Hi Guys! Iím considering renting
out my house and doing full-time live-aboard
. I want to save and invest more of my income
(although I know that might not always be the case with boats being money
pits for the most part).
And in the case that I want to work
less or take some time off, it will be more affordable to do so. I want some change in my life after this quarantine, I cannot imagine myself commuting ever again Ė and it seems most tech companies including my own feel the same way. My friends and family
think Iím nuts, maybe rightfully soÖ
, live alone
full-time, 100k+ income
($6400/mo take home)
4-bd, 2-ba 1600 sqft
Purchased 5 years ago
Did a sweat equity remodel with mid-quality materials
Located in Ventura, CA (Between Santa Monica and Santa Barbara)
$2500 mortgage, 25 years left (inc property tax/insurance)
45% equity on $600k value
Rent for similar homes: $3500 ($1000 net before expenses and bs)
Selling the home is not an option, Iím aware of all the hassle and expenses with renting
Ė however I want to return to the house in 3-4 years and keep the boat
(or not). Even if I made that $1000 got eaten up by expenses and taxes
, I'm still paying off the mortgage and will have a place to return to. Plus I have a low property tax that would double if I were to buy back at market rate. I will be local at the marina so Iím around to deal with business of renting it.
Ventura Marina West
$900 per month for a 42í live aboard slip
I'd rather be docked in Channel Islands, but since all my family
and friends are in Ventura and it is much more convenient.
for the boat is around $100,000 full outfitted. I have been looking at Beneteau
393 and 423 with a 2-cabin layout, but I'm open to similar suggestion. I will likely be doing a lot of solo operation. I know someone is going to suggest some 1972 salty dog led-keel as a better boat, but Iíve gotta have some modernity.
I know that financing
live-aboards are difficult if not impossible, I can keep a room at my fathers home or rent a studio if that makes things easier.
So far I plan on doing a re-fi of my home and pulling out $50,000 to put 50% down, my mortgage payment will remain $2500 and I will no longer have PMI.
Living here in Ventura my whole life, I know a lot of folks with boats. The majority sailing experience comes from when I was a teenager, my friends family had an Oday 22 and then later a 2002 Hunter
32 (his father ended up beaching it fowling the prop w dhingy line but thatís another story) and then a 2004 Hunter
36 docked in Channel Islands. We were down there every weekend and I learned a lot sailing out to the islands and anchoring
I plan on mostly cruising around the Channel Islands, anchoring
for a few days because thatís what Iím familiar with. Then get my courage up to do some longer hauls around here.
Locally, I'm well connected with boaters, I know a lot of people who have sailed around the world, they're available to lend advice and help with repairs