If you're planning to buy a resale time-share as an investment, you'll need to do lots of research to find the bargains. The Internet is the perfect place to do some exploration. For a small fee, you can join one of several groups that offer support for owners. Most of these groups provide ads and forums where members can arrange exchanges, rentals, or sell their time-shares. Studying the ads helps you get a very good feel for typical resale asking prices. You'll find time-share owner groups listed in Appendix C.

A review area is an important feature offered by most online groups. That's where members give their opinions of time-share resorts worldwide. There's nothing like fifty good (or poor) reviews to help you decide if a specific resort should be investigated further.

Dealing with the Management

The original developer of a time-share resort manages the complex until a certain percentage of units have been sold. After that, it turns management duties over to a property owners' association, also called a homeowners' association. The association then usually hires a management company to take care of resort operations. The quality of service offered by the management company has a large affect on the resort's desirability.

Here are some tips to help you evaluate a resort's management team:

• How long has the same management company been employed by the association?

• Has their contract been renewed during that time, or was the initial contract a lengthy one?

• Does the management company help owners find renters? What are the charges? What is the success rate?

• Does the company offer real-estate sales services to help owners market their units?

• Is there a program to help owners find and swap time-shares with other owners in the same resort or group?

• Is the resort affiliated with Interval International (II) or Resort Condominiums International (RCI), two large exchange networks?