Don’t know how to even think to do what I am about to do!!

I have an opportunity to buy a 1973 Hatteras 58 MY which was abandon by its owner four years ago… the marina legally confiscated the boat… it’s been fitting on the hard exposed to the elements since then… the flybridge and main salon area doesn’t look too bad… the lower deck, particularly where the aft berths are has rain water about four inches above the floor board… the bilge is completely cover with water touching the engine oil pan… again, it’s been like this for four years… I am told the engines ran when the boat was abandon…I can get this boat for ten thousand…I was think I can bring it back to like and use it was my own personal craft…How should I think this through?What questions should I be asking myself?How does rain water damage the wood labels?Or, should I walk away…Thanks in advance for your comments and suggestions!!!John

Depends on the condition of the boat. Obviously:).

Things like the Condition of the paint and decks, rest of the interior, generators, air cons, electrical. Even if 4 years there shouldn’t have been that much rain water getting in unless portholes were left open. Otherwise there must be some serious leaks going and further damage

As to the 4” above the floor boards, that could be costly. Not just the floors boards but all The cabinetry and walls will have to be redone. Or painted if not completely rotted.

This boat is a gamble. If the engines and gens can be revived, if the outside paint can be buffed, and if you have either the time and skills or the ability to hire carpenters and various contractors, it could be a good deal. On the other hand of the engines need to be rebuilt, the gen long replaced, the air cons repaired or upgraded, the boat painted plus all the other things… you could be looking at $200k or more. Probably not worth it

Plus storage. I m guessing the storage meter will start ticking as soon as you buy the boat. That will get expensive rather quickly until the boat can be launched and brought to your slip.

Again, if you re feeling lucky, go for it but be aware that you could end up upside pretty quickly

Personal opinion - You are new to your 38, unless you are an old hand with boat refitting… I’d stick with the 38 for a couple years.

This is my 5th season with a 43 and I am just starting to appreciate the bigger picture in many ways.

You couldn't afford this boat if they gave it to you for free and handed you a check for fifty grand with it. Unless you are so wealthy you don't need to worry about money, ever.

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Originally Posted by julianj08

What questions should I be asking myself?

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Am I more brain dead than the guy who left the boat behind??

Do you really want more??

Run, John Run..

If I was a young man and I had all the talent and money that I need, I would take on that project, but at this age I wouldn’t spend my money on a derelict. There are a lot of good boats that you can pay 10 times that amount for and still be ahead of the game. I know people who have purchased boats for less than 50,000 and have ended up putting over 500,000 into them. You might consider buying it and parting it out you, might double your money if you do that.

I would start by negotiating how much are they going to pay you.

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Originally Posted by Captain Ralph

Am I more brain dead than the guy who left the boat behind??

Do you really want more??

Run, John Run..

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This.

All very good advice… very thoughtful and serious…. I am neither young, rich, or have the necessary skills…will likely “walk away” from this one,,,Thanks all

It's always nice to dream about a project like that but I'm reminded of the saying "nothing is more expensive than a free boat". My first question would be why was it abandoned?

Walt Hoover