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Old 18-10-2021, 14:18   #1
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Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

I'm looking to find a sailboat that if in good condition would be worth around $200k and on the newer side. maybe 10 years old or so, but nothing more than 20 years. I'm looking for one with damage that I can put in a year or 2 of work and fix. So buying for $10k to $80k, Then putting $40k to $90k in material dollars. My all in dollar amount is in the $130k range, give or take. Also I live in NJ and I can ship it, but the closer the better. If anyone knows of such a boat please let me know...


I have looked at auctions (copart, cooper, certified sales) and some private listings such as sailboatlistings.com and am not finding much that meets my criteria. I have heard that some salvagers work directly with insurance companies, but I don't have any rapport with any insurance agency. Any advice on how to contact an insurance company or otherwise locate a project/salvage boat would also be helpful....?

thanks
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Old 24-10-2021, 21:45   #2
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Re: Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

Because it’s Sunday I started drinking on Saturday… * So.. what are you looking for? Like what are you really looking for? 🥴
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Old 25-10-2021, 06:14   #3
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Re: Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

There's a Tartan 41 on Maine's Craigslist...

What happened to your Tartan? Have you given up on her?

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Old 25-10-2021, 07:09   #4
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Re: Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

There are still some new-ish hurricane damaged catamarans in the Bahamas that can br had for under $100k
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Old 25-10-2021, 08:19   #5
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Re: Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

I always wondered why people don't "flip" boats the way they do houses. I think it's because the math just doesn't add up.

$130K invested for a boat that might be worth $200K in two years. That's $35K per year for your labor. About the same as working at McDonald's. And that doesn't factor in what you could get for that $130K if you invested it.

Don't get me wrong, I'm all for it. I'd love to take on a project like that. Just go in knowing that it may turn out to be an expensive hobby.
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Old 25-10-2021, 14:30   #6
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Re: Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

Quote:
Originally Posted by CaptTom View Post
I always wondered why people don't "flip" boats the way they do houses. I think it's because the math just doesn't add up.

$130K invested for a boat that might be worth $200K in two years. That's $35K per year for your labor. About the same as working at McDonald's. And that doesn't factor in what you could get for that $130K if you invested it.

Don't get me wrong, I'm all for it. I'd love to take on a project like that. Just go in knowing that it may turn out to be an expensive hobby.

Some people just don't like McDonalds... they want it their way (e.g. Burger King).
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Old 26-10-2021, 01:18   #7
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Re: Wanted: Project/Salvage Boat Worth ~$200k If Not Damaged

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Originally Posted by CaptTom View Post
I always wondered why people don't "flip" boats the way they do houses. I think it's because the math just doesn't add up.
People flip boats just like houses. A neighbour in the marina just made a reasonable amount with a few hurricane damaged boats from last season in the Caribbean. The challenge is to be at the right place at the right time and to know what you're doing. The good projects are gone quickly, what's left now is usually left for a reason.

Also you need to have the capacity to get the work done for a reasonable price. This business isn't as easy as it might seem from the outside. It can be profitable, but small stuff can sink you. For example it might be hard for a buyer to get insurance for a rebuilt boat. That depresses the price.
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