thataway":4v78z3xa said:
I would think that repairs on the Ranger would be minimal beyond the first found problems (if any)--but that there are always on going costs of owing this type of boat.
I would wonder about the reality of charter income. Do you want to do 6 pack (un inspected vessel) operation, or bare boat charter? I have only bare boat chartered my personal vessels a couple of times--and to people I knew very well. Even then it was a frustrating experience. I did bare RV charter a motor home for several years, and it was not really a money making proposition.
If you have the boat in a fleet where it is managed, that may be a different story. Also there are tax implications of chartering.
I feel that a boat is a personal item--and am concerned about potential damage done by charterers.
Good luck on the project, and let us know how it works out.
It is a charter company.....ABC Charters to be specific. I wouldn't dream of chartering my boat to another on my own. ABC manages my Carver 3007 and have done a nice job. However, $$ earned have gone into repairs, resulting in a better boat that when it was purchased. The trouble is....that boat will not be useful to us when we do the Loop, etc. Consequently, do we want charter income to go repairs or do we want it to apply toward the purchase of a boat we'll keep for the long term? As much as I abhor buying anything "new," I take heart from Bill and El's purchase of their new CD 22 years ago. They have certainly got their money's worth. I'd like to do the same with the Ranger, especially if it's as durable as the CD 22. It certainly has a layout we can cruise and live in comfortably for long durations.
Also, it's possible that the Ranger will hold it's value through the years, as the Nordic 26 has done.
As to the personal aspect, the boat is just a boat unless we move into it. 9 months of the year, our stuff will be in it. ABC does a very good job inspecting the boat when a charterer returns, including a dive inspection of the hull. If they damage it, they pay for the repairs. Damage exceeding the damage waiver is covered by insurance. That includes a blown engine. Normal wear and tear is excluded but if we limit charterers to two people, then it should be minimal, vs. a family boat like our Carver. Even then, the only interior damage we incurred was a coffee stain on a chair, which was easily removed.
Regarding tax implications, it's similar to rental property. Income minus expenses, including depreciation. For example, the Carver is getting bottom paint this week and Memorial Day weekend, we'll move it from Anacortes to it's summer berth at Friday Harbor, enjoying the sites along the way. That trip is tax deductible...food, gas, etc. So are maintenance and moorage.
Personally, I love tax deductible toys and vacations.
-Greg
