See if you can Beat this for a Bad Idea!

[Alexis Kennedy]

I have an acquaintance who recently inherited a nice piece of property in Hilton Head, SC. It's bare land in a development that gets a pretty penny even in this market. My friend is thinking about selling it, as he doesn't want to hold on to it, pay the taxes, HOAs and such. Since it was inherited, it's almost all profit for him anyway.

So here is what his son (who considers himself financially savvy) is suggesting Dad do with the property. Sell it and put the money into a nice Timeshare! If I had dentures, they would be on the floor.

Besides the fact that I strongly believe that Friend's don't let Friends buy Timeshares, this person is almost 75 who is selling the property!!! Oh Great idea! Exchange an equity property for a non-equity property, buy 30 years of a hotel room up front so you will have a place to go, when you are 105! Then pay the maintenance fees, renovation and capital expenditure assessments, while the owner of the hotel holds all the equity--dumb at any age. Then try to give the thing away in a few years or put it on Ebay for a $1 bid and see if anyone bites. Whomever thought up Timeshares, and figured out how to get people to actually buy into them was brilliant. They must serve some some wild kind of drinks at Timeshare presentations!

I am still recovering after hearing this.

Alexis