Originally Posted by jkleins
While this does seem unusual it doesn't seem to be as bad as some are suggesting. If you were to hire a contractor for a $40,000 remodel of a basement, <snip>
In this instance, if you had a $20,000 boat <snip>
and you agreed to let this guy live on it and sail it while he finished your remodel and then transfer the title at the end of the job it would seem like a standard barter arrangement <snip>
Here is the problem - A very large percentage of the job is in materials. You are essentially bartering for labor. Let's say on a $40k job there are $25k in materials. Won't work. For arguments sake let's say it's $20k in materials.
On the surface it sounds good. Unfortunately the laborer who is now living on your boat and trying to maintain it has no income
because he is supposed to be working on your house for free.
You are also paying up front by letting the laborer live on your boat for free. If the laborer defaults on the home project
you could likely be stuck with a pile of building materials in your yard, a boat that has been lived on and deteriorated and potentially a sticky issue of trying to evict the laborer from the boat, a laborer who has stopped making marina payments because he has no income
and btw the marina has filed a claim to seize your boat for back rent.
Not saying this would happen with Jace but personally I don't view this as a low risk oportunity for the boat/home owner...
Besides if my house needs remodelling, I'm gonna sell the haouse, move on the boat and head
for warmer climes...