Hi Guys! I’m 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 – and it seems most tech companies including my own feel the same way. My friends and
family think I’m nuts, maybe rightfully so…
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, I’m aware of all the hassle and expenses with
renting – 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 I’m around to deal with business of renting it.
The marina:
Ventura Marina West
$900 per month for a 42’
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 I’ve 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 that’s 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 that’s what I’m 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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