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Old 13-02-2014, 01:43   #16
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Location: Tampa to New York
Boat: Morgan 33 OutIsland, Magic and 33' offshore scott design "Cutting Edge"
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Re: TRUTH ABOUT SAILING ON A BUDGET

One thing is REBUILD. All those raw water pumps. starters. alternators. steering pumps etc... the rebuild kits are cheap. the units are expensive. Changing seals, diodes. brushes bushings and bearings has become a regular thing.
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Old 13-02-2014, 02:21   #17
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Re: TRUTH ABOUT SAILING ON A BUDGET

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Originally Posted by StuM View Post
> I got on her and found the owners info and he said he had already filed a claim and if I got her off the shoal I could have it.

And what did the insurance company have to say about that? How did you establish ownership when you sold it?
Very Good Question

Short Story -

I established a salvage contract with the insurance company with the help of my dad and after the salvage I acquired the title for a $1 from the bank.

Long story as short as I can make it -

Since the bank did not want the boat and I was taking the risk we negotiated with the bank and insurance company at no cost to avoid a "salvage" title on the boat so it would be insurable and loan ready upon future sale. This covered the insurance the insurance company has. Which is technically a derivative for the fiscally proficient people.

Since the insurance company already covered the owners loss and the estimated repairs exceeded the amount the owner owed on his loan from the owners standpoint it was better to let the boat go.

Even slight damage totals most older boats in the eyes of a insurance company. He "The owner" basically got a check for more than the boat was worth which was also enough to cover what he owed the bank on the boat loan.

I'm sure this affected his future rates.

That turned the boat into a floating asset or liability depending on how you look at it. Either way the bank owns it free and clear and does not want to deal with it. Since we already had the boat in possession the bank basically said here's the title and give us a dollar to make it a legal exchange.

Anything a bank owns free and clear does not go to auction. The bank is not in the business of storing and fixing boats. Or any other asset or liability from their own ideals. This is because banks are not brokers. The are retailers or wholesalers of financial products not physical assets.

Thus inspiring me to become a salvage diver many years later for a hobby.

It gets really confusing after awhile which is why I should spend sometime outlining this stuff and share it with others. It's not insider information it's looking at risk practically. This single experience was enough experience to teach me how to handle my finances at a young age.

I hope I did a half decent job trying to answer your question
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Old 13-02-2014, 04:14   #18
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Re: TRUTH ABOUT SAILING ON A BUDGET

Thanks for clearing that up. Useful explanation for anyone looking for a project boat
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Old 13-02-2014, 06:38   #19
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Re: TRUTH ABOUT SAILING ON A BUDGET

Some of this depends where you are and what the local rules are:
- Most U.S. marinas will want to see insurance and certificaitons before they let you do work inside the marina.
- If you aren't a local citizen, many countries will not allow you to do work that locals could be doing.

The $100/hr rate you pay typically has $15-25/hr going to the worker. The rest goes to cover overhead and profit.

That's not to say you couldn't sneak some work in but understand it comes with some risks if you annoy someone and get reported.
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Old 13-02-2014, 14:09   #20
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Re: TRUTH ABOUT SAILING ON A BUDGET

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Originally Posted by valhalla360 View Post
Some of this depends where you are and what the local rules are:
- Most U.S. marinas will want to see insurance and certificaitons before they let you do work inside the marina.
- If you aren't a local citizen, many countries will not allow you to do work that locals could be doing.

The $100/hr rate you pay typically has $15-25/hr going to the worker. The rest goes to cover overhead and profit.

That's not to say you couldn't sneak some work in but understand it comes with some risks if you annoy someone and get reported.
Yes was it was like that when I was doing this. The key to flying under the radar is not taking a regular client from a local. That is one sure way to get yourself banned.

As far as marinas wanting to see insurance info... it is always in your best interest working in the marina or not to be in the good graces of the dockmasters. Most of the times if you're not bothering people and not getting complaints they leave you alone.

In Nassau I worked a marina that had regular long standing contractors and they never bothered me because I would pass them clients and vise versa for things I did not want to do. I became drinking buddies with the guys in the end. I never really did this stuff in US Marinas although even now on my down time if a friend needs help here I'll dive in for them. But that is far from hustling contracts.

A more recent conversation relating to this type of work was a friend of mine who has a little dive business here doing bottom jobs ect... and light salvage work who is fully insured and he has been complaining to marinas about these younger guys going around uninsured getting work. Needless to say none of the marinas have done anything about it.

One tactic if you are ever approached by marina staff is it is important to have a few clients that are long time or regular big boat guest of the marina. I did have it happen a couple of times where I told a marina staffers to call x owner of the boat and take it up with him. He hired me to the work on his boat, I'm already paid and I did not solicit anything on your property. I don't remember them bothering me again.
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Old 16-02-2014, 12:56   #21
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Re: TRUTH ABOUT SAILING ON A BUDGET

That's A damned good question StuM. I'd like to know the answer to that one too.
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Old 16-02-2014, 12:57   #22
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Re: TRUTH ABOUT SAILING ON A BUDGET

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Originally Posted by StuM View Post
> I got on her and found the owners info and he said he had already filed a claim and if I got her off the shoal I could have it.

And what did the insurance company have to say about that? How did you establish ownership when you sold it?
Thats a damned good question StuM I'd like to know the answer to that one too.
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