Hatteras Resale Prices

[dottieshusband]

"Maybe it's good u guys are all retired, cause even a little risk taking is clearly too much. I risk capital every day"

+1... Plus, they've never made money factoring receivables.. get in to a good deal and the debt is very saleable.

[Boatsb]

I've never had the chance to sell an asset above its value. If its worth $150k getting 150 cash plus 50 on a note makes no sense. If someone can't afford it without additional financing they may not be the right buyer.

[rsmith]

"Maybe it's good u guys are all retired, cause even a little risk taking is clearly too much. I risk capital every day"

+1... Plus, they've never made money factoring receivables.. get in to a good deal and the debt is very saleable.

Bad debt is only saleable if your a big bank and the government bails you out with TARP. Most of us have been screwed over so many times by bad tenants and grifters we may be jaded. But when you've spent tons of money on lawyers trying to evict people and collect money only to end up with penny's on a dollar if your lucky you'll be shaking your cane too. Rental property's? You must be a neophyte. Because the tenant today has all the rights. How about commercial and industrial property? Yeah that's great. Took me 4 years to evict a commercial tenant. My lawyer and I sat in bankruptcy court and had the judge tell us that we couldn't evict the company because they needed to stay in business to pay off the other creditors. 2 million down the rat hole on that deal and I ended up when they liquidated with a contaminated property to remediate.

[Finalee]

No question if banks would finance these old girls the values would be higher. I'm not retired , have risked it all several times. Just would not risk a dime offering owner financing on a boat, or car for that matter. Real estate is a different story.
Even then its done because of a credit issue, or market slow down. Realestae has historically appreciated, which makes it an asset.

[Tinman]

Price her right and let her go...remember the 'Repo' tv shows...banks hate keeping a Repo floating and usually need a lot of TLC.

[Finalee]

Bad debt is only saleable if your a big bank and the government bails you out with TARP. Most of us have been screwed over so many times by bad tenants and grifters we may be jaded. But when you've spent tons of money on lawyers trying to evict people and collect money only to end up with penny's on a dollar if your lucky you'll be shaking your cane too. Rental property's? You must be a neophyte. Because the tenant today has all the rights. How about commercial and industrial property? Yeah that's great. Took me 4 years to evict a commercial tenant. My lawyer and I sat in bankruptcy court and had the judge tell us that we couldn't evict the company because they needed to stay in business to pay off the other creditors. 2 million down the rat hole on that deal and I ended up when they liquidated with a contaminated property to remediate.

Now "dead beats" Completely new level of dastardly conduct. Oh and to top it off, when they do go to court it is with a court appointed attorney.

[dottieshusband]

Most states and municipalities apply the URLTA. It's never taken me more than 30 days to have a tenant evicted. Bad debt is hard to sell, that's why you sell it while it's a performing loan secured with a preferred ships mortgage.

[rsmith]

Most states and municipalities apply the URLTA. It's never taken me more than 30 days to have a tenant evicted. Bad debt is hard to sell, that's why you sell it while it's a performing loan secured with a preferred ships mortgage.

Yeah yeah yeah. Took me 6 months to get rid of this guy and he was a PHD that worked for Merk. Only got rid of him because he went back to India to make your Lipitor

[Tinman]

Bad debt is only saleable if your a big bank and the government bails you out with TARP. Most of us have been screwed over so many times by bad tenants and grifters we may be jaded. But when you've spent tons of money on lawyers trying to evict people and collect money only to end up with penny's on a dollar if your lucky you'll be shaking your cane too. Rental property's? You must be a neophyte. Because the tenant today has all the rights. How about commercial and industrial property? Yeah that's great. Took me 4 years to evict a commercial tenant. My lawyer and I sat in bankruptcy court and had the judge tell us that we couldn't evict the company because they needed to stay in business to pay off the other creditors. 2 million down the rat hole on that deal and I ended up when they liquidated with a contaminated property to remediate.

Just evicted a commercial tenant...now have to sue to collect...then get judgement/lien on a his property...then foreclose on property to get even...maybe. Lawyer fee's will be equal or more to debt owed if not contested. Also, have had a tenant go bankrupt...forget even trying to collect on that. Simply another form of welfare by the biased court system....all the rental laws are created by lawyer/ politicians. oh, forgot to mention the tenant just evicted was closing on a residential lot while he was being evicted...the very property we will be foreclosing on if not paid...go figure??lol

[HahnR]

We financed a good portion of our recent purchase, a '78 MY. We didn't borrow that much, but the bank will go up to 80% of the survey valuation or purchase price, whichever is less. Obviously we have good credit, & we've been at the same marina in the same town as the bank for 15 years. Our history shows it's a pretty safe loan for them, but just the same loaning 80% of a subjective price on a 40 year old depreciating asset definitely is a leap of faith on their part. No doubt our personal history was a much greater factor than anything they would recoup on a repo.

I would venture to say, a good deal of the purchases of these older boats are paid for with a first or second mortgage on a paid for or almost paid for home. I could for sure be wrong, but I would think most people with $150k - $200k of loose change in their pocket would probably buy something requiring a lot less effort to maintain than a 40 year old boat, unless that is just their hobby. I guess to answer Mark's question, I'm saying I don't know how much effect another form of creative financing would ultimately have on the market value of these old girls. It's just a certain type of individual in the market for them, not your everyday Joe wanting to be a boat owner.