Puget Sound Pounder
Join Date: Nov 2008
Location: Bainbridge Island, Port Madison, WA
Thanked 8 Times in 8 Posts
Rep Power: 7
Re: Ideas and/or guidance
First, I would probably not do the charter business. My opinion, but I see those boats pushed hard.
Could not agree more. My wife and I chartered boats world wide for a good 15 years. While we were careful with the charter boats we saw so much abuse by others towards the boats that I would never EVER put a boat in charter. The tax laws have changed so much to the disadvantage of the charter boat owner, not worth it. My CPA said I would certainly be a huge target for the IRS if I tried any "business" write-offs on the charter boat. Just not worth it in many regards.
Location? Boy, the Carribean would sure be tempting. However, your costs are going to go up a lot on everything, from outfitting, slippage, insurance (which you will have to have), etc. Our insurance for 225k policy is 2800/year which includes all the gulf, bahamas, and all of the east coast. Our last quote to head to the carribean was 4800 I think.
Caribbean, $4800, ouch, I had no idea it was so expensive for insurance while operating down there, crazy! Dang!