Good afternoon. I recently received feedback from a couple who are actually living my dream – living full time in a timeshare, M&E. M&E, My co-workers and a few others have also hit me up with questions/comments and I am curious what others think. I do not want to go into this adventure without thinking ahead.
Lessons learned and related questions:
1. Have an escape plan. What happens if things turn south?
2. Rent out the house, do not sell it (See #1 above).
– This sounds easy enough, but in reality has it’s own issues. Who is going to manage the property? How much is a fair price to pay the property manager? If for one reason or another, how do we get the house back from a renter? Would we need to rent for upwards of a year until the lease ends? Where do we store our belongings, and at what cost? Is it realistic (legal) to request 45 days notice if a renter will not renew his/her lease? The reason that this is important is I need at least 30 days to cancel Timeshares visits purchased through last call.
– Selling the house, while it makes life easier on the outside, comes with tax consequences and burns that escape plan. Sure, we may have to rent a place for a few months, but that should be about what we already expect to pay; so it would be a wash. I’m not a fan of selling the house.
3. Do not overstay a visit with friends. A man who travels a lot said he had worn out his welcome by overstaying with friends. To quote him; “There are a couple of things which begin to stink after a few days, fish and visitors”.
4. Plan on unexpected expenses. In short, have a generous, a very generous emergency fund.
5. Work; My journey will require me to continue working. How best to smooth it over and approach an employer. After all, if the employer isn’t making money from your labors, why are you there?
– I must have alternate arrangements for internet. Possibly a hotspot from my current cell provider, or a pay as you go. Thoughts?
6. Peak travel season. Last call pickings get pretty slim around summer and major holidays. An alternate method of lodging must be available, M&E suggested Airbnb. An interesting concept that I need to look closer at.
7. Prioritize/limit what is packed. There isn’t an infinite amount of room in a sedan, even if I do tow a trailer. Speaking of the trailer, do you think it is a good idea? Or should I just cram everything into the sedan?
Related content: Trailer discussion, RV vs. Timeshare
M. and E. are currently living full time in a timeshare- www.fulltimetimeshare.com. Check out their adventures, I hope to be as successful as they have been. Visit their website, they have a detailed cost estimate and good write-ups of their adventures.
I look forward to your thoughts, and any suggestions or items I may have overlooked.
