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Yachting for Newbies - Many Questions Answered.

Discussion in 'General Yachting Discussion' started by JiminSouthlake, Dec 7, 2015.

  1. JiminSouthlake

    JiminSouthlake New Member

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    Dec 30, 2013
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    Wherever the boat is.....
    Hi Audacious
    I do like to watch some of the posts here. Always interesting to see the stories. Good choice on the Navigator. That was our second choice when we were deciding on what to buy. We didn't feel we needed the pilothouse since we never planned to be anywhere cold again.
    I doubt that I will go back into boating again. Will probably do a stint in Europe or some other far flung location when I need a change of scenery.
    Good luck!
  2. Raideriam

    Raideriam New Member

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    May 27, 2012
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    annapolis
    Hi Jim,
    I would parrot third waver's concern. Given that; yes boating is expensive, and research/training are ongoing, survey's are important, etc. What I don't see is how do most people whip out multiples of 10-15K repairs without warning. How did you finance this unforeseen issues? What's preferable, a "home loan" revolving line of credit, 100k in an low interest bearing account? How did you plan for the unforeseen, but inevitable repair wallet-dectomy. Thanks for your post.
  3. olderboater

    olderboater Senior Member

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    The terms, "10-15k repairs without warning" shouldn't happen as I'm warning you now, they will come, they are not unforeseen, you must go in with expectations they will occur. Then, if they don't, you were lucky. If you have to take out a loan for them, then you bought too much boat. You must have the available funds to maintain a boat. 10-15k isn't even on the high side of major repairs. The 100k is a low interest bearing account is a good idea. We plan cash availability by always having something coming due. It might be CD's or treasury bills or anything, but something comes due and if not needed we renew or buy something else.

    We also keep some immediately available funds and maintain credit cards even though we pay them off every month. They buy you time plus we only pay by credit card to have recourse if needed, especially on any deposits or partial payments.
  4. JiminSouthlake

    JiminSouthlake New Member

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    Another thing to consider is that we purchased a boat that needed work from the start (some of which we knew going in). Believe me, $10,000 does not go very far in a boatyard once you start looking at some of these systems onboard. As an example, in New York, 2 guys onboard for plumbing work at over $100/hr each really adds up fast. We were fortunate in that we didn't have much mechanical failure (engine, transmission).

    Keep in mind that we were on the boat full time and traveled over 6000 miles over the two year period (and I might be a little obsessive about repairs and maintenance).

    As for financing, we financed the boat using a "boat mortgage" and the interest is deductible as this was our "second home". We had sold our "stuff" when we started the adventure, so we had some cash available for these expenses. Credit card with a large limit is your friend.
  5. GFC

    GFC Senior Member

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    Tri Cities, WA
    I just found this thread and have enjoyed reading everyone's posts. What I missed somewhere is finding a link or info on how to get to Jimmie's blog.

    Can someone help out this old guy with a link?
  6. leeky

    leeky Member

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    The link is in post #10 of this thread. It's zerotofiftyfive.com.
  7. JiminSouthlake

    JiminSouthlake New Member

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    Read the blog quick. The site will be shut down soon. The website hosting company wants $500 to keep it open.
    Good luck!!!
  8. Raideriam

    Raideriam New Member

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    Jim,
    Thank you for your response, it provided the necessary insight. I was looking for a land based analogy, so if you bought a house with know repairs you'd obviously bring the cash. It's the unknown unknowns that I keep reading about that keep me awake during my nap. Thanks again!
  9. Raideriam

    Raideriam New Member

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    Jim, BTW, finished your blog. Wonderful stuff, very entertaining. I enjoyed it throughly.

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