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Thinking out loud (Boat Purchase)

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Old 08-14-2010, 06:30 AM
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Thats kinda were I 'm at.What sucks is I was in the GMAC website,thats who holds my mortgage tonight.I wanted to see how many months were left.They have this little box you press for a cash out refinance for like the same mortgage payment.The box kept flashing 36 Pantera.
But house is almost paid off and I can't turn a stable/appreciating asset into a depreciating asset.Wish I could.
funny, GMAC holds my mortgage and I'm under 4 years from being done with it!!!!
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Old 08-14-2010, 07:14 AM
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Thats kinda were I 'm at.What sucks is I was in the GMAC website,thats who holds my mortgage tonight.I wanted to see how many months were left.They have this little box you press for a cash out refinance for like the same mortgage payment.The box kept flashing 36 Pantera.
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But house is almost paid off and I can't turn a stable/appreciating asset into a depreciating asset.Wish I could. 
Oh come on, you live in NJ, if your house is an appreciating asset you are the only one right now!
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Old 08-14-2010, 08:19 AM
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where in the world are you finding appreciating assets? LOL. I got your pm I'll call you. Tim I know what you want and based on what you have the market is ripe for you to make a move.
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Old 08-14-2010, 08:25 AM
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I've been thinking of the same for a while, however being self employed is back to the old way of working with banks, even with good credit it is tough. For me being so closely tied with automotive aftermarket it is tough, the rest of the country is saving and waiting for a while, (hence no hiring and corporations sitting on cash reserves) and for good reason. Personally I would hold off for a while, at least until after the elections in Nov and see what comes, I do know commercial property is taking a hard hit as more and more business are throwing in the towel. patience only benefits you.
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Old 08-14-2010, 08:26 PM
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Ok got an trade offer today it was less than I expected.So we are about 20 gs apart right now.I'm flying out to look at it next Sat so see what happens.
I also talked to Pepe and Joe at Pantera I really want the 36 so might just keep busting my butt so I can just do that.What stinks is if I could get what I owed on my boat I could do the 36 now.So much for Formula resale value
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Old 08-14-2010, 08:36 PM
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right now is a great time to step up to what you really want, prices have never been like this! I originally started looking for a 30 footer that would run 70 offshore, shopped around and bumped myself a little to a 35 that would do 80, and ended up with a 38 that runs 90. I could never have afforded it a couple years ago, but the way the market is right now I got an unbelievable deal. If you sell yourself short you'll want something bigger and faster in just a few years, and it will end up costing you a lot more over the long run.
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Old 08-14-2010, 09:13 PM
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right now is a great time to step up to what you really want, prices have never been like this! I originally started looking for a 30 footer that would run 70 offshore, shopped around and bumped myself a little to a 35 that would do 80, and ended up with a 38 that runs 90. I could never have afforded it a couple years ago, but the way the market is right now I got an unbelievable deal. If you sell yourself short you'll want something bigger and faster in just a few years, and it will end up costing you a lot more over the long run.
.


If I am correct you were in a great position as you did not have a boat.
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Old 08-14-2010, 09:21 PM
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buy now...prices may go up on things...EVERYTHING is on sale right now...PLUS stepping up gradually is a good thing.
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Old 08-15-2010, 12:52 AM
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prices are great right now.....but if you have a boat to get rid of first, you have to give someone else that great deal to make it go away. Can't sell hi and buy low very often!
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Old 08-15-2010, 01:44 AM
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prices are great right now.....but if you have a boat to get rid of first, you have to give someone else that great deal to make it go away. Can't sell hi and buy low very often!
Understand,will see if the seller does and how bad he wants it gone.
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