Want To Buy: Owner financing or get a fixer upper.

[Wookiee_King]

My friend and I are living on a sailboat in Key West and are planning to upgrade to a larger boat and head to Central America hopefully next season. We have been looking at some boats that we could pick up cheap and fix ourselves. Another option has been recommended and I thought I'd get some opinions here. Two people have offered to sell us boats that are ready to sail with owner financing. Neither of these boats would work for us, but it is an interesting concept. Is there a lot of people willing to do this? Is it a bad idea? You guys always have good feed back.



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[oldragbaggers]

Many years ago we bought our first live aboard sailboat that way. I don't know how common it is, but it worked out really well for us. The owner we worked with was very nice and he charged us less interest than a bank would have. All contracts regarding the deal were prepared by a lawyer. Don't do anything without everything spelled out clearly and legally.

[Phisher]

I would think about what you admit that neither boat would work for you. I made an emotional decision to buy a boat that really didn't work for me. Mistake!! That being said, I sold the boat and held the note for the buyer. So far so good for both of us. Good luck.

[a64pilot]

Someone is willing to owner finance a boat, knowing your leaving the country?

[Wookiee_King]

I'd have the boat paid off before I left the country. Like a 1 year financing type deal.


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[Rockyscience]

Originally Posted by a64pilot

Someone is willing to owner finance a boat, knowing your leaving the country?

We call that "Floor Planning"

[Island Time O25]

Originally Posted by a64pilot

Someone is willing to owner finance a boat, knowing your leaving the country?

The seller must think it's not worth much anyway.