Should I buy this boatfor $500 to restore?

[MaxCain]

Hello everyone. My name is Thomas and i have never owned a boat but would like to. I have an opportunity to purchase a boat that needs some work. The storage facility only wants $500 for it. The boat runs and it floats, but have been sitting out in the weather for close to 3 years. I don't know what kind of boat it is, maybe some of you know the make and model. I do know that the year of it is 1976. My question is; if you had the opportunity to buy it would you? I figure I would give it a 5 year plan to finish it. What do you all think?

 

[simcole]

Re: Should I buy this boatfor $500 to restore?

Outdrive actuators gone, no props, wood looks in bad shape and floors probably rotten. I wouldn't touch this thing unless they gave it to me. You also have no idea if the motors works besides that it "runs". RUN FAR and Fast. Now if you have a big storage place to work on this every week and enjoy that sort of thing and the thousands of dollars it will cost to get running then go for it. You would be money ahead to work on a less damaged boat.

 

[eavega]

Re: Should I buy this boatfor $500 to restore?

I would run. Run fast. That boat has "Money Pit" written all over it.

Sitting in weather for 3 years? Possibly in freezing weather? That will be a lot of restoring.

What do they mean "it runs"? Does that mean the engine turns over, or does that mean that the motor will run through its full throttle range and idle satisfactorily while on the water?

If its been sitting out of the water for 3 years, how does the marina know that it even floats?

There is a reason that they are willing to sell you a boat like that for $500. You are paying to haul a headache out of their facility.

My $0.02

 

[matt167]

Re: Should I buy this boatfor $500 to restore?

I've seen nicer boats on Boat Angel go for less or just a bit more money. Boat Angel boats always need work of course, but many dump the big boats because they can't afford the slip fees and so they go cheap. but most run and float or need little work ( not the trailered boats tho, they are mostly junk )

 

[joelybob]

Re: Should I buy this boatfor $500 to restore?

That is a lot of boat for someone that has never owned one before, I would start out with a smaller boat. That boat needs lots of work. you don't want your first boat to be a bad choice/experience. jmho

 

[Pmccraney]

Re: Should I buy this boatfor $500 to restore?

"Run like the wind blows"

 

[GT1000000]

Re: Should I buy this boatfor $500 to restore?

Hi and welcome, MaxCain...
The only person who can really answer that question is you...
My personal opinion is, If you have a place to work on it, are willing to spend the money and are willing to put the sweat equity into it...then go for it!
Just be aware that it is going to be a huge undertaking. 5 years is a reasonable time frame...just a disclaimer before I ramble on; if you are willing to wait 5 years to finish this restoration, you might be able to save up enough money in that time frame to buy a new one...just saying......
From the looks of the pictures, that looks to be similar to a mid seventies, 20-23 foot Bayliner...maybe
You can easily spend several thousand dollars {3-6K} just restoring the hull, plus a few more for the drive line {another 2-3K}, that doesn't include the hundreds of other things that it would take to finish it; hardware, fittings, wiring, electrics/electronics, rigging and so on...
Like has been mentioned...how do the storage guys know that it is even remotely sea worthy...???
The boat was last registered in Indiana? The boat has sat for 3 years through several winters...probably never winterized the motor, might be damaged beyond repair, plus the age of the boat would indicate to me, that all of the substructure is probably rotten...
Does it come with the right trailer for this boat?
Do they have clear titles for the boat and trailer?
Like I said, if you have the means, you can restore it...anything is possible if you throw enough money and time into it...
Is it worth it, only you know the answer to that...
Realistically, by the time you restore this boat, and the trailer, and the drive line...you are still going to have 37+ year boat...albeit, basically a brand new one...can you buy a boat of this size, brand new for what you will have invested in this one, the likely answer is no...
Can you afford to go out and put a down payment and make the monthly payments on a brand new, smaller, ready to use boat?
You asked for some advice and that is what I am throwing out there...My 2? worth...
If you decide to dive in and restore this boat, you are in the best place on the web for all the advice and information you would ever need.
I would seriously negotiate a price as close to zero to haul this boat away...
You can easily spend the 500 bucks just getting it home if you have to get wheels and tires for the trailer, hook up some lights, strap it down, etc...
Best of luck,
GT1M

 

[greenbush future]

Re: Should I buy this boatfor $500 to restore?

I'm kind of on the same page as the rest here, ask yourself one question, why are they willing to sell it for that price? A 30 plus foot boat from that era just smells of needing so much work, I think even a person who has done this several times and has the tools, the location, the cash, and the knowledge would surely find better deals to throw the kind of combined effort you would need to throw at it. And for what it's worth, a boat that big usually has twin engines, this one doesn't, so even if you can get her back to safe running condition, who would eventually buy a boat like that. Think resale too because you wont own it forever either. My guess is, who ever owned it just walked away, and most likely for a good but unknown reason to you. Keep looking, boats are everywhere.

 

[HopinImFloatin]

Re: Should I buy this boatfor $500 to restore?

that seems like a big first boat, sure would make me nervous to navigate. Like gettin a full dress harley for a first bike i guess

 

[tpenfield]

Re: Should I buy this boatfor $500 to restore?

Welcome to iBoats, Thomas . . .

I'll just add some thoughts to what's already been said . . .

You can find the answer to your question by asking yourself a few other things . . .

Do you love this boat . . . I mean really love it?

If you do love it, I mean really love it, how much money do you have to spend on it? You may need $10-20K, once it is all said and done.

If you were to spend $10-20K on a boat, what else could you get? Would you love that even better?

 

[RogersJetboat454]

Re: Should I buy this boatfor $500 to restore?

As if you haven't been beaten up enough already (sorry buddy).....

The drive on the back looks like a Mercruiser TRS drive.
While they have a reputation as being a tough as nails drive, they also have a reputation (now) of most of its parts being obsolete.

That means if you need to do any repairs to the drive, you are going to need to track down used, or N.O.S. parts to get it up and running, and do the same to keep it running.

I'm with most of the others. It's a romantic thought to have a boat you can say you restored, but this sucker looks like an awful lot to bite off, and chew. If you like the style of the boat, I'm sure there are others out there in much more favorable condition to start off with.

 

[Woodonglass]

Re: Should I buy this boatfor $500 to restore?

Should I buy this boat for $500 to restore?
Should I buy this boat for $50 to restore?
Should I buy this boat for $5 to restore?
Should I buy this boat for $.05 to restore?

NO!!!

 

[Gator1996]

Re: Should I buy this boatfor $500 to restore?

Glass half full. What is your skill level? What are your boating needs? Have you poked and prodded the boat in question? Know what's rotten and what isn't? I agree that this is a lot of boat for a first timer but you may be a master carpenter for all we know. This may be your dream boat and fulfill every need/desire you have in a craft.

If a storage facility is selling it it is likely because it is taking up space that they aren't being paid for anymore and the opportunity cost is high for them. Maybe they don't know what it's worth, don't assume they are trying to pass off a known problem, they are trying to reclaim a revenue producing piece of dirt. Hey, offer to haul it away for free, you never know.

Just last week someone posted a link to the site detailing the guy and his wife that are building that 70 ft. Chinese junk out of sheets of steel. Do you think anyone thought that was a good idea? Probably not.

Is the opportunity to own this boat long term, invest likely thousands of man hours and probably well over $10,000 worth it to you? If so, dig into the thing, determine what's wrong with it, make a plan on what you would need to replace structurally, what you would want to replace aesthetically and do a rough cost analysis. If no one ever dreamt big, where would we be? This section of the Iboats forum would not exist if no one ever bit off more than their peers thought they could chew. Good luck in your decision.

 

[MaxCain]

Re: Should I buy this boatfor $500 to restore?

Thanks for all the great responses everyone. I talked to the storage company and they lowered the price to $200. The story is that the owner of the boat died of a heart attack and no one ever came to claim it. I do realize that its going to be a huge project that's going to take a lot of time and money. I do have the room for it. Never really thought about a newer boat until now. Ill think about it for a day or so and let you all know what I decide. Thanks

 

[Pmccraney]

Re: Should I buy this boatfor $500 to restore?

Another wrinkle from your last post. If you decide to take the plunge, make sure you can get good title/registration to the Boat. In some states, this is very tricky. If the prior owner died of a heart attack, and no one ever claimed it, it is probably still titled in his name, which opens up a pandora's box. In some states, you can get an abandoned property title, but its obviously harder and more nuanced process.

 

[Woodonglass]

Re: Should I buy this boatfor $500 to restore?

This ^^^ be an EXCELLENT point. Titles and Registration are VERY IMPORTANT!!!!! This should be a HIGH priority before any money changes hands.

This might be helpful...
http://www.in.gov/bmv/3046.htm

 

[Celtichawk]

Re: Should I buy this boatfor $500 to restore?

What's the verdict? Wondering if you got boat? Any chance you can part out the boat and make $ plus some back? I don't know I love big old boats but yes it's going to cost a lot and a big place to store it.

Same thing for me, own a 24.4' Searay 1972 and although everything is solid and floor that don't mean I have other issues I will be facing over the years. Won't even discuss the OMC partslist not available . LoL so think it over hard and long $200 is super cheap and there is a reason why. You could more then likely get $500 or more just for trailer and then part motor out and ten scrap it still making money out of it.

Wish you the best of luck either way and will be on board if you attempt to restore and bring back to its running days!

 

[m casey stock]

Re: Should I buy this boatfor $500 to restore?

Wow....I really like the boat, I have the skills to restore it too, BUT.....I'd really rather spend more money on one in better shape to start with. It's time I have a shortage of, I still have to work a 60hr week. Maybe when I retire I'll be able to take on one like this, and even then I think a 5 year plan might still be in store. Hey, I guess you could live in it like Gerald McRaney as Richard "Rick" Simon on the show Simon and Simon that aired in the mid 80's.

 

[jbcurt00]

Re: Should I buy this boatfor $500 to restore?

The storage lot will likely need to apply for the abandoned property title. It was abandoned on their property.

 

[jbcurt00]

Re: Should I buy this boatfor $500 to restore?

You definitely want to read the Indiana BMV webpage