russia to the common Westerner can conjure images of blizzards, communism, and lawless towns ruled by gangsters. Many tourism sites agree that most of the country is not conducive to the Western traveler. But the tourist attractions in Moscow and St. Petersburg are world class.
In Moscow the Kremlin is a can’t-miss. It’s a UNESCO World Heritage Site, and boasts amazingly unique architecture. There are also many famous Russian Orthodox churches nearby, and the entire city of Moscow is steeped in history. Deserted warehouses have been turned into underground clubs. Concert halls perform Chekov as well as contemporary composers, and cafés and bars abound.
St. Petersburg was the capital of Russia from 1713 to 1728 and from 1732 to 1918. Much closer geographically and culturally to Western Europe than Moscow, it is home to lavish churches, palaces and canals. So much so you can really appreciate the city by boat tour. It is home to the State Hermitage Museum, which has over three million works of art and historical artifacts.
Let’s say you live in perhaps the densest concrete jungle in the world, New York City. You have a small studio apartment located on the 100th floor of a high-rise building. There’s hardly enough space in there for your desk, but in your heart you wish you could throw a barbecue, complete with tiki torches and a slip-n’-slide, with all of your friends laughing and drinking around the grill.
Well now you can. At 145 Ludlow Street, New York, New York, you can throw the backyard grill party of your nature-loving dreams. Dubbed a Backyard Timeshare, a group called The Participation Agency will rent out an empty patch of land right in the heart of the city to you for the low price of $50/hour.
However, just like at a movie theatre, you can’t bring your own treats. The slip-n’-slide rental will cost you a flat $100, a grill built to serve 10 people is $150, a kiddie pool is $200, and having a live band play will cost a whopping five grand. You’re also capped to no more than thirty people total, and your party must stop at 8pm. Renters will also have to buy all food from the company.
A backyard timeshare sounds like fun, but it won’t carry a lifetime contract. Resort timeshares do, and if you want to get out of yours, Transfer Smart is here to help. Contact us today and inquire about our In-Writing Guarantee.
In the first time since economic downturn of 2008-2009, the travel industry is growing. Travel and tourism is being called one of the healthiest job sectors in the United States, getting back to the peak seen in 2007.
Many things drive the industry, but at its base are international travelers visit the United States, which supports 1/8th of the travel jobs. Domestic travel supports the rest.
Hotel occupancy in 2009 was at 55%, almost the lowest since the Depression. Occupancy in 2012 is projected to climb to 61%, showing a 10% growth in two years.
The travel industry is not only important to the obvious benefactors like resorts and airlines, but to an entire supply chain. Aircraft have to be built by one company, fueled by another, maintained by another.
Most service industry workers make more than minimum wage. The national average wage for a housekeeper Is $10. During the first six months of last year, the travel industry increased its workforce by 16,000 per month. Total employment has gone up by 224,000 jobs since December 2009.
Canyons led the entire North American continent in enhancements made to their mountain trails. General managing director Mike Goar was pleased with the announcement. “While much of the news has been about our mountain enhancements, this award is a testament to the investment we have made in our guide experience,” Goar said. “This has paid huge dividends in our retention rates for both year-round and seasonal guides.”
The resort boasts unique features, such as the Orange Bubble Express, which is North America’s most technologically advanced chairlift, five distinct hotels, and 17 restaurants.
Goar believes that treating his employees well is a primary factor in his resorts success, as it is the largest ski resort in the state. “We believe that creating a positive, flexible and caring work environment directly affects the engagement of our guides and the service they deliver. By taking this inside-out approach, our Guides are consistently given high marks for service and friendliness on guest surveys and rank near the top nationally,” he said.
“Victims, particularly those eager to sell their interests in timeshare properties, are being contacted by people claiming to be timeshare buyers who are making sizable offers that may or may not require an upfront fee,” Morrissey said.
“Often, the buyer claims to have a ‘buyer waiting.’ In the interest of making the deal as simple and painless as possible, the buyer initiates all ‘necessary’ documents, and emails them to the seller to sign and send back,” Morrissey added.
“Sellers are told they will be reimbursed for these fees at the time of closing, only to find that the buyer and escrow account company have vanished before they have finalized the deal,” Morrissey said.
The DA wants citizens to know you should only use licensed real estate agents when dealing with any property ownership issues, especially timeshares. Any financial deals made should be put into writing, something the scam artists aren’t able to offer. And you should never agree to purchase anything over the phone if you’ve never dealt with the company in the past.
If you’d like to file a complaint with the FTC over a possible timeshare scam you know of, go to their website.
Transfer Smart offers a 100%, IN-WRITING GUARANTEE that we will get you out of your timeshare if you qualify, and 96% of timeshare owners will qualify. Call Transfer Smart today.
Honshu Ski Resorts, settled right in the middle of Japan’s mountainous Nagano region, are observing more snow than the area has seen in seven years. Nine meters of snow (29.5 feet) have been reported in the Hokkaido Prefecture, and Honshu has also seen higher than normal falls.
The only problem? Resorts saw Christmas and New Year’s, typically two of the most profitable holidays, with a tourist turnout down 35% compared to last year.
Ski Japan is offering a free night to guests who book five days lodging, two free nights for seven day guests, three free nights for ten day guests and four free nights for guests who stay for fourteen. According to their GM Belinda White the promotion is doing very well. “(It) is certainly helping the bookings come through,” she says.
There’s still hope that the mountainsides of Nagano, Hokkaido and the rest of Japan will be filled with happy tourists and their dollars. Australian travel agents say many people chose ski trips to Japan later than normal this year. And hotel operators in Japan say snow there is consistent and predictable. As White said: “Snow is falling at the moment … and it looks like it’s going to keep going. So, more fresh powder.”