7-Month Sabbatical on Multihull in Carrabean

[Southern Star]

I think that Rick and Jeannius are correct - although I can't imagine anyone who would be willing to rent their recent 40 foot cat for 7 months quite that cheaply. In terms of purchasing/reselling, for brokerage fees you should expect to pay between 8 and 10 % which, on a $400,000.00 vessel, would come very close to your budget (even assuming that you can sell it for the price you had paid). Add to that maintenance (and some will inevitably be required) and...

You will also have to figure in the cost of purchasing the boat (and unless you find the right boat first crack, multiple flights, hotel accomodation, rental cars etc., etc.).

If you are planning on selling after hurricane season (and leaving in January) I am assuming that your proposed 7 months would cover July, or July and August. If so, most owners will rightly refuse to rent to you as you will not get insurance coverage for that period north of Grenada (and in some cases, not north of Venezuela/Trinidad).

Overall, it strikes me that on a boat budget of $40,000.00 you are looking at something much older and less expensive than a 2 or 3 year old cat in the 40 foot range. The difficulties posed by an older boat are, of course, that considerably more time and effort will likely be required to find the right boat and considerably more time and effort will likely be required on repairs and maintenance. Put another way, I own a 14 year old 40 foot cat on which I am spending a small fortune in both time and money on a refit (new sails, running rigging, anchor chain, refrigeration, water heater, interior, hatches, portlights etc., etc.) and I wouldn't even consider renting it to a stranger for 7 months including part of the hurricane season for 20 - 25 K.

Brad

Brad

[Tropic Cat]

Originally Posted by Southern Star

I own a 14 year old 40 foot cat on which I am spending a small fortune in both time and money on a refit (new sails, running rigging, anchor chain, refrigeration, water heater, interior, hatches, portlights etc., etc.) Brad

I hear ya brother... Amen to that

[ldrhawke]

Unless you own a boat, it is difficult to realize how easy it is to drop $50 to $100 K in parts alone doing a major refit on a big sailboat. That is assuming you are doing the work yourself. It can be a lot more if you are having someone else do the work.

When I've gotten quotes to have work done, I've gotten the impression that if it says "marine" everyone quote a minimum of $5 or $10 K for anything.

[Southern Star]

Idrhawke has it exactly right. And understand, that just because something is working now does not mean that it can be trusted to continue functioning properly for 7 months of continuous use, including part of the hurricane season. On my boat I have chosen to upgrade/replace anything that is suspect because: 1. I will be taking her offshore. 2. I want to mininmize (you can never eliminate) breakages for reasons of safety as well as convenience. 3. It is much easier to replace something here and now, where I have easy access to marine supplies and tools.

This may seem like thread drift, but it is decidedly not. The idea of purchasing a used 40 foot cat in a foreign country for a 7 month trip including part of the hurricane season and being able to re-sell it with a loss of less than $40,000.00 is, in my opinion, extremely unrealistic.

Brad

[wmagnan1]

The reason that I've gone to this board is for positive advice on getting the facts on yacht ownership and any suggestions that would make sense in my situation. Mike, the more I think of it this could be the right way to go. Idrhawke, thanks for providing an idea of what the real world cruising costs would be for a family of 4. I'm prepared to spend the money necessary to realize this special time with my Familiy. I just don't want to squander what I've saved.

[capezio11]

I just read a short article about a few charter companies starting to offer longer term charters at reasonable prices for people in exactly your position. I don't think it was any of the big ones (like Sunsail, Moorings), but I could be wrong about that...

I'm sorry, but I don't remember where I read it--either the last issue of Cruising World or Multihulls.

[wmagnan1]

capezio11, Great...I'll check it out.

[ldrhawke]

Originally Posted by wmagnan1

................ I just don't want to squander what I've saved.

Sailing is the definition of "Squander"

[Southern Star]

wmagnan, if you can find a Charter company perpared to provide a long-term charter to suit your needs (and budget), I'd say that would be the way to go. Really, even if it means avoiding some of your intended destinations (and even if it costs 8 - 10k a month including insurance), I would think that in the long run it would be a saving in both money and headaches.

Brad

[imagine2frolic]

I think if you could find a deal in the Caribbean. Sail the boat back to Florida. You will get your money back. There's a lot to see from the Caribbean heading north. Buy in St. Maarten, and head straight for the Bahamas. That's where I would spend my times if I had 7 months. HEY! I did exactly that for 4 seasons.

Everybody wants to deny there are deals. There are, but they are rare. Definately.....boating just AIN'T CHEAP!

[ldrhawke]

Not a bad idea. Example: Buy this 1990 Privilege 48' in St. Martin and recently reoutfitted for $300,000 and sail back to the US. Sell it for $250,000 when you get here. You shouldn't have any trouble selling it at that price.

[pieter97]

Sell it at $250,000 , if you use a broker you will net $225,000 . And it ain't easy selling a 20yr old boat.

Have you ever seen plumbing / wiring / systems /pumps on a 18 year old Privilege? The pictures on the site are 1 year old, I'd be very cautious.

When it comes to houses, cars, boats: the younger= the better , and the easier to resell.

Just my .02

[ldrhawke]

OK...get a newer model..........47' Robertson and Caine Leopard

If a good deal on a seven month rental can't be cut, this may be the best alternative as previously stated.

Since it isn't going to be a keeper or an around the world cruiser, just a vacation boat, I'd consider a Leopard coming out of rental. You can probably get a decent 47' one for under $300K. Better than spending 35 to 40K per month on a Moorings rental. It would be like getting 5 out seven months free even if you sold it in the US for $250.

[schoonerdog]

I've personally sold and bought multihulls and there are a lot of costs involved. In order to list your boat on yachtworld, where 99% of them are sold, you need a broker, and broker commisions are 10%. They are often very hesitant to reduce their commision as they often split it with a buyers agent. Either way, that is 40k loss right up front. Then you will have the boat mortgage costs of probably around 3K per month just for interest on the loan. Your insurance for the passage will be typically around 2k-3k per month. Then you will be covering the marina expenses and upkeep while you are trying to sell your boat, and that can typically cost around $800 per month and I would say it will probably take a minimum of 6 months to sell. So around 50k so far, and that's before you put the first drop of diesel in the boat or provisions, and it doesn't cover any repairs. You also don't control the selling price of the boat, and typically boats depreciate by around 5% a year (actually much more for newer boats). That depreciation will probably be another 20k or so. Now your easily looking at 60-70k in costs to you. Banks understand this risk very well, so they will typically ask for 20% down on the boat, or around 80k. You should also have enough other assets to prove you can buy the boat with cash twice, so around 800k in IRAs or other assets.

In the end, what you want is control, not ownership. Work through a buyers broker and give him a lot of flexibility stating that your goal is to be able to cruise the caribbean with minimum costs. Ideally you want someone who is looking for a multihull stateside and is unwilling to travel to South America (or wherever) to get it. Or a European or Australian who want to take advantage of the low dollar. They get the boat at a good price, and you get to use the boat to bring it to their destination saving them the delivery costs, mortgage costs and full insurance costs for the boat while it's being delivered. You'd need to be very flexible for your itinerary. Either way, the best place to start is a large brokage like catamaran company.

[Pelagic]

Since you are not planning on keeping the boat long term, why limit yourself to only Cats?

Monohulls on the market today offer greater opportunities to find a good buy and given your itinerary the trip to windward should be more comfortable.

Just a thought!