Broker info

[thoward]

Would someone please explain to me the difference between "exclusive listing" and "open listing agreement". I get the basics but will my broker allow other brokers to show the boat?? Thanks in advance I a have never dealt with a broker before and what to make sure all my ducks are in a row!

Ginger

 

[Passages]

Exclusive listing means he is the prime agent representing the boat and as such, is entitled to a share of commission no matter who actually finds a buyer.

Open listing means he is free to market your boat but only gets paid if he finds a buyer or otherwise assists in getting the boat sold.

 

[Finalee]

In Real Estate Exclusive right to sell gaurantees the Listing Broker a commision regardless of where the Buyer comes from. To get the greatest exposure the Boat needs to be available to all other Brokers and they should be entitled to half the commision.

My boat is listed with Chuck Grice, and has been shown by other Brokers. The listing Contract States Exclusive Right . That being said, it is important that you and the broker be on the same page regarding what the language means.

 

[thoward]

Thank you!! Come on guys buy my boat so I don't have to deal with all this BS!

Ginger

 

[krush]

Can I write it off as a permanent residence?

 

[MicroKap]

You sure can write it off. You don't have to pay annual property taxes, just the one time state tax upon purchase. Also, any interest on your mortgage is deductible as well. Where else can you get a beautiful home on the water for that price, even if you included annual marina fees. You'd probably be doing all the work on her yourself, so labor is your sweat equity and you probably have contacts to get you parts at wholesale. At least from the Carolinas south it isn't too unreasonable to live aboard all year. The only thing that differs from real estate is that you definitely don't have an asset that will appreciate. I lived aboard for about half the year for three years and it's not a bad experience. I even slept through one nor'easter. The only drawbacks are in a house, you have 150-200 amp service. On the boat, you're primarily using a single 50 amp, so you have to flip breakers now and then to manage the loads.

 

[Finalee]

You can even use it as a second home. Similar tax advantages to a primary.

 

[thoward]

Also you can write at least part of it off as a business expense if you entertain any clients!!

 

[krush]

Yes, as you can see, I'm trying to justify thinking this through. Like in the other thread, I want to purchase something nice and plan on keeping it till it dies or I do (that's just how my family works lol). I drive POS cars and have no payments and no expenses or kids haha.

Got a free place to keep it (see other thread) and the only expense of boats for me is fuel, insurance, parts, and of course purchase price.

The only unknown is where I will be working in 10 months time....I plan on staying in VA though.

I'm sure I can record the hours to get captain license, then throw chartering into my bag of tricks and using some creative financing techniques turn a depreciating toy into a 1) place to live 2) money making (or loss minimizing) asset and 3) vacation machine. Is it possible to make this be anything but a 100% liability? Guess I should start a thread asking about charters.

My old man is retired and would sign up to be part owner/maybe the bank haha. Once my brother's house is finished, he'll need something else to keep him busy.