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Old 18-08-2010, 17:34   #16
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Just curious, but is this from experience? What sort of problems have you had? What sort of problems would I need to look out for specifically with a well established management company in my town? I have a close and very reputable carpenter that I trust for potential repair issues, so this won't be an issue, and I'm prepared to last a couple of months every now and then without the rental income coming in. Also, plan to be very picky as to my renters.
Uh, oh. I had my own doubts but assumed you've been down this road before. It appears you haven't, so I'd get some stone cold advice from those that have. The math on "profit margins" is simple enough for any idiot with a pencil and a stained napkin. The vagaries of being a landlord are a totally different story.

This is a sailing forum and the moderators are going to hit us on the head with a boat pole if this turns into a real estate thread.

I'd look for solid financial advice elsewhere, but folks in here will provide you with invaluable advice on you cruising plans!
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Old 18-08-2010, 17:45   #17
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You used the word "we" in your OP. Are you taking a wife or girlfriend (or both) along with you? What are your age brackets?
- - A under 30ft boat, be it trailer-sailor or standard heavy displacement blue water boat is not a comfortable boat for a "live-aboard" unless you are actively into the "backpacking/hiking in the mountains" thing.
- - If you have a normal "lived only on land" female with you she will probably sign off the boat after a few months or the first bad crossing, which ever occurs first.
- - One way is to get a small boat for doing the initial training and sailing the east coast. Then move up to a larger boat 35 to 40 ft for the "down island" part of your journey.
- - Boat costs are all dependent upon the age of the boat and how well it was maintained. If you can buy new then you get several years of very minimal expenses. Otherwise, costs are all over the chart.
- - To find out what haul-outs really cost just Google boatyard in a particular State and then go to their websites which will have rate sheets/costs posted you can actually calculate what it costs in any given location. Planning $1K+ is normal as beside hauling for painting there are usually "other" things that need taking care of.
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Old 18-08-2010, 17:53   #18
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Originally Posted by SouthernHiker View Post
Just curious, but is this from experience? What sort of problems have you had? What sort of problems would I need to look out for specifically with a well established management company in my town? I have a close and very reputable carpenter that I trust for potential repair issues, so this won't be an issue, and I'm prepared to last a couple of months every now and then without the rental income coming in. Also, plan to be very picky as to my renters.
Yes, it comes from experience. I was a CPA with my own practice for 30 years and had lots of clients with rental properties. They are basically a pain and people get into them expecting a big capital gain some day. They saw people flipping properties and prices going up every year and figured they had better get a piece of the action. I could go on but its just not what the real estate industry want you to think it is. Besides, why saddle yourself with the hassles? Management companies come and go, and your property will be just one little bit of revenue for them. Its not like you have a 100,000 sq.ft. office building, which is what they want to be managing. And can your carpenter do plumbing repairs, roof repairs, electrical? And you can be as picky as you please with renter, but if you aren't around to screen them (you will be off cruising right) how you gonna know much about them. And with more and more rental properties coming on the market, good renters will be harder to find. My sister-in-law just rented a nice townhouse, and I guarantee you they will trash the place in a year. If you live near by you can stop in from time to time, and you see how they are taking care of stuff but you can't do that if you are off cruising and the management company sure won't check in unless there is a problem.
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Old 18-08-2010, 17:57   #19
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Planning $1K+ is normal as beside hauling for painting there are usually "other" things that need taking care of.
I believe that, with a Gulfstar 53. The OP is talking do-it-yourself, under 30 feet.
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Old 18-08-2010, 18:16   #20
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I was a CPA with my own practice for 30 years and had lots of clients with rental properties. They are basically a pain and people get into them expecting a big capital gain some day.
OK, I'll ignore my own caveat on hijacking the thread. This is a cash flow business, period. Expecting capital gains is speculation and a really bad idea unless you know what you are doing. Very few do, as most of the world has learned over the past few years. Purchase price, prevailing rents, condition of property, location/economic stability of likely tenants are the cold decision makers. Vagaries of the business are another story and are often not understood, resulting in said "pain." This is not a place for the uninitiated, who want to go cruising, if you ask me.

OK, no more real estate. SouthernHiker, go spend some time on a boat with your significant other, decide what you want to do and take the leap! Look first, but leap!
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Old 18-08-2010, 18:27   #21
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Something else to ponder if you are thinking about becoming a real estate investor:


Quote:
Foreclosure filings climbed in three-quarters of U.S. metropolitan areas in the first half as high unemployment left many homeowners unable to pay their mortgages, according to RealtyTrac Inc.
Anyone who thinks this has bottomed out or is over should think again.
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Old 18-08-2010, 18:38   #22
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Doodles! No arguments!

How many willing, bikini-clad twenty somethings can fit on your decks? Mine will accomodate a lot! "Willing" is key!

Going about the East Coast in a small boat will be a very special experience for the OP, if he makes it, and I hope he does.
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Old 18-08-2010, 20:06   #23
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Originally Posted by osirissail View Post
You used the word "we" in your OP. Are you taking a wife or girlfriend (or both) along with you? What are your age brackets?
- - A under 30ft boat, be it trailer-sailor or standard heavy displacement blue water boat is not a comfortable boat for a "live-aboard" unless you are actively into the "backpacking/hiking in the mountains" thing.
- - If you have a normal "lived only on land" female with you she will probably sign off the boat after a few months or the first bad crossing, which ever occurs first.
- - One way is to get a small boat for doing the initial training and sailing the east coast. Then move up to a larger boat 35 to 40 ft for the "down island" part of your journey.
- - Boat costs are all dependent upon the age of the boat and how well it was maintained. If you can buy new then you get several years of very minimal expenses. Otherwise, costs are all over the chart.
- - To find out what haul-outs really cost just Google boatyard in a particular State and then go to their websites which will have rate sheets/costs posted you can actually calculate what it costs in any given location. Planning $1K+ is normal as beside hauling for painting there are usually "other" things that need taking care of.
We is wife and I, and we are actually very much into the backpacking thing. Basically, we just want to see the coast, learn to sail, and have a good time exploring nature/east coast harbor towns. The boat for us is just a place to sleep, transport, and keep us on the water.

In fact, our later plans, after cruising, are to do the Appalachian Trail.
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Old 18-08-2010, 20:22   #24
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We is wife and I, and we are actually very much into the backpacking thing. Basically, we just want to see the coast, learn to sail, and have a good time exploring nature/east coast harbor towns. The boat for us is just a place to sleep, transport, and keep us on the water.

In fact, our later plans, after cruising, are to do the Appalachian Trail.
In that case, I think 30' (or a little less) would be just fine for two. My wife and I have lived aboard a Baba 30 and a Niagara 31, and we were plenty comfortable. Sounds like you are more minimalist than needers of all sorts of conveniences and space, so keep the boat as small as possible. It will make learning and getting into shallow areas a lot easier. Plus, you will have invested less in the boat so less risk when it comes time to sell and do the AT.
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Old 18-08-2010, 20:22   #25
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Doodles! No arguments!

How many willing, bikini-clad twenty somethings can fit on your decks? Mine will accomodate a lot! "Willing" is key!

Going about the East Coast in a small boat will be a very special experience for the OP, if he makes it, and I hope he does.
Thanks again Drew and Doodles and others,

We're going either way, just trying to do a little planning and discussion. I do appreciate yall's advice and frank eye opening discussions, that's what I asked for and gives me a lot to think about as an income source.

I'm not picky about the size or age of the boat, I'm picky about the quality of it though. I'm not looking for perfection or new, I just don't want to buy something that is going to fall apart on me within a year or two ( I do understand boat's have a lot of maintenance). If I can find a 30' that won't break the bank, and sails upright, I'd hop on it before a smaller boat, but I figure that's what I can afford.

As for the bikini-clad twenty somethings, I only have one willing (the wife), but I think that's all I can handle anyway

I'm looking now, but will certainly be leaping no matter what.

After all it's only money. I have no kids, am well experienced in starting businesses, and am an attorney, so I'll figure something out.

Push comes to shove, we run out of money, drag ourselves home, and start all over.
Frankly I'd rather do it now than wait until I might get to retire, or wait or until something up stops me from going (kids).

I'm more interested in living for the experience than for the possibility of tomorrow (hope that explains my mind set).

Since yall approve of the route, I guess boats is the real issue, and I know there are hundreds of threads on boat buying out here.


So let me ask this, what's the smallest you guys think would be comfortable for east coast sailing and anchoring?
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Old 18-08-2010, 20:30   #26
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SouthernHiker, do what you gotta. I'm going to bed, but you are on the right track, thinking wise. And you should think through the whole plan. Finances are tough, boat and lifestyle choices even tougher. Good luck and let us know if we can help!
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Old 18-08-2010, 20:31   #27
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So let me ask this, what's the smallest you guys think would be comfortable for east coast sailing and anchoring?
25' ....but I'd go at least 27'. There are some 27 footers with a lot of beam (IP and PS Orion come to mind) that will give you the same living space as some 30 footers. You could probably even get by with a PS Dana 24.
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Old 18-08-2010, 20:36   #28
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So let me ask this, what's the smallest you guys think would be comfortable for east coast sailing and anchoring?
You and your wife have to figure that out for yourselves. I'd look at 30-footers, a little under and a little over. Talk to you later....
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Old 18-08-2010, 20:36   #29
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SouthernHiker, do what you gotta. I'm going to bed, but you are on the right track, thinking wise. And you should think through the whole plan. Finances are tough, boat and lifestyle choices even tougher. Good luck and let us know if we can help!
No worries about the time, we're just getting up here in Thailand.

Help is available here 24/7!
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Old 18-08-2010, 20:44   #30
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If you're limiting your cruise to the USA east coast, and your home port is Georgia, you should not have to trailer the boat home.

Sail it home. Sailing the boat one way and then dragging it home via the highway will earn you zero style points. You might as well do the Appalachia Trail in a golf cart, or ride the Tour de France on a moped.

Sailing. We do it with sails.
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