NEED ADVICE

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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Hi, My Uncle has recently devorced and has remarried and moved to another state. He is not into moving this 33' 1977 carver yacht mariner to his home. The boat is community property and both parties have agreed to sell the boat to me for no costs to the owners BUT The only way to get the boat is to pay of the 2 years of back dock fees which is roughly $6,000. The boat is brand new in 1998 when it sank in the harbor. Insurance has replaced all appliances and engines have 120 hours total on each mercruiser 270 engines. I have pictures at www.imagestation.com/members/clintontull and if it asks for a login and password i have set up a guest login to that and use tullfamily for both login and password. This boat is surveyed at $28,749. I currently have a job working part time 30 hours a week and full time college. (EDIT: forbidden solicitation deleted. JB)<br /><br />Thanks and best regards,<br /><br />Clinton Tull<br /><br /> :confused: Carver photos!
 
Fly Rod

Fly Rod

Commander
Joined
Oct 31, 2002
Messages
2,622
Re: NEED ADVICE

See if your parents would float a home equity loan if they own a house. they are about 3-1/2 to 4-1/2% interest, to you for the amount if the boat is worth 28,000.<br /><br />And to be honest with ya, I'd never co-sign a loan.
 
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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Re: NEED ADVICE

yes i have talked to my father about it, he has just retired and doesnt have the money to help but i have not asked him about the home equity part of it. Hummm good idea. <br /><br />Thanks
 
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RatFish

Chief Petty Officer
Joined
Jul 29, 2003
Messages
647
Re: NEED ADVICE

Let me get this straight...<br /><br />You can't afford $6000 to buy the boat. You'll need cash to fix up the boat, cash to move/dock/store it, cash for gas, cash for unexpected repairs, etc. You are in college (with a ton of debt I'll bet). Your part time job may just cover your current life style let alone additional boat loan payments. And you want someone to lend you the money? Not a good idea for you or a prospective lender. Can you say, "In over your head", "Default", "Bankrupt"? By the looks of the pictures, you'll also need a lot of time to work on the boat, time better spent on your college work. Hmmm...<br /><br />Wake up man! Forget about owning this boat and be realistic. IMHO you should just walk away from this deal unless you can act as a "broker" working on commission in a third party deal. If the boat is really worth $28K then sell the boat for your Uncle give him $12K (minus expenses) and you pocket $16K. You can take the $16K and put it in a "boat fund" for your dream boat or buy a smaller more manageable boat until you get out of college and get a job. Explain this to your Uncle. I'll bet he'll go for it.<br /><br />You're young. Do well in college. Get a good job then get your dream boat. Don't be so impatient.
 
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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Re: NEED ADVICE

You are giving good ideas, well the college is paid for, one more semester to do and finished then working. have free living expenses at the fathers house. Plan to sell the boat and act as a brokerage. Well hummm got some thinking to do. I am not in debt have 1400 in savings and can use a ira for my first time home buyers on this boat. IT does work already talked to an accountant. Im thinking of taking a loan for 14,000 that pays for owning the boat itself for 1 year on loan, plus ins, dock fees, maint. painting the bottom which isnt bad. interiour is fine as well. just needs cleaned and a shifter. but hope that finding a buyer out there isnt that hard if i post on the net and other classifieds. i have been thinking on this for roughly 8 months.
 
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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Re: NEED ADVICE

aside from my college which is at a standing 3.5 GPA, i manage making @ 50 gallons of fruit wine a year, manage grape vines, an avid ham radio operator, college, model gas cars, fishing, boating, wood working, and selling fish from my aquariums. i know how to manage my time.
 
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CCrew

Chief Petty Officer
Joined
Sep 10, 2003
Messages
416
Re: NEED ADVICE

Loans are qualified based on certain criteria.. sounds like if you've tried, you don't meet them. Someone (or multiple someone's) might be telling you something. <br /><br />Sounds like part time job time to me. Go for enough to pay current charges on storing the boat, with enough to put toward the arrearage.. <br />If it were me, and I wanted it bad enough, that's what I'd be doing. Sounds like you say you have a year to deal with it, heck, you can make that much at McDonalds. If you can speak english though you'll be a minority there if it's around here though! :D <br /><br />-Roger
 
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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Re: NEED ADVICE

yup i meet all other criteria and a loan officer in st.louis has met with me and said i qualify for the loan if i get a part time job which i managed to get one as of monday last week oct 24th. so that part is going well. just need the time in the job. that part is going well and working hard at keeping this job. Well as well my father would help pay for costs on the boat as long as its not astronomic, (retired military, Boeing, Soc Sec.) Its a small dream but want to try it VERY badly. ANyone have any boater friendly banks they can point me to.<br /><br />Thanks<br /><br />clinton
 
JB

JB

Honorary Moderator Emeritus
Joined
Mar 25, 2001
Messages
45,907
Re: NEED ADVICE

Hi, WaterBug.<br /><br />First: Don't even dream of asking for financial assistance here. Advice is one thing, and it is worth a lot more than it will cost you, but we do not allow solicitation. Please remove your Email address from your signature.<br /><br />Second: You are seeking backing to draw to an inside straight. If you pulled it off, you make out like a bandit. If not. . .financial ruin for 7 years.<br /><br />Lending institutions have consistently said it is a bad bet. I agree with them. Pass on it.<br /><br />Good luck. :)
 
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mellowyellow

Vice Admiral
Joined
Jun 8, 2002
Messages
5,327
Re: NEED ADVICE

if it's such a no brainer, money making idea,<br />it should be a snap to sell it now and never<br />need to actually buy it, or worse take out a<br />loan. list it for sale here in the classified<br />or on ebay with a really cheap buy it now.<br />make less with no risk :)
 
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RatFish

Chief Petty Officer
Joined
Jul 29, 2003
Messages
647
Re: NEED ADVICE

Ok, you seem like a smart person who has their act together. I was wrong on many of my points. I'll give you that much but I really think you are making a big mistake at owning this boat at this point in your life. It will be nothing but a big drain on your finances and time at a point when you really don't want that kind of a burden. You can reap the rewards of the deal in the form of cash.<br /><br />As I said before... <br /><br />"You're young. Do well in college. Get a good job then get your dream boat. Don't be so impatient"
 
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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Re: NEED ADVICE

Well, I have thought it over and I do know of it being a burden on finances, The owner stated he pays roughly 10,000 a year just to maintain everything on the boat such as: Insurance, dock fees, fuel at .6 mpg, electric @ 70 / month, and just maintenance if something comes up on the mississippi, such as finger dikes and such. props, upholstery, carpet, all that but most that has been replaced when it sank. New AC, New 12,000 kw generator, frige, range, Engines and such. Ill see if i can sell it without owning it. :D use that money for a 28,000 first home im looking at too :D
 
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RatFish

Chief Petty Officer
Joined
Jul 29, 2003
Messages
647
Re: NEED ADVICE

That's it! Like I said, act as the selling agent for your uncle. You won't have to invest a dime and you will be rewarded for your effort.
 
S

Solittle

Fleet Admiral
Joined
Apr 28, 2002
Messages
7,518
Re: NEED ADVICE

Was the survey before or after it sunk?<br /><br />In spite of good potential $ numbers you may have some difficulty in selling the boat (at any price) if it had been sunk - particularly if in salt water. So you have that risk to think about.
 
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clintontull

Cadet
Joined
Dec 3, 2003
Messages
7
Re: NEED ADVICE

Yes the boat sank in the slip when a faulty hose broke on refilling the water tanks. Insurance replaced everything in the boat. ex. engines, all carpet, wood, stover, fridge, range, air conditioner, and so on. Thats the amount that was put into it after it sank. the surveyor stated in july when i spoke with him that that is what he would value it at as on unofficial survey only because he was living at the marina and is friends with my uncle. To get an OFFICIAL survey would cost @ $250. just needs cleaned new battery morse shifter. and some go go juice. other than that cosmetics for elbow grease! I have posted it for sale on several sites so far just to see what i can do.
 
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