Creating the Plan . . .

[captain58sailin]

Unfortunately no, Jean passed a few years ago, she was a friend and coworker in the local fish plant, we butchered many pounds of crab together.

[Matt sachs]

Thats to bad. I sat with her for several hours in that little yard talking about everything from the birds to the pipline and everything in between back in 2002. She left quite the impression.

[Pilotethridge]

I'm trying to get into the rental house business. I think it could be a slick way to retire and cruise or do whatever you want. Lots of people cut up big houses into apartments to get more money, that might be an option for you if you are in a decent rental market. Best of luck.

[David_Old_Jersey]

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 house.

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

[Cormorant]

I'm thinking and planning along the same lines so that in about 10 years (kids off to college) we can leave for longterm cruising.

One thing to keep in mind for the "home to return to" category is that most of our homes are way too big for our needs. So sell or rent out your current house. But plan to return to a smaller house. Either build on your lot in the woods, or buy a small lot somewhere you imagine you'd like to spend your years 75-100 . . .

Google "tiny house". There's a movement for radically smaller, more energy efficient, even off-the-grid little dwellings. All of these things would be easy for a sailor coming ashore.

There are some zoning complications in many areas, and in your golden years you don't want to be too far off the grid -- i.e. you don't want to have to plow a 1/2 mile driveway in the winter. Or have to drive 20 miles for groceries.

But a tiny house might be part of The Plan. . . .

[sailorboy1]

Originally Posted by TomandAnitas34

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 !

You're not the only one trying to sort it out.

I update my speadsheet all the time. At 50 I had a 5 year plan, at 51 I may still have a 5 year plan. It's hard to tell depending how my day went.

I biggest problem with making "The Plan" seem to be the degree of the unknowns. And you can never really get an answr to them: 1 - how does it cost to cruise, 2- what about health insurance.

[boatman61]

I don't have a 'PLAN'.....
With over 1000 religions out there telling us we live to some ones Master Plan...
I figure why fight it...
"Go with the Flow"......

[David_Old_Jersey]

Originally Posted by boatman61

I don't have a 'PLAN'.....
With over 1000 religions out there telling us we live to some ones Master Plan...
I figure why fight it...
"Go with the Flow"......

But unfortunately they all seem to involve giving money to some form of Wizard - whether wearing the full Harry Potter or not.

Me is too tight for that - could mean that I will never see the fairies at the bottom of my garden

[boatman61]

Originally Posted by David_Old_Jersey

But unfortunately they all seem to involve giving money to some form of Wizard - whether wearing the full Harry Potter or not.

Me is too tight for that - could mean that I will never see the fairies at the bottom of my garden

That is restricted to the 'Spiritual Cavemen'.... you know... the 'Written in Stone' brigade...!!
The 'Enlightened' know better....

[sailorboy1]

Originally Posted by David_Old_Jersey

But unfortunately they all seem to involve giving money to some form of Wizard - whether wearing the full Harry Potter or not.

Me is too tight for that - could mean that I will never see the fairies at the bottom of my garden

Wait! You mean all this time all I've needed was a pointy hat and a jar to collect the cash in?