Nautical Inn Selling Rooms? [Archive]

sdpm

11-13-2006, 09:32 AM

I heard from someone that the Nautical Inn was selling rooms. Anyone know about this?

CMATT21

11-13-2006, 09:37 AM

Yes

BajaMike

11-13-2006, 09:39 AM

$125k to $150k, pay $35 per night when you use it...

sdpm

11-13-2006, 09:43 AM

When you are not using it, do they rent it out and if so what % do you get?

Tab

11-13-2006, 10:02 AM

My friend just got his statement for last month. He didn't use it that month, they rented it out. It says HE OWES THEM. This after he gave them the $120k or so. :cry: :mad: The deal scares me.

vee-driven

11-13-2006, 10:07 AM

smells like another bull shit scam to me.

racecar.hotshoe

11-13-2006, 10:31 AM

If it smells like shit and looks like shit......Well you know the rest..... :rolleyes:

Mandelon

11-13-2006, 10:40 AM

This is one of the latest deals out there now. Its also at the Hard Rock Hotel downtown here.
You buy the room for $150,000 or whatever. You get it 30 days a year, they rent it out the rest of the time and split the income with you. You of course also have to pay maintenance fees and whatnot.
Its a can't lose for them, they get recouped the construction costs from the sale of the units immediately. You get to pay them on your mortgage instead of them, and they still collect $$$$ from the rentals.

Deano

11-13-2006, 10:56 AM

I was thinking about the Nautical dealio. Maybe buy two next to eachother, knock down the walls and redo. It would be a nice place for 300K plus the retro., right on the water. They probably wouldn't go for it.
Anyone know what those condos in the channel are going for? I saw a three bedroom, other side on the island, for around 800K :)

BajaMike

11-13-2006, 10:56 AM

This is one of the latest deals out there now. Its also at the Hard Rock Hotel downtown here.
You buy the room for $150,000 or whatever. You get it 30 days a year, they rent it out the rest of the time and split the income with you. You of course also have to pay maintenance fees and whatnot.
Its a can't lose for them, they get recouped the construction costs from the sale of the units immediately. You get to pay them on your mortgage instead of them, and they still collect $$$$ from the rentals.
At the Nautical deal, you get it for the whole year (not just 30 days), but still have to pay $35 per night when you actually use it plus all the maintenance fees and taxes.
If they rent it out, they get 60% and you get 40%....not a great deal to me.
It seems to me they are going to rent out the other rooms first (the ones they get 100% on) then your rooms.
I put a $5000 deposit on one and am going to get it back. I did get a free weekend in October out of the deal. They push the idea that they are going to greatly expand the plus, with full condo rooms out on the point, and owners get first chance on those.
I think the Nautical, even with new ownership, has a lot of potential but they are long ways away from what you get at most luxury resorts with $300 per room charges.
That weekend, my key thing in the door broke three times, and I was locked out :cry:
:idea:

Deano

11-13-2006, 11:04 AM

It would be nice being crawling distance from the turtle too.

BajaMike

11-13-2006, 11:07 AM

I was thinking about the Nautical dealio. Maybe buy two next to eachother, knock down the walls and redo. It would be a nice place for 300K plus the retro., right on the water. They probably wouldn't go for it.
Anyone know what those condos in the channel are going for? I saw a three bedroom, other side on the island, for around 800K :)
I'm sure they won't let you do that. These units are condo's either, no kitchen.....plus you pay $50 per night during summer and $35 per night off season.

RitcheyRch

11-13-2006, 11:08 AM

Who pays for damages if one of the renters trashes the place?

2Driver

11-13-2006, 11:16 AM

No doubt the Nautical has the best location of any place in Havasu . Beyond that it has always been managed like a huge Turd. I say put your money elsewhere and rent someone else's bad investment when you go there.

BajaMike

11-13-2006, 11:46 AM

Who pays for damages if one of the renters trashes the place?
I think they are responsible for that.

SHOTKALLIN

11-13-2006, 12:05 PM

rip off.....buying a new boat is a bstter investment than that. find a prtner and buy a big house.

a catered life

11-13-2006, 12:28 PM

I heard from someone that the Nautical Inn was selling rooms. Anyone know about this?
this statement sounds loaded---- you heard from "someone" :notam: :idea:
i wonder who the some one is.....

Pheelin Phroggy

11-13-2006, 12:57 PM

You know, I am no rocket scientist, but lets see, pay 125-150K for something that you have to pay to use + you dont own the property it sits on + they make 60% of any rental and you still have maintenance costs. Because you dont own the property and it is considered a vacation (almost in the same catagory as a timeshare) home, it will be hard to get anything below 10% financing. So, in my humble opinion........ Fu.. that.........

sdpm

11-13-2006, 01:20 PM

this statement sounds loaded---- you heard from "someone" :notam: :idea:
i wonder who the some one is.....
How about a friend of mine then. Nothing loaded. We have a place now but looking for some more investment ideas. Just checking. Tried to find something from their website, but nothing. That's all. After reading all of this, it doesn't sound all that good. I will keep looking for another empty lot and build.