I guess I got ripped off.

I bought my first time share at Star-Island 4 years ago. $14,000 for a 3 BR Lock-off week 26, Even years.

We thought it was a good deal. Wouldn't take us long to pay it off, and we would own something we could give to our kids. We have 3 daughters, and they've been to Florida every year for the last 4 years. Last year was the first year we didn't go to the parks... we visited the beaches instead.

Our original idea was to bank half a unit each year, then upgrade to a full unit through II, which made sense. But on our first return to Star-Island we visited Orange Lake, and fell in love with that place. Me being Mr. Money bags, I bought odd years, week 26 at Orange Lake. $9,400. We liked the community better, but the rooms & atmosphere (we thought) was much better at Star-Island.

Anyway, we figured we would rent out the Star-Island TS, and let it pay for itself, or exchange the Star-Island and go to other areas of the country in even number years. Every other year, we'd go to Orlando.

So this is the first year I decided to try to rent my Star-Island TS, and it doesn't look like I'm going to get what I was told I could expect, $2,400. I'm also realizing I could have bought much cheaper on the resale market... who knew.

I'm telling myself the economy now is much different than what it was 3 or 4 years ago. That doesn't change the fact, that I still owe a lot of money.

What would be the smart thing to do, if you were in this situation?

There's really not much you can do at this point but try to use and enjoy your timeshares ... stopping payments and maintenance fees will ruin your credit.

You're not alone as millions of people bought from a developer before finding the resale market.

BTW, renting is not as easy as the salesperson made you believe, especially in/around the Orlando area as that area is overmaxed with timeshare resorts (per capita the most timeshare resorts in the world).

Yeah, I figured as much. Thanks for the reply.

I feel your pain Carlos, since I'm in a similar situation. We currently own two t/s in VA Beach area and figured we'd exchange for somewhere else or be able to rent the weeks and have them pay for themselves. Over the last few days, with the help of RedWeek.com, I've been rudely awakened. Now I'm trying to figure out how to make the most of my foolish decisions. One option I'm considering is selling both and wash my hands of ownership, even though I'll take a loss. Live and learn, eh?

I wouldn't say the decision was foolish. If the markets weren't so saturated things would be different. I guess it is foolish we didn't researcn before we bought. I still like the idea of TSs.

It's not so much that you got ripped off, since you have received something of value. You merely paid too much.

So did I, the first time, and then spent a lot of time figuring out the best way to use what I bought.

Renting is not that easy and supply/demand are major components. You might try renting to someone you know - at work, neighbors, church, whatever, as they will not know that there are zillions of ts in Orlando and will be happy with the value of the ts with soooo much more space than a hotel room.

All that said, owning to use is the best way, with exchanging and renting being options vs strategy.