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Old 11-18-2015, 04:22 PM   #101
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Originally Posted by Cuttyhunk47 View Post
Also, what happens when one of us finds "The One" and after purchasing her we find out that nothing needs to be fixed, nothing ever breaks or wears out and nothing ever even needs to be upgraded?

That wouldn't even be boating, would it?
Ew.......
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Old 11-18-2015, 05:41 PM   #102
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...we find out that nothing needs to be fixed, nothing ever breaks or wears out and nothing ever even needs to be upgraded? That wouldn't even be boating, would it?
Depends on what "the one" actually is.

A good friend bought the same kind of boat shown in the first picture new in 1973 and has had zero problems with it ever since.

The boat in the second picture was also brand new in 1973. We bought it in 1998 and have owned it since then. It has had and continues to have all sorts of problems, from easy little bitty ones to problems like the current one that has an entire shipyard baffled. I never discuss them here because that would be a waste of time, but it steadfastly continues to uphold the reality of powerboat ownership.

Most people select a boat that does what they want to do with a boat and then deal with whatever problems it throws at them along the way. But it is possible to first determine what level of problem solving and fixing you are willing to deal with and then select a boat to match that.
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Old 03-15-2016, 12:02 PM   #103
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In my case, i am getting a 3.5% loan from sterling. I have more than enough money, but imagine the future losses of taking funds growling tax free in a retirement account. And once you take money from an IRA or 401k, you can't get it back in. I have average close to8 % a year On my investments And consider 3.5% pretty inexpensive money.

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Old 03-16-2016, 11:13 AM   #104
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I have average close to8 % a year On my investments Gordon
Wish my non stock funds were doing that well, so does my banker. But, why ruin a good thing and buy a quickly depreciating boat?
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Old 03-16-2016, 01:34 PM   #105
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But, why ruin a good thing and buy a quickly depreciating boat?
Oh come on!!!!!......That applies to any of us!
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Old 03-16-2016, 01:48 PM   #106
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It's also a great way to prick up the IRS' ears. This from a family friend who is an auditor for the IRS.......
In the vast majority of cases, auditors don't flag returns for audit, computers do. For obvious reasons, the IRS closely guards its secret algorithms for the factors that trigger an audit. I wouldn't let fear of an audit stop me from taking a legitimate deduction. But the comment above is correct -- if you are subject to AMT, the deduction has little or no value.
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Old 03-16-2016, 02:24 PM   #107
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In the vast majority of cases, auditors don't flag returns for audit, computers do. For obvious reasons, the IRS closely guards its secret algorithms for the factors that trigger an audit. I wouldn't let fear of an audit stop me from taking a legitimate deduction. But the comment above is correct -- if you are subject to AMT, the deduction has little or no value.
I see so many people making both errors. First, they don't claim something very legitimate for fear of audit. Audits just don't scare me. If I did it right, then I'll be fine.

But then I see people making choices to get deductions that turn out worthless to them because of the increase in standard deductions or because of AMT, or thresholds like the ones on medical and on misc.
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Old 07-16-2016, 04:03 PM   #108
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Sooooo did we ever figure out who was giving the best rates? Or home loans the way to go?
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Old 07-27-2016, 03:41 PM   #109
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Great topic. Retirement is approaching and I want to spend my retirement years cruising. I'm torn between selling a house or renting it out to pay for the boat loan payment. Real Estate in the PNW is currently doing well, and I love that house and the neighborhood it's in. But, I want a live-aboard/cruiser more.
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Old 07-27-2016, 09:39 PM   #110
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whirr...
It is unlike me to wade into a post like this with a reply but this one got the better of me.
A few things here seem so highly likely that they are worth mentioning as you think about this:
No matter how much you love the cruising, live aboard life, you will not finish you lifetime on a boat I am thinking.
In either a short or a long amount of time, the boat you buy will be worth less than you paid for it and will have consumed a lot of money in the meantime.
Meanwhile, because Seattle/Tacoma is largely populated by companies of the future rather than industries of the past, the economy here will remain very vibrant and keep pressure on real assets so the house you sold to buy the boat will be worth far more than you sold it for.
Unless you are swimming in other assets (which is none of my business and the reason I usually resist posts like this), selling your house to buy the boat seems like a disaster idea that does not end well.

If you hang onto the house and rent it for 3% of its value and it appreciates at 3%, you have covered the cost of a boat loan and still have someplace to live when you are done boating.
I will say from experience, that being a landlord is not for the faint of heart, but seems like it may be better than being homeless in Seattle when you are ready for the dirt house again.
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Old 07-27-2016, 11:38 PM   #111
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whirr...
It is unlike me to wade into a post like this with a reply but this one got the better of me.
A few things here seem so highly likely that they are worth mentioning as you think about this:
No matter how much you love the cruising, live aboard life, you will not finish you lifetime on a boat I am thinking.
In either a short or a long amount of time, the boat you buy will be worth less than you paid for it and will have consumed a lot of money in the meantime.
Meanwhile, because Seattle/Tacoma is largely populated by companies of the future rather than industries of the past, the economy here will remain very vibrant and keep pressure on real assets so the house you sold to buy the boat will be worth far more than you sold it for.
Unless you are swimming in other assets (which is none of my business and the reason I usually resist posts like this), selling your house to buy the boat seems like a disaster idea that does not end well.

If you hang onto the house and rent it for 3% of its value and it appreciates at 3%, you have covered the cost of a boat loan and still have someplace to live when you are done boating.
I will say from experience, that being a landlord is not for the faint of heart, but seems like it may be better than being homeless in Seattle when you are ready for the dirt house again.
A lot of good thought there. The point is that you need to be sure your plan will allow you to return to living on land if the time comes that you want to or need to.

I'd add a few thoughts. I would hold on to the house at least for a couple of years until I was certain living aboard was for me. Rent it using a management company. That's the only way to be an absentee landlord. See how it goes and then decide whether to hold on to it or not. Klee assumes you'd want to return to Tacoma. If you think you'd like to live elsewhere in retirement then that changes the equation. I would also limit the debt I took on the boat or kept on the home, the entire financial picture to something that could be reversed and you'd still be ok. You may have a long period of cruising, maybe even the rest of your life. However, an illness could arise in six months that would require you to return to land life.

So just consider all aspects and consider contingency plans, all the what-if's. This isn't saying to live in so much fear you're scared to do anything, but just to carefully think through all the scenarios.
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Old 07-28-2016, 12:55 PM   #112
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Thank you klee & bandb for the thoughtful replies. I've been grappling with this plan for some time. I wont be homeless when I'm done cruising, as my SO has a townhouse is Federal Way. I'm living there now and have been renting out my Tacoma house to my niece. She just bought a place and now I'm getting ready to enter the renter market for real. The fulcrum I keep teetering back and forth on is.. keep the house and finance an older boat or sell the house and buy a newer one. Keeping the house means property taxes, house maintenance, house insurance and dealing with renters, plus more question marks for expenses maintaining an older boat. I've got a few more years before I retire, so circumstances may change enough to make it a easier decision.
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Old 07-28-2016, 02:28 PM   #113
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Thank you klee & bandb for the thoughtful replies. I've been grappling with this plan for some time. I wont be homeless when I'm done cruising, as my SO has a townhouse is Federal Way. I'm living there now and have been renting out my Tacoma house to my niece. She just bought a place and now I'm getting ready to enter the renter market for real. The fulcrum I keep teetering back and forth on is.. keep the house and finance an older boat or sell the house and buy a newer one. Keeping the house means property taxes, house maintenance, house insurance and dealing with renters, plus more question marks for expenses maintaining an older boat. I've got a few more years before I retire, so circumstances may change enough to make it a easier decision.
Well, you're considering all the appropriate things. Now, keeping the house doesn't have to include dealing with renters and routine maintenance if you use a property management company. I'd definitely do some cash flow comparisons as it could be, not saying it will be, that keeping and renting the house and buying the newer boat work together. So much depends on the house and the rental market it is in. I know people getting solid 8-10% returns on rental houses which exceeds then the cost of borrowing money. One the other hand, I know those with houses from their prior location that have been large cash draws.
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