I have an interesting situation brewing with a sailboat in French Polynesia
and I'd love to get some feedback and thoughts on my plan to sail and sell this sailboat.
I found a sailboat that has been described to me as "turn key" and worth in the vicinity of 160k according to a 2014 survey
.(I spoke with the broker who sold this sailboat to the current
owner and he told me that if she is still in the condition of the 2014 survey
she should sell for between 135k-125k in the USA) The owner, a nice semi-retired gentleman, has neither the time nor the resources to sail her back to the USA. He is willing to sell her for less than half of what she's worth to attract a buyer. My interest was more than piqued because I happen to like the type of sailboat in question and there might be an opportunity to make some money
at some point.
I've never done this type of transaction or recovery, so I did as much research
as I could and came up with a plan. I'm sure I have a couple blind spots and things I should consider that I have not thought to consider. I'd be most thankful for any and all input, especially from those who have attempted such a venture.
Here's the plan so far:
Arrive in FP October 20th 2017. Have survey done, if all checks out, prepare to sail her to Hawaii
, depart Nov 1st. The plan I have with the owner is to fly out and meet him, (she's on the hard) put her together, do a thorough maintenance
check and shake down cruise
. I'm using a title company to hold the funds in escrow. If all checks out, transfer money
to owner, I get the title.
I estimate about 25 days to Hawaii
, could be more, could be less, by sailing northeast to cross the equator at about 145 degrees West and eventually pick up the Tradewinds. This route
will vary as I confer with a weather
I stay in Hawaii and wait for a weather
window to get her to Vancouver
Island or Possibly a marina in Astoria, OR. Two places I was advised to keep the boat
for one year to create a tax shelter. (Any opinions on this point? Be honest. This is what I was advised to do and I don't know how I feel about it).
I more or less want to make this happen with as little overhead as possible in order to maximize profit (and have some fun) if and when I go to sell the sailboat. I'm told she has everything on-board to complete this cruise
besides a life raft. So, including a life raft and provisioning
I'm hoping to keep recovery costs at about 12k. Through credit card miles I'm able to get myself and a crew member
to FP. I'm choosing to forgo insurance
as I'm told it's extremely expensive to get insurance
in FP, but once I get to Hawaii, insurance should be easier to acquire.
So, am I missing anything major here? Am I being an idiot? Is this boat
as good as deal as I think it is?
Also, if anyone is interested in crewing
, PM me. I can provide airfare to and from departure point and destination
, and a modest stipend for your time.
Thank you in advance!