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FYI, wintering on a boat in Minnesota is apparently a thing that people do. Like... maybe 10-20 people. So it's technically doable, if you're crazy enough. EDIT: Going to second the  about the monthly cost of living calculations, though. If slip fees are $300 and you're looking at $80 in boat utilities (you'd pay for water, electricity and cable on land anyhow, but you don't have to pay to empty your apartment's sewage tank or fill its engine), the only way you're saving $600/mo is if you paid cash and didn't have any financing cost (or insurance, which I'm assuming both the bank and marina would require from you.) But you're putting down money to buy a depreciating asset so you're still losing money just by owning it. Even at only $8000 down, the difference between putting $8k in a depreciating asset vs. putting $8k to work earning money is probably $50+ a month--small change, but it adds up with everything else.
the holy poopacy fucked around with this message at 21:26 on Oct 23, 2015 |
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Oct 23, 2015 21:16
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BaseballPCHiker posted:I'll admit I don't know the city that well. But I havent been able to find anything cheaper than what I am paying now that will accept dogs and isnt a super long commute. And gently caress living in a studio. No one wants to live in a closet. You want to live in an uninsulated closet in the middle of a frozen lake. A studio likely has more living space. Also, how exactly do you plan to make money selling on the back end? Depreciation slows down but it doesn't go negative. I know you're planning on putting in improvements, but that increases the value roughly by... the money you spent on improvements. Less depreciation.
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Oct 23, 2015 21:43
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What do banks and girlfriends know, anyhow? It's not like it's the loan officer's job to determine if a boat is a sound investment--what is he, the good use of money police?
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Nov 3, 2015 21:14
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Veskit posted:What kind of permits do you need to live on a boat? None, but to keep the boat moored at a marina with parking and utilities etc. you need to pay them a fee and provide them with documentation that the boat has been inspected and isn't going to sink and/or explode, proof of insurance, etc.
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Nov 3, 2015 22:27
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Giraffe posted:Cheer up. I'll sure you'll find some other way to waste money while living like a hobo. Maybe you could rent one of those bouncy castles and live in that all winter? Skip the boat, just take out a loan and convert it into bundles of $1 bills to build a fort out of. Moneyhouse!
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Nov 18, 2015 15:32
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BaseballPCHiker posted:Unfortunately yeah it's starting to look like that. I just can't get anything but a high interest personal loan to finance a boat and am going to be forced to wait on my bonus. At least I'd have a summer of learning on the boat before winter in that case. I am still baffled by the banks in this situation. I have decent credit and make decent money but still cant get a loan. I COULD get an equivalent loan for a car. It just doesnt make sense to me. Hmmmmmmmmmm...! BaseballPCHiker posted:Not really, I've looked into it and can't find much online there just doesnt seem to be a market for this sort of thing in winter for some reason. Walk into a car dealership and see if there is a market for cars in the winter. Maybe there is a correlation between the market for an asset and a bank's willingness to underwrite it...? Nah, I'm sure they just don't like boat loans because they hate things that are cool and good.
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Dec 31, 2015 21:55
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BaseballPCHiker posted:No the idea is if my savings keep going at this rate, I could buy a houseboat outright and then just have maintenance and dock costs. Lets say at the extreme end that ends up being $600 a month. I'm still saving $5-600 a month then that can go into a house fund. So if I buy the boat outright and live on it cheap for 4-5 years I could put something like %50 down on a house, leading to way cheaper payments. Saving $500 a month means you can pack away $6000 a year. In five years of cheap living you'll have saved a whopping $30,000, and all it will have cost you is $30,000 to buy a boat. Sounds like an airtight plan.
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Mar 21, 2016 16:00
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Van on a barge. Best of both worlds.
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Apr 1, 2017 18:25
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