The Magellan condo idea -- I'm thinking about it

We're looking forward to a period AFTER retirement and BEFORE we need a
[residential facility with medical care] during which such a traveling
"residence" might be wonderful. It might cost about $250-300k for two
years, so it's a significant chunk of our assets, but if the project
succeeds there's a possibility that we'll break even when it's time to
move ashore.

Have you looked at this idea? Others like it? What do you think?

Ike

Ike wrote:
We're looking forward to a period AFTER retirement and BEFORE we need a
[residential facility with medical care] during which such a traveling
"residence" might be wonderful. It might cost about $250-300k for two
years, so it's a significant chunk of our assets, but if the project
succeeds there's a possibility that we'll break even when it's time to
move ashore.

Have you looked at this idea? Others like it? What do you think?

Ike

Someone else just mentioned this in a previous posting. (or was that
you?). I looked at the website but it says to send for a brochure for
the pricing. Have you checked this? The condos and itinerary look
wonderful. The fine print at the bottom says maintenance fees are
between $96,000 and $250,000. What are the initial costs to buy, can
you lease it for when you wish to be ashore and is it hard to resell
when you tire of it?

Travlr

Travlr wrote:


Ike wrote:
We're looking forward to a period AFTER retirement and BEFORE we need
a [residential facility with medical care] during which such a
traveling "residence" might be wonderful. It might cost about
$250-300k for two years, so it's a significant chunk of our assets,
but if the project succeeds there's a possibility that we'll break
even when it's time to move ashore.

Have you looked at this idea? Others like it? What do you think?

Ike

Someone else just mentioned this in a previous posting. (or was that
you?). I looked at the website but it says to send for a brochure for
the pricing. Have you checked this? The condos and itinerary look
wonderful. The fine print at the bottom says maintenance fees are
between $96,000 and $250,000. What are the initial costs to buy, can
you lease it for when you wish to be ashore and is it hard to resell
when you tire of it?

Travlr


I won't know the numbers and details till the information gets here
(next week, I guess). I "think" we can stay aboard half a year, or a
year, and rent our unit out when we don't use it. Of course, I have no
idea of the terms, etc. so cannot even guess at net expenses. But if the
concept "works", it might break even.

Ike

Ike wrote:
We're looking forward to a period AFTER retirement and BEFORE we need a
[residential facility with medical care] during which such a traveling
"residence" might be wonderful. It might cost about $250-300k for two
years


Well, we have more information.
That's probably about the right number for the size living quarters we'd
want - but the financial formula "works" only if the project succeeds
AND the condos are resellable after that period, at or above the
purchase price. If the project fails we'd remain liable for a huge sum,
but I'm not sure what would happen to the ship...

Ike