I plan to buy houses and repair them then rent them out or sell them for a income. This will most likely happen in Florida. I'm also thinking of looking for damaged and neglected boats for epair and re-sale. Has anyone tried this?
I think it would be tough to make moneybuying old boats and fixing them up. The equipment is so expensive. If you find something that just needs to be cleaned up and the owner is willing to give it away, that might be an opportunity. I bought a boat in good condition and still poured a lot of dollars into it to get it the way I wanted it. And thats for a boat with very simple systems.
Theres a nice Bayfield in South Haven right now that has a handwritten sign "Make Offer", but I think it is stuck in the mud and hasn't been moved for a couple of seasons.
I do think that I can make moneybuying and selling boats. I would buy larger boats 40' and up that scare people. All boats would need to be made of fiberglass because that is what people want to buy. Like anythink I will need to find motivated sellers and as with anything motivated sellers sell boats, and cars, and houses etc. You would be amazed at the new value our surveyor gave our boat when he re-valued it for the insurance. And the broker that sold it to us thinks it is worth much more than the surveyor does. So deals are out there. I will only need one a year.
Spent 9 years in S. Florida, Boatright specializing in Re-Fit projects (on other people's boats).
It's VERY difficult to make money reselling a boat you've re-fit ... unless you've already got a terrific (& widespread) reputation for quality.
I'd like to make my money singing and dancing but, I'm no good at either so, I paint and match stains and old finishes in historic homes. At times. I've varnished wood on others boats. I do a pro job and draw good money for these tasks. So far I've been able to save a good bit of a kitty.
There's lots of stuff one can do. I was going to buy a sewing machine to do covers,etc but thought of the inventory of sunbrella I would need and said "self, stick with what you do best."
wingkeel once whispered in the wind: I paint and match stains and old finishes in historic homes. At times. I've varnished wood on others boats. ....stick with what you do best." [/B]
You've got it "aced" - lots of demand for good "varnish - paint prep" sub-contractors.
Sub-contracting is one of the keys to "in-transit" working. You can take on projects of a size/duration that match your itinerary.
Further good luck,
Gord May "If you didn't have the time or money to do it right in the first place, when will you get the time/$ to fix it?"
I bought and sold a few antique cars, and a good rule of thumb...
is to only undertake a project car that is really worth something when finished. It takes just as much work to restore a Ford as it does a Cadillac, but the Cadillac will be worth much more when finished.
I think its possible to make money buying and selling boats, but be careful what boat you buy. Make sure you know how much money it will take to refurbish, and how much the finished product will be worth, less selling costs. The difference is your profit. Divide that by the number of hours you've spent on the project, and that is what you are worth.
Before I retired I restored several cars,trucks and motorcycles. Had a few gems and a lot of fun with my son (single dad). But, cruising, I don't see how one could enjoy such an endever while cruising.
Oh, I know, buy an aircraft carrier,
The numbers sound real good, to bad it usually works out that you ain't worth much.