Want To Buy: rent to own

[inyadreams2008]

looking for a liveaboard 43ft to 65ft yacht or 40ft + catamaran or trimaran, rent to own,
mast, motor, rigging and hull must be in good condition,
prefer survey been done, or can arange for the right person to get one done at our expence, so we know what condition she is in
all offers will be considered,

must have enough room for me, my partner, daughter and 2 dogs, can afford to pay up to $400 pwk, with a lump sum at the end, of contract, or sooner
depending on price and what we can afford a 1 to 3 year contract/ agreement, we both have good referances, and both of us in full time work, and both been in our jobs for over two years,

we are in townsville and can sail her back here or if you want you can sail her here,
and can discuss for you to come and inspect every 6-8mths for your own piece of mind,

as we are not planning on leaving townsville for at least 5yrs as our daughter has just started high school and want her to stay in the same school untill she has finished,
my dad is a boat builder by trade so any cosmetic work is not an issue and you know that she will be looked after while under contract,

we are both honest people looking to ecape the rental market and live on and own our own yacht, to try and get ahead in life, i have lived on the sea before, and my dream is to get back on the sea, and show my partner and daughter why i love it so,

this is a serious offer,

weekly payments will be direct debited to your account, just like rent, you can speak to my landlord, our bosses, etc, anyone you need to, and any paper work you wanted,

we will need to give our land lord a months notice, as that is our agreement with him
but we are paid up seven weeks in advance, so if you could give us at least 6 weeks before we can come and get her, that would be fantastic, or you drop her off?, what ever you prefer,

bond and first two weeks payment just like a rental, will be put into your account on the day of hand over with you at the bank, and signing of paper work, same day,

i know there is alot of scams out there, but im not one of them and im smart enough not to be scammed either, so no money from me will be paid untill i know for sure im not being ripped off and will be paid on hand over of keys, and paper work of yacht handed to me, and my paper work and money handed to you and signing of contract,

need something by at least october would be great

as i said before i have good referances and they all check out, so fingers crossed someone honest will answer to this add and give an honest family a chance,

[Jim Cate]

G'Day 2008,

Well, no one else seems to want to address your post, so I will give it a go.

In a nutshell, I doubt if you will get any takers for your scheme. Not because folks think badly of you or your idea, but because the "rent to own" scheme is simply not practiced in the yachting world. I've been around the scene for nearly 45 years, both in the States and here in Oz (as well as most of the places in between), and I've never encountered such a plan.

Why? Not being an expert, I can only guess.

First, boats are easily movable, and the risk of the renter absconding with the goods is present. I'm not saying that you would do so, or even look like doing so, but I suspect that the issue would be there.

Second, boats, far more than houses, can have their value ruined by careless or malicious usage. Continuous maintenance is required to avoid damage and loss of value. Renters are not perceived as providing such. Again, not aimed at you specifically...

Third, for most owners, boats are a much more personal possession than a house or automobile or such. This tends to discourage a rental attitude.

Fourth, your proposed payment level seems far below what would be required to make this attractive to an owner. Your target vessels are in the 300,000 dollar and up (way up) range, and a payment rate of around 20,000 a year on a depreciating asset would not be too attractive to most folks. The balloon payment at the end of your proposed 1-2 year rental would be very large, and owners might wonder if it would be forthcoming. I'm not a financial type, but this looks risky to me. If I was the subject owner, I would have to wonder why you didn't just borrow the price of the boat like most buyers do. I would have to suspect that you were, for some reason, unable to do so, and that would make me reluctant to enter into your scheme. Again, this is speculation on my part.

Of course, it never hurts to run it up the flagpole, and I could well be proven wrong. I wish you the best of luck, and can certainly sympathize with your desire.

Cheers,

Jim

[StuM]

Originally Posted by Jim Cate

G'Day 2008,

Well, no one else seems to want to address your post, so I will give it a go.
...

Jim has nailed it. No way any boat owner would go for something like that.

[Boatguy30]

I see deals like this offered all the time around here, but on 40 y/o $5,000 boats.

[HappyMdRSailor]

We seriously have 2 identical posts???? Merge please!!!

http://www.cruisersforum.com/forums/...wn-123052.html

[brownoarsman]

Take a look at the Maritime Funding Association of Block Island/Maine: Maritime Funding Association of Maine & Block Island Maritime Funding - Sailboats and scroll to the bottom. They will lease-to-own for a minimum of three years. Here is their text, which is all I know about the program:

"Most boats can be purchased for their current appraised value or chartered on a long term basis (minimum three years) with an option to purchase. The purchase price of chartered vessels is usually established at the beginning of the lease and reflects the anticipated market value of the boat three years hence. If a charterer elects to exercise the option and purchase the vessel at the end of the charter, all charter payments are credited against the agreed upon purchase price. There are no interest charges or financing fees, etc. The charterer may also choose not to exercise his or her purchase option, in which case the security deposit will be returned. Charter payments will be kept as charter hire. Broker commissions are generally paid in full at the commencement of the charter. For more information, please contact us by email or call us at (401) 842-0752."

Kudos to bethflkys who first suggested it to me as a place to find a low-cost boat for a summer adventure. I believe other boat donor associations may have similar programs.

[Torch]

Why don't you purchase the boat by financing it? If you don't qualify then you likely wouldn't qualify for a Rent to Own option either as rent to own is a more expensive way to own than financing outright due to the added risk to the owner.

I wish you luck though and hope you find a way to make this happen.

[multihuler]

Where do you live? what kind of dogs?

[inyadreams2008]

thankyou for the reply's and I wish me luck too, I would pay for all maintenance, slip fee's and insurance while undercontract, I won't have to pay for power or water, because of solar, and I get water from my work or family, or if the yacht comes with a water maker,
the bank has said they will give me the money after my land cruiser is paid off, but that's 8mths away,
so I thought id try to get on one sooner,
i have had offers before, but the yachts were too small for what im after and as for my dogs, it would be my own yacht I am paying off, they don't chew things and are lazy puppies lol
I understand people want money up front but for someone finding hard to sell their yacht in todays market, no one is buying well in Australia anyway, so I thought id give it a shot, no harm in trying whats the worst the could say, no?
my price range is up to $45,000 if any one is interested please message me and before anyone gets a chance to say you can't buy a yacht for that price,
yes I can, there are a few in Australia at present for that and cheaper, looking at 2, 60ft at the moment one for $38,000 and one for $50,000 but want money up front and fair enough too, and in 8mths I will have that, but no harm in trying now,

[inyadreams2008]

yes sorry I posted twice I am new and don't know my way around this site yet, but still learning, lol , getting some silly comments on the other post, a little frustrating, I was hoping this site would help me get my dream sooner, but I think im just fooling my self, I am a bit of a dreamer, but that's not a bad thing just makes me want it even more, I hope you all have a great day, dream big it will get you where you want to be,

[sabray]

I think it's not rent to own but owner financed sale that your asking for?? Maybe just play on words. That's the way I read it and no thanks.


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[HappyMdRSailor]

Originally Posted by sabray

I think it's not rent to own but owner financed sale that your asking for?? Maybe just play on words. That's the way I read it and no thanks.
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BOY.... What a world of difference a few words make!!!

"Owner Financed"

It's basically what you are asking for... Said like this, I'll bet you have a LOT MORE struggling owners jumping at the chance to get out of their expenses and slowly make income from their boat!!!

A simple legal document transferring title back to the owner should payments stop, or serious neglect occur would be easily drawn up...

[teapot]

I think it's a great idea. Especially in today's hard times for young people trying to get on the property market. I'm pretty sure someone out there might have a boat that they are struggling to sell, if the contract is sound enough and you miss payments the worst case is that they have gained a lot of money (in rent) and can reclaim their asset, as you will have broken the contract. Plus they would have all their moorings etc covered for this period. So from a sellers point of view...could be really good. Just want to say good luck to you. From a personal point of view I brought my boat for around twenty thousand pounds, the owner wanted thirty and had offers in this region and could of got it. But they liked me and some people are willing to go out of there way to make sure the boat goes to the right person. I have a similar story with a couple next to me who paid about thirty thousand euros for a boat that is worth much more. There's lots of great people out there ....again, good luck!