Originally Posted by TomandAnitas34
Sell my house, if I can in this market ? Rent the house and experience the landlord nightmare ? I'm smart enough to set sail with 20 lbs of silver coins if paper money
looses it's value, but how do I create a way to preserve my landing spot when floating around in the islands comes to an end ?
I'm not going to invest my assets into the boat. When I'm done with it, it probably won't be worth much. Stocks, bonds, you've got to be kidding. The last thing I need to do in the Bahamas
is check the tickers tracking stocks every day. I believe the only market you should invest in is the market you understand. That market is taking a beating and is tracking all the others, ( off 20% over the last 5 years ). So I'm back to square one. I don't have enough raw net worth to take a 30% hit, and still have enough to secure a house when I get back. Who is going to give a 68 year old on SSI a loan ? I have to have it all set up before. Well. That's a problem, isn't it? It could be four years before I get that all done, if I have to sell my house and build a smaller retirement
I'm beginning to think I need to brain storm some ideas up, and I'm all out of them. Perhaps not so much needing new ones as a clear vision of a schedule on how to get it all done. My thinking gets all kind of pear shaped when I try to juggle these many variables at once. I know I don't want to wait four more years before I'm set to go. I'm kind of stuck. At least I'm still working ! Perhaps these questions cannot be answered. Maybe someone wants to give it a shot
. I kind of think a post like this might be pointless. I mean, who can know? But I KNOW I'm not the only one who has to sort this kind of thing out. Later !
IMO you are asking all the right questions
If I have got the right end of the stick, you are concerned to make sure that an extended cruising
life does not become a one way ticket financially - and you end up homeless and potless, even if still on a boat.
Of course no risk free decisions (as you already know) - in your shoes I would keep the plot of land and sell the house (my guess it is built as a home, not a rental).........and buy somewhere with the primary aim of being a good rental (rental market and ease of maintainence), backstop is that it should be something (and somewhere) you could live in (doesn't have to be your lifelong dream to live there - but doable).
What makes a good rental property will vary from area to area (and what trying to acheive)......but I would be willing to trade
cash for ease of management - being a landlord from a distance will (sometimes) be a PITA, but with internet
that not insurmountable.......for that I would be thinking of a property / Apartment that had the exterior dealt with by service
charges and a clean / modern interior
that would respond well to simply a recoat of paint
and new carpets (every couple of years) and being let unfurnished.......and with a good tennant, ideally on a 2 year lease
(obviously you do need to bear in mind any "rights" a tenant may acquire in your area)......and for a good tenant may be worth settling on less than market rental - albeit you never really know until after they are in.......but keeping a good one is
worth a few dollars, but that can be dealt with upon renewal / annual inflation lift
........a trip back to the property every year would be no bad thing.
.....it may well be that given all the above that the rental won't be as profitable as it could be
but the primary purpose is to keep a foot on dry land so that if property prices recover (??) you are not left high and dry upon your return - conversely, if they halve (again?!) you are still in the game
to sell and then move somewhere you would prefer to live (at least locally)........of course at that point you might well be p#ssed you never kept the money in cash