How would I go about financing a boat slip?

Question

I'm thinking about buying a boatslip in a new area as an investment. Would I have to sign a mortgage style loan on it (10-30 years), or would it be like a personal loan where I'd have to pay it off in 60 months?

That sucks though. The point is to rent it to someone else who can make my payments for me similar to rental properties. A consumer loan, however, wouldn't work out because my payments would be sky high on a $55k boat slip with a 60-month note.

Answer 1

You can probably get a consumer loan for 5 years...if your credit is good and your income sound, you may be able to do it as unsecured.