I am slowly getting closer to taking the drop on a quarter share at either the Grand Summit or Grand Jordan hotels. As I crunch the numbers to make this work out for me and my family, I am trying to get a handle on the opportunities to get some rental income coming back in my direction. My plan is to essentially allow my unit to be in the rental pool for all of the 13 weeks that I own and only use it via the space available policy.
So I would like to get some input on other's successes or failures in getting rental money back on their property.
I appreciate you answers and opinions as I try to make this work out.
I saw someone on Craigslist a few weeks back looking to "share" a season pass.
IMO, rental income is nice, but don't hedge your decision on it. Difficult to predict and depends on type of unit / bedding as I understand. Think 'standard hotel room' for best of rental potential. SR has been doing a great job with conferences (and rental income to owners) during non-ski season. All things align (creek don't rise, aint no meltdown...) and your 1K$ threshold is not out off the mark... but can't count on it year on year. Considering renting on your own... best review by-laws and all space A agreements and then fly low. Remember, you are considering becoming an owner (think what that truly means in a building with multiple owners) and this isn't the most highly recommended scenario for investment property.
Nice, to have receive so much input. Having a vacation spot is an expense not an investment. With that been said, would anyone said that it is possible break even or paid under 1000 out of pocket for maintenance at Grand Summit. If that is the case then it isn't that bad, also isn't is an option to rent on your own and that way having more control and maybe producing more income? anyone has tried renting on their own?
Sleep 4 studios is what i am looking to buy
The mountain no longer handles/manages any of the condos in the rental program, so the only ski-in ski-out rentals offered by SR are the timeshares. Great for the owners. I suspect that is the increase in rental, the mountain gave them up in the spring of 2016.
It is good news to know that the rentals are doing better.
It definitely look like the 1BRs are easier to sell than the studios.
Could anyone tell me whats best to own, get 1BR for higher maintenance, montain view, valley view, etc.
I am thinking on going up in early December to walk around and decide on what's available.
thank you all
Luis, make sure that you differentiate between simple one bedrooms and one bedroom lockout units. The lockouts offer much more flexibility. Definitely go and check things out. See all the different types of units and make sure you get the info on maintenance fees and space available rates and owner's rates. And don't be afraid to make an offer if you find something you want to buy. You'd be surprised at what some people might be willing to take.
I have owned at the Grand Summit since 1994. The value of the units has gone down considerably, and owners are selling on the closed Facebook group, as well as on Craigslist for amazing prices. I can add a post to the Facebook group to let the people selling know about this discussion if they want to contact you. I have a one bedroom and just about break even each year with my unit in the pool year round. If you want to rent the unit yourself, you cannot participate in the Space Available program because that program is offered only by the rental manager. As to the post that you can't get financing, KeyBank in Bethel provided financing on my unit. You do get a deeded right, as opposed to a timeshare for 99 years like some other timeshares. When I was originally sold my unit, I was told it was not an investment. But it's not a huge expense, and the quality family time we have enjoyed over the years is priceless!
P.S. I was just warned that someone is trying to sell a unit with a title defect and telling the buyers to skip the lawyers and just take a deed form to the registry. It's nice to save a buck, but Buyer Beware!
thank you so much for you message, I am interested in getting a small 1 bedroom (my 1st choice) or studio, but i would consider anything with reasonable monthly maintenance. I will place my unit in the pool. I understand this to be an expenses rather than an investment, reason why i am look for a unit with low get in price and low maintenance.
I like the grand summit a lot, even with the recent maintenance hike, I see value on spending time there.
I requested to get in the facebook but seems to be only for current owner and i didnt get an answer.