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  #21  
Old 08-24-2014
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Re: Anyone ever sold at a profit?

I bought a Catalina 30 for $25,000 and sold it for $28,000 after using the hell out of it for 5 years, I did add some stuff to it, Autopilot, Bruce anchor, BBQ, and a few other accessories that don't add up to much. The bottom was painted a year before I got it and I didn't paint it in the five years I had it, at haul out for survey the paint still looked good and didn't have any growth (wish I knew what brand it was). I had canvass covers on all exterior brightwork so I only had to varnish once. Like I said I sailed the hell out of it, almost every weekend and here in So Cal that is year round. I'd say I made a profit because the cost of owning v.s. renting (almost every weekend) was cheaper.
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  #22  
Old 08-24-2014
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Re: Anyone ever sold at a profit?

There is one group of people that do it all the time. They are called boat brokers......

Seriously, my dad has a friend who did make money for a while flipping boats. He'd go crusing around the yards and look for a boat with a state sticker a couple of years out of date. Inevitably they were for sale. He'd clean them up and turn around and sell them for a modest profit.
Brian
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  #23  
Old 08-25-2014
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Re: Anyone ever sold at a profit?

Quote:
Ya mean to tell me my wife is right AGAIN??? ☺ of course it would really make her happy to know I had to confirm her opinion with the sailing crowd. I don't think I'll tell her about this thread...
Fact is, that if you are buying a cheap enough boat that is in sail away condition (small trailerable), then it doesn't make much difference. Say you buy a FJ for $800, and in three years you sell it for $600. You lost $200 and sailed in a super fun boat for three years. Obviously the kicker is that you will have maintanance expenses. But, you can sneak those in over the years without being noticed.
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  #24  
Old 08-25-2014
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Re: Anyone ever sold at a profit?

A friend bought a Pearson26 around 1989, sold it about two years later and yes, made a modest profit on it. By cleaning it up nicely and not installing anything expensive while he owned it, and probably catching the market at the right times, and getting a good buy on it.

Is that typical? No. The odds favor your wife.


"would you count the time you spent mowing the lawn or fixing the gutter.against the profit."
Actually, the expense of fixing the gutter would be accepted by the IRS against the capital cost of the house and any capital gains/loss at sales time. Your own unpaid labor would be counted as what you paid for it, worthless, but if you hire a pro, the whole thing could be itemized against the "cost" of the house, IIRC.

Last edited by hellosailor; 08-25-2014 at 06:19 PM.
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  #25  
Old 08-25-2014
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Re: Anyone ever sold at a profit?

ive made a profit on almost all the boats I have owned when you look at price I bought for and price I sold for....

only on 1 did I trully make a net profit even after factoring useage, maintenance and mooring...but it was only 2 years in my name...

on others I have had the pleasure of enjoying them and not taking a huge loss(useage wise) or at least same price sale wise...

fwiw
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  #26  
Old 08-25-2014
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Re: Anyone ever sold at a profit?

We purchased a 15 year old '82 Allmand 31 that had been pretty well cared for with lots of stuff aboard for $24,000. Since she had a couple of dock rubs and repairs we had her freshly professionally painted for about $3500. I redid the over head. The overhead was a painful, dirty job but we did it ourselves so cost was not so painful. We were doing this vessel for our own use. We did it to our taste and really had no plans to sell.

We had picked the vessel for her shallow draft and ease of bay sailing. I made a new bimini and sail cover so canvas was fresh. I did this for cost of materials.

We had some ladies who wanted an Allmand 31 and wanted to see Captiva. I had put pictures on the owners web site to show how one could upgrade the interior and when they saw her, they asked if she was for sale. She wasn't. They kept coming back asking if we would at least give them a price we would accept for her. We again said she was not for sale.

Well the third time they asked if she was for sale we figured to get rid of them we would ask for a price no one would pay. My husband was going to be having a couple of surgical upgrades, himself so we know he would not be sailing for about 9 months. We threw out a price of $36,000. No other Allmand was listed for that price. They asked to see the boat again and they said they would buy it.

Are you kidding???? We were shocked but we decided nothing like that would ever happen again so, yes we sold our boat. There is always another boat waiting around the corner.

So I think the key is having someone who wants to buy your boat. Location can be impactful. We had a vessel suited for the Chesapeake Bay cruising. If you are buying to sell it helps that potential buyers want your vessel for it's use either cruising or racing or just messin around in a nice starter boat.

Try to keep it real when it comes to a purchase cause the sale may not happen as quickly as you may wish. We were very lucky......

Leslie

s/v Tango, Cabo Rico 34
Lankford Bay Marina
Chester River, MD
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  #27  
Old 08-25-2014
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Re: Anyone ever sold at a profit?

I am a resto-junkie, and yes, I have made a profit if you don't consider my time invested. But I didn't try to sell a boat until after the US economy went south. I do 95% of the work myself because I enjoy it, and because I like knowing I can find and fix most anything on my boat. I have made a nice profit flipping houses and cars in the past, but I don't think there is a market in the US right now for flipping anything (cars, houses, boats, bicycles . . .). If you have the know how and are willing, there is likely some money to be made repairing boats that belong to other people. I have been offered boats in need of repair for free to get them out of the yard/off a slip. So I know you can get them dirt cheap right now, but you would have to store them until the market for grown up toys returns to be able to sell them for a real profit. just MHO
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  #28  
Old 08-25-2014
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Re: Anyone ever sold at a profit?

Quote:
Originally Posted by eherlihy View Post
I have not, but understand that this is how to do it;
  1. buy late model boat (Bene-hunt-alina) that has suffered some kind of mishap at a discount
  2. immediately put the boat into charter service
  3. deduct any and all improvements/repairs as a business expense
  4. after two years, once the boat is squared away, sell it at a (modest) profit
I don't want to start an argument here but I have to say that based on my experience with folks who have done this, that would be the perfect example of how to lose money on a boat.

I have made money on quite a few boats that I have owned. The pattern I have followed has been to buy high quality boats that have been raced so they were loaded with sails, with a good engine, but which was cosmetically rough. Most did not take all that much effort to put into shape. I typically sold them in a year or two and made 15-25% and enjoyed sailing them while I had them. A few I broke even on, and a few I merely enjoyed owning but those were boats I owned for a longer time and which were in better shape when I bought them.

Jeff
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  #29  
Old 08-26-2014
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Re: Anyone ever sold at a profit?

I'm actually with Jeff... Someone posted a "racing boat" for sail and somehow thought the fact that it wasn't "raced" was a good thing. Something about not having been modified from original.

My thoughts? If boat is truly raced, it has had it sails kept up to date (rarely older than 5 years old), all the running and standing rigging will have been cycled through as necessary, bottom is properly faired and protected, and all systems are functional (or it wouldn't be a very good race boat would it?)...

Obviously some of the niceities for a cruiser wouldn't be there (dodger/bimini, electronics/nav)... but for flipping boats, I think race boats might be easiest.
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  #30  
Old 08-26-2014
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Re: Anyone ever sold at a profit?

Quote:
Originally Posted by kb3pwc View Post
We purchased a 15 year old '82 Allmand 31 that had been pretty well cared for with lots of stuff aboard for $24,000. Since she had a couple of dock rubs and repairs we had her freshly professionally painted for about $3500. I redid the over head. The overhead was a painful, dirty job but we did it ourselves so cost was not so painful. We were doing this vessel for our own use. We did it to our taste and really had no plans to sell.

We had picked the vessel for her shallow draft and ease of bay sailing. I made a new bimini and sail cover so canvas was fresh. I did this for cost of materials.

We had some ladies who wanted an Allmand 31 and wanted to see Captiva. I had put pictures on the owners web site to show how one could upgrade the interior and when they saw her, they asked if she was for sale. She wasn't. They kept coming back asking if we would at least give them a price we would accept for her. We again said she was not for sale.

Well the third time they asked if she was for sale we figured to get rid of them we would ask for a price no one would pay. My husband was going to be having a couple of surgical upgrades, himself so we know he would not be sailing for about 9 months. We threw out a price of $36,000. No other Allmand was listed for that price. They asked to see the boat again and they said they would buy it.

Are you kidding???? We were shocked but we decided nothing like that would ever happen again so, yes we sold our boat. There is always another boat waiting around the corner.

So I think the key is having someone who wants to buy your boat. Location can be impactful. We had a vessel suited for the Chesapeake Bay cruising. If you are buying to sell it helps that potential buyers want your vessel for it's use either cruising or racing or just messin around in a nice starter boat.

Try to keep it real when it comes to a purchase cause the sale may not happen as quickly as you may wish. We were very lucky......

Leslie

s/v Tango, Cabo Rico 34
Lankford Bay Marina
Chester River, MD
You for got the 5 dollar dingy that we picked up and sold for over 500 bucks. IMO that 'Presentation' is a key word in selling a boat at profit if not sold at all.. You'd be surprised at the number of vessels that we've looked at prior to our current boat that we turned away from 'cause of poor first impressions..how some people don't at least clean their boats or show poor maintenance...If one expects his asking price.
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