Liveaboard Financing Quandary

[starfish62]

Hellosailor, where do you port from and where do you sail? Just wondering.

[muskoka]

Have you considered downsizing your home to something that'll run you about $1800. per month (ie what you're expecting to pay for running costs on the boat). You could theoretically then save $1200. per month. After a year or so, you could buy a nice weekend cruiser all cash. Once that's done you could simply pound down the mortgage with your excess cash.

That'll get you on the water, meet your saving objectives, and allow you to build some equity.

[GDFL]

That was somewhat like our original plan. I don't really want to own a home right now. $1800 doesn't get you much at all here in Central Florida. Part of the reason for buying a boat is the ability to quickly and easily move if/when necessary. Business is very good today, but a couple of hurricanes in a row and some other unknowns could put us out of business and I'd have a house I couldn't sell. We decided that if I ever leave this job then I'll go to 6 month contract engineering jobs and we'll cruise the other 6 months.

Originally Posted by muskoka

Have you considered downsizing your home to something that'll run you about $1800. per month (ie what you're expecting to pay for running costs on the boat). You could theoretically then save $1200. per month. After a year or so, you could buy a nice weekend cruiser all cash. Once that's done you could simply pound down the mortgage with your excess cash.

That'll get you on the water, meet your saving objectives, and allow you to build some equity.