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Go Back   SailNet Community > General Interest Forums > Cruising & Liveaboard Forum > Living Aboard
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  #1  
Old 01-02-2005
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dixie8081 is on a distinguished road
LOOKING 4 A BOAT

Hey Everyone,

My husband and I are looking for a 30-36 foot sailboat to liveaboard and cruise on that has owner financing available. We are a newly married couple (I''m 23 and my husband is 24) that does not have enough credit to get a loan. We have owned 2 boats in the past and lived on one of them in the keys. I''m currently in the Coast Guard and living in Mobile, AL. I appreciate any help and thanks in advance.

Rikki
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Old 01-04-2005
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gunnyman is on a distinguished road
LOOKING 4 A BOAT

Hi Rikki noticed no one had given you an answer.I would suggest checking with local and not so local boat lenders who have customers in your area. Just might work. You know the old walk the dock and talk to everyone thing. With your government paycheck it should be easy for you to find and assume a loan. Check the other net sites and good luck.
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Old 01-08-2005
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sailnaway is on a distinguished road
LOOKING 4 A BOAT

Let me give you some fatherly advise. I was young once I think? anyway I grew up in boat country South Florida and my family owned boats. When it came time for my adventure to start I like you tried to find a yacht to buy with the owner willing to trust me. I found that the guy with the toy has no way to secure his property unless she has no motor,then they can be sailed away if they have sails. I have seen this happen and the owner never saw the boat again 45'' and gone forever with no motor at least when he last saw the hole where the motor use to be. See what I am saying guys this is a hard thing to do not that it isent worth a try but hard. I would look for a fixer upper its like camping out for the long term and things can be a mess if you don''t stay on top of it but in the long run it "can" be a blessing or a nightmare you just have to take the right road to make it happin. You are more than likely to find a fixerupper and then you have knoledge of all her systems which can be worth its weight in gold.Always make the outside look like she could sail away right now it will make you more welcome when you start trying to live in a marina. Pick your friends here allot of scum bags are around and want to know what you have just be wise and keep it in your corner.

If I can help in any way please e-mail me I am close by here in New Orleans check out www.yachtworld.com look for boats from 100-10000 dollars then 100-20000 ect yu may find a boat.
DAD
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Old 01-15-2005
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JohnDrake is on a distinguished road
LOOKING 4 A BOAT

Hi Rikki

Congratulations on your service. An old friend of mine just retired from the USCG. It is a great service with great people. He is now a diplomat serving in Iraq. I only met a few CG people in my career as a naval officer, but the ones I knew well turned out to be incredible people who did extraordinary things with their lives.

At any rate, I think you will find it much easier to get a good deal on the boat you want without having to go through owner financing. Having a steady income with the CG and no debt (hopefully) should make you qualified for a boat loan. Doesn''t the USCG have a credit union? That would be a start. There is also Trident...they are a loan broker....they get loans for you...so they can access unlimited sources to find a lender willing to take you. You will probably need to put 20% down, especially on older boats. You should also qualify for USAA insurance...they will be helpful in insuring the boat with few if any restrictions.

Boat shopping is easy on yachtworld.com. Assume a settlement price 15-20% below asking, maybe more on smaller, older boats. Also look in Soundings or boattraderonline.com. No doubt there is a local rag for boats for sale.

I would not assume you cannot get a loan. Try first. Only use owner financing as a last resort. In my opinion, for what it is worth, you run into owner financing only when someone is having a tough time selling a boat...either it is junk or needs a lot of work or is a boat no one wants. Try the conventional approach first. Keep your costs low and get a boat that is well regarded.....since it will not be your last boat...you want a boat that will serve you well and one you will be able to sell again quickly.

Good luck and Semper Paratus

John
s/v Invictus
Hood 38
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Old 01-16-2005
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erdagte is on a distinguished road
LOOKING 4 A BOAT

I''ll have to disagree with using USAA for boat insurance. I got a quote from them that was more than twice others and would have only covered the market value of the boat, not nec my investment. This might work for small, trailerable weekend sailors, but not for ocean-going live aboards. In fact, when I attempted to talk to USAA about the fact that this "boat" is my "home," they were lost (and from a company that supposedly caters to NAVAL officers, ha, ha).
I recommend you get quotes from companies that specialize in marine insurance.
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Old 01-18-2005
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JohnDrake is on a distinguished road
LOOKING 4 A BOAT

Interesting, but that was not my experience. My quote from USAA was less than the others, covered the surveyors valuation of the boat. The boat can be used as a liveaboard and it certainly is an offshore, bluewater boat, not particularly cheap either. This is the 4th boat I have insured with them and thus far I am quite pleased.

My best to all

John
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Old 01-18-2005
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kokopelli9 is an unknown quantity at this point
LOOKING 4 A BOAT

My boat is insured through USAA also and my experience has been nothing but positive, much more like yours, John.

Kokopuff...
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Old 04-04-2005
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VIEXILE is on a distinguished road
LOOKING 4 A BOAT

I bought my 35'' boat in the early ''90s through seller financing. Now it''s in the Caribbean. I also bought land and houses the same way. Your price, my terms. I offered $5000 cash down, with a guarantee of another $5000 before the boat was launched. We recorded the mortgage of $19,000 at 8.5%, 4 year term through USCG documentation , with insurance naming the seller as insured. Hence, the boat is federally liened. Basically, same as buying a house. With re: USAA. What a racket. All the FBI, ex-mil and others I know have it, auto and boat. Why the FBI gets it is beyond me, but I serve on the other side of the Court aisle and I get screwed by Lloyds. It''s cheap, and pays almost instantly. I can''t help but figure it''s somehow taxpayer subsidized, though. Bet you anything. My buddy pays less than $1000 a year and I pay $2900 a year and get less coverage. I''m jealous, of course, but it''s just another taxpayer boondoggle (sorta like the Thrift Savings Plan, COLA''s, frequent flyer miles and all that other claptrap). Really makes you wanna donate your taxes.
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Old 10-20-2006
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firemanbob55 is on a distinguished road
Rikki: I was in the Coast Guard back in the 1960's. No one in florida trusts anyone so good luck on the finance part. I have a 37' Endeavour sloop in Daytona Beach in a liveaboard slip. Complete refit in 2004-2005 with new Universal diesel engine, New 16.500 btu A/C, all new canvas ect, and much more. Sliped next to the ICW in the city marina where rent is under $500.00 per mo. for everything.. 1 block to downtown Daytona.. Asking $49,900.00 for the boat firemanbob55@netzero.com
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Old 10-20-2006
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camaraderie is a jewel in the rough camaraderie is a jewel in the rough camaraderie is a jewel in the rough
You just replied to a year old post fireman!
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