Taking Equity out of Home to Go on Guided Hunts

[mtwarden]

I lean towards the book a Dall hunt first with money you have- typically you'll need a few thousand down and the way things are booking up- you'll have a couple of years to save for the remainder.

In the meantime, take the advice of putting in for the multiple states that offer hunts on a draw AND putting some $ (should be tax deductible) towards the dozens of raffles held each year. I posted a thread several months ago about my buddy winning a sheep hunt (Yukon) and was surprised that several members posted that they too had won hunts in the past.

A pretty good collection of raffles here:

https://rokslide.com/forums/threads/2024-sheep-hunt-conservation-raffles.336513/

Best of luck!

 

[cbeard64]

The bottom line for the OP is that if he has a paid-for $1.5 million home and is still earning a living, he can get the Slam without ruining his financial condition. I imagine he is spot on about the hunt costs increasing faster than inflation. The market sure points in that direction. Heck, in 30 years population trends and politics may mean no sheep hunting at all.

I don’t think going into high interest long term debt is the best way to do it, however. But this has been a fun thread that makes you think about priorities.

Good luck!

 

[Gmr777]

Your mortgage interest would not be deductible for tax purposes. Cash out refi or heloc funds not used to improve your property are not deductible anymore. So no tax advantages.

 

[mxgsfmdpx]

Your mortgage interest would not be deductible for tax purposes. Cash out refi or heloc funds not used to improve your property are not deductible anymore. So no tax advantages.

View attachment 658640

He’ll be substantially improving his home with some awesome mounts though.

 

[atmat]

He’ll be substantially improving his home with some awesome mounts though.

Can you be my CPA?

 

[S.Clancy]

I can't imagine doing this to hunt sheep, but from a financial standpoint it's not completely ridiculous.

If I were you I would sell the house, buy a small one in a certain state, put the rest in a money market, then work 6-8 months and hunt/fish the other 4-6.

 

[WRO]

You only live once, I know lots of guys with bigger bank accounts than me, but not many with the memories that I have.

Live out your dreams, the memories will last a lifetime. If you can swing it, go for it.

 

[schmalzy]

The bottom line for the OP is that if he has a paid-for $1.5 million home and is still earning a living, he can get the Slam without ruining his financial condition. I imagine he is spot on about the hunt costs increasing faster than inflation. The market sure points in that direction. Heck, in 30 years population trends and politics may mean no sheep hunting at all.

I don’t think going into high interest long term debt is the best way to do it, however. But this has been a fun thread that makes you think about priorities.

Good luck!

Well said.


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[wind gypsy]

If a guy doesn't have a wife and a retirement plan that is impacted, i could see doing this. Be a pretty hard sell if it impacts when a guy and his wife can retire, impacts ability to pay for unforeseen health costs in retirement, contributions to kid's college $, etc.

I probably haven’t. The ones I’ve consulted with seemed to be way more interested in pointing me towards investing in market vehicles that earned them $$. Same with stockbrokers. They always preached self-denial (calling it “discipline”) and emphasized having a big amount socked away for retirement. Their plans pretty much always assumed me living to well into my 90s and treating those later years as if I would have the same needs as I do in my 60s. They never mentioned facts like S&P 500 index funds are practically cost-free and beat the performance of about 75% of mutual funds. They also seemed leery of investments like business and real estate investment opportunities. I always assumed this was probably because handling my own finances and/or putting my $$ in investment vehicles that didn’t involve them didn’t fit their agendas.

I’m not really knocking financial advisors but (like everyone else) they can’t work for free. I always figured if I had sense enough to get my education, build a professional career, and make the $$ - I probably had sense enough to do my own financial planning. Financial planners aren’t the only ones who can understand math, cost, risk, etc. No doubt some of my colleagues who use financial planners have done better $$ wise but many have done worse also.

I’m sure I just never met the right guy/gal, but I never met one I felt was really listening to me and taking a holistic approach. So in my mind that left only me.

Preach!!

I was hoping for a financial advisor that could help me make the most tax efficient decisions taking into account our rental property and help with business uses of our recreational land to lower tax burden if possible, etc where things get more complex. I'm not expecting magic where the law doesn't allow, just a discussion on why there is/isn't a better route. The last dude told us to take the cash earning 4.5%+ interest to pay off our 2.75% mortgage when the mortgage interest is included in our itemized deductions.. There wasn't time to discuss why that suggestion would make sense.

I've become very suspicious of anyone pushing investment vehicles where they take a guaranteed cut. I'd happily pay a high hourly rate for coming up with a plan that doesn't involve advisor getting a guaranteed cut but it doesn't seem most want to operate that way.

 

[WRO]

If a guy doesn't have a wife and a retirement plan that is impacted, i could see doing this. Be a pretty hard sell if it impacts when a guy and his wife can retire, impacts ability to pay for unforeseen health costs in retirement, contributions to kid's college $, etc.



Preach!!

I was hoping for a financial advisor that could help me make the most tax efficient decisions taking into account our rental property and help with business uses of our recreational land to lower tax burden if possible, etc where things get more complex. I'm not expecting magic where the law doesn't allow, just a discussion on why there is/isn't a better route. The last dude told us to take the cash earning 4.5%+ interest to pay off our 2.75% mortgage when the mortgage interest is included in our itemized deductions.. There wasn't time to discuss why that suggestion would make sense.

I've become very suspicious of anyone pushing investment vehicles where they take a guaranteed cut. I'd happily pay a high hourly rate for coming up with a plan that doesn't involve advisor getting a guaranteed cut but it doesn't seem most want to operate that way.

What happens when you big retirement dreams and you’re too old and f’d to do them. I’d rather work until 70 and do a ton of fun shit in between than have a ton of money and no health to use it.

 

[wind gypsy]

What happens when you big retirement dreams and you’re too old and f’d to do them. I’d rather work until 70 and do a ton of fun shit in between than have a ton of money and no health to use it.

Completely agree a guy's gotta live when he's got the health, how that looks is different for everyone. I highly doubt shooting a slam is a markedly better experience than 4 good mountain goat, elk, deer, bear, wolf, moose, caribou etc hunts but it probably costs a bunch more. For many people taking that $ away from your family's financial security for (again for MOST people) the vanity of saying you have a slam and 4 heads on the wall seems pretty selfish.

 

[WRO]

Completely agree a guy's gotta live when he's got the health, how that looks is different for everyone. I highly doubt shooting a slam is a markedly better experience than 4 good mountain goat, elk, deer, bear, wolf, moose, caribou etc hunts but it probably costs a bunch more. For many people taking that $ away from your family's financial security for (again for MOST people) the vanity of saying you have a slam and 4 heads on the wall seems pretty selfish.

Sheep get in your blood, the experience of the mountains in the north is irreplaceable.


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[cbeard64]

Completely agree a guy's gotta live when he's got the health, how that looks is different for everyone. I highly doubt shooting a slam is a markedly better experience than 4 good mountain goat, elk, deer, bear, wolf, moose, caribou etc hunts but it probably costs a bunch more. For many people taking that $ away from your family's financial security for (again for MOST people) the vanity of saying you have a slam and 4 heads on the wall seems pretty selfish.

I’ve hunted just about all NA game and can assure you that sheep (and mountain goat) hunting is a completely unique experience.

I also have all 4 NA sheep and can also assure you the decision to reach for that goal was completely personal. Vanity had nothing to do with it. I don’t really concern myself one way or another with what others think about it.

 

[ladogg411]

I’ve hunted just about all NA game and can assure you that sheep (and mountain goat) hunting is a completely unique experience.

Everyone is so different. I have a desert ram and a mtn goat (famous areas). I'm still the same person as before. Great hunts, but not any more memorable or unique than many other hunts. I can't imagine using home equity for sheep hunting.

I just hope the OP takes out a little extra cash for hookers and blow!

 

[wind gypsy]

Sheep get in your blood, the experience of the mountains in the north is irreplaceable.

What about them gets in your blood? They are freaking cool so I'm sure that's true for some people but I also think it's BS for lots of others who just want to convince themselves they're sick for it because sheep are expensive and exclusive. My sample of 1 AK dall hunt was great. Beautiful place, great experience, but i could go hunt griz, caribou, moose, or wolves in the same country for a fraction of the price and have the same experience of the mountains in the north. I did hunt griz on the same trip, shot a wolf, and would have had a go at caribou if the outfitter was licensed for them. All from the same supercub drop. Is the trophy, tactics, and meat of a dall a step up from the other species mentioned? IMO yes, but it's not like it's on some whole new mythical level. It was a sweet freakin trip but it still felt like buying an animal and was less fulfilling than shooting a 300" public land elk DIY on an easy to draw tag.

 

[MuleyFever]

I may be in the minority but I dont have the desire to spend a small fortune to hunt sheep. I also think they are the ugliest of the north american game and would never have one mounted. The skulls/horns look cool though.

 

[hunt1up]

I’m a low/no debt kind of guy so this idea would be a hard no for me. I booked a Dall hunt last year for 2025. I put down the required 25% and then just cash flowed a high yield savings account to cover the remaining amount when the hunt arrives. Basically 2.5 years to cash flow it. Can I do that with all 4 sheep? Probably not. But I’m ok with that.

I’d figure out how much you need to save per month and sock it away in something with some growth and not give all that money to a bank.

 

[Cspraggins]

What is your opportunity cost on this if you instead chose to invest those funds over 10 years with compound interest? I’m pretty positive in 10 years you could pay for a sheep hunt every three years with the dividends and earnings on those funds alone, and then bankroll future hunts as well from the earnings on said investments. Sometimes it pays to wait and let your money work for you. Life is a marathon, not a sprint. Listen closely to the financial advisors above.

 

[schmalzy]

What is your opportunity cost on this if you instead chose to invest those funds over 10 years with compound interest? I’m pretty positive in 10 years you could pay for a sheep hunt every three years with the dividends and earnings on those funds alone, and then bankroll future hunts as well from the earnings on said investments. Sometimes it pays to wait and let your money work for you. Life is a marathon, not a sprint. Listen closely to the financial advisors above.

What if you’re in mile 20 of the marathon? Keep playing it safe and finish or push for a personal FKT?

Do you think that growth and dividend yield is going to keep up the pace with the significant increase in hunt costs while servicing the debt on the mortgage?

I’m all for investment, but I don’t know if OP has 10 years to wait. And for what gain, to not have a 20% LTV (loan to value, I may have butchered this term) mortgage?

A lot can happen in ten years. Get injured, significant sheep population decline, another pandemic, etc.


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[Geologist]

I live a decently baller life, with lots of impulse purchased toys and experiences. The main reason for this is that I don't leverage other people's money. I pay-to-play with my own money, not the bank's. IMHO, taking out a loan at the terms described by the OP is not a sound financial plan.

For someone in OP's shoes, if his financial situation is accurately described, a grand slam is well within the realm of self financing by tightening the belt elsewhere.