THe perfect boat

solman55 · #1 (**permalink**) 07-20-2010

I found the perfect boat for me to liveaboard. It is a 1980 Watkins 27 in great shape they want 12,000 for it but think I will offer them something but I am trying to make sure I will be able to get it. I figured I would get a loan for it so that I wont be solid broke. I need to find out though what would be a good way so I can almost guarantee that I get the loan. I haven't missed a payment on anything and I have had a job for 5 years and plan on keeping it for a good long while, and my boss even said that he would write me a letter for the bank maybe saying how good of a worker I am or something that would convince them to give me money. I would like to know what else I could do. I want to try everything this boat is the one. Im in school and get grant money so I should be able to pay it off very fast and I even have a free liveaboard slip lined up, since I work on the water its great and they even have laundry and showers so i am very excited and know I can afford a loan, it will be cheaper than an apartment.

TheRealBill · #2 (**permalink**) 07-20-2010

Where are you located? I found what I thought was a great live aboard set up but it was up in Tallahassee...if you're near there I'd be glad to pass along the info...LMK

The seller was offering financing too...if it was closer I would have considered it.

solman55 · #3 (**permalink**) 07-20-2010

I am in pensacola, I may ask if he would do owner financing iif I cannot get a loan but we will see what happens.

TheRealBill · #4 (**permalink**) 07-20-2010

This boat was a 1983 31 Irwin...set up for liveaboard. Needed some work but had allot of goodies...wind gen...AC...if you want I can email you all the photos he sent me and his contact info...I think the boat was 10K and he was willing to finance 50%...

solman55 · #5 (**permalink**) 07-20-2010

Where is this located? Aparently this boat has not been hauled out in a good while and needs sails and a lot of work. I am very happy with the watkins, it has new top and bottom paint, new interior, autopilot, cutlass bearing, engine has been tuned up professionally, gps all the cool stuff and is small enough that I can sail by myself with a draft shallow enough that I can get close to shore. Ive already decided this is the boat, now i just need to find out the best way to finance it. I figure Ill offer 10k because the nada is no 12 and even with all the new stuff those are all needed for the boat so i dont take that into value.

solman55 · #6 (**permalink**) 07-21-2010

I dont know what that link was to I saw but maybe it was a different boat, if you could get me a link to the irwin I would be very interested.

QuickMick · #7 (**permalink**) 07-21-2010

IMHO, I dont know if I would start out with a 10k bid especially if you secure your own financing. If he/she is willing to owner finance you might consider something along the lines of 'How bout in lieu of amortizing an interest schedule for the loan, I will pay your asking price'

just a thought

solman55 · #8 (**permalink**) 07-21-2010

THat is a good point, and Im looking at the irwin as well but i think for me and with the room the watkins has that will probably be what I go with. I may see if he would do that.

bljones · #9 (**permalink**) 07-21-2010

solman, don't take this the wrong way, understand that I am playing devil's advocate here, so don't be offended and please play along...
If I am selling a boat and someone approaches me about offering to hold the note and be essentially the Bank of Me, four questions come to mind:
1. Why couldn't this guy get a loan from his own bank?
2. Why should i give him a loan when his own bank doesn't think he is a good risk?
3. What collateral has this guy got that will give me some security?
4. What's in it for me?

Unless you can successfully answer all of those questions and sell yourself as a viable solution to the seller's still-got-a-boat-for-sale problem, i fear you are still just walking the docks and dreaming, kid.

solman55 · #10 (**permalink**) 07-21-2010

I understand the thing is when your in college not many people want to loan you money, I have a good job and have had the same job climbing the latter for 5 years, i go to school full time and have grant money to do so as well as other grants and scholarships so I actually get paid to go to school. I don't see why they wouldn't but you know how banks are if you do not have well established credit its worse than if you have horrible credit. I see where your coming from but that is why I am going to try and get a loan, i just hate paying 600+ a month in rent when I can live at work for free on a boat that costs me say 400 or so a month, granted there are unexpected repairs on any boat that are always needed but that is the reason for the loan so in case something unforeseen shows up I can fix it.