Does anyone have experience in converting vacation homes into a “Timeshares”? Here’s my situation; I’m having a vacation home built in Orlando, FL and instead of renting it out through a management company and getting killed with fees - I’d like to sell timeshares for the house (I know I can’t avoid mgt fees :(, however my profit margin would be greater ). I am not really familiar with FL real estate law, and before I contact a realtor and lawyer to see if this can be done - I’d like to get some ideas from you guys. Any help or guidance would be greatly appreciated.
What you have in mind is becoming more popular with high-end residential property. Same concept as timeshares, know as “fractional ownership”. All of the owners would hold title as Tenants in Common. Definately do your homework on the maintenance costs. You should check out a fractional ownership project to learn more about it. I’ll be in Los Cabos in Jan. to look into a large scale Private Residency Project…I’ll let you know what I find out.
Fractional Ownership or Interval Ownership is what your looking for here. I too have several vacation properties in the Myrtle Beach area. I have a source that is an expert in this area, he will deal with the state and assist in educating any potential buyers of the program. Each state has its own guidelines and regulations which he will research for you. This is an excellent exit strategy for vacation property in which you can actually retain some ownership for yourself.
I’m not sure I can post his info on this post, but you can get me through my signature.