Would You Do It ?

[maytrix]

Problem RDW is that it seems from what the OP stated is that they take the total purchase price into account to figure out the payment, not the term or actual mortgage payment.

If the purchase price determines the payment stipend, then there's no good way to maximize that. Rental however would mean a boat could be rented for $2400/month.

So really what the OP needs is for someone else to buy the boat and pay them $2400/month for it..

Hmm.. could be a win/win for someone..

[Caribbean Bound]

Originally Posted by maytrix

Problem RDW is that it seems from what the OP stated is that they take the total purchase price into account to figure out the payment, not the term or actual mortgage payment.

If the purchase price determines the payment stipend, then there's no good way to maximize that. Rental however would mean a boat could be rented for $2400/month.

So really what the OP needs is for someone else to buy the boat and pay them $2400/month for it..

Hmm.. could be a win/win for someone..

BINGO. TAKERS?

[sailstoo]

Originally Posted by bene505

Call Moorings and get a boat that just came off charter. I bet there are some charter boats that saw lighter-than-usual usage since the 2008 crash. Get a nice Beneteau 50. Two people can handle them. I solo sail a lot, with the help of a good windlass and a Doyle stack pack.

You could get any boat on the east coast of the U.S. and certainly elsewhere in the Carribean. There are members here that are professional delivery captains.

Get a good survey done, no matter what you are buying. And don't use the broker's surveyor.

Regards,
Brad

What he's saying...!

[sailstoo]

Originally Posted by Don Lucas

don't buy a boat unless ...................... you want to own and use a boat!

PS - both my wife and I were in the Navy and our housing allowance did not cover our housing costs. So I don't really have any concern if you can not make a profit off living in the VI on my dime.

Not what he's saying...thank you for your service

[Boracay]

Just to play Devil's Advocate.

Having grown up, lived, worked and holidayed in the tropics (New Guinea, Queensland, Philippines, Thailand) for more than a few years I'd expect that it could get old really quickly.

You are planning on living in a small (and all boats are small), badly ventilated, poorly equipped boat with minimal toilet and communications facilities and trying to work at the same time for years on end? The Boss ain't going to be understanding either, seeing you living the high life while he slaves away in the tropical heat.

Not to mention what's going to happen during hurricane season.

I think that you're missing the best part of having a boat in a tropical location. That is, having a great day's sailing or a weekend away then coming back to the club for a few sundowners while the women compete against each other in the tropical fashion stakes. Then you go back to an apartment with gentle breezes wafting through and a glorious panoramic sea view. That's heaven.

I built and sailed a little 6.5m minitonner in Wewak when I was too young to know better. Out to Mushu Island, picnic on the beach then a great sail back to Wewak Yacht Club for a few cold ones, or down to the Sepic Lakes for an overnighter, and having the mud crabs that we brought escaping in the bottom of the boat. Those were the days.

So I'd get a boat, but make it a small one. Good for day sailing, racing and overnighters or the odd four days away. But one that can come out of the water when hurricanes loom.

You're going to be living in charter central. Once you get to know then I'd bet the bareboat operators would give you some really great rates.

Big boats are for serious cruising. Otherwise I wouldn't do it.

[tager]

Originally Posted by tamif27

Beer, check. Popcorn, check. okey dokey.

Sounds like a kinda yucky combo, there. Try peanuts.

[justwaiting]

Disclaimer; I know nothing about how you allowances work, US taxation and little about US financial sector, so just putting it out there.

Seek a lease financing arrangement with payments fixed at your maximum allowance with an agreed residual to be paid at the end of the lease (deployment) period.

[ohdrinkboy]

Originally Posted by Boracay

I think that you're missing the best part of having a boat in a tropical location. That is, having a great day's sailing or a weekend away then coming back to the club for a few sundowners while the women compete against each other in the tropical fashion stakes. Then you go back to an apartment with gentle breezes wafting through and a glorious panoramic sea view. That's heaven.

So I'd get a boat, but make it a small one. Good for day sailing, racing and overnighters or the odd four days away. But one that can come out of the water when hurricanes loom.

You're going to be living in charter central. Once you get to know then I'd bet the bareboat operators would give you some really great rates.

Big boats are for serious cruising. Otherwise I wouldn't do it.

Sounds like good marital advice. Rent an apartment from a local for $2400. Make sure it includes electric, cable, water...everything. Buy a small cheap sailboat for $10k and sail all over the usvi, and bvi on your days off. You can always be on the look out for that big boat once you get the lay of the land.

[w1651]

Have the wife buy a nice USED boat and rent it to you. Then you can get 2400 a month, on a boat that costs much less to own and use the extra to make repairs and upgrades.
If the wife can't do it then put it in your mom or dads name.
Just a thought on how to get around it.

[Reality Check]

The Op seems to be looking at only the cost of the boat.... with his housing allowance. What about the cost of a slip in St. Thomas???? They sure do not give those things away for free. The cost could be anywhere from about equal to well above the monthly mortgage cost..... and I do not think the OP actually took in the interest accurately and how much cost is up front in the purchase and insuring a boat.

[belizesailor]

Originally Posted by Mimsy

No one should ever plan on making a profit on a boat. It does happen, but people surviving sky diving without a parachute happens too and that is more likely.

+1 (can I do more than that like +10? )

[bartonman]

Caribbean Bound, I think your idea is a good one. We live on St. Croix, the big Virgin Island and also have a boat here. I am guessing that you are an ABC guy. That is what we call FBI, CIA, DEA and ATF.

As you probably already know the big oil refinery on St. Croix has closed down. Thousands of people out of work. Hovensa, the oil refinery supplied fuel to WAPA, water and power authority. WAPA is the only source of water and electricity on all of the U.S. Virgin Islands. Most people have cisterns, water catchment, under their homes, but most businesses and homes in town do not. The government here does not have a plan in place as of yet, to replace the fuel to WAPA to keep the lights on and water flowing here. WAPA is also bankrupt and owed the refinery millions of dollars. The general opinion here on island is that as of June 30th 2012 the lights will go out and the water will stop flowing. The people who cannot leave St. Croix are preparing. People on St. John, St. Thomas, and Water Island have tourism but I don't know how long the cruise ships will come if there is no power.

The good news is that things are getting really cheap here, especially on St. Croix. If you are planning to be here only 3 years I would not invest in a house to buy. It will probably take the housing marking quite a few years to turn around. After Christmas 2012 you will probably be able to find a luxury house to rent very cheap. People are leaving St. Croix in droves. They are selling their household goods and vehicles for next to nothing. I would imagine that you would be able to find a great deal on a boat here. Most of the Hovensa workers and their families will be leaving when school lets out at the beginning of June.

Look for a boat that has solar panels, a good generator and a large water tank. We pay $20 a foot per month at our marina on St. Croix. Amenities are pool, resturant, tennis courts, shower facilities, water, electric, desiel and gas.

Food prices here are much higher than the states. Milk is $8 to $12 a gallon depending on the store. Rum is cheap. Walmart has free shipping here.

The Virgin Islands are a beautiful place to live but very culturally different from the states.

I know this is more information than you asked for but I hope it is helpful.

In anycase, Welcome to paradise.

[bartonman]

Just noticed I posted under my husbands persona. He must have been using my computer. I post under dtj.

[markpierce]

Originally Posted by bartonman

Milk is $8 to $12 a gallon depending on the store. Rum is cheap. ..

Cow milk is for baby cattle. Shouldn't mothers nurse their children with their own milk? And if you're too old to nurse from your mother, you shouldn't be drinking milk. OK, maybe some cheese, and ice cream and cream sauces on rare occasions.

[Caribbean Bound]

Wow, thanks for the local perspective DTJ/Bartonman. I'm used to the expensive lving and "difference from the states", I've been island living for a while now. Although currently my beaches are covered in white snow instead of white sand.... I've heard snippets of the Hovensa crisis and high WAPA prices, but no one has bothered to convey the severity of the long term problem. My wife and I have settled for remaining on land for now. The logistics and prices just got too difficult. Our final effort came with a long term rental of BojanglesIV, a gorgeous 50' ketch, but the problem with his, and any liveaboard, is hurricanes. I'm a USCG not ABC guy, and because of that hurricane response is a large aspect of my job. In the circumstance of an impending hurricane its mandated for me that my wife evacuate so she is not a concern, and I be available for response with no concern of my own needs. Therefore, I wouldnt be able to adequately tend to a boat at moorage, and a slips are just too expensive for us. So taking into account the sage advice of Boracay:
"I think that you're missing the best part of having a boat in a tropical location. That is, having a great day's sailing or a weekend away then coming back to the club for a few sundowners while the women compete against each other in the tropical fashion stakes. Then you go back to an apartment with gentle breezes wafting through and a glorious panoramic sea view. That's heaven"
We've decided on a smaller weekend cruiser, and finding a piece of property. We have a much better chance at building up a boat fund with real estate in the hopes that on the next tour we can really "make it happen" and afford the boat we want without making as many sacrifices as it would have required on this tour. Hopefully if what you say is true about people selling things off at next to nothing we kind find a great deal on that weekend cruiser! Still looking forward to the VI even with the Hovensa complications, who needs power??? Just means fresh fish, fruit and candlelight! Still sounds like paradise to me! Although, the water rationing will be a bit different as we have an excess up here!