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financing help

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Old 02-24-2005, 12:21 PM
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Default financing help

weve seen lots of threads about boat financing....

what about financing the purchase of a slip at a marina?

rates?
terms?
dockaminium
etc...

looking to buy some "real estate" in miami that should apreciate
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Old 02-24-2005, 04:35 PM
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Default Re: financing help

ttt
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Old 02-24-2005, 05:13 PM
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Wink Re: financing help

Dreamer:

I know there are a few places around Miami Beach where you can purchase a dock, but I'm not sure about Financing them (sunset Harbour comes to mind).

Also, alot of the condos down here can include deeded docks and I know some people do sell them separately. There are a few dockminiums going up in Pompano and Fort Lauderdale. If you want me to get you some info, let me know.

Ps. Do you know Casey Lovinger? Goes to Mercury alot and I think she mentioned you guys knew each other. I used to have a Fountain and think we rafted off a few night at Shooters.

Josh: H2O Performance
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Old 02-24-2005, 08:22 PM
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Default Re: financing help

I think can finance those. The owner of my company is in the process of buying one. I have to find out the details. I'm pretty sure that there would be a substantial down payment though. I'll keep you posted.
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Old 02-25-2005, 11:13 AM
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Default Re: financing help

i should have included the dock when i closed on my condo... hindsight is 20/20... now they want cash... i can put like 20k down and finance the rest

h20 dont know if i know her or not... but i do remember raft up at shooters when i had my 28ss


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Old 02-25-2005, 11:23 AM
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Default Re: financing help

Do any of you guys read The Robb Report or any of the other "lifestyle" publications that talk about "alternative" financing programs. They make loans for $500K - $1M+ look to be so inexpensive, I've always just totally discounted them. Has anyone ever looked into any of these programs? Could be for something like this, or for a 2nd/3rd home purchase I would assume. Would like to hear first hand from somone if they truly are just a scam with full-page, color advertising.
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Old 02-25-2005, 07:30 PM
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Damdonzi,

There are plenty of finance programs out there that are not scams and can help people afford properties normally beyond their reach. The trick is though that the property has to be a short term investment property. We have a 1 yr option arm that is an awesome program for investments. It starts at about 1.5 % APR. What happens is that the first month you have a 1.5 APR. The following month you have 4 payment options. The first is 1.5APR Interest only (this will put you into a negative amortization situation but read carefully before you discount it.) The second is (what you actually owe the bank) prime plus .5 % for example interest only. The third is the same as the second, but principal and interest amortized at 15 years. The fourth is the same as the third but amortized over 30 years.

If you choose to pay the minimum (option 1 ) and you go into a $300 negative amortization for 3 years (just an example), you've just added 10,800 to the principal amount of the loan. What 300k home do you know of that has not appreciated well over 50k in the past 3 years ? It's a great deal, but there is always the risk of a real estate "Bubble". It's always a risk however savy investors that have taken advantage of this plan are making lots of money but I always caution my customers because it has the potential of negative amortization. I can explain in more detail to anyone that is interested.

Last edited by frequentflyer; 02-25-2005 at 07:33 PM.
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