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Old 16-09-2024, 17:05   #16
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Re: Okay, this is getting dumb

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So I am close to moving out of my parents house (I am going to community college and working at McDonalds) and I was looking at prices of houses in my hometown in SoCal, small town, about 15,000 people, and the cheapest 2 bedroom 1 bath house to buy is $88,000. Now, the average Passport 40 is $80-$100k, for an extra $10k, I could have one of the best seagoing houses available, and since I am pretty mechanically inclined, most of the repairs I could do myself. The only problem that I could foresee is work, but since I am going to school for Mechanical Engineering and there is an aerospace company in the town over that most of their engineers work from home. I also know many of their engineers so I might be able to get a few good references. How does living on a boat make so much sense here or am I missing something huge?
Cool Runnings,
Toast
Your math is backwards and upside down.

1) Real Estate is an appreciable asset, while boats are depreciable assets.

2) A boat requires you also pay for storage.

3) The image your showing (home for $88K) is a mobile home, which is also a Depreciable asset.

4) Mobile homes also come with lot lease fees, which are usually very high.

A mobile home is a horrible financial investment.
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Old 19-09-2024, 20:26   #17
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Re: Okay, this is getting dumb

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Originally Posted by Toast View Post
So I am close to moving out of my parents house (I am going to community college and working at McDonalds) and I was looking at prices of houses in my hometown in SoCal, small town, about 15,000 people, and the cheapest 2 bedroom 1 bath house to buy is $88,000. Now, the average Passport 40 is $80-$100k, for an extra $10k, I could have one of the best seagoing houses available, and since I am pretty mechanically inclined, most of the repairs I could do myself. The only problem that I could foresee is work, but since I am going to school for Mechanical Engineering and there is an aerospace company in the town over that most of their engineers work from home. I also know many of their engineers so I might be able to get a few good references. How does living on a boat make so much sense here or am I missing something huge?
Cool Runnings,
Toast
If you can get a remote gig, why not Mexico? Head down to the sea of cortez.
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Old 19-09-2024, 21:09   #18
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Re: Okay, this is getting dumb

I lived on a boat much of my life. I will never own another house. Yes they appreciate, but when you add all the stuff you buy for it, not much. If you have a wife, it costs even more. And it's never your house. Especially in California.
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Old 20-09-2024, 06:46   #19
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Re: Okay, this is getting dumb

You sound like a young man, so here is a tip from a 70 year old: nearly everything in life is hard, and there will always be people who tell you it can’t be done, or it’s stupid for some reason. People ask me what do they need to cross an ocean. My answer is always the same - willpower. Big problems will always appear no matter what you do. Try to buy a house and you will encounter a bunch of them. Boats are no different. Whatever you do, make the decision and then prepare yourself to overcome the obstacles that you find in your way. And as Winston Churchill said, if you find yourself in Hell, keep going!
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Old 20-09-2024, 06:53   #20
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Re: Okay, this is getting dumb

Nothing new here. When we were in Australia at Mooloolaba there were year round liveaboards in the marina who rarely nosed out of the slip.
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Old 20-09-2024, 06:55   #21
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Re: Okay, this is getting dumb

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I lived on a boat much of my life. I will never own another house. Yes they appreciate, but when you add all the stuff you buy for it, not much. If you have a wife, it costs even more. And it's never your house. Especially in California.
Wives cost the same regardless of where they live. And the house (or boat) is yours unless you bought it with a loan (mortgage). So those two points are moot. Plus, generally, financing a depreciating asset is stupid.

We sold our first house for $40,000 more than we paid for it. The second house sold for $300,000 more than we paid. The third $600,000 more. See a trend here? Never, ever did we “add stuff to it” in that amount.
I’ve sold a few boats too but never at a higher price than what we paid. But “added lots to stuff” to each of those.
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Old 20-09-2024, 07:04   #22
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Re: Okay, this is getting dumb

I figure I need to spend what I pay in slip fees to maintain. If you can afford that, you are willing to do most of the work yourself as you state, and you don't finance the purchase, you will be OK.

As others have said and implied, you won't get any of that money back, and it is very, very likely you will get less for the boat than you paid when you sell, hence don't finance the purchase, it would be too easy to become upside down.

All that said, I loved living on a boat, and while I live on land now, I cherish the times I spend on my current boat. It can be magical.

Can you sail, or are you willing to learn?

Finally, the advice to talk to people in your area who own boats and live on them is gold. Do not skip this part.
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Old 20-09-2024, 07:37   #23
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Re: Okay, this is getting dumb

Houses(with land) are great investments - boats are not.

If you can get into a house now, DO SO!
- if you rent out spare rooms to school mates, you may might even cover your costs….

Houses are the Best Investment most people ever make.

And I love boats
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Old 20-09-2024, 07:48   #24
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Re: Okay, this is getting dumb

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Originally Posted by Toast View Post
So I am close to moving out of my parents house (I am going to community college and working at McDonalds) and I was looking at prices of houses in my hometown in SoCal, small town, about 15,000 people, and the cheapest 2 bedroom 1 bath house to buy is $88,000. Now, the average Passport 40 is $80-$100k, for an extra $10k, I could have one of the best seagoing houses available, and since I am pretty mechanically inclined, most of the repairs I could do myself. The only problem that I could foresee is work, but since I am going to school for Mechanical Engineering and there is an aerospace company in the town over that most of their engineers work from home. I also know many of their engineers so I might be able to get a few good references. How does living on a boat make so much sense here or am I missing something huge?
Cool Runnings,
Toast
99% of Boats depreciate, most real estate appreciates. Maybe take a finance course along the way.
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Old 20-09-2024, 07:50   #25
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Re: Okay, this is getting dumb

You're missing something huge.
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Old 20-09-2024, 07:52   #26
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Re: Okay, this is getting dumb

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How does living on a boat make so much sense here or am I missing something huge?
Cool Runnings, Toast
Logistics and the extra costs and taxes, plus the depreciations factor aside there are a lot of inconveniences with living on a boat, such that, unless you love sailing and sail it all the time, it usually isn't worth doing. Cost and effort of maintenance is one and it is far more than a house.

Do you live and breath sailing?
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Old 20-09-2024, 08:05   #27
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Re: Okay, this is getting dumb

The suitability of living on/in a boat depends on infrastructre and logistics : power, water, heating, clothwashing, groceries, etc....how much of your time and money you will have to spend to fullfill all this needs ? Are you moored somewhere alongside with your car parked close by and all the utilities beeing delivered or to get at reasonable cost ? Or will you be at anker having to go back and fore in your dinghy to get everything you need plus get rid of your garbage ? And where you leave the dinghy ? And maintaining a boat is much more work than an apartment, and even more than a house. These are the main points to consider. Ist all about work, time and therefore also money. I lived on a boat for some time.

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Old 20-09-2024, 10:30   #28
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Re: Okay, this is getting dumb

I have owned several sailboats boats, (16 to 42'), one mobile home, and own my own home along with multiple rentals.

Don't buy a mobile home--they depreciate and the lot rent goes up, and up

some adages about boats: a hole in the water you dump money into, B.O.A.T.=break out another thousand. They are fun. It might be an alternative to renting... but you will not get a loan on an older one.

If you can save up the down on a home, it will likely be the best fiscal move.
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Old 20-09-2024, 10:36   #29
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Re: Okay, this is getting dumb

Hello all, thanks for all of the responses, to clear a few things up, I am still two to three years away from finishing college, I would rather not finance the boat, and I understand that a boat is a depreciating asset. I understand the constant maintenance that will need to be done and I enjoy living with a minimum of stuff. I also want to spend a minimum of time in a marina, with starlink I would be able to work from basically anywhere and I would love to explore all over NA and the Caribbean. I think many of you have missed the point of my earlier post (or I didn't write it clearly enough) I have always thought that owning a boat was something only rich people did, and I was surprised to find that with only about 20-30% more money in (and a ton of labor) I could have a "house" that I can take anywhere I want, provided it's next to water. I get that it is nowhere as easy as just owning a house, It's upsides are hugely beneficial to me.
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Old 20-09-2024, 10:45   #30
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Re: Okay, this is getting dumb

When I was working I met a consultant living in a nice RV that he moved every few months. He ran his own business so he could operate the way he wanted.

My guess is that upkeep, depreciation, running costs etc for a $100K used diesel class A are not that much different from a boat and you can explore NA even if it's not on the coast.
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