Is it possible?

[BrickPearson26]

So I am graduating from college in a little over a month, and am planning on taking a year off before beginning the next step of my life - grad school. With this next year free I am hoping to do extensive sailing, with the Bahamas as my eventual destination.
I currently own a Pearson 26 that I have sailed extensively for the past few years, both single handed and with a crew in a wide variety of conditions. Unfortunately the Pearson short length limits its storage and cabin space for extended cruising, causing me to search for a larger boat.
I have plenty of time, and not a lot of money (4 years of school are not cheap). Therefore, I am looking for a 30' or larger monohull that is in need of significant TLC. I’ve seen the same advice repeated over and over on this forum, telling members to avoid project boats, saying that the eventual time and money required to fix them ultimately makes them uneconomical choices. However, I am very handy and am not easily discouraged by large projects.
What do you think is the bare minimum amount of money needed to outfit a boat for extended cruising, assuming that time, labor costs, and sufficient motivation are not issues?
Does this sound like a viable plan?
And lastly, where would I find a boat that meets this criteria (if such a boat exists)?
Any advice is appreciated. Thanks

[JohnRPollard]

I would think you could do what you plan in the boat you have.

Another young guy in somewhat similar circumstances (but boatless) has been posting here on SailNet. Many of us have been opining about budget and boats on these threads:

http://www.sailnet.com/forums/buying...-cruising.html

http://www.sailnet.com/forums/buying...boat-list.html

Good luck to you. Sounds like a great plan!

[T34C]

P26- Might help if you gave an idea of how much time you are willing to spend on this. If you only have a year total (15 months) you likely don't want to spend 9 months on a refit. Additionally, how much? Give at least an idea of your price range. boat/refit budget

[Stillraining]

Hmmmm....Maybe I had better rethink sending my kids to collage...I thought they would better learn there, to listen... to wisdom....

[buckeyesailor]

My oldest daughter graduated from Ohio State one year ago.....worked 2 or 3 jobs all through 4 yrs. and ended up with $13,000 in Student Loans.....
Let's assume you're as frugal as her.....(as if ANYone is!)
Aren't those loan payments due just any time now?
You have 15 mos. max....which you can cruise cheaply with about $$7,500 in provisions and a few misc. items (you ARE into Rice and Beans aren't you?)
Aren't you glad you gave up drinking?.....big savings there...
I'd stick with current boat.......anything else will eat up lotsa cash quick, not to mention time....

Cost?.....however much you have.......

and with NO sarcasm whatsoever.....I wish you all the luck in the world and do keep us posted will you?

I plan a three month Bahama Sabatical early '09......total cost including boat..... Minimum $20K
you already have a boat......so you're money ahead......

[uspirate]

I agree with the others. go with the pearson you own, make it work and go!

[BrickPearson26]

As far as my budget goes, it's not much. I could probably scrape together a little less than 10k, plus however generous my relatives are at my graduation party (although, if my high school grad. was any indication, it won't be much). Also, if I parted with my pearson I could hopefully get around 4-5k, but I'd only do that if I was sure that i found a good replacement

As for paying back the student loans, I've found that if I spread the loans out over a 15 year period, I'll be paying a minimum amount per year. I figure this will work the best, because money is the shortest supply right now. Why pay off all my loans when my income is at its lowest point? In a few years time money should no longer be an issue for me (i'm an extreme optimist), so paying off the rest of the loans will be a minor triviality.

[camaraderie]

If you are traveling alone...th P26 is plenty boat enough. Don't waste your limited $$ taking the losses that buying ad selling a boat will entail + all the refurbing time & expense. Go and have more $$ for Kaliks!

[buckeyesailor]

They don't teach logic in College do they?.......

Think compound interest......The longer you wait, the more it costs.
On top of those student loans.....tack on:
a house
a car
a wife (don't get me started on the cost of THAT one)
Kids...
another boat (it'll happen)
cable/phone/groceries/
GRAD SCHOOL!.....

I'm an optimist as well...........but reality is a cold, hard slap in the face.

bottom line........."no debt" is as good a feeling as you will achieve this side of Heaven.........

Unless your degree is in Boat Financing........then go for it.....

[T34C]

Originally Posted by camaraderie

If you are traveling alone...th P26 is plenty boat enough. Don't waste your limited $$ taking the losses that buying ad selling a boat will entail + all the refurbing time & expense. Go and have more $$ for Kaliks!

I agree. With that budget and the time frame you are considering. Dance with the one that brung ya'. Go and have fun. don't worry the bills will be there when you get back. As mentioned earlier there isn't a shortage of bills, enjoy while you can.