Breaking All the Rules ...

[homeless]

Another drive plate arrived today, and this time it fits! Have now put the drive plate back on, bell housing on, new engine mounts on, engine aligned, gearbox on, and shaft bolted back on. Not fun trying to move such a big engine around by yourself with only some packing case wood and a wrecking bar. Tomorrow will be a lot easier.

The buyer raised their offer by $10K and I have signed to accept. They should be flying up here for the weekend for a sea trial if I can get the engine together in time, then they will try for a lift and survey on Monday, but have my doubts if they can arrange it that quick.

[monte]

Congratulations and well Done..again !

[hellosailor]

homeless-
I'm not understanding something about the math here. If the boat is of a type normally asking 1/4 to 1/2 million dollars, and you put $60,000 something into it, plus all those months of hard labor, only to get a $15k profit out of it...That would mean you are selling for $75,000 after all the work? When the comparable boats are asking 1/4 million and more?
What aren't I seeing there?

[homeless]

Total expended on the boat including original purchase price is somewhere between $110-120K. The first buyer who came along is offering $150,000. Broker takes 10% commission. 6 months hard work valued at $15,000-25,000.

Similar boats are listed over $250,000, but how long would I have to wait until I find a buyer who will pay that, and how much would I need to spend on marina fees and maintenance in the meantime ? I have put my family and career on hold for this boat, but I can't keep neglecting those parts of my life, so best to accept the first offer and move on to a new project.

[salticrak]

sad to here it came to this mate,but you sure gave it a helluva go.

[Cadence]

Originally Posted by homeless

Total expended on the boat including original purchase price is somewhere between $110-120K. The first buyer who came along is offering $150,000. Broker takes 10% commission. 6 months hard work valued at $15,000-25,000.

Similar boats are listed over $250,000, but how long would I have to wait until I find a buyer who will pay that, and how much would I need to spend on marina fees and maintenance in the meantime ? I have put my family and career on hold for this boat, but I can't keep neglecting those parts of my life, so best to accept the first offer and move on to a new project.

Unfortunately, I think it a lesson learned. Write it off as experience. Get back to your family.

[Cheechako]

Yep, often the first offer is the one to take. Good luck mate, and lesson learned... boats are not easy to keep up even when they are in "good " shape.. Much less rebuild....

[GILow]

I am actually very impressed. It may not be much of a profit, and you may have been able to make more in some other line of work, but to my mind you've actually won big time. To make any kind of profit as a non-professional boat restorer (amateur does not really sound right here) while having what was at least an interesting experience is pretty good in my books.

I once installed a system for a client where everything went wrong that could go wrong. I stuck to my original quote and when the dust settled I worked out I have been working for $7.50 per hour. But I learned so much and came away with such increased confidence that I wouldn't have it any other way.

Congratulations and I for one hope you spend some of that hard earned profit on a suitably sized non-project boat that you and the family can share and enjoy together.

Or maybe a caravan if you've had enough of boats.

Well done!

Matt


Sent from my iPad using Cruisers Sailing Forum

[Cadence]

Originally Posted by GILow

I am actually very impressed. It may not be much of a profit, and you may have been able to make more in some other line of work, but to my mind you've actually won big time. To make any kind of profit as a non-professional boat restorer (amateur does not really sound right here) while having what was at least an interesting experience is pretty good in my books.

I once installed a system for a client where everything went wrong that could go wrong. I stuck to my original quote and when the dust settled I worked out I have been working for $7.50 per hour. But I learned so much and came away with such increased confidence that I wouldn't have it any other way.

Congratulations and I for one hope you spend some of that hard earned profit on a suitably sized non-project boat that you and the family can share and enjoy together.

Or maybe a caravan if you've had enough of boats.

Well done!

Matt


Sent from my iPad using Cruisers Sailing Forum

Matt, a caravan/motor home is not quite as bad as a boat for losing money.

I think homeless said Hong Kong. Caravan might not work there.

[GILow]

Originally Posted by Cadence

I think homeless said Hong Kong. Caravan might not work there.

Hmmm... good point. Maybe just regular first class flights to somewhere warm and sunny with fresh air then?

I miss our caravan.

[Exile]

Originally Posted by GILow

I am actually very impressed. It may not be much of a profit, and you may have been able to make more in some other line of work, but to my mind you've actually won big time. To make any kind of profit as a non-professional boat restorer (amateur does not really sound right here) while having what was at least an interesting experience is pretty good in my books.

I once installed a system for a client where everything went wrong that could go wrong. I stuck to my original quote and when the dust settled I worked out I have been working for $7.50 per hour. But I learned so much and came away with such increased confidence that I wouldn't have it any other way.

Congratulations and I for one hope you spend some of that hard earned profit on a suitably sized non-project boat that you and the family can share and enjoy together.

Or maybe a caravan if you've had enough of boats.

Well done!

Matt


Sent from my iPad using Cruisers Sailing Forum

I totally agree. By any measure, homeless came out ahead in several different ways. Also wise to get out at this relatively early point in time, as it could have easily led to diminishing returns. And with any luck, the new buyers will have a boat with a lot of potential for their initial outlay. I am also impressed, and also appreciate getting to go along for the ride!

[monte]

Let's not pop the champaign quite yet, assuming the offer is subject to survey and buyer inspection. Hopefully all goes well over the next few days though.

[GILow]

Well I am crossing my fingers for Homeless. Aside from anything else he's made my labours seem trivial and given me a much better sense of perspective as I bring our old tub up to spec.

Matt


Sent from my iPad using Cruisers Sailing Forum

[homeless]

Got the engine back together today, but when I started it the idle was slow, could not achieve decent revs, ran rough, plenty of white smoke indicating unburned diesel. Played with the high pressure injector lines and found that while all 4 injectors were working the engine was only firing on cylinders 1 and 4, indicating a timing issue.

Called the company that did the injector pump rebuild and explained the problem, and they suspected the high pressure lines had been assembled incorrectly and so the injectors were firing out of sequence. On the bright side they did send someone over to the boat at 4pm on a Friday afternoon which in Australia is pretty much considered to be weekend, but really, if your company specialises in diesel injector pump rebuilds I would have thought you would be able to connect 4 lines in the right sequence the first time?

Buyer will be viewing the boat on Sunday, and is working to arrange haulout and survey on Monday. Yes, the sale can still fail if they find something they don't like.

[hellosailor]

" On the bright side they did send someone over to the boat at 4pm on a Friday afternoon "
So presumably, it purrs like a kitten now?