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Old 30-07-2015, 18:47   #1
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New, ignorant, but I have a dream!

Background - As green as green can be. My learning curve is huge, but I like learning curves and typically attack them.

This is my idea, and I really need a reality check.

1. Sell everything.
2. Finance a Neel 45.
3. Do long haul charters in the Caribbean as a private charter (if this boat really can do 200+ NM per day, that should allow a new type of chartering in the luxury as close as can be to big cats). Could I make Barbados in 5 days out of Fort Lauderdale?
4. Live on the boat. No cars, no home, etc... which means those expenses go away.

I am about to put together a cash flow sheet (at minimum 2-5 years to START in order to align finances and position, then into the soup so to speak).

I have looked at the amoritization schedule, insurance cost, maintanence, crewing, etc... and the numbers look pretty good. I don't think I would get anywhere close to rich, but the alternative is not anywhere close to rich on land. However, it assumes I could have a decent stream of business. Big questions are


1. is 40 - 50% utilization realistic? Could I book it to be making money 180 days a year for example?
2. As a private, can I actually get business? The big boys certainly have an incredible advertising budget and well put together program which would be tough to break. However, I do not see them running the long hauls and it seems more of a motor around the island touring affair rather than sailing.

I have a lot more questions, but I think that is a good start. Gotta get the dream rolling, or get a new dream!

Thank you in advance.
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Old 31-07-2015, 02:31   #2
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Re: New, ignorant, but I have a dream!

Simple answer, NO.

There are so many things wrong with your plan, I hardly know where to start but let's go with being greener than green. I suggest a lot of research and some smaller scale local cruising. Another obvious issue is, you will need at least a year of cruising to get your coast guard license before you can legally take paying passengers.

I suggest reading the thread about encouraging people to "just go".
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Old 31-07-2015, 02:38   #3
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Re: New, ignorant, but I have a dream!

First you need to look into the qualifications you'll need to take paying passengers on international voyages.
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Old 31-07-2015, 04:14   #4
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Re: New, ignorant, but I have a dream!

Fort Lauderdale to Barbados in five days isn't something you'd get any paying passengers for.....it's called the thorny path. You'd need to pay people to attempt a bash like that. And no it's not even remotely possible on a 45' boat going to weather.


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Old 31-07-2015, 05:56   #5
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Re: New, ignorant, but I have a dream!

I think there are some holes in your plan. Are you offering a ferry service or a charter service. If you are covering 200 miles a day, there isn't going to be time for much snorkeling.
I don't know the boat, but a 45' boat that averages 200 miles a day couldn't possibly be luxurious.

Coastal cruising (I rarely do over nights do to crewing limitations) I aim for 40 miles a day. When people talk about averaging 100 miles a day- that's off shore. Rare is the passenger who wants to spend their vacation off shore on a 45' boat.

As far as green is green goes, making money carrying passengers is the realm of pros, and many of them fail. If you want to sail to have fun, buy a C and C 25.

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Old 31-07-2015, 06:23   #6
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Re: New, ignorant, but I have a dream!

Well, it's pretty easy to end up with a million if you start with two or three million. If you cannot afford the boat without the charter income, don't do it. 180 days a year....maybe....maybe....but maybe not. Seems like you will be jumping into something in a very big way without trying it on a smaller scale. You might consider hiring an expert in chartering for a fee rather than seeking a lot of different opinions online from strangers for free. But what is your real goal? To live aboard a boat in the warmer tropics and sail? That's one dream, but a business where you are sailing with strangers is another. Even if you get 180 days a year, it will likely take 3-5 years to get to that point --and have you factored in major maintenance? So what really is the dream? If you got the boat and started doing these charters, you might actually find that carrying passengers on your boat could get old....and then what? So what is the real goal of the dream here? Business? Pleasure? Or finding a way to own a boat that you could not afford otherwise?
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Old 31-07-2015, 06:30   #7
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Re: New, ignorant, but I have a dream!

New plan for you:
1) learn to sail
2) find out what it takes to get the needed USCG license
3) find out what it takes to get a boat licensed to carry passengers
4) rerun your numbers



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Old 31-07-2015, 06:33   #8
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Re: New, ignorant, but I have a dream!

Chartering looks like a tough way to earn money. I can't say I know a lot about it, but my overall impression is that you need to have a really luxery boat to make proper money. My dream is similar, in that I'm working towards a large deposit to put down on a financed sailing yacht in 5 years. Maybe from time to time I may charter it, but within my financial planning I'm focusing on getting a solid regular income that I can earn from working remotely, from the yacht that I intend to live from. Think about a 3-net money plan. Having a solid regular income, and the two other nets being other financial opportunities to work from.

Goodluck with it! -And never let the dream die, fully commit to it!
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Old 31-07-2015, 06:58   #9
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Re: New, ignorant, but I have a dream!

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Originally Posted by Theother1 View Post
This is my idea, and I really need a reality check.

1. Sell everything.
2. Finance a Neel 45.
3. Do long haul charters in the Caribbean as a private charter
What bank is going to finance a boat when your plan is to quit your regular job, and go into something for which you have no income/history established?

The few people I know doing captained charters own the boat already.
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Old 31-07-2015, 07:00   #10
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Re: New, ignorant, but I have a dream!

I see a lot of very good suggestions but look at this whole dream in a more realistic light .
Go buy a 22-24 sail boat for between one to five thousand . Join a sailing club ,
Take some lessons or find a kind soul to teach you the tricks of the trade . All the while get all the sailing magazines you can get . Dream of sailing around the world .
AND then after 3-4 years look at a bigger boat . there is a progression to the sailing life style and it is not always the way that we dream.
Start small and go up until you go broke. Sailing is a money pit and you better have your Ducks in a row .
Good luck many of us have been where you are and survived .
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Old 31-07-2015, 07:14   #11
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Re: New, ignorant, but I have a dream!

Wow, I thought it would be much worse than that. Thank you for being so nice.


What is the dream: Be independently self supporting (i.e. no boss), live around/on clear blue water in a warm climate. Simple right? Wrong. I have already been scrimping and saving for 2 years to get out of central Ohio. I know it is going to take a long time, but I drive a rusted out 1988 vehicle for a reason. Central Ohio does not suit me well at all. I think with all dreams you share with people, the first reaction is "no, not practical". Well, I don't look at practical, I look at probable and then plod through life aligning myself with the reality so that I have the opportunity some day. Nothing is guaranteed, but the likelihood of something grand happening if you don't plan, save and work towards that goal daily is extremely slim. The key is to position ones self to take the opportunity when it arrives.


The big learning curve. Just as you do not become an engineer or CPA overnight, you sure don't become an expert at sea overnight. In fact, it requires learning, practice and repetition. I understand that. The dream could very likely change along the way. Nothing wrong with that. In fact, if you are saving toward a certain dream and it changes mid point, you are still ahead of the curve.


So what I am going to take away from your advise is that the probability of this dream is very small at best, but may improve if I at least start the learning curve and continue to financially position myself to capture the opportunity when it arrives. It also seems that the dream will change substantially along the way.


Thank you for the input. That is exactly what I needed!


Autumnbreeze27: I think I will start by shortening your list to just #1; learning how to sail.
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Old 31-07-2015, 08:56   #12
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Re: New, ignorant, but I have a dream!

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Originally Posted by Theother1 View Post
What is the dream: Be independently self supporting (i.e. no boss), live around/on clear blue water in a warm climate.
Checkout: Sail Loot - Money to Cruise the World podcast series for some tips and inspiration...
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Old 31-07-2015, 09:33   #13
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Re: New, ignorant, but I have a dream!

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If you want to sail to have fun, buy a C and C 25.

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Nah. Too, claustrophobic: Buy a second-hand Ennerprize, and learn from the ground up :-)

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Old 31-07-2015, 09:58   #14
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Re: New, ignorant, but I have a dream!

Quote:
Originally Posted by Theother1 View Post
Wow, I thought it would be much worse than that. Thank you for being so nice.


What is the dream: Be independently self supporting (i.e. no boss), live around/on clear blue water in a warm climate. Simple right? Wrong. I have already been scrimping and saving for 2 years to get out of central Ohio. I know it is going to take a long time, but I drive a rusted out 1988 vehicle for a reason. Central Ohio does not suit me well at all. I think with all dreams you share with people, the first reaction is "no, not practical". Well, I don't look at practical, I look at probable and then plod through life aligning myself with the reality so that I have the opportunity some day. Nothing is guaranteed, but the likelihood of something grand happening if you don't plan, save and work towards that goal daily is extremely slim. The key is to position ones self to take the opportunity when it arrives.


The big learning curve. Just as you do not become an engineer or CPA overnight, you sure don't become an expert at sea overnight. In fact, it requires learning, practice and repetition. I understand that. The dream could very likely change along the way. Nothing wrong with that. In fact, if you are saving toward a certain dream and it changes mid point, you are still ahead of the curve.


So what I am going to take away from your advise is that the probability of this dream is very small at best, but may improve if I at least start the learning curve and continue to financially position myself to capture the opportunity when it arrives. It also seems that the dream will change substantially along the way.


Thank you for the input. That is exactly what I needed!


Autumnbreeze27: I think I will start by shortening your list to just #1; learning how to sail.
The only two things wrong with your dream are that you don't have the skills and people don't charter boats to see how many miles they can do in a day (they do it for the snorkeling, sunbathing, and mai tais on the beach).

If you're willing to spend the time (years), then you can get the first one fixed. You might want to start by actually learning to sail and buying a small starter boat, as others have said.

If you want to learn to sail and you want to get out of central Ohio, I'd suggest doing the latter first. Move to the coast, buy a boat, and learn to sail.

As far as chartering goes, there's great info in this sail loot podcast where they interview the folks fro zero to cruising.
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Old 31-07-2015, 10:06   #15
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Re: New, ignorant, but I have a dream!

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Originally Posted by cwyckham View Post
The only two things wrong with your dream are that you don't have the skills and people don't charter boats to see how many miles they can do in a day (they do it for the snorkeling, sunbathing, and mai tais on the beach).

If you're willing to spend the time (years), then you can get the first one fixed. You might want to start by actually learning to sail and buying a small starter boat, as others have said.

If you want to learn to sail and you want to get out of central Ohio, I'd suggest doing the latter first. Move to the coast, buy a boat, and learn to sail.

As far as chartering goes, there's great info in this sail loot podcast where they interview the folks fro zero to cruising.
I was thinking of suggesting this too. Move to a coast, no need even to leave Ohio, lots of great sailing around Cleveland.

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