I have done the same with cars as well.
Bill
Me too, never made a dime customizing jeeps but it was a hobby that kept me out of bars and jail as a young kid. Our little ole 45 year old boat was bought from a gentleman that just sunk $40,000+ into a refit. I payed less than 20 cents on the dollar and neither of us complained when we shook hands.
If your buying a boat to make money and are not an experienced full time yacht broker, you need to sit down with a financial advisor for about an hour and just listen.
I was coming back from a 2 night trip south of Savannah this morning on the icw and i noticed several northbound boats with nice bridges that were operating from the lower helm. I didnt understand why until i took a down wind turn. Horseflies. By the thousands. Bitting right thru my tee shirt.
I have a good friend that has almost put his printing business out for sale...he has a gas and makes more money buying and fixing up boats.
To say that it can't be done shows a lack of knowledge about the big picture of boating.
He keeps some for personal use and when the right time/buyer comes along sells for a handsome profit.
Not many normal "recreational owners" can ever do it...but like used anything...a good eye and a good mechanic can turn around certain ones...not many...but you have to have the knowledge of the business and market.
I have a good friend that has almost put his printing business out for sale...he has a gas and makes more money buying and fixing up boats.
To say that it can't be done shows a lack of knowledge about the big picture of boating.
He keeps some for personal use and when the right time/buyer comes along sells for a handsome profit.
Not many normal "recreational owners" can ever do it...but like used anything...a good eye and a good mechanic can turn around certain ones...not many...but you have to have the knowledge of the business and market.
It really depends on one's skill sets and most importantly how much one values their time. I think of at least one guy who spent a year or so fixing up a boat and "made money" on it….. around $2.50 an hour!