# THe perfect boat



## solman55 (Mar 6, 2010)

I found the perfect boat for me to liveaboard. It is a 1980 Watkins 27 in great shape they want 12,000 for it but think I will offer them something but I am trying to make sure I will be able to get it. I figured I would get a loan for it so that I wont be solid broke. I need to find out though what would be a good way so I can almost guarantee that I get the loan. I haven't missed a payment on anything and I have had a job for 5 years and plan on keeping it for a good long while, and my boss even said that he would write me a letter for the bank maybe saying how good of a worker I am or something that would convince them to give me money. I would like to know what else I could do. I want to try everything this boat is the one. Im in school and get grant money so I should be able to pay it off very fast and I even have a free liveaboard slip lined up, since I work on the water its great and they even have laundry and showers so i am very excited and know I can afford a loan, it will be cheaper than an apartment.


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## TheRealBill (May 28, 2010)

Where are you located? I found what I thought was a great live aboard set up but it was up in Tallahassee...if you're near there I'd be glad to pass along the info...LMK

The seller was offering financing too...if it was closer I would have considered it.


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## solman55 (Mar 6, 2010)

I am in pensacola, I may ask if he would do owner financing iif I cannot get a loan but we will see what happens.


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## TheRealBill (May 28, 2010)

This boat was a 1983 31 Irwin...set up for liveaboard. Needed some work but had allot of goodies...wind gen...AC...if you want I can email you all the photos he sent me and his contact info...I think the boat was 10K and he was willing to finance 50%...


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## solman55 (Mar 6, 2010)

Where is this located? Aparently this boat has not been hauled out in a good while and needs sails and a lot of work. I am very happy with the watkins, it has new top and bottom paint, new interior, autopilot, cutlass bearing, engine has been tuned up professionally, gps all the cool stuff and is small enough that I can sail by myself with a draft shallow enough that I can get close to shore. Ive already decided this is the boat, now i just need to find out the best way to finance it. I figure Ill offer 10k because the nada is no 12 and even with all the new stuff those are all needed for the boat so i dont take that into value.


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## solman55 (Mar 6, 2010)

I dont know what that link was to I saw but maybe it was a different boat, if you could get me a link to the irwin I would be very interested.


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## QuickMick (Oct 15, 2009)

IMHO, I dont know if I would start out with a 10k bid especially if you secure your own financing. If he/she is willing to owner finance you might consider something along the lines of 'How bout in lieu of amortizing an interest schedule for the loan, I will pay your asking price'

just a thought


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## solman55 (Mar 6, 2010)

THat is a good point, and Im looking at the irwin as well but i think for me and with the room the watkins has that will probably be what I go with. I may see if he would do that.


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## bljones (Oct 13, 2008)

solman, don't take this the wrong way, understand that I am playing devil's advocate here, so don't be offended and please play along...
If I am selling a boat and someone approaches me about offering to hold the note and be essentially the Bank of Me, four questions come to mind:
1. Why couldn't this guy get a loan from his own bank?
2. Why should i give him a loan when his own bank doesn't think he is a good risk?
3. What collateral has this guy got that will give me some security?
4. What's in it for me?


Unless you can successfully answer all of those questions and sell yourself as a viable solution to the seller's still-got-a-boat-for-sale problem, i fear you are still just walking the docks and dreaming, kid.


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## solman55 (Mar 6, 2010)

I understand the thing is when your in college not many people want to loan you money, I have a good job and have had the same job climbing the latter for 5 years, i go to school full time and have grant money to do so as well as other grants and scholarships so I actually get paid to go to school. I don't see why they wouldn't but you know how banks are if you do not have well established credit its worse than if you have horrible credit. I see where your coming from but that is why I am going to try and get a loan, i just hate paying 600+ a month in rent when I can live at work for free on a boat that costs me say 400 or so a month, granted there are unexpected repairs on any boat that are always needed but that is the reason for the loan so in case something unforeseen shows up I can fix it.


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## QuickMick (Oct 15, 2009)

if you are in school full time you might want to look at a noncertified student loan. im no banker, but it might be worth looking into


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## solman55 (Mar 6, 2010)

Ok Ill check into that. im doing a good bit of research now since I have found a nice boat to live on with few mods it would be great. just an ac rig from a window unit and a small frig and id be set.


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## tomwatt (Dec 11, 2009)

solman, when I was in school, I pulled in a fair amount of money via grants, assistantships, etc. Unfortunately, some of that income is not considered "income" - that is, it's not taxable, and probably doesn't count towards income for a credit rating. Especially since times and finances are tough.
A good consideration might be if the school has a credit union (faculty have to put their money someplace) that you can join, and then work a loan through them.


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## solman55 (Mar 6, 2010)

That is another good idea. i think I am going to try and get my brother to partner with me so that i can do it proving two incomes which should be plenty. Then ill try the other stuff. 
Thanks


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## solman55 (Mar 6, 2010)

Well I put in a loan with pen air and told them the collateral would be the boat and gave them a few goo references so they are going to call me tomorrow, wish me luck.


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## TheRealBill (May 28, 2010)

bljones said:


> 1. Why couldn't this guy get a loan from his own bank?
> 2. Why should i give him a loan when his own bank doesn't think he is a good risk?
> 3. What collateral has this guy got that will give me some security?
> 4. What's in it for me?
> ...


1, Because a bank isn't going to loan money on a 30 yr old boat.
2, Because you own the boat outright and would take 50% down with 25 payments of $200 per month.
3, The boat is the collateral and it will be insured for the purchase price. A lien place on the title until the note is PIF.
4, How about 6% interest for the next two years.

Sol, don't be discouraged. Make an offer. But if you're asking for terms don't expect a seller to take a hit on the price. In my case, I gave the seller 50% down and agreed to pay the other 50% off in 12 months. NO INTEREST.

You have nothing to lose by making an offer. Contrary to what I've read on here I've had several sellers offer to carry a note with at least 50% down. Depends on the financial position of the seller. Maybe the seller is tired of paying slips fees. Maybe the seller simply doesn't have the passion, time or money for the boat. Maybe $5000 now is better than $10,000 6 months from now...uke

I have a complete offer sheet I can forward you as well as a boat bill of sell to protect the interest of both buyer and seller.


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## QuickMick (Oct 15, 2009)

i agree.... when i bought my boat i offered them an option of 1)lowball cash bid or 2)pay the ask +10% over 6 months with the caveat that during that 6 months all slip fees/elec/trash were to be waived... they went with option 2. given the fact that my boat came out of receivership and needed quite a bit of work it ended up equating to me paying about 2/3 of the ask after fee waiver was takien into consideration..... as the marina yacht broker said...there are 10000 ways to do a deal....

good luck


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## solman55 (Mar 6, 2010)

Well kids should hear something soon not sure what i need to do, I am getting a surveyor/guy who determines value to see what the boat is worth and go from there. Just an update.


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## solman55 (Mar 6, 2010)

Good news I got the loan not all of it but a good amount so now its talking to the dude and see what I can do.


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## thorrad (Jun 18, 2010)

Once you get this boat, we all want to see photos please! I for one am very excited for you. My family has been living aboard for about two years and has been having a blast. A a student there could be no better way to go!

Have fun and POST SOME PICS!!


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## solman55 (Mar 6, 2010)

Will do guys, we are having it hauled and surveyed this week. I am not sure if I should talk money before the haul out of not, I probably will cause I was talking about him owner financing a small part of it.


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## Death3 (Jun 3, 2010)

Congrats Solman cant wait to see the final product. i to am looking for the perfect liveaboard so i no how excited you must be


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## thorrad (Jun 18, 2010)

Hauled and surveyed. Two of the most important words for the boat buyer... You CAN talk about money first but you might wait till you get the survey results. They are the most important bargaining chip you will have as you finalize the deal. Great info about the condition of your boat will help both with making sure you get a great deal and in keeping the boat safe and comfortable as an owner. 

You might just wait till you hear about condition and then talk about money. Getting the owner to back waaaay off his price is easier if you have not already been making side deals with him. I had an instance where I was looking at a house on land. I had loved the owner and he and I had a great rapport but when the inspection was done we found out the entire water delivery system needed to be replaced it would cost 25 grand. He would not budge on the price since we had been talking about all of the great things in the house already and he knew I was interested. It cost me the house and him the sale. I would get the survey first.


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## solman55 (Mar 6, 2010)

Yeah thats a good point, i will wait and see. i told him i was interested still but he seems like he wants to move it soon so thats another point. Ive got an idea for an offer and it is a good bit lower than his asking price and Im sure he wont go there but it will get the ball rolling after the survey. Thanks guys ill post up some shots if everything works out.


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## solman55 (Mar 6, 2010)

Well guys I am terrified but the boat passed and I got it. No photos yet money is going to be tight for a little while but it will be worth it, any tips to help get rid of this anxiety. I want to but its a big change from living on land with parents to living on the water by myself.


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## bljones (Oct 13, 2008)

Congrats, solman!


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## Shipislandpirate (May 25, 2009)

Congrats Solman!!!!!


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## rgscpat (Aug 1, 2010)

*Congrats*

Hot diggity and way to go -- and this should be just the beginning of adventure


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## solman55 (Mar 6, 2010)

It is great but any advice on how to relax about buying it or is that just going to be that way. haha


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## solman55 (Mar 6, 2010)

Well guys made one big payment today the guy has been great I am going to pay him the taxes soon on the boat and then he is letting me pay off what I owe him, and come to find out the jib is a 155 haha so the boat should scoot along well but I will probably reef it back until I get used to the boat. Any tips for living on the boat of this side? I need to figure things out before moving on, im going to go ahead and take care of some bright work and change some wiring on the boat, I also need to find some good interior cabin lights I want to go LED to save power so any ideas and tips would be great. 
Thanks


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## thorrad (Jun 18, 2010)

The good news is that you have some time for some of the less important items. Relax a bit. There is always a project list on a boat. Always. Great to hear you are going to be moving aboard! Moving onto the boat will be an adventure but you can do it and you'll be glad you did. 

Congrats!


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## TheRealBill (May 28, 2010)

Awesome!!! Congrats!


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## thorrad (Jun 18, 2010)

BTW, Looking at the other Watkins 27's out there it looks like you picked a great boat to live on. It is small but it has all of the things you need. So long as yours is in good condition it will be a great boat. 

Do you have a dodger for it? I really recommend one if not. That can keep your cabin dry when the weather turns. Not a big deal just a nice to have and one of those projects to add to the list...


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## CaptainForce (Jan 1, 2006)

Solman55, Are you still looking for interior lighs? I just bought some 12V automotive "back-up" LED lights on ebay that I'm planning to use to light my engine room. The price was good compared to the marine supply places and they are bright. ebay Item #400140431035
Take care and joy, Aythya crew


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## solman55 (Mar 6, 2010)

Thanks Capt. I will look into those. The boat is in great shape just need minor things, the guy I bought the boat from has a canvas business so Im going to have him make me a dodger later down the road when I get things paid off him being the big one. 
Thanks


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## solman55 (Mar 6, 2010)

Well kids photos coming soon, should have something up this week, hoping to set sail wednesday.


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## solman55 (Mar 6, 2010)

Here is a photo. I dont have insurance on it yet that is being a pita.


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## sailingdog (Mar 19, 2006)

Nice photo Solman.


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## solman55 (Mar 6, 2010)

Thanks SD We had her dipping rail today. Sails nice just needs a little work, I need to free up the cb for one. and protect her from that tropical storm out there.


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## gpenn (Jul 25, 2010)

TheRealBill said:


> Where are you located? I found what I thought was a great live aboard set up but it was up in Tallahassee...if you're near there I'd be glad to pass along the info...LMK
> 
> The seller was offering financing too...if it was closer I would have considered it.


Was that the Irwin on a river outside Tallahassee?


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