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Old 05-07-2016, 14:10   #61
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Re: Financing for an older boat

Quote:
Originally Posted by hdparsons3 View Post
Holy Crap guys,

THE FINANCES - My finances are kind of funny as I own 12 rental properties which net after payments, taxes, maintenance, insurance etc. roughly 5000.00 per month. Unfortunately, these loans are private money loans and the lender only lends on rental properties. This also makes my debt to income ratio slightly off as far as conventional loans go. My car is paid for and I am going to sell it as a down payment when I go to make the jump. It is worth 18,000 I have roughly 15,000 in savings that I am going to try to keep as a safety buffer.

Any ideas on how to make this work ?

Thanks again for everyone's help
I'm reading between the lines but it sure sounds like you are in debt up to your eyeballs and things are working out as long as everything goes perfect. Once things don't go perfect, that $5k/month will disappear real quick.

If you can't liquidate a couple houses to free up enough equity, you are living on the edge in my opinion and I'm certain the bank will feel the same way.

That leaves owner financing or wait and save up.
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Old 05-07-2016, 14:27   #62
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Re: Financing for an older boat

valhalla360 - Yeah I am financed up to the eyeballs but luckily that 5k is spread thin through enough houses that unless some major financial crisis comes along I should be fine. Owner financing is looking like the way to go! thanks for the advice!
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Old 05-07-2016, 17:18   #63
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Re: Financing for an older boat

Hmm... A famous ship-owner, name of Aristotle Onassis, who started his business career as an errand boy for the pimps in the Port of Piraeus, put it this way: "Borrow every penny you can - but ALWAYS pay promptly!"

S'far as I recall, that maxim got him an ex-RCN frigate (HMCS Stormont) he converted to a luxury yot he called "CHristina" and a wife he called "Jackie" :-)

The scheme works as long as you keep yer balls screwed on solid!

TrentePieds
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Old 07-07-2016, 12:03   #64
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Re: Financing for an older boat

Trentepieds - Yeah I'm fairly comfortable with how I've got things set up and should be fine it just looks as if I'm going to be sailing on something slightly smaller in the 27-30 foot range

Thanks for all the advice though everyone!
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Old 07-07-2016, 12:42   #65
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Re: Financing for an older boat

@64

30 foot is the "sweet spot" as far as I'm concerned. When I was younger I used to say that "there is nothing I do below decks that I don't do best lying down", and a 24 was adequate. At my present age that may not be true any more ;-)

TrentePieds is just that - 30 feet - but she has the loveliest saloon; all that a man and his maid could desire, including 6'3" headroom and a deck house with large windows that makes her light and airy. Just perfect for coastal cruising. It was the "feel" of the saloon that made MyBeloved compel me to write a cheque. She was not possessed of the knowledge to evaluate TrentePieds qua sailing vessel, and I was not particularly concerned about that since every boat I've encountered so far has cooperated willingly, or I have bent 'er to my will :-)

The trick to the 30 is that beyond 30, the cost curve becomes steeply asymptotic, and from the point of view of the distaff watch, handling becomes scary. There was a thread this ayem about the difficulty of docking a 36 in a tight space. MyBeloved didn't come to the seafaring life till she was retirement age - had never set foot in a boat till then - but now, two years in, she is doing fine. Still sweats a bit when in close quarters I think, but she is doing fine because she is just scared enuff, but not TOO scared:-)

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