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Old 08-15-2014
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Selling the house or renting

I have a big question?

I live in Quebec near Montreal I have a house and I want to leave and go to live on board should I keep the house and make a little money out of it or selling and live on the hook, did anny one went thrue this processe. were I would get the info.
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Old 08-15-2014
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Re: Selling the house or renting

Where are you going to be living on the hook? How long to you plan to live on board?
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Old 08-15-2014
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Re: Selling the house or renting

We chose to sell. A couple of years of landlording was enough for us, we couldn't imagine doing it from any distance.

However, we still had mortgages on both properties. If you own your property free and clear, you are more likely to have an actual income from it, even if you have to pay a management firm.
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Old 08-16-2014
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Re: Selling the house or renting

Selling simplicates your life.

I regularly hear of cruisers having to fly home to deal with some rental crisis.
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Old 08-16-2014
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Re: Selling the house or renting

It really depends on the net cash benifit you receive by renting.

I don't know how the tax system on property works in Canada, but I know a fraction about it in the USA and they have a pretty high yearly tax based on the value of the property, even if its not rented out.

In Australia there is a small land tax on property thats rented out.
I have kept my house in Australia and it pays my cruising kitty (whilst appreciating in value)
All my fees and expenses in running the property are tax deductible. So for me its a no brainer. Keep the property and have an income.

Obviously theres difficulties, like last year when the hot water system blew up, the bathroom blocked up, the electricity fried up and the roof fell down. But apart from that its been fine.

Re TQAs point on havinf to fly home occasionally... Yes, but the flights are a tax deduction.


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Last edited by MarkofSeaLife; 08-16-2014 at 11:47 AM.
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Old 08-16-2014
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Re: Selling the house or renting

We were landlords once. Never again. The rent check will be late, you will have renters that damage the property and think its no big deal. You will be surprised at how nasty some people live. Then you can have renters that leave the place better than when they moved in. Oh, did I say you will have to research the eviction process? Got a handy man who you trust? Sell the place, its one less item to worry about.
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Old 08-16-2014
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Re: Selling the house or renting

I have had mostly bad experiences with renting houses. I never made any money for myself, but lots of money for the banker, the insurance guy, the taxman, Home Depot, the real estate agent, attorney, and even the private detective I had to hire to deliver eviction notices to rent-nonpayers. Even the good renters I had broke the lease or messed up the house some how, forcing me to drop everything else and tend to the problem.

I might get into the rental business again, but only with properties that are close enough to my home so that I would see them every day. No way would I be an absentee landlord.
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Old 08-17-2014
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Re: Selling the house or renting

I chose to rent my place out , maybe as I am new to living aboard it gave me options as I can always go back . The thought of not having a place on land to go back to if needed just didn't sit that we'll with me . Also to buy another one in maybe 10 years if I sold might be out of my financial range . I live in oz so it might be different over there .
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Old 08-17-2014
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Re: Selling the house or renting

Before getting into the landlord discussion, for which I have tons of experience, let's first recognize that the vast majority of live aboard cruisers return to land. That's not the way it seems reading magazines and web forums, but it's clearly true. If you'll have the means to return elsewhere, then selling is an option. If not, you might consider keeping it as a safety net of sorts.

As for being a landlord, you must first detach from any sentimental connection. It's now an investment property. IMO, you must have a local rental/management agent. In my area, they will take one month rent at each lease signing, plus a management fee. Be sure to consider repairs in your budget and a vacancy rate. If it remains cash flow positive, or you can swing the shortfall, it's an option.

I've had reasonable experiences with this approach. I believe the better maintained you keep the rental, the better the tenant will treat it. Give them one excuse that you don't seem to care and they will triple down on it. Still, expect some crazy behavior from what will appear to be normal people that just won't treat your property like it was their own. I also tried to keep my rent a few bucks below market, so I could be more choosey on who I accepted. Better jobs, more likely to remain in the area, etc. I've had tenants that renewed for many years. But, I also had one that called me from Detroit, about 6 months after moving in, and said he left last weekend, isn't coming back and isn't paying.

Be prepared for anything.
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Old 08-17-2014
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Re: Selling the house or renting

Many Canadian sailboats on our docks heading south. I was talking to one Canadian about the dream and he said that you should give up the house because you are always worrying about the house , spending $$ on it and flying back to it.
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Last edited by Sal Paradise; 08-17-2014 at 10:21 AM.
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