Nautical Inn Selling Rooms?

[sdpm]

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

[CMATT21]

Yes

[BajaMike]

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

[sdpm]

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

[Tab]

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: The deal scares me.

[vee-driven]

smells like another bull shit scam to me.

[racecar.hotshoe]

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

[Mandelon]

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]

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]

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: