Buying a boat instead of a house?

[H20Rat]

Re: Buying a boat instead of a house?

What if I say "but it's my house!"

thats even worse... if you had a house, you could use it for collateral, or at least it would show the bank you can make payments. Also, you don't get the same interest rates for a boat... Expect at least double the rate.

 

[Bondo]

Re: Buying a boat instead of a house?

I live right outside of New York City and I've been struggling with this question.

Ayuh,... That covers a Vast Varied shoreline,... Where ya gona dock this barge anyways,..??
You can have Manhattan livin', at a Bronx address....

Btw,... I bought a Cherry 1969 Nauti-line 34' houseboat a few years ago for $500.....
Floatin'/ move-in condition, but non-running twins...
Docked on my own frontage, it's a Cheap guest cottage...

 

[mphy98]

Re: Buying a boat instead of a house?

Banks are NOT lending money for boats.
They don't care if your credit score is 999.
They are awful spooky about lending money for toys.

That is not correct, boat loans are available for people with good credit, money down and stable jobs. My wife and I own a Rv bus that also has financed a few boats for friends.

 

[skysurfer2010]

Re: Buying a boat instead of a house?

I've given that some serious thought as well, however slightly down south in Philadelphia. The main difference is that a house is an investment. The boat will depreciate.

 

[dingbat]

Re: Buying a boat instead of a house?

I've given that some serious thought as well, however slightly down south in Philadelphia. The main difference is that a house is an investment. The boat will depreciate.

A house boat is a libility, not an investment. At this point in life your biggest priority should be investing in your future. Buying a house boat for use as your primary residence at your age is complete waste of money.

By the time I was 30 I had already bought and sold 2 homes and was in the process of building the home I live in now. Fast forward 20 years and I'm sitting on over $700K in equity in that home.

We're currently looking for something on the waterfront as a second home. I never would have been in the postion had I bought a boat instead of using the money as a down payment on a home.

BTW: No idea where this no loan for boats idea comes from. Checked with my bank 2 weeks ago about another boat loan. A $40K boat loan for 60 months is5.5% right now.

 

[skargo]

Re: Buying a boat instead of a house?

There are tons of liveaboard type boats for $10-20 grand out there, not sure why everyone thinks you need to spend a half a mil. People are almost giving away old Trojans.

There's much better things to do with your money right now. You can accumulate wealth in this down real estate market. It's what I am doing, it's my "job" in fact, and I will never work for anyone ever again. I go to settlement May 7th on another rental I bought in Baltimore, paying 46,500 for a 4 bdrm house. I will have over 10 rental properties by the end of this year, and hopefully over 20 by the end of next year. I love foreclosures!
For every 10 fools who are going broke, there is 1 making a killing off of this mess we are in.

Sorry to go off on a tangent, but I feel strongly about this and am glad to see other good people benefit. Hell, you can do it with no money out of pocket even!
There are a few guys in my network who are in their early 20s who are accumulating wealth this way, one, who is 22 just bought a minor league baseball team!