In my never-ending pursuit of get-rich-quick schemes, I think I now have it!..I’ll convert my home into a time-share resort! I will sell memebership weeks to people on the internet-I live in a nice location, close to a major city (Boston) with many cultural landmarks. I figure a two week stint ought to be worth $20,000, so with 26 blocks available, my house ought to be worth $520,000!
Does anybody know the mechanics of selling your house 26 times? Is this on the level?
Damn, I may really have hit on something good!
You can put it on Ebay! Except it might be in competetion with homes like this one:
http://cgi.ebay.com/ws/eBayISAPI.dll?ViewItem&item=1746433164
Nope.
One word. Zoning.
Your zoning ordinance may prohibit short-term rental or occupancy of residential units in residential areas, and/or specifically restrict time share ownership arrangelents to certain zoning districts, single family not being one of them. The intent is to preserve a sense of stability and community; those are eroded when neighbors change every week or so.
I live in a suburb of Orlando, and the zoning regulations applicable to my property allows occasional short-term home swaps (i.e. you can live in my house for two weeks, and I’ll go live in your house in Cape Town or Nice or wherever for two weeks), but specifically prohibits weekly or monthly rentals. Zoning in Kissimmee and Osceola County, closer to Walt Disney World, allow short term rentals. Other resort communities have zoning regulations that are more open to time share ownership arrangements – Colorado ski communities, Myrtle Beach, and so on.
Yeah, tc, check this part of that auction:
“House is in the shot term rental market”
Maybe its in a gang area?
Also, your homeowners’ insurance policy might not cover it.