|Topic Review (Newest First)|
|04-16-2007 11:37 AM|
That's covered. I'm "selling" my old 33 footer to a friend without actually taking a penny for it. I will merely hold a lien against it. That way, I am listed on the insurance forms as "first creditor" for the entire boat value: if she sinks, I get the cheque for it. My friend gets the use of the boat while we are away for the cost of dockage, storage and maintenance, and as he's a general contractor who is also rebuilding an eight-metre class wooden wonder, I don't have many worries on that score.
If I decide I don't want it, he gets right of first refusal. If he doesn't want it, I sell it and give him a 10% commission for the care and feeding of, etc.
It's the only way I could think of to keep a hold on a boat which I've spent seven years fixing up, and which is perfectly sized and shaped for Lake Ontario, but which is just as inappropriate for offshore as my new passagemaker is to Lake Ontario (not so much inappropriate as oversized and undercanvased, really...more boat than is necessary).
Here's the old and new side by side. The blue one's "under new management" for a few years.
And underway. It's a leaner C&C design from circa 1970, more racer than cruiser, but we like its Spartan layout and speed.
|04-16-2007 07:44 AM|
You forgot a part in step six. Buy another boat, so I don't have sailing withdrawal...
|04-16-2007 01:44 AM|
1) Buy house
2) Slave to pay off house. House doubles in value due to no personal effort, but rather occult "market forces"
3) Pay off house. Capture artificial and likely transitory rise in house value by immediately remortgaging 50% of house value. Buy steel cruiser.
4) Use portion left over to reno house into two apartments. Rent only to nurses (hospital is near) on theory that they are clean, rarely home and have a steady income.
5) Move aboard boat for a year to minimize transition to voyaging and to maximize rental income. Use rental income to pay off new mortgage.
Bugger off for five years.
6) Return, sell boat, move back into half of house. Leave one set of tenants in place because half a house, compared to a boat, will be ridiculously spacious. Pay off mortgage. Scratch testicles. Life has been successfully well lived.
|04-15-2007 10:16 PM|
I'm hoping to get a little extra money along the way doing canvas repar or any repair/maintenance marine work.
However I'm not counting on it for survival. it'll most likely be hit and miss.
I'm almost ready to cast off, few ore days. Waiting on the weather and finishing final issues.
|04-11-2007 10:58 AM|
Originally Posted by Kacper
|04-11-2007 10:57 AM|
Originally Posted by sailingdog
|04-10-2007 11:08 PM|
|sailingdog||good luck joe and fair winds...|
|04-10-2007 10:54 PM|
I;m in the process of finishing a few things on the boat,taking my vehicles off the road (by gas and insurance costs). locking the house doors and taking off in 1-2 weeks.
later is now.
|03-29-2007 08:48 PM|
My wife, three children and I have decided to take off this year.
This is what my brother sent me about the cruising lifestyle...
think he's jealous?
|03-27-2007 10:45 PM|
Originally Posted by sailhog
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