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LhcBrad
08-12-2005, 05:23 PM
I have been browsing this forum for quite some time now and this is a great place for information so now i have a question for anyone who wants to chime in. I use to live on a boat in Santa Barbara and i loved it.The question is can you live on a boat on Lake Havasu? I dont think the marina allows it but can you live on the lake? I know it gets really hot in the summer and a bit chilly in the winter.Are there any laws concerning this or does anyone know anybody who has done this or is doing this on a full time basis?
Thanks for any help

Mandelon
08-12-2005, 05:27 PM
Why not build a nice big houseboat on some old pontoons and have at it....? Might be some BLM rules about it....keep us posted though....

LhcBrad
08-12-2005, 05:32 PM
If i was going to do it it would be a cruiser type boat 24-26 ft. Any ideas where the best place to anchor would be? Is the place by site six a good place?

Mandelon
08-12-2005, 05:36 PM
I'd think you'd want to keep moving around a bit. I know there are campsites on the water, but I don't recall seeing boats moored overnight.
The rules must be posted somewhere..... :confused:

h2oski2fast
08-12-2005, 05:42 PM
There used to ba a house boat that was moored in a cove on the AZ side near the bouy line down by the Springs. I heard they had to put it in a marina or get it off the lake.

LhcBrad
08-12-2005, 05:44 PM
I have seen the campsites but i think they are pay sites and i do not want to pay everynight i think the moving around might be a good idea I will do my homework on the rules

LhcBrad
08-12-2005, 05:46 PM
Do you know if you can live in the marinas?

Froggystyle
08-12-2005, 05:49 PM
With the house prices being retarded here in San Diego, my wife and I were thinking about selling our house for what we estimate is about $400,000 more than it is worth, but what it appraised at and buying a yacht.
An older but pimp yacht has already taken it's big hit money-wise and they haven't gone up like housing has. Way I figure it, we get out of the house with a pile of cash, get into a boat (that I want anyway) and wait out the inevitable crash that is going to happen when everyone who can't afford their new house payments from the re-fi's runs out of cash to pay it with from the re-fi and has to sell.
If that doesn't do it, the expiration of the interest free part of the loans will probably cayalyze the situation.
When only 3% of the population can afford a home... odds are pretty good they are going to get more affordable pretty soon. I figure I will sell at the top and wait it out.
Any advice on yacht living in SD?

ROZ
08-12-2005, 05:56 PM
Heck why not? Crocket did it :D

LhcBrad
08-12-2005, 06:00 PM
I lived on a boat for 15 yrs and it was great.It has some good and some bad yes it is alot less to live but you do not have any storage space and all your grocerys and laundry is hauled in and hauled out. It isnt very fun in the rain during an el nino year.The good thing is if you take the boat out you never forget anything because you have your home with you.Salt water takes it toll on a boat.To sum up the boat life you either love it or hate it.Its not for everybody. Ive never lived on a lake only on the ocean its the heat i am concerned about.I know they have AC for boats but the whole idea is to live cheap and AC costs $$

Mandelon
08-12-2005, 06:02 PM
Yeah, Wes. Slip rental is expensive. You will own a depreciating asset (yacht) instead of an appreciating one (real estate) and you will be renting space every month which is not deductible like mortgage interest.
But it would be fun.... :D Can I come visit? Check into the free boating mags they have at West Marine down in Point Loma, they have yachts listed for sale, some with slips. Take a tour around Shelter Island the yacht brokers are nuts to butts down there....

Froggystyle
08-13-2005, 07:46 AM
I am not so worried about making money on it. I am trying to ride out this crest while taking profits. I need to live in San Diego for business reasons, but really want to get out of my house.
My house is done appreciating. I can sell it for far more than it is worth, and I can own a yacht at the same time.
I figure one of two things is going to happen in a year.
A) The housing market will have somehow maintained, but I will be able to afford the house I actually want then, or...
B) The housing market will have taken the dump I think it is going to take, someone will have paid over $400,000 too much for my house and I will be sitting on about $750,000 cash and a yacht.
If I ride it out and it crashes I will be fine, as we are under-invested in our house right now and it is worth more than I owe in any market, so that is likely the path we are going to choose. We will forego the big payday in exchange for some stability right now considering what I am going through at work.
Regarding storage on a yacht... I am good with regard to that. All of my toys can stay at work, as well as all of the furniture. I would basically move into it like I would an apartment if I moved out. And with regard to groceries, we don't eat at home anyway, so we will just take advantage of the downtown eating scene.
I would look to berth downtown area for sure. Seaport village etc...

Freak
08-13-2005, 08:01 AM
What about the Barge homes. Shit couldnt you just buy a old barge and put a modular on it. Not a trailer a modular. Doesn't SD have a barge home community? Shit I'd love to have cash on hand and pay no property tax.
On that note. A old friend works for a large residential "McMansion" builder in the Bay area of California. They havent sold a house in 3 weeks, usually they sell 3-5 per week. Could be an anomaly but he said he talked on the weekend with someone who works in a real estate office, they said that they're not getting the kind of multiple offers they used to.
I think I hear a grinding sound.

single barrel
08-13-2005, 08:50 AM
My house is done appreciating. I can sell it for far more than it is worth
B) The housing market will have taken the dump I think it is going to take, someone will have paid over $400,000 too much for my house and I will be sitting on about $750,000 cash and a yacht.
I wish I had your money. The way I see it your house must be worth about $1.5 million dollars figuring you probably owe about $500,000 on it and can walk with $750,000 and a yacht that would cost probably about $250,000. One thing you might want to take into consideration is capitol gains. If all your furniture is going to be at your business anyhow, why not just live there and save all of the money made on your house? From what I've read about you, you seem to practically live there now already.

al cole'holic
08-13-2005, 09:03 AM
With the house prices being retarded here in San Diego, my wife and I were thinking about selling our house for what we estimate is about $400,000 more than it is worth, but what it appraised at and buying a yacht.
An older but pimp yacht has already taken it's big hit money-wise and they haven't gone up like housing has. Way I figure it, we get out of the house with a pile of cash, get into a boat (that I want anyway) and wait out the inevitable crash that is going to happen when everyone who can't afford their new house payments from the re-fi's runs out of cash to pay it with from the re-fi and has to sell.
If that doesn't do it, the expiration of the interest free part of the loans will probably cayalyze the situation.
When only 3% of the population can afford a home... odds are pretty good they are going to get more affordable pretty soon. I figure I will sell at the top and wait it out.
Any advice on yacht living in SD?
...good plan Wes, sell the house and buy a nice yacht! Then 5 years down the road when you are still waiting for the "bubble to burst" and realize you ain't buying in San Diego again you can charter over to Texas where you can use the cash in the yacht to get back on dry land...heheheheehee :rollside:
Obviously I am talking shiat cause when you start pumping out Revolution's @ $160k a piece you won't be worried where the market is :D :D

Froggystyle
08-13-2005, 09:48 AM
What about the Barge homes. Shit couldnt you just buy a old barge and put a modular on it. Not a trailer a modular. Doesn't SD have a barge home community? Shit I'd love to have cash on hand and pay no property tax.
On that note. A old friend works for a large residential "McMansion" builder in the Bay area of California. They havent sold a house in 3 weeks, usually they sell 3-5 per week. Could be an anomaly but he said he talked on the weekend with someone who works in a real estate office, they said that they're not getting the kind of multiple offers they used to.
I think I hear a grinding sound.
Our agent, who sells a ton of houses hasn't had a single house over $700 sell in the over 60 days.
I hear the grinding too.

Jordy
08-13-2005, 09:52 AM
Any advice on yacht living in SD?
Good luck finding a slip. When I used to hang out on Coronado about a year ago, most the places in the harbor area had a couple year waiting list for slips. Talked to a few boat brokers who ran around down there and they were saying that they would have all kinds of boats sold, but there is no place to slip them. Even trying to find a transient slip over the 4th was next to impossible as most places I talked to don't even deal with that anymore when they can have it filled up month to month, rather that just on the weekends. ;)

rivercrazy
08-13-2005, 09:58 AM
Wes - I also believe the market is due for a correction. I wouldn't call it a crash. But lower than historical interest rates, supply/demand imbalance, coupled with speculative buying (i.e. gambling) really drove the market for a while. The introduction of scam loan products (like interest only programs and negative amortization loans) only extended the current overvalued housing market (also the commercial / industrial market as well).
The only thing I would worry about is your tax implications. You can take your $500K gain exemption. I forgot the rules on this. I believe you might have to redeploy the proceeds of the sale into another property within a certain time frame. But forgot is that is correct or not. I might be confusing it with a 1031 exchange on investment property. But then again, perhaps the yacht would qualify as a residence (probably does). But then your stuck holding it for at least 2 years if the yacht appreciates.

burtandnancy
08-13-2005, 09:59 AM
A lot more restrictions living on a fresh water lake, like grey water and black water pumps outs, etc. When I had a slip at Lake Mead, there was talk that the "permanent" people were only allowed so many days continuously. I've also heard they either seal up your head, or put a dye in your holding tank at Catalina. Don't know all the details on that one.

Freak
08-13-2005, 10:23 AM
Wes - I also believe the market is due for a correction. I wouldn't call it a crash. But lower than historical interest rates, supply/demand imbalance, coupled with speculative buying (i.e. gambling) really drove the market for a while. The introduction of scam loan products (like interest only programs and negative amortization loans) only extended the current overvalued housing market (also the commercial / industrial market as well).
The only thing I would worry about is your tax implications. You can take your $500K gain exemption. I forgot the rules on this. I believe you might have to redeploy the proceeds of the sale into another property within a certain time frame. But forgot is that is correct or not. I might be confusing it with a 1031 exchange on investment property. But then again, perhaps the yacht would qualify as a residence (probably does). But then your stuck holding it for at least 2 years if the yacht appreciates.
You can take the exemption one in a life time. Or so we have been told - fingers crossed. We just did it for my mother.

rivercrazy
08-13-2005, 10:33 AM
Pretty sure you can take it again. But you have to live in the new residence a minimum of 2 years.

Froggystyle
08-13-2005, 10:34 AM
I wish I had your money. The way I see it your house must be worth about $1.5 million dollars figuring you probably owe about $500,000 on it and can walk with $750,000 and a yacht that would cost probably about $250,000. One thing you might want to take into consideration is capitol gains. If all your furniture is going to be at your business anyhow, why not just live there and save all of the money made on your house? From what I've read about you, you seem to practically live there now already.
Well, if you want to nitpick. I owe about $340K on the house, it appraised at $985K and I figure it is worth about $500K. That is $645 liquid cash at the end of the sale minus fees and crap.
I wouldn't pay cash for a yacht when the terms are better than house pricing right now. Figure $40K down, and a low payment per month. Walking away with over $600K and a place to live.
Sounds like a deal to me....

Froggystyle
08-13-2005, 10:39 AM
The captial gains exemption is for every residence you live in from what I understand, otherwise we would be screwed in any case as we made a pile off of the last house we sold as well.
I also think it is $250 per owner. $500 for a married couple obviously.
So I shelter $100K in a boat company.. I can live with that. God forbid I pay taxes on a $600K+ gain. ;)

Freak
08-13-2005, 10:40 AM
Pretty sure you can take it again. But you have to live in the new residence a minimum of 2 years.
Yes you have to reinvest it. I mean take the profit and not reinvest or pay capitol gains tax - once in your life.

Froggystyle
08-13-2005, 10:48 AM
Yes you have to reinvest it. I mean take the profit and not reinvest or pay capitol gains tax - once in your life.
I don't think this is true, but I will take your word for it.
We have done this twice already, and were completely legit on the tax program.
I know it used to be like that, but it changed several years back.

Freak
08-13-2005, 11:15 AM
I don't think this is true, but I will take your word for it.
We have done this twice already, and were completely legit on the tax program.
I know it used to be like that, but it changed several years back.
DON"T TAKE MY WORD FOR IT!

LhcBrad
08-13-2005, 03:28 PM
Thanks for everyones input. And concerning real estate i think the first sign of a weaker market is when you see more and more prices being reduced and i am seeing that now.To me that is the start of a slower market nobody knows how slow or how long but it has to happen its way out of whack now! Just my 2 cents though

totenhosen
08-13-2005, 09:05 PM
I don't think this is true, but I will take your word for it.
We have done this twice already, and were completely legit on the tax program.
I know it used to be like that, but it changed several years back.
Wes, you are allowed to take a $250K exemption (or $500K if married). The home must have been your primary residence for two of the past 5 years. (Not sure about this but I think you might be able to do it only once every 5 years)
So ultimately it depends on on much you bought the house for, less what you sold it for less any capital improvements you've made to the home.
Can't do a 1031 exchange on a primary residence.

totenhosen
08-13-2005, 09:08 PM
Thanks for everyones input. And concerning real estate i think the first sign of a weaker market is when you see more and more prices being reduced and i am seeing that now.To me that is the start of a slower market nobody knows how slow or how long but it has to happen its way out of whack now! Just my 2 cents though
There was a little bit of a slowdown last year at this time period as well. Those reductions seem to be in homes that were overpriced even for today's market. But I do agree that things will slowdown with the increase in interest rates.

HavaPaul
08-14-2005, 08:09 AM
Used to be first mate on this thing. The Windchime Oceanside Ca. What a nice little harbor. Living on the water and crusing is my destiny.
http://www.freewebs.com/thewindchime/

HavaPaul
08-14-2005, 08:23 AM
I have also wondered about living on a houseboat on the lake. As for air conditioning. I was thinking of a way to use the cold water that is found quite a few meters below the surface to cool heat exchangers for cooling. You can expect the water temp to be slightly warmer than the water temp up river. Solor power and wind generators work real well, generators are good for power security but seldom needed. Of course power inversion will give you 120v for the big refer and ice maker. A desalination system (fresh water in this case) would give you drinkable water.
Also remember that fresh water rots wood, but salt water eats metal.
I'll be crusing someday.

meaniam
08-14-2005, 08:24 AM
Wes - I also believe the market is due for a correction. I wouldn't call it a crash. But lower than historical interest rates, supply/demand imbalance, coupled with speculative buying (i.e. gambling) really drove the market for a while. The introduction of scam loan products (like interest only programs and negative amortization loans) only extended the current overvalued housing market (also the commercial / industrial market as well).
The only thing I would worry about is your tax implications. You can take your $500K gain exemption. I forgot the rules on this. I believe you might have to redeploy the proceeds of the sale into another property within a certain time frame. But forgot is that is correct or not. I might be confusing it with a 1031 exchange on investment property. But then again, perhaps the yacht would qualify as a residence (probably does). But then your stuck holding it for at least 2 years if the yacht appreciates.
im studing real estate right now and i belive the laws on having to hold your house for 2 years has changed