Owner Financing boats/permits

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Kelper
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Owner Financing boats/permits

Post by Kelper »

I'm wondering how common it is for owner financing to happen in the trolling industry these days? Rare..? or are retiring boat owners willing to carry the note for a young buck with lots of fishing/deckhanding experience? (not talking about some some greenhorn showing up who once saw a salmon on tv)

Any advantages/disadvantages to it?
Salty
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Re: Owner Financing boats/permits

Post by Salty »

I think it is fairly common, I know our family has had owner financing to help get into the fisheries. But, it is a risky proposition for the seller. Most common in families or long time relationships. CFAB or the Alaska state loan program are both good bets if you qualify.
kjwelder
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Re: Owner Financing boats/permits

Post by kjwelder »

Lots of wood boats have owner financing or lease to own deals. A large down payment helps.
FV_Wild_Card
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Re: Owner Financing boats/permits

Post by FV_Wild_Card »

For anything owner financed, spend the money to have an ironclad legal document drawn up to protect you both.
Salty
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Re: Owner Financing boats/permits

Post by Salty »

I agree, even when I leased to buy my parents boat we had a legal document we both negotiated and signed. My mother, in particular, said "good paper" saves relationships involving money. So, when I decided to buy after only one year it was easy to move forward.
JKD
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Re: Owner Financing boats/permits

Post by JKD »

I would completely agree with the last 2 posts. I leased a boat "with option to buy" in the 80s and because I had heard enough horror stories about deals going bad, I spent the money necessary to put a good agreement together. The sale went though for me after a couple of years of leasing and both parties were very satisfied with the arrangement. I was particularly happy that I got the fishing time on the boat - knew exactly what I was getting, and what parts of the vessel needed to be modernized for my own depreciation schedule. Good luck.
salmonkiller81
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Re: Owner Financing boats/permits

Post by salmonkiller81 »

Ask for a good down payment like 50% and write a legal contract and get it notarized, if somone is willing to put up half the money you know there serious!
JYDPDX
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Re: Owner Financing boats/permits

Post by JYDPDX »

Something people ought to know:

There are 3 different spellings of the words that sound like 'there'. They all mean different things.

There - as in "over there" or "there is something" - simplified, it is referring to a place.

Their - as in "their boat" referring to ownership

and...

They're - a contraction for "they are" - it combines the two words.


there |ðe(ə)r|
adverb
1 in, at, or to that place or position : we went on to Paris and stayed there eleven days | [after prep. ] I'm not going in there—it's freezing | figurative the opportunity is right there in front of you.
• used when pointing or gesturing to indicate the place in mind : there on the right | if anyone wants out, there's the door!
• at that point (in speech, performance, writing, etc.) : “I'm quite—” There she stopped.
• in that respect; on that issue : I don't agree with you there.
• [with infinitive ] used to indicate one's role in a particular situation : at the end of the day, we are there to make money.
2 used in attracting someone's attention or calling attention to someone or something : hello there! | there goes the phone.
3 (usu. there is/are) used to indicate the fact or existence of something : there's a restaurant around the corner | there comes a point where you give up.
exclamation
1 used to focus attention on something and express satisfaction or annoyance at it : there, I told you she wouldn't mind!
2 used to comfort someone : there, there, you must take all of this philosophically.
PHRASES
been there, done that informal used to express past experience of or familiarity with something, esp. something now regarded as boring or unwelcome.
be there for someone be available to provide support or comfort for someone, esp. at a time of adversity.
have been there before informal know all about a situation from experience.
here and there see here .
not all there (of a person) not fully alert and functioning : he's not all there. Give him a couple of days to readjust.
so there informal used to express one's defiance or awareness that someone will not like what one has decided or is saying : you can't share, so there!
there and then immediately.
there goes —— used to express the destruction or failure of something : there goes my career.
there it is that is the situation : pretty ridiculous, I know, but there it is.
there or thereabouts in or very near a particular place or position. • approximately : forty years, there or thereabouts, had elapsed.
there you are (or go) informal 1 this is what you wanted : there you are—that'll be $3.80 please. 2 expressing confirmation, triumph, or resignation : there you are! I told you the problem was a political one | sometimes it is embarrassing, but there you go.
there you go again used to criticize someone for behaving in a way that is typical of them.
there you have it used to emphasize or draw attention to a particular fact : so there you have it—the ultimate grand unified theory. • used to draw attention to the simplicity of a process or action : simply turn the handle three times and there you have it.
ORIGIN Old English thǣr, thēr, of Germanic origin; related to Dutch daar and German da, also to that and the .
USAGE On the differences between their, they're, and there, see usage at they .

their |ðe(ə)r|
possessive adjective
1 belonging to or associated with the people or things previously mentioned or easily identified : her taunts had lost their power to touch him.
• belonging to or associated with a person of unspecified sex : she heard someone blow their nose loudly.
2 ( Their) used in titles : a double portrait of Their Majesties.
ORIGIN Middle English : from Old Norse their(r)a ‘of them,’ genitive plural of the demonstrative sá; related to them and they .
USAGE 1 On the use of their in the singular to mean ‘his or her,’ see usage at they . 2 On the differences between their, they're, and there, see usage at they .

they're |ðe(ə)r|
contraction of
they are.
USAGE On the differences between their, they're, and there, see usage at they .
Once and Future
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Re: Owner Financing boats/permits

Post by Once and Future »

Hey J: Ever make a little mistake?
JYDPDX
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Re: Owner Financing boats/permits

Post by JYDPDX »

Yes, we all do. I make big mistakes all the time. And frequently typos. I've had a lifelong battle with making my fingers type the "r" in "your", they really like to omit the last letter for some reason. Also, the E and the I in receive does not come naturally to me despite understanding the concept completely.

Not trying bust balls, well maybe a little. But this isn't a typo, it is a word use issue. It's a pet peeve of mine. I see this mistake constantly so I created a simple informative text edit doc that can be cut and pasted to let people know. I can't wait to drop it on the commenters over on deckboss. Some of those guys are off the charts.
Abundance
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Re: Owner Financing boats/permits

Post by Abundance »

That's a very... exhaustive bit of defining. I'm sure that I am among the greatest offenders in the "their there they're" issue. Might want to put on your asbestos coat before doing this over on the deckboss forum though. I have always found our language interesting. The nature of language is typically devolution, reducing complex words into simpler and simpler sounds. Webster froze this process centuries ago, allowing the same spelling to be practiced in governments and schools around the western world. This language is in a state of suspended animation, leaving some words with extra letters that were once pronounced, like knife, after the extra sound was abandoned in common speech. And centuries of absorbed terms and words from languages wreaked havoc on phonetics. This is a good thing, as this willingness to adopt foreign words allowed English to become one of the most expressive languages in the world. For example, we have the word "town" (Old English), the word "village" (French) and the word "hamlet" (Old French), all meaning the same thing originally, but taking on three different meanings in the millenniums since adoption. A hamlet is a small unincorporated settlement of a handful of people, a village a larger, usually incorporated region, and a town can be quite large indeed. Three new, more descriptive words out of one. But it makes spelling dicey until you have spent years learning what set of words follow this pattern, and what words follow that pattern. I've read some articles that recommended a switch to phonetic spelling but the fact is, after spending a lifetime learning how to spell this tricky way, unlearning would be difficult. It would be like switching to metric. It makes more sense, and would be much easier for the next generation to learn, but at our expense. I bet that if every letter did what it was supposed to, kids would have a lot less trouble in school.
Garrett Hagen, F/V Abundance
Jon
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Re: Owner Financing boats/permits

Post by Jon »

I sold a wooden boat (sort of a lease-to-own deal) and financed the buyer. Looking back on it, I should have waited for a buyer with bank financing to come along, and gotten paid all at once. Even though our deal worked out in the end, it would have saved a lot of stress for both the buyer and seller.

Once you have another boat and payment, you don't want to be wondering if you are going to get paid for your old boat, so you can make the new payment. Can you imagine having to repossess a boat? Then you have two boats and have to start all over trying to sell it - meanwhile it has aged and won't be worth as much.
Jon
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Re: Owner Financing boats/permits

Post by Jon »

Abundance wrote:I bet that if every letter did what it was supposed to, kids would have a lot less trouble in school.
And imagine what non-native english speakers must go through! English is a crazy, messed up language. :)
Once and Future
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Re: Owner Financing boats/permits

Post by Once and Future »

It's education day! Here's a definition:

officious

of·fi·cious
[uh-fish-uh s]
adjective
1.
objectionably aggressive in offering one's unrequested and unwanted services, help, or advice; meddlesome: an officious person.

I hesitate to post this, because I don't want to contribute to the snarkiness of the internet, but I just can't resist with the phonetic spelling above. Please forgive me in advance. :)
JYDPDX
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Re: Owner Financing boats/permits

Post by JYDPDX »

Interesting anecdote Abundance. Language is indeed fascinating. I am now walking on eggshells trying not to make a grammar blunder now. I should have bit my tongue on that one, I have seen (I seen it) it so many times lately.

Ironically, or maybe you could say hypocritically, I am in Mexico right now and my spanish is terrible. Someone the other day asked me how long I was staying here for, to which I replied, "eight tables". They were so gracious they didn't even laugh at me.

I talked to a guy recently that did the owner financing to sell his boat and he has had to repossess it twice now from two different buyers. Needles to say, he's not happy about it. You can have a solid contract but what happens when the buyer cant pay. What kind of interest rates to these handshake deals typically have?
Abundance
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Re: Owner Financing boats/permits

Post by Abundance »

As rebukes go, that is a gentle and smart one. I have indeed been "officious" today. I've got to remember that one. It seems useful. As to the actual topic of boat financing, I know a guy who has been considering repossessing his boat, and the legal work sounds like a nightmare. Definitely not fun for the debtors either. I am definitely leery of a payment system, although that is realistically all most people can do. If I was selling my boat, I would want a lump sum from a bank or the state loan office. When buying a boat, I've always gone by the principle of not biting off more than I can chew. I know I could not make payments on a 47 foot Bluefin. I know a guy who splurged big time on a nice fiberglass boat. He's still making $20'000 a year payments on it. He isn't actually going to make any money with it until he is in his sixties. Something to keep in mind.
Garrett Hagen, F/V Abundance
Once and Future
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Re: Owner Financing boats/permits

Post by Once and Future »

Bluefin?!? See my unanswered post from years ago asking what a Bluefin hull is!!! Please enlighten me Garrett - I thought I was going crazy, but I was sure I heard that term used 30 years ago. Is it a Little Hoquiam hull?

And J - thanks for not getting pissed off at my post. I was hoping you wouldn't, but concerned you might.
Abundance
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Re: Owner Financing boats/permits

Post by Abundance »

The only knowledge of Bluefins that I have is from an uncle of mine that owns one. I personally could not tell one from a Little Hoquiam if you put a gun to my head. They must be rare, but I really couldn't say for sure. I've just always equated them with super high quality and rarity, which is probably why I threw it out there as an example of high price. I sure that they go for an equal price as a Little Hoquiam, which is to say absurd on a trollers income.
Garrett Hagen, F/V Abundance
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