This is an interesting deal

[BruceK]

Originally Posted by Simi 60

Plenty of people have done their dough on commercial.
I can show you sheds, office buildings, shops that have been empty for years.
America has plenty.
Everyone needs a house to live in but not everyone needs commercial property.

Too true. Residential is safer, here at least. A way bigger more reliable market.

It`s true yield is low.In large part, substantial profit comes from capital gain, not rent.

[Delta Dog]

Real life story here...We decided when we retired we wanted to live aboard. We could have stayed in our house and our expenses would have been lower due to the equity we had. It was NOT a financial decision, other than "Can we afford to do this?" It was because we knew we weren't getting any younger and if we were going to do it, it had to be now. We don't regret a minute of it or for that matter, the dollars spent. The kids will just have to make their own way in life, not depend on their inheritance from Mom and Dad.

[Bigsfish]

It seems to me far too many of members criticize the way others spend their money and if it doesn’t fit your personal views it’s called stupid. It’s your money please spend it any way that pleases you, it doesn’t have to please me.

[Juggerknot]

Originally Posted by Comodave

I would not want it. No island berth. Ever struggle with putting on sheets on a master stateroom berth like that. Why have the angled counter in the galley? Takes up a lot of room. What is with the high chair on the flybridge? Some may like it but it looks out of proportion to my eye. I do like the humongous swim platform but it also is out of proportion. The engines are awesome but it looks really tight in the ER. I can believe the price of the paint job having just painted my boat. What I have trouble believing is that anyone would spend $600k on a refurb of this size boat.

Good salesman at the yard People all have their own ideas on things but I agree, poorly executed and money dumped into the wrong hull for my needs.

[Juggerknot]

Originally Posted by boatpoker

Why ? Because he could.

Same reason this fella put 21yrs and $2,500,000 building this

"There an ass for every seat"

[CruisingTheICW]

Originally Posted by Comodave

I would not want it. No island berth. Ever struggle with putting on sheets on a master stateroom berth like that. Why have the angled counter in the galley? Takes up a lot of room. What is with the high chair on the flybridge? Some may like it but it looks out of proportion to my eye. I do like the humongous swim platform but it also is out of proportion. The engines are awesome but it looks really tight in the ER. I can believe the price of the paint job having just painted my boat. What I have trouble believing is that anyone would spend $600k on a refurb of this size boat.

Could not agree more! No matter what the boat or price, I have to be able to get out of bed without climbing over my bride. Must also be able to make the bed without standing on my head.

As for that “tuna tower” looking upper helm, my dog, “Kate the Mate” doesn’t do ladders, so my boats must have stairs, not ladders.

As for the boat’s age and money spent, I’m guessing somebody started spending their inheritance or lottery winnings before before meeting with a good financial planner! Just saying!

[lady sue]

Have recently joined Forum. Am mystified by others giving opinions, some rather smart alecky, on a person and his efforts to renew a boat and then sell it. Please stow it and communicate about more immediate delights...or at least, subjects concerning our own boats.


Oh, I'm offering Lady Sue a 1982 Mainship I with brand new life jackets for nine million dollars cash, non-negotiable.


Jim Ferry

[Seevee]

Originally Posted by jimisbell

Absolutely. The day I started making REAL money was the day I realized that commercial property, not residential was the way to go.


I did alright on residential and still have several residential properties, but commercial is where the money is to be made. Up or down economy, vendors want venues and have inventories you can grab and will rent producing cash flow until the next upturn. But residential renters will leave at the drop of a hat and in the middle of the night.

Jim,

Might respectfully disagree with you for a number of reasons.

Folks get into commercial, because they are perceived to be bigger, better, higher rents and less headaches, when just the opposite is true.

Some of the reasons single family homes are absolutely the best:
You can do deals quickly and easily, no lawyers, accountants, long closings, and big closing costs..... You can buy a house with a contract on a napkin over a weekend, close on Monday and have it rented on Tuesday. You can do it without a bank and possibly nothing down and zero percent financing. And you can get upwards of 50% return over the first few years or longer.

Now, you can also sell it over a weekend, no complications and easy.

SFHs are small deals and easy to handle. Commercials are complicated and have a lot of parts to deal with.

As for tenants.... there's always a tenant for a house and when the economy crashes the rents do not. In commercial, it's not uncommon for buildings to stay vacant for years, and to get a prime tenant you have to give THEM the prime deal.

I've done all of the above, including commercial and multi family and over the past several years, nothing but SFHs.

Plus, there SFHs can be handled by most any investor so any one of us can get into them.

Now all of the above requires knowledge and training. Just because one has lived in a house or rented space for their business doesn't make them a real estate investor. Yes, one can screw up and loose their money.

[Fletcher500]

IMO, a reset is overdue for property and the market. My crystal ball says one more year at most.

[Bigsfish]

Just to weigh in on real estate investment, having been in the residential and commercial market I much prefer the commercial market. Yes you have to deal with lawyers, a closing may take longer, you need to dot the Is and cross the Ts but you don’t have to deal with sob stories of tenants who can’t pay and the humanity factor.

Just my SSO.

[BandB]

Originally Posted by Bigsfish

Just to weigh in on real estate investment, having been in the residential and commercial market I much prefer the commercial market. Yes you have to deal with lawyers, a closing may take longer, you need to dot the Is and cross the Ts but you don’t have to deal with sob stories of tenants who can’t pay and the humanity factor.

Just my SSO.

I prefer dealing with all of it as a tenant only. lol.

[sunchaser]

Today my wife and I were on the Tollycraft represented on this thread. The owner had a lot of fun doing the refurbishment.

As I suggested earlier, we each spend our marine related time and money as desired. Obviously this fellow has a good understanding in what is and isn’t marine quality.

[Simi 60]

Originally Posted by Bigsfish

but you don’t have to deal with sob stories of tenants who can’t pay and the humanity factor.

Just my SSO.

We don't deal with tenant sob stories, our property managers do and anything else property related.
All we see are the fortnightly bank deposits

[Bigsfish]

Simi

I’ve used manages too, but never enjoyed giving up their percentage.

BandB

I have spent many years on that side of the coin too.

[Texan]

My wife and I looked at buying a condo on the beach in Florida. With the Condo fees, the math works in favor of a live aboard. And a live aboard can be moved to a different location with the weather. It gives us more flexibility.

[Simi 60]

Originally Posted by Bigsfish

Simi

I’ve used manages too, but never enjoyed giving up their percentage

The cost of doing business I tell myself.
Properties are 500 miles away and a tax deductible 6% of rent was a small price to pay to get our life back.
But, each to their own.

[Bigsfish]

Simi

6% is a good price to pay assuming the agent doesn’t steal from you on maintenance and repairs.

The best investment I had was with Sears and a sale and leaseback, clean and easy with a great rate of return. Sears did their own maintenance.