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Jaz
 
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Default restore salvaged performance sport fish?


I'm considering restoring a salvaged boat for profit, so I'm looking
for advice on valuing it now and after restoration. It's a 1998 sport
fish and like boats (same make, model and year) are advertised at
$80-150K.

It sank in salt water 1 year ago due to a bad shaft seal, and the
engine was pulled, serviced and run (or so that's been claimed). My
first look at the boat was not under the pretense that it was a
salvage, so I only learned later that it had sunk, meaning that it was
not appearent on my first inspection and the overall condition is very
good. The Peninsular/GM V8 diesel is out and visually looks fine. I
plan to visit the boat again and inspect all wiring, controls,
hardware, etc. to determine what can be serviced and what needs
replacing (I'll try to dismantle what I can ge taway with, and I
expect to be able to get quotes for needed major parts from the
dealer.) The cabin seemed not to have flooded but I'll inspect all
equipment in there as well.

Not having access to BUC, I'll have to rely on a broker to estimate
what similar boats have sold for (vs. looking up for-sale listings
which are merely asking prices), and what effect a 'salvage' stigma
may have on it's post-restore value.

So again, what specific damage should I look for in a salt-water sunk
boat? Are there any other magor considerations I should factor in? I'm
ultimately looking to resell it.

Thanks, Jaz
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Gould 0738
 
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Default restore salvaged performance sport fish?

Yes, I'm concerned about any non-obvious damage, and I plan to look
very closely at every visible inch and do my best to evealuate whether
motors, switches, beakers, etc have hidden corrosion. The aquisition
would be approx $30K, and I'd hope that unforseen damage would be
limited to $10-20K. With other fees like trucking, storage, launching,
etc., I'm only hoping to earn $20K. Also, since I'm in the Northeast
and our season is drawing to a close, I may not earn this until next
year.



Get a qualified and ruthless surveyor to go over this thing inch by inch.

Start way, way, low on the bid. It's likely you're the only person who will
want to buy such a boat so get it cheap.

If you're only hoping for a $20k margin, you're not buying cheaply enough. You
should plan to make a ton *if* everything goes right, and that will leave you
some wiggle room if (and when) everything does not go right.

When you resell this boat, you are going to have to disclose that it sank.
Even as a private party. Failure to do this could expose you to a future
lawsuit that might cost you several times the value of the boat. This boat is
like a "rebuilt" car, it will always have a stigma attached and buyers will
expect to get it cheaply.


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Jim
 
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Default restore salvaged performance sport fish?

Jaz,

I believe Gould is so very right on this: "Get a qualified and
ruthless surveyor to go over this thing inch by inch."

Hopefully, with the information that surveyor provides will not only
let you know what you are in for, but will hopefully guide you as to
what you can expect in return upon resale.

When you say it sunk a year ago, did it sit underwater that long or
has it been available for that long. Hopefully the latter!

You didn't say where in the Northeast you were, but if anywhere
near Mass., you night want to to check out rt. 20 in Shrewsbury. When
I left there several years ago, there were a couple of yards that dealt
primarily in repos and while they couldn't necessarily state a firm
price, they would entertain offers to the banks that repo'd them.


-Jim L.

Jaz wrote:
I'm considering restoring a salvaged boat for profit, so I'm looking
for advice on valuing it now and after restoration. It's a 1998 sport
fish and like boats (same make, model and year) are advertised at
$80-150K.

It sank in salt water 1 year ago due to a bad shaft seal, and the
engine was pulled, serviced and run (or so that's been claimed). My
first look at the boat was not under the pretense that it was a
salvage, so I only learned later that it had sunk, meaning that it was
not appearent on my first inspection and the overall condition is very
good. The Peninsular/GM V8 diesel is out and visually looks fine. I
plan to visit the boat again and inspect all wiring, controls,
hardware, etc. to determine what can be serviced and what needs
replacing (I'll try to dismantle what I can ge taway with, and I
expect to be able to get quotes for needed major parts from the
dealer.) The cabin seemed not to have flooded but I'll inspect all
equipment in there as well.

Not having access to BUC, I'll have to rely on a broker to estimate
what similar boats have sold for (vs. looking up for-sale listings
which are merely asking prices), and what effect a 'salvage' stigma
may have on it's post-restore value.

So again, what specific damage should I look for in a salt-water sunk
boat? Are there any other magor considerations I should factor in? I'm
ultimately looking to resell it.

Thanks, Jaz


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Clams Canino
 
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Default restore salvaged performance sport fish?

If it only sunk in the ass (stern) you might be in a good position. If not,
prepare to rewire it end to end. I'd take something like this on - NOW -
only after experience rigging and re-rigging several hulls. Sounds a little
scary for a newcomer though.........

-W (In NH)


"Jaz" wrote in message
...

I'm considering restoring a salvaged boat for profit, so I'm looking
for advice on valuing it now and after restoration. It's a 1998 sport
fish and like boats (same make, model and year) are advertised at
$80-150K.

It sank in salt water 1 year ago due to a bad shaft seal, and the
engine was pulled, serviced and run (or so that's been claimed). My
first look at the boat was not under the pretense that it was a
salvage, so I only learned later that it had sunk, meaning that it was
not appearent on my first inspection and the overall condition is very
good. The Peninsular/GM V8 diesel is out and visually looks fine. I
plan to visit the boat again and inspect all wiring, controls,
hardware, etc. to determine what can be serviced and what needs
replacing (I'll try to dismantle what I can ge taway with, and I
expect to be able to get quotes for needed major parts from the
dealer.) The cabin seemed not to have flooded but I'll inspect all
equipment in there as well.

Not having access to BUC, I'll have to rely on a broker to estimate
what similar boats have sold for (vs. looking up for-sale listings
which are merely asking prices), and what effect a 'salvage' stigma
may have on it's post-restore value.

So again, what specific damage should I look for in a salt-water sunk
boat? Are there any other magor considerations I should factor in? I'm
ultimately looking to resell it.

Thanks, Jaz



  #5   Report Post  
Jaz
 
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Default restore salvaged performance sport fish?


I belive it did only sink in the ass end, but today I'll verify by
looking for a waterline. I also belive it sank only breifly (a $100K
boat probably doesn't stay swamped for very long).

Sure, I'd like to make $50K on this, but I'm trying to estimate a
worse case -- something like $20K would be an 'oh well', . I've owned
other large diesel-powered boats (and worked in large aerospace
facilities), so it's not the task itself that's daunting, it's the
idea that after I invest $50K that I might not even get that back.
Clams' idea that I'll have to disclose that it sank makes me feel that
this would not be a good project for profit, but perhaps only to get
myself into a nice boat, provided I'm willing to live with the
sank-stigma.

BTW, it's a '98 Albin TE 28 (30') -- now, don't any of you go making a
bid in this baby ;^)


On Tue, 09 Sep 2003 10:29:34 GMT, "Clams Canino"
wrote:

If it only sunk in the ass (stern) you might be in a good position. If not,
prepare to rewire it end to end. I'd take something like this on - NOW -
only after experience rigging and re-rigging several hulls. Sounds a little
scary for a newcomer though.........

-W (In NH)


"Jaz" wrote in message
.. .

I'm considering restoring a salvaged boat for profit, so I'm looking
for advice on valuing it now and after restoration. It's a 1998 sport
fish and like boats (same make, model and year) are advertised at
$80-150K.

It sank in salt water 1 year ago due to a bad shaft seal, and the
engine was pulled, serviced and run (or so that's been claimed). My
first look at the boat was not under the pretense that it was a
salvage, so I only learned later that it had sunk, meaning that it was
not appearent on my first inspection and the overall condition is very
good. The Peninsular/GM V8 diesel is out and visually looks fine. I
plan to visit the boat again and inspect all wiring, controls,
hardware, etc. to determine what can be serviced and what needs
replacing (I'll try to dismantle what I can ge taway with, and I
expect to be able to get quotes for needed major parts from the
dealer.) The cabin seemed not to have flooded but I'll inspect all
equipment in there as well.

Not having access to BUC, I'll have to rely on a broker to estimate
what similar boats have sold for (vs. looking up for-sale listings
which are merely asking prices), and what effect a 'salvage' stigma
may have on it's post-restore value.

So again, what specific damage should I look for in a salt-water sunk
boat? Are there any other magor considerations I should factor in? I'm
ultimately looking to resell it.

Thanks, Jaz





  #6   Report Post  
Wayne.B
 
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Default restore salvaged performance sport fish?

On Tue, 09 Sep 2003 13:02:26 GMT, Jaz wrote:

I'll have to disclose that it sank makes me feel that
this would not be a good project for profit,


I definitely agree with that unless you have unlimited time and
resources.


BTW, it's a '98 Albin TE 28 (30') -- now, don't any of you go making a
bid in this baby ;^)


Any idea why it sank ?

  #7   Report Post  
Jaz
 
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Default restore salvaged performance sport fish?

On Tue, 09 Sep 2003 21:30:23 -0400, Wayne.B
wrote:

On Tue, 09 Sep 2003 13:02:26 GMT, Jaz wrote:

I'll have to disclose that it sank makes me feel that
this would not be a good project for profit,


I definitely agree with that unless you have unlimited time and
resources.


BTW, it's a '98 Albin TE 28 (30') -- now, don't any of you go making a
bid in this baby ;^)


Any idea why it sank ?


The story is that it sank due to a bad shaft seal. Today I inspected
it closely and found a slight water line that shows it sank in the
front up tot the pulpit, and the line goes back at a 45 degree angle.
It must have listed forward as water came in, and I imagine that the
water flowed back over the engine as it was towed/righted. There's
corrosion damage to all wiring and steel in the engine area, but
equipemnt higher up seems to not have seen water, which includes all
controls, panels, and electronics. It will need $5-10K in cleaning and
replacements (not including the engine). Bidding has reached $30K
which now exceeds my comfort zone. According to the salvage company
the high bidder has bought many boats from them and considers this
vessel a no-brainer (easy or him to say). I feel that with a new $20K
Cat diesel it might bring $80-90K, and the old GM might sell for
$5-10K. That puts me at a possble $25-30K profit minus epenses. Hmmm.
If nothing else, this has been an interesting excercise.

Thanks all. Jaz
  #8   Report Post  
Paul
 
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Default restore salvaged performance sport fish?

If nothing else, this has been an interesting excercise.

Thanks all. Jaz


I had never heard of Albin but your post got me looking at them. Their boats
look good and I like the niche they're filling.

They seem to have married a seakeeping hull with a shallow draft, and the
space of a fishing boat with a cruising focus without getting too "cocktail
cruiserish". The 45 seems like a semi-displacement hull -- or semi-planing
depending on whether you're coming from trawlers or cruisers.

In one of the reviews (if I remember correctly) the reviewer had it out in
blue water with good results.

I've put them on my list of boats to consider if I ever get off my ass and
make some money. Anyone have any experience with these things while I'm busy
spending dream money?



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Steve P.
 
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Default restore salvaged performance sport fish?

If the company that is listing this boat is the same company that I am
thinking of then be aware that while they may lead you to believe that the
boat is being sold at "auction" this is not really the case. Their "bid"
process is more of a sales tactic or marketing gimmick. Read there terms
carefully, they're in the FAQ on their web site, and you will see what I
mean. While there is nothing dishonest going on I think that if they were a
little more up front about their "bid" process then fewer people like
yourself would waste their time investigating vessels in the hope of finding
a bargain. While you can find damaged and basket case boat there I get the
feeling that everything that goes through that place sells at or above fair
market value.

Good Luck,

Steve P.

"Jaz" wrote in message
...

I'm considering restoring a salvaged boat for profit, so I'm looking
for advice on valuing it now and after restoration. It's a 1998 sport
fish and like boats (same make, model and year) are advertised at
$80-150K.

It sank in salt water 1 year ago due to a bad shaft seal, and the
engine was pulled, serviced and run (or so that's been claimed). My
first look at the boat was not under the pretense that it was a
salvage, so I only learned later that it had sunk, meaning that it was
not appearent on my first inspection and the overall condition is very
good. The Peninsular/GM V8 diesel is out and visually looks fine. I
plan to visit the boat again and inspect all wiring, controls,
hardware, etc. to determine what can be serviced and what needs
replacing (I'll try to dismantle what I can ge taway with, and I
expect to be able to get quotes for needed major parts from the
dealer.) The cabin seemed not to have flooded but I'll inspect all
equipment in there as well.

Not having access to BUC, I'll have to rely on a broker to estimate
what similar boats have sold for (vs. looking up for-sale listings
which are merely asking prices), and what effect a 'salvage' stigma
may have on it's post-restore value.

So again, what specific damage should I look for in a salt-water sunk
boat? Are there any other magor considerations I should factor in? I'm
ultimately looking to resell it.

Thanks, Jaz



  #10   Report Post  
Jaz
 
Posts: n/a
Default restore salvaged performance sport fish?


They're in Mendon, MA. (trying to not name names) Is that who you
mean? If yes, then I see what you mean. When I inquired about specific
details of their bid process I practically got chased out. This has
indeed been a learning experience.
Thanks, Jaz

On Thu, 11 Sep 2003 15:38:44 GMT, "Steve P."
wrote:
If the company that is listing this boat is the same company that I am
thinking of then be aware that while they may lead you to believe that the
boat is being sold at "auction" this is not really the case. Their "bid"
process is more of a sales tactic or marketing gimmick. Read there terms
carefully, they're in the FAQ on their web site, and you will see what I
mean. While there is nothing dishonest going on I think that if they were a
little more up front about their "bid" process then fewer people like
yourself would waste their time investigating vessels in the hope of finding
a bargain. While you can find damaged and basket case boat there I get the
feeling that everything that goes through that place sells at or above fair
market value.

Good Luck,

Steve P.

"Jaz" wrote in message
.. .

I'm considering restoring a salvaged boat for profit, so I'm looking
for advice on valuing it now and after restoration. It's a 1998 sport
fish and like boats (same make, model and year) are advertised at
$80-150K.

It sank in salt water 1 year ago due to a bad shaft seal, and the
engine was pulled, serviced and run (or so that's been claimed). My
first look at the boat was not under the pretense that it was a
salvage, so I only learned later that it had sunk, meaning that it was
not appearent on my first inspection and the overall condition is very
good. The Peninsular/GM V8 diesel is out and visually looks fine. I
plan to visit the boat again and inspect all wiring, controls,
hardware, etc. to determine what can be serviced and what needs
replacing (I'll try to dismantle what I can ge taway with, and I
expect to be able to get quotes for needed major parts from the
dealer.) The cabin seemed not to have flooded but I'll inspect all
equipment in there as well.

Not having access to BUC, I'll have to rely on a broker to estimate
what similar boats have sold for (vs. looking up for-sale listings
which are merely asking prices), and what effect a 'salvage' stigma
may have on it's post-restore value.

So again, what specific damage should I look for in a salt-water sunk
boat? Are there any other magor considerations I should factor in? I'm
ultimately looking to resell it.

Thanks, Jaz



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