Forums39
Topics38,655
Posts312,459
Members26,568
|
Most Online2,218 Jan 21st, 2020
|
|
23 registered members (CaribbeanCanadians, Buddyhog, George1234, Husker, GeorgeC1, BillB42, DanandJanel, BSer, SXMScubaman, bkigar, Cleobeach, JeanneB, duckfat, deliveryskipper, LINNY, NeilCanada, 7 invisible),
1,069
guests, and 80
spiders. |
Key:
Admin,
Global Mod,
Mod
|
|
|
Re: Owners- I am dreaming talk reality to me.
[Re: katyordy]
#310633
12/21/2023 12:21 PM
12/21/2023 12:21 PM
|
Joined: Nov 2021
Posts: 375 New Paltz, NY, Narragansett, R...
skipdastraw
Traveler
|
Traveler
Joined: Nov 2021
Posts: 375
New Paltz, NY, Narragansett, R...
|
We seriously looked into this pre-covid. You sound like me- all giddy and enthusiastic. I had months of communication and ran numbers every which way hoping to make it look more attractive than it really was. And I finally came to a few conclusions. The way our numbers ran, there was no real profit to be had. The profit was being able to use the boat for our vacations ( although not too much because you had to at least break even!). It also isn't as cut and dry as you think where it comes to "writing off your vacation". I will just leave it at "you can't have your cake and eat it too" with income/taxes. The other part is that no matter what, boats are a declining asset. In a few short years that new boat is now an old boat and you are faced with choices. I was someone that also needed the numbers and those numbers weren't anything like I expected. Also be sure to be honest with yourself if you are really a boat person or are you just looking for a way to get yourself to the BVI more and this seemed a promising thought? I was the latter. I love being on the water, love boats but I finally realized boats are small quarters and while fun for a vacation once in a while, I had no desire to make it a habit. You may very well be the opposite but ask yourself the hard questions and take a LOT of time and do a LOT of research before deciding. I started out with one feeling and at the end of the process felt completely different. We scratched the boat and bought a beach cottage instead and were instantly profitable. Land. Buy Land. They aren't making more of it.
|
|
|
|