Financing a Liveaboard

[spostamento nobile]

Originally Posted by VirtualVagabond

well... how about a Transvagrant then

Hahahaha. That's rich.

[spostamento nobile]

$700 A WEEK?!?!?. We could be back out in one year on that kind of cash! If you can't get out on that amount in 3-5 years then maybe you should reconsider what it is you want to do.
That's $182000 in five years.
I wont make that if I live another 30 years.

[VirtualVagabond]

Originally Posted by boatman61

VV... is that you ready for a night out partying....

Well.... it obviously takes balls.... but nope, still can't do it ..... ROFL

[zeehag]

you guy ssooo owe me a new netbook ......

[Boracay]

Why not save and get a boat that you like and can afford.

I can't see the point in going now if you're not going to be happy when you can wait three years and have a good time.

Much of the pleasure of the journey is in the anticipation.

[ddsailor25]

The wife and I would love to find a boat now and live aboard, but the problem is we're too upside down in our home mortgage to sell the house. We can't get the boat we want and own this house. If the housing market was different and we could break even then it wouldn't be a problem with our cash flow. That's where the 3 to 5 years comes into play in hoping the market turns around or pay down the mortgage and lose our shirt when we break even.

Dave

[spostamento nobile]

Originally Posted by ddsailor25

The wife and I would love to find a boat now and live aboard, but the problem is we're too upside down in our home mortgage to sell the house. We can't get the boat we want and own this house. If the housing market was different and we could break even then it wouldn't be a problem with our cash flow. That's where the 3 to 5 years comes into play in hoping the market turns around or pay down the mortgage and lose our shirt when we break even.

Dave

Ohhhhhh. Now I get it. We started at -$1,000, you're starting at -$100000+.
That sucks. I feel bad for you and hope things turn around for you.

[ddsailor25]

Nobleshift,

My wife and I don't make a lot of money. I'm sorry if your financial situation is different, but my wife and I work very hard for what we have and I was asking the question to what I thought was a professional group. I guess there is always one bad apple in the group.

Dave.

[ssanzone]

i would be surprised if any lender would write this loan given you are upside down on your existing mortgage.

i am sure u will hate hearing this (i know i would) but you really need to rethink your financial plan. you should consider 5 years before the housing market turn will enable you to get out from under your house (and quite possibly longer than that).

with bank interest no higher than 3% for the fastest of fast money the 2800a month is working against you, not for u.

the reality is if your interest on loans and credit etc is higher than the interest you make on your savings you working against yourself.

i get it... u want a boat. i just dont hear anything that makes me think now is the right time to buy one.

in my experience, anything newer than 4 yrs old and older than 8 yrs old requires work. where is your boat maintenance kitty coming from? are you looking for a floating condo when you cant sell the house you are currently in?

now that i am done ranting.

1st, find someone to rent your house while sales are in the head, the rental market is strong.
2nd, work out what you need in a boat and start shopping
3rd, amend your saving plan. 1400 per month to the purchase, 700 per to the current mortgage and 700 to the boat maintenance kitty
4th, research lenders and work on pre-qualifying for the boat loan
5th, REALLY think about if you want and can afford a 2nd mortgage

good luck (really... u r gonna need it)

-voice of reason

[Tori]

Rent the house and buy a boat that you like and is livable. You do not need an expensive boat to live on nor does it have to be fancy.
I think if you are able to save 700 a week and pay your mortgage you likely make alot more money than many of us on here.
So your above statement that you do not make alot of money is likely confusing to some.
Waiting for the market to turn is not likely to happen any time soon and if you truly want to live aboard there is no time like the present.
Just my two cents worth...

[spostamento nobile]

Originally Posted by ddsailor25

Nobleshift,

My wife and I don't make a lot of money. I'm sorry if your financial situation is different, but my wife and I work very hard for what we have and I was asking the question to what I thought was a professional group. I guess there is always one bad apple in the group.

Dave.

I really meant what I said in the second post. I heart really goes out to you. Sorry if anything was misunderstood. But yes I am always the @55hole in every group. Curse of being a short man.
Again good luck & I'm sorry.

[Boulter]

Originally Posted by Nobleshift

I really meant what I said in the second post. I heart really goes out to you. Sorry if anything was misunderstood. But yes I am always the @55hole in every group. Curse of being a short man.
Again good luck & I'm sorry.

I took your comment as a flippant acknowledgement that the OP got unlucky with his RE situation and you didn't. There but for the grace of God ... sort of thing. I didn't sense anything mean or judgemental in your comment.

I wish I had the curse of being a small man now that I am looking for headroom in a boat.

Boulter

[David_Old_Jersey]

Not entirely sure how borrowing 70% of a boat is going to help with your overall finances........seems like you are hoping to climb out of one hole (with the house) and then dig yourself another with a boat.

Sometimes in life the answer is: "I can't afford it" (of course lots of people confuse being able to buy, with being able to afford - not my concern , just a puzzle ).

[LauderBoy]

Originally Posted by ddsailor25

The wife and I would love to find a boat now and live aboard, but the problem is we're too upside down in our home mortgage to sell the house. We can't get the boat we want and own this house.

Save up 10-20k, start selling everything in your house, buy a 30ft boat, move aboard, tell the bank they can have your house. Start putting money into savings for a larger boat and/or cruising kitty.

[hellosailor]

"buy a 30ft boat, move aboard, tell the bank they can have your house. "

And since you still may be obligated to the bank for the amount of the mortgage, they'll take the house and then file a lien to seize the boat and any other assets.

Can't make assumptions like that unless you assume the worst case.