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Old 08-06-2020, 12:09   #1
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Join Date: Jun 2020
Posts: 2
Renting out my home to live on a boat

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

About me/lifestyle:
Mid-thirties
Single, live alone
Work remote full-time, 100k+ income ($6400/mo take home)
Golden Retriever

The 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.

The marina:
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.

The boat:
My budget 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.

Sailing experience:
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 regularly.

Cruising plans:
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, knowledge.
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Old 08-06-2020, 12:28   #2
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Join Date: Apr 2019
Location: Portland, Oregon, USA
Boat: Beneteau 462
Posts: 10
Re: Renting out my home to live on a boat

Basically what we did. 4 bedroom home, but we moved into just two of the rooms and rented out the other two. Lets us keep increasing our equity and one foot on land. We have two small kids so letting totally go of the house was not in our plans. But we quarantined on our boat and haven't been back to the house in a couple of months, so maybe we don't need it and will rent out the other two rooms.

We moved onto a Beneteau 463 three cabin. Two adults, two kids, big dog.

todd
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