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Old 03-21-2020, 04:12 PM   #21
brp
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Originally Posted by E2ME2 View Post
brp-
We will be 82 & 83 in 2042, and didn't buy DVC until 2010. Added on twice (counting 1 resale that just passed ROFR). We blew through a lot of points this January for a 3BR-GV for the whole family, but long term plans are to maximize DVC points for snow-birding in retirement. I'm holding on to that plan, and wishing away the COVID-19 as fast as it came.
For us, the only reason to be at Disney is park. If we're not going to parks there are so many places in the world we'd rather be. Not sure we'll want to do parks much at 82, but I could be wrong.

Also, living in California, while it does get somewhat cold in winter, we still don't need a snow bird location.

Actually far more likely to buy something in New Orleans for a place to spend more time in retirement.

Cheers.
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Old 03-21-2020, 06:31 PM   #22
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Data point: my realtor friend told me they closed on 5+ houses per day over last week in Orlando. That surprised me - no sign of local real estate market slowing down yet.
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Old 03-21-2020, 07:13 PM   #23
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We actually cancelled our 150 point contract at Riviera. We were so excited and still would be, but this virus started making major progress in the US and a little over a week ago on the last day we were allowed to back out my wife and I discussed it and decided having the huge amount of money we sent DVC was maybe going to look a lot better sitting and earning interest until this is over.

My hope is that either prices go down and we can rebuy in six months for a bit less money, or I would even be happy for things to largely return to normal and we rebuy and it maybe costs us a little more since we wouldn’t have the incentives we initially had. Either way, DVC was awesome about it and said we were always welcome back when things recover.
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Old 03-21-2020, 07:33 PM   #24
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We actually cancelled our 150 point contract at Riviera. We were so excited and still would be, but this virus started making major progress in the US and a little over a week ago on the last day we were allowed to back out my wife and I discussed it and decided having the huge amount of money we sent DVC was maybe going to look a lot better sitting and earning interest until this is over.

My hope is that either prices go down and we can rebuy in six months for a bit less money, or I would even be happy for things to largely return to normal and we rebuy and it maybe costs us a little more since we wouldn’t have the incentives we initially had. Either way, DVC was awesome about it and said we were always welcome back when things recover.
You have to do what is best for your family at the moment. DVC will still be there when you’re ready. And you’re still welcome to hang out here with the rest of the Disnerds! Ownership isn’t necessary to be a MouseOwner.
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Old 03-21-2020, 07:39 PM   #25
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Originally Posted by Vulnox View Post
We actually cancelled our 150 point contract at Riviera. We were so excited and still would be, but this virus started making major progress in the US and a little over a week ago on the last day we were allowed to back out my wife and I discussed it and decided having the huge amount of money we sent DVC was maybe going to look a lot better sitting and earning interest until this is over.

My hope is that either prices go down and we can rebuy in six months for a bit less money, or I would even be happy for things to largely return to normal and we rebuy and it maybe costs us a little more since we wouldn’t have the incentives we initially had. Either way, DVC was awesome about it and said we were always welcome back when things recover.
If sales slow significantly for DVC they may have to offer even better incentives than they did when you purchased your initial contract. Those who are in the know have indicated that is what happened during the depths of the recession.
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Old 03-21-2020, 07:41 PM   #26
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Originally Posted by Vulnox View Post
We actually cancelled our 150 point contract at Riviera. We were so excited and still would be, but this virus started making major progress in the US and a little over a week ago on the last day we were allowed to back out my wife and I discussed it and decided having the huge amount of money we sent DVC was maybe going to look a lot better sitting and earning interest until this is over.

My hope is that either prices go down and we can rebuy in six months for a bit less money, or I would even be happy for things to largely return to normal and we rebuy and it maybe costs us a little more since we wouldn’t have the incentives we initially had. Either way, DVC was awesome about it and said we were always welcome back when things recover.
That all makes a lot of sense. If I were in the process of purchasing direct I would have done the same thing.
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Old 03-21-2020, 07:41 PM   #27
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But to answer the question, no not now, but in 12-24 months I will be expecting to do some shopping. Unfortunately it will mean someone didn't fair so well in this.
We would like to buy another RR resale contract. We couldn’t afford direct before, and we certainly can’t now.

I am thinking that, unfortunately for some, the resale market for RR will see more contracts coming available.

Unfortunately for us, I wanted to sell an AKV contract. FWIW, I spoke to a broker who said that they were currently short of listings, but not buyers.

I don’t see a lessening interest in going to Disney. I do see financial constraints that will affect the parks for a while.

I am not a doomer and gloomer over this. I can’t be alone in wanting everything back to normal.
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Old 03-22-2020, 11:32 AM   #28
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I don't need more points, but I'm always on the lookout for a bargain. If I can get the right resort with the right use year at the right price, I'll probably do it.
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Old 03-22-2020, 11:50 AM   #29
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Originally Posted by E2ME2 View Post
zafiro;
we're in the process of buying more points right now, at what I thought was a great price on 3/6. We also are ramping up so we can increase our snow-birding in retirement. If prices really tank in the next 2 months, and my employment is not impacted, I may just have to buy more. Hoping/Praying this is not a long-term impact, and my retirement date can still be achieved as planned.
Good Luck! Hopefully we'll be sharing a high five - or a retirement drink - in a few years if our planning was on-spot!
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Old 03-22-2020, 02:04 PM   #30
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Shorter term perhaps but this will hit like a ton of bricks shortly thereafter. I will assume that you either work for someone or if you own you are in great shape to weather this storm and haven't looked what the financial aid is to small businesses.

With a fed rate at zero the government is willing to give out loans to small businesses at the low low rate of 3.75%(are they kidding me? I can get a heloc for less than this). The aforementioned loans will be available by showing hardship for up to 25k(what is 25k going to do? a month or two of payroll for many small businesses) with no collateral. Guess what comes next?

Yup, anything over 25k you will have to provide collateral. Well I am no loan administrator but I would think that your business will not be considered collateral because you are about to go out of business and need a loan to continue to exist. Well, lets see what the next thing you have that may qualify as collateral against the loan?

Yup, you guessed it, your home. This whole mess is going to have a tremendous economic price for a while, IMO.

And the value of your home? where is that going to be when home sales are virtually non existent for 6-8 weeks? climbing the chart?

OR maybe just maybe you use your 401k or pension to secure the loan, I'm sure it is doing swimmingly in this economy. I'm not normally an alarmist but I just think too many people are thinking above their own heads, just because they are fine everyone will be. I just cant see this not affecting many a small business owner. This will hurt people.
ACK! Don't know your financial advisor, but:

1. NEVER take out a Home Equity Loan to save your business! Certainly take out the gov't backed loan first - even with an interest rate that is slightly higher. That would be putting too much risk on your own family!

2. DON'T cash in your 401K now because the tax penalties alone would make this the least favorable option to you and your family. You can't ever make up retirement money, and you'll miss out on the rebound of the stocks in which the 401K is invested. You'll be selling into huge losses - cementing your take out at about the lowest point possible - that combined with the penalties would create a hole that would not be recoverable for someone older than 30 years old or younger.

3. You should NEVER use your home as Business Collateral! Ever! This is another unnecessary risk at this time while the gov't is providing some relief. Basically, if you take out a HELOC to cover your business, you're taking on this same risk. This would be putting your family at risk!

4. Your advisor should be telling you to hold tight at the moment since the gov't is working to abate some of the immediate financial strains with family relief and business relief initiatives. You should not do anything in haste or in panic financially!

5. Don't panic and sell your home at a discount! Only the free market over the next few weeks and months will tell what the situation is in any area. You may miss the boom from lower interest rates for mortgages, those learning that they can now work from home and can write off their home office and services, businesses shifting away from urban areas now that they've been able to reduce the need for office space, people realizing they'd rather live either in the more crowded urban areas - or those who are looking to move to the suburbs or even Xburbs since they can work remotely successfully. There is too much flux in the situation currently to make such drastic moves.

My advice is get a good strong favorite beverage, take a lot of deep breaths, go outside if possible, and sit tight. Panic is also a virus.
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