The ROG story – how it all started
Each year, founder Gary Carter and a group of his boomer-era friends rented a luxury lakeside cottage, chalet, beach house or golf villa for their annual getaway. They chose top resort destinations with great activities and amenities, and swam, played and relaxed to their hearts’ content.
The first year, the group paid $700 to rent a luxurious resort home. Twelve years later, it was $7000. Carter quickly realized that owning a resort home would be an excellent investment (Premise #1).
In 1990, the group rented a new resort home in Scottsdale, Arizona, many of which were being sold by the developer for $160,000. Carter approached his friends with the idea to buy the home together and share the usage. The benefits were obvious: it was high-quality real-estate in great lifestyle destination, bought directly from the developer at an affordable price without any markups (Premise #2).
A unique approach to shared ownership
Carter offered to negotiate the purchase, deal with financing, furnish the home and manage the property, creating hassle-free ownership for his busy friends (Premise #3).
He created a business plan in which each of the owners gave him a small share of their usage time as payment for eliminating the hassle of managing the entire process (Premise #4).
He also arranged to have the home rented for any unused weeks, creating a revenue base for both the owners and his management company (Premise #5).
Carter also suggested that the group buy another resort home the following year, so they could have exchange options (Premise #6).
The original eight owners would get first right to buy into the new property, or could bring in friends to expand the number of locations and owners. Word of mouth of this smart investment and fun lifestyle opportunity would be the best way to bring more people in (Premise #7).
It was a perfect idea. Real estate ownership, hassle-free usage, exchange privileges and rental income to offset expenses. So what happened? The group left Scottsdale, got busy with their lives, and didn’t close on the purchase. A great idea turned into a wasted opportunity.
Six years later, Carter was in Scottsdale again and stopped to see the resort home. Turns out it had just been sold for $640,000! Then and there, he decided to turn his idea into a business. So he bought a different property in Scottsdale, offering the same shared ownership concept to his friends.
ROG today – set for success
oday, that model has evolved into Resort Owners Group Model. ROG has purchased properties in Florida and Quebec, and has pending acquisitions in Nevada, Arizona, The Caribbean and Western Canada to offer a variety of individual and corporate ownership and a unique Global Conversion Model aimed at converting a huge market of existing resort homes. A broad choice of ownership options and locations has attracted partnerships and developers (Premise #8), who are on board to adopt the new ownership platform.
Resort Owners Group is poised to be a global leader in resort home asset management. To learn more about the benefits of ROG ownership, contact us at (416) 534-1916 or email us at email@example.com.