I suppose what I'm asking is my cousin, (an electrical engineer for a
major auto company), is getting tired of the "lunch bucket" job, and is
really addicted to boats. Sounds good so far, andyhow, he's wanting not
necessarily to quit his job but look into a paying hobby. He looks on
ebay and the like, and sees damages, or neglected cruisers going for
what sems to be a song. and is thinking of setting up a business for
not necessarily restoring but totally rebuilding boats. This is done
with about anything on the market today, from computers to major
aircraft. He saw a charity auction sell a 36 foot Chris Craft
(fiberglass) Cruiser for about $400.00 which was rather neglected, but
seemed to have a sound hull. He's thought of totally disasembling the
boat, putting in new, modern refinements re wiring, re-gelling,
re-painting, re brightening or replacing the hardware, overhaulling the
twin GM's etc, and he thinks he can do this..resell... put into show
room condition....... and make a profit.

I told him I thought it was pretty risky, because auto customizers
usually can't sell a car for more than they have in it. Well, I
suppose some can but I'm sure many can't.

Does anybody do this as a professional company?


Tim

On 15 Nov 2005 18:26:51 -0800, wrote:

I suppose what I'm asking is my cousin, (an electrical engineer for a
major auto company), is getting tired of the "lunch bucket" job, and is
really addicted to boats. Sounds good so far, andyhow, he's wanting not
necessarily to quit his job but look into a paying hobby. He looks on
ebay and the like, and sees damages, or neglected cruisers going for
what sems to be a song. and is thinking of setting up a business for
not necessarily restoring but totally rebuilding boats. This is done
with about anything on the market today, from computers to major
aircraft. He saw a charity auction sell a 36 foot Chris Craft
(fiberglass) Cruiser for about $400.00 which was rather neglected, but
seemed to have a sound hull. He's thought of totally disasembling the
boat, putting in new, modern refinements re wiring, re-gelling,
re-painting, re brightening or replacing the hardware, overhaulling the
twin GM's etc, and he thinks he can do this..resell... put into show
room condition....... and make a profit.

I told him I thought it was pretty risky, because auto customizers
usually can't sell a car for more than they have in it. Well, I
suppose some can but I'm sure many can't.

Does anybody do this as a professional company?


Tim

Bath Iron Works does this with guided missile frigates for the Navy... ;-)

Bath Iron Works does this with guided missile frigates for the Navy... ;-)


True, but they are commissioned with a heavey tax check....LOL!

I'm just talking about buying a boat dirt cheap, rebuilding/remodeling,
then reselling it.

Looks to me like ye olde phrase be true. I suppose some could take the
risk, but.....

"A boat is nothing more than a hole in the water surrounded bywool,
metal or fiberglass, that the owner does nothing more than consistantly
poor money into"

Bath Iron Works does this with guided missile frigates for the Navy... ;-)


True, but they are commissioned with a heavey tax check....LOL!

I'm just talking about buying a boat dirt cheap, rebuilding/remodeling,
then reselling it.

Looks to me like ye olde phrase be true. I suppose some could take the
risk, but.....

"A boat is nothing more than a hole in the water surrounded bywool,
metal or fiberglass, that the owner does nothing more than consistantly
pour money into"

The tasks you mention are heavy in their labor requirements. If his time is
worth anything, he's unlikely to be able to quit his day job.

This is from personal experience, at least with the wiring side. I've been
bitten several times by the immense number of hours needed to wire a control
panel or run a cable.

Roger (Every five minute task takes three hours.)

http://home.earthlink.net/~derbyrm

wrote in message
ups.com...
I suppose what I'm asking is my cousin, (an electrical engineer for a
major auto company), is getting tired of the "lunch bucket" job, and is
really addicted to boats. Sounds good so far, andyhow, he's wanting not
necessarily to quit his job but look into a paying hobby. He looks on
ebay and the like, and sees damages, or neglected cruisers going for
what sems to be a song. and is thinking of setting up a business for
not necessarily restoring but totally rebuilding boats. This is done
with about anything on the market today, from computers to major
aircraft. He saw a charity auction sell a 36 foot Chris Craft
(fiberglass) Cruiser for about $400.00 which was rather neglected, but
seemed to have a sound hull. He's thought of totally disasembling the
boat, putting in new, modern refinements re wiring, re-gelling,
re-painting, re brightening or replacing the hardware, overhaulling the
twin GM's etc, and he thinks he can do this..resell... put into show
room condition....... and make a profit.

I told him I thought it was pretty risky, because auto customizers
usually can't sell a car for more than they have in it. Well, I
suppose some can but I'm sure many can't.

Does anybody do this as a professional company?


Tim

Rodger, I was thinking the same thing, but I think he's planning on
taking it down to the bare hull and starting over!

But I deffinately agree with what you are saying. Plus a building rent
for where he is located would cost an arm and a leg. he lives in a
residential area and doesn't have enough enclosed space for the boats
he's been looking at.

I really don't see how he can come out ahead, but.....

BTW, sorry about the "double post, I tried to correct some spelling
after I hit the send key and thried to catch it on the run...LOL!

I think that another thing he's really not looking at is that the OE
MFJ's get all their stuff at contract "bargian basement" pricing.

And replacing a complete final drive could require a major sized check.

wrote:

I think that another thing he's really not looking at is that the OE
MFJ's get all their stuff at contract "bargian basement" pricing.

Weeelll...that still doesn't necessarily make it unprofitable. My last
boat was a project boat (1980 Trojan F32 flybridge sedan)...sound, but
in non-running and uninhabitable condition. I didn't gut it to the hull,
but I did replace everything on it, completely rewired it and replumbed
it, and added/upgraded a BUNCH of things...by the time I was done, the
only things I hadn't replaced were two C-318 long blocks, the Onan 6.5kw
longblock and the Raritan waterheater. I'd budgeted replacing those, but
didn't have to. I bought almost everything at retail discount--(only
the sanitation equipment at OEM price)...and paid "retail" labor rates
for almost all the work. And still came out ahead. I paid $25k for the
boat...put about $18k into her ($3500 went into a new bottom and having
everything above the waterline wetsanded and teflon coated)...sold her
for $48k. Had I been able to get her at a price that some of the
hurricane salvage boats are going for, I'd prob'ly have only had to put
$2-3k more into hull repair, which would have made it very profitable,
especially for someone who can do a lot more of the work than I was able
to do. And there will be a lot of people who will buy and restore those
boats very profitably.

The key is: find out what a particular make/model year is going for in
your neck of the woods (NADA and BUC are good starting places, but local
factors can make a big difference)...cost out EVERYTHING, worse case
scenario...put some value on your labor...then do the math to find out
whether you can do it profitably or not.

Oh...one more thing: everything has to be done to ABYC, USCG, NFPA, UL
and any other standards, or a buyer won't be able to finance it or
insure it (they'll all require a survey for a restored salvage, or even
just an older boat). So there is a major learning curve to climb.

As for a "shed" to work in...a friend in RI who's rebuilding a 38'
sailboat (he gutted it) bought and erected a huge "industrial tent"
structure on his property...ran power to it, built scaffolding, etc...I
don't know what that kind of thing costs, but it's gotta be a LOT less
than renting space.


--
Peggie
----------
Peggie Hall
Specializing in marine sanitation since 1987
Author "Get Rid of Boat Odors - A Guide To Marine Sanitation Systems and
Other Sources of Aggravation and Odor"
http://www.seaworthy.com/store/custo...0&cat=6&page=1
http://shop.sailboatowners.com/detai...=400&group=327

Thanks Peggy!

those are some things to be considered.

I'm valueing all the opinions I have gotten so far.

Sounds like you did "ok"

Tim

wrote:

Thanks Peggy!

those are some things to be considered.

I'm valueing all the opinions I have gotten so far.

Sounds like you did "ok"

Yep...and I had the use of the boat for 4 years too.

There will always be old or storm damaged "project boats" available,
some which only need cosmetic work, others which need a lot more. If
you want to do this, I suggest you start by finding one you'd like to
own. Then you can take all the time you need to learn how to do it
right, have the use of the boat once you get it past a certain
point...and then decide whether to keep it or sell it and look for
another one to restore.

Fwiw, I'd do it again in heartbeat...not with the idea of making a
profit, but to have everything on a 32-38' boat for $50k that would run
$175-250k for comparable new...and with class and style too, instead
of something that looks like the inside of a refrigerator or a
fiberglass showerstall with upholstered seats.


--
Peggie
----------
Peggie Hall
Specializing in marine sanitation since 1987
Author "Get Rid of Boat Odors - A Guide To Marine Sanitation Systems and
Other Sources of Aggravation and Odor"
http://www.seaworthy.com/store/custo...0&cat=6&page=1
http://shop.sailboatowners.com/detai...=400&group=327