If you have vacation timeshares and rentals, there are certain to be times when you find yourself unable to use them when you had planned. Things have a way of coming up at the worst times, or you may simply find yourself a little short on cash when considering that vacation. Even if your lodging is already paid for, there are a lot of other expenses involved in vacations. Here are a few secrets that will help you turn your assets into a regular stream of income.

So when this happens, what do you do with your timeshare for that week? You could do nothing and lose out; but since you did pay for it, you should try to get something out of it, after all.

One option is to rent your timeshare to someone else. You can cover your expenses or maybe even make a little bit of extra money as well - but how do you go a bout doing this?

Since you own vacation timeshares and rentals, you probably only go there once a year at the most. This means you're probably not familiar with the area and might not know where to start. Don't worry, though. Renting a timeshare is easier than you think.

The first thing to think about is the price you will be asking to rent your timeshare. You don't want to rent it for too little and lose potential income; but neither should you price yourself out of the market. Perhaps the easiest way to find out an appropriate rent for your timeshare is to inquire with the resort. Pose as someone who wants to rent a timeshare and see what price they quote you.

Your vacation timeshares and rentals company may also have a rental program in place already. The resort wants to maintain full occupancy or as close to it as possible to make more money from food, drinks and other services. This is why they may well already have a system in place to rent your timeshare. Ask them about it and decide whether or not they are offering you a deal which is fair; you don't need to accept less if you could rent it out for yourself.

If you do decide to do it yourself, then you may find that you'll have to take a little less than the resort would be able to rent your timeshare for. The resort has resources you do not - a large advertising budget and access to potential renters all over the globe. Your budget is a little smaller, so you might have to take what you can get.

When you find someone willing too rent your timeshare, the next step is to ensure that the paperwork is in order. You will want a renter's agreement which spells out everything in print. Anything which could happen should be in writing. This is how you can protect yourself from a bad renter.

PayPal is a good means of accepting payment. The buyer (and you) both have a sense of security about the transaction; the renter won't feel as if they are sending their money to some sort of black hole and potentially losing it. PayPal handles the proof of purchase documents and receipts for you and simplifies the entire process.

You should always get your money in advance. This shouldn't be a problem with most renters, but if a potential renter has an issue with this, you should probably look for a different renter. By following these tips, you'll find it much easier to turn your vacation timeshares and rental into a positive cash flow for you!