Hey Sean. Just catching up and saw your news.You have plenty of options and selling would not be my first choice. I would be slow to give up a boat that is finally refurbished to take on another boat project
. You have plenty of time, so take your time. Selling the boat, I would give you the name of my broker here in New Engand. Selling the business usually takes longer so keeping it operational with cash flow is a must.
Unlike most of us who own a boat (liability), you own a business (asset) and I'm sure you can provide standard accounting statements. When a business needs to reduce costs, they cut overhead and since the loan is your worry, I would seek better terms, specifically in the length of the loan, to reduce cash flow.
The trick will be how to do what you want but separate the business from the home. There are always deals to be found house sitting or even living on one boat but running another boat as a business. You also can make money
with your CG license
I wonder if I were you if I might not be thinking about the USVI or Bahamas
and perhaps editing my website to see if there is interest in bookings for the winter. What is not currently offered in those markets, and a business I am considering, is short term charter
- one or two nights - for those staying in hotels who want a taste but do not want to spend a week on the boat. My prelim numbers suggest you can charge enough to cover apt rent on shore as an additional, and certainly at least partially deductable, expense.
Congrats - Larry