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Hi everyone. I need some input from some more seasoned sailors. I purchased an Irwin Citation 34 about the middle of last season. We used it quite a few times and had a great time. Anyway, it is a good boat, but leaves a bit to be desired. This spring while she was on the hard and I was cleaning her up for the season I spoke to a guy who is trying to unload his boat, a Pearson 365 as he is getting older and can't afford to keep up with his current boat. He bought the boat last year after it sunk as a salvage. They guy who owned it before him apparently was very particular about his boat and it was in really good shape. The boat was only totaled due to the obvious engine issues. I've toured the boat and it is in better shape than mine with no evidence of water damage. All the major issues I've read about have been addressed.

The current owner has rebuilt the engine, all that is left to do is finish the top end/head assembly. What he is asking for the boat is a really, REALLY good price, even if I had to rebuild the engine from the ground up again. My problem is if I go for this, I'd have to sell my boat, which I already paid the slip fee for. I'd have to pay to store two boats until I get one sold and I'd have to either finish up the engine myself or pay someone to do it.

Any advice? I'm here and I own a boat so I'm obviously used to the money faucet turned on at all times, but I don't want waste money either.

What would you do in my situation? Thanks in advance.
 

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Classic problem.

You know you came to the bar, with a question best for an alcoholics anonymous meeting. Here you’ll be told to buy three boats. 🙂

Really though, there is no good reason to own two boats at the same time. If you can afford it and the new boat is the right boat for you, it’s certainly been done by many of us before. If you press ahead, Imwoild want to be comfortable that I could deeply discount the old boat to move it, then hope for upside. As opposed to be grossly disappointed with how long it takes to sell.

As a parallel, I made an offer to buy another boat last Fall. I called my friend, who had expressed interest in my current boat, and offered it to him at least 25% below market value. He accepted and it was better to get it done, IMO. Unfortunately for everyone, my purchase fell through.
 

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Discussion Starter #3
Thanks for the response!

Apparently I'm good at making costly mistakes so this wouldn't be anything new. I figured I could sell my current boat well below market value and still come out ahead.

Things never go that easy though.
 

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It is the right time of year to sell your boat. But.
Is the P365 really going to change your life? If it flooded or sank, there will be more damage than you think. Every inch of wiring and all electrics that were flooded will be slowly but certainly rotting out, even if they work now. You've got no idea how good an engine job the other guy did--and that's only partly done. You will be lucky to get in the water by August, if you do the deal now and work fast. That's just assuming the usual "everything takes 3x longer on a boat" repair schedule.
If you consider all that, have your eyes open, and really crave the P365...by all means.
 

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'I'm obviously used to the money faucet turned on at all times'. If this is your attitude towards boat ownership, go ahead and buy a salvaged second boat; you can't be disappointed.
 

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A salvaged boat being sold unfinished by a short-term current owner who appears to be cutting his losses? What could go wrong?

If he is smitten by this boat, the OP would be well advised to pay for a legitimate survey before taking this any further. Then he might get a feeling for what is really ahead.
 

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No, never own two boats at the same time especially if they are 2,000 miles apart.

Peter O
'Ae'a, 1969 Pearson 35
Ms American Pie, Sabre 28
 

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The boat sunk! that is a real problem. You and a surveyor can inspect all you want but never see everything. As above the electrical system, all the wiring, all the connections, fuses, ect all can be and will be a problem down the road. Now let's talk about the interior where you can not see readily where moisture got into every nook and cranny - you can not dry them all our and eventually mold mildew and rot can take over and you will find it at the worst possible time -

I would run from a boat that sunk but that is just me.
 

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Wow, I read past the sunk part entirely and only grabbed onto the idea of owning two boats. Obviously, the warnings related to that, as opposed to simply being a fleet owner are warranted.

Two thoughts on the sinking.

First, there is a major difference between a fresh and salt water sinking. A short fresh water submersion can be addressed much more effectively (still a bad thing). That still requires a quick recovery, properly drying out, disinfecting, etc. Gallons of WD40. :) I wouldn't touch a salt water sinking, unless it was gut to the bones and refit entirely.

Second, I don't care how perfectly she's been salvaged, she'll always be a salvage. That substantially reduces demand, when you attempt to sell, which extends the sales lead time and lowers the price. If you buy it right, you could be fine, but that's hard to know.

Finally, since this boat hasn't been sailed at all, since her sinking, you have absolutely no way to know what to expect and neither will a surveyor. Surveys only observe the present, they do a poor job of predicting the future.
 

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Discussion Starter #12
Thank you again for all the responses. I'm really torn on this one. I spoke with the boat mechanic at my yard and he said that the boat is one of the better examples of the model he has seen and that he knew the previous owner and that he was meticulous with the boat. On the other hand, she was sunk in brackish water for a short period of time. Even though the boat is super clean with no signs of any superficial water damage, who knows what lurks. I was told replacing the head on the engine would be a one day job if hired out... so 5 days for me.

The current owner wants $5k for her as she sits. The boat is very clean and there is no evidence of the sinking. The slip for my boat is paid for for the year but has a max length of 36'. Hard storage for the Pearson is $400/month where it is now.

Here's some other details I was given:
Sails are good, genoa fairly new
Engine has <400 hours on it - Yanmar 3jh3e
Fuel tanks replaced with stainless
some upgrades to the rigging
I walked the boat, no soft spots on deck
 

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So, it got salt water in all the electrical connections and systems (brackish is still salt). 100% would need to be replaced for my satisfaction. You also have no idea how that engine will run, with it’s had back on. What if compressions are too low or the cylinders are compromised.

There is a reason it’s cheap. It’s a project boat. Most projects boats are nightmares, some work out.

Good luck on the call.
 

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Can you afford to have two boats for the time it will take to sell one of them. Don't know your market but we are in the prime selling season for boats right now. Unfortunately, the boat market hasn't been hot for some time and selling a boat could take some time. Usually it's a matter of offering the boat at an attractive price for it's condition. Might want to feel out local brokers and see what they think a realistic sales price is and the market in general. If you can live with the net sales value of the boat after commissions and there is a good chance of selling the boat quickly, owning two boats won't bankrupt you if your boat doesn't sell for a year, and you have a need for the bigger boat I'd lean to going for it.

Of course you want to get a good surveyor involved. Other peoples opinions of previous maintenance and condition of equipment doesn't mean squat. You've got to haul out and inspect each sail, test all the equipment, and enlist professional help for the rig, engine, etc if you don't feel confident in doing it yourself. How sunk was the boat?? If there is no visible signs of the sinking, it wasn't underwater long and if it was in very low salt content water, there are probably no great problems. Realistically, any boat that's been at sea in more than ideal sailing conditions will essentially have had a salt bath from the salt laden air. Wiring is your biggest concern but it can be redone for relatively small expense but a lot of time. Wiring is not rocket science until you get into electronics and those are probably toast or outdated in any case. Pulling the head, having the injectors rebuilt and doing a valve job is not that costly or difficult an enterprise. As in most sail boats, access is the biggest problem doing engine work. At 5k price, you could put $20K into the boat and still be well ahead. So the real question is do you need a bigger boat and can you easily withstand the monetary hit if one of the boats doesn't sell quickly?? Then again you could be like me and have two boats 'cause you have two slips to fill.
 

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Barquito
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For me, it would be hard to make this decision. It would come down to how much work and money the new boat would take to make good. In this case that is somewhat hard to know. Although, some of the big $$ items like sails and engine are a known factor. Everything else, like wiring, may come back to haunt you. It is hard to pass on, what may be, a very good deal on a nice boat.
 

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I've done three total project boats.
I should have been put in a straight jacket after the first one. The one I'm on now has taken four years and cost (conservatively) three times what I paid for it.

The difference is I have several marine certifications and knew exactly what I was doing was was willing to take the time and financial hit.

For someone without the knowledge and experience these boats are almost certainly a financial disaster.
 
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