Gord: Interesting point. I do have the boat I want, sans the extra offshore gear
. Maybe we are being impatient? We will have to put in 3-5 years of work to pay off this boat, have some kind of meager cash set aside for retirement
, and a little safety
net for cruising and working (we can do both at once). But... one can also die tomorrow, so I would like to get going on cruising. The changing boats idea was my wife's this morning. She was thinking of ways to get to cruising faster. So you think the OI's would be ok? I have seen them listed in this price
range I'm looking at. The ones from the early 70's are in that range.
Joli: The flaws are what I'm looking for.
I feel confident enough to handle whatever repairs
are necessary. That's the whole idea for me. Find a junker and do the work necessary to bring her back.
David: Our time scale would be greatly dependent on that boat itself. See, the boat is the only thing preventing us from setting off right now, or should I say the bank manager.
We are sitting around working to pay this boat off and are looking at 3-5 (better than 20 to life, I guess) to work to pay this thing off. That is where the logic comes in to possibly find an ugly duckling with a broken wing that I can re-fit. The materials aren't so expensive. We figured we could do a $10K-20K refit
(100% done by me, of course) and get a boat in shape.
Paul: Y'all have a good point! ha ha We're in NY right now only for the winter to make money. The pay scale is high and the dock
is $2000 for the 6 months. We'll be casting off of this dock
in the spring for sure.
Chris: Thank you very much. Your boat is actually one of the ones I had been considering as well. I am a bit of a fan of steel
This whole idea may need some more thought on my end, as many of you have brought up good points. The tough part is figuring out if it's a better deal to keep the current
boat, along with its 3-5 year sentence, or get a different one that we can use the equity already trapped in our current
boat to pay for. See, for us... we would have equity left over that we have already paid into this boat that we could use to pay for the other boat. At that point, it's just work for the refit
. Then, we could work and cruise
around without the loan's financial noose arond our necks. Working and cruising in this fashion in the USA and Caribbean
for 5 years would give us enough for retirement