Boat Slip Financing??? - The Hull Truth - Boating and Fishing Forum

03-13-2013, 02:59 PM
Senior Member ? Join Date: Apr 2011 Location: Cherry Hill/LBI Posts: 809	I started to look once and had trouble finding anyone (but I did not spend that much time looking, before I decided against it). Most people I spoke to finance it with a home equity loan (better rates and deductible).
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03-13-2013, 03:30 PM
Senior Member ? Join Date: Jun 2011 Posts: 189	i own a few slips and always paid cash. it would be difficult to find financing. most lenders will not even understand the concept. try talking with the seller maybe he will hold some paper. __________________ Fountain 2006 SFC 275 verado's
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03-13-2013, 05:35 PM
Senior Member ? Join Date: Apr 2010 Location: PLYMOUTH, MA. Posts: 961	Get ready for financial advising 101 for even considering a loan.
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03-13-2013, 06:25 PM
Senior Member ? Join Date: Jun 2011 Posts: 189	Quote: LOL, yeah I am waiting for the "never finance" police to come out. However, the biggest argument against financing is most say never finance a depreciating asset. A slip is deeded ~quasi-realestate, and could potentialy increase. I'm just getting tired of spending thousands a year on a slip with nothing to show for it. you may find you are not paying that much more in rent. condo slips have taxes and common charges. also assessments when storms hit causing extensive damage. I just went through this. that said as an investment they are not bad if purchased right. some of mine have doubled in value in ten years. But you may find you only save about 10% by owning. when banks hear condo they think buildings not water and a cement slab. Not easy to finance. __________________ Fountain 2006 SFC 275 verado's
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03-13-2013, 06:48 PM
? Join Date: Jul 2006 Location: Hampstead, NC Posts: 301	First Citizens in Hampstead and Porters Neck used to a year ago. Check with them __________________ 2002 Pursuit 3070 Offshore CC Twin Yamaha 250 OX66
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Yesterday, 08:38 AM
Senior Member ? Join Date: Mar 2005 Posts: 112	what are some of the things to watch out for one purchasing a boat slip. I was looking at a few wet slips in the keys. Thanks for any help. This is a helpful thread.
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Yesterday, 09:14 AM
Senior Member ? Join Date: Nov 2012 Location: Palm Beach County Posts: 319	I had an owner finance once, the terms were just one year, he got an extra $500 out of the deal. Maybe worth a try. __________________ Lets Fish!!
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Yesterday, 09:34 AM
? Join Date: Nov 2002 Location: Pensacola, Fl Posts: 6,446	Quote: what are some of the things to watch out for one purchasing a boat slip. I was looking at a few wet slips in the keys. Thanks for any help. This is a helpful thread. A lot would depend on your area. However, be sure that the slips are fully insured (very expensive, if there is a history of damage). If the slip is destroyed in a storm, you have to replace it--as an assessment. Also look to see what the condition of all of the facility is, as well as the slips--and if any assessments are planed. What are the "condo" fees? What about liability. Who is on the BOD, and what are their interests. What is the condition of the docks,and what are maintenance fees? In some areas it may be a better deal to buy a waterfront lot and put in your own dock. With the waterfront lot, at least you have a piece of land which is yours. __________________ Bob Austin
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Yesterday, 07:47 PM
Senior Member ? Join Date: Mar 2005 Posts: 112	Thanks for your opinions. Its very helpful when investing in something uncommon.
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