You seen this LRC rebuild?

[krush]

This kingspoint guy is "rebuidling" a LRC in what looks like an attempt to "flip" it.

I really don't understand how you can make money off of a depreciating asset in a soft market like this, but good luck to him!

http://www.cleaniedini.com/Hatteras.htm

[StratPlan61]

I would enjoy a project like that if it were a boat I didn't plan to use soon - or someone else's boat. I like those kind of things but it takes a ton of $$$$. Unless you get something like that embarassingly cheap and had available labor at terribly cheap rates, I don't know how you could expect to make much $$$ on the effort.
My woodworking projects end up in children's Christmas stockings and donations to charities - little to show for my efforts other than the gratification and little boys and girls' smiles!!

[thoward]

It was posted on here back when he started on it. I personally do not believe you can make money on rebuilding a boat even if you got it free. Cool project though.....

[jim rosenthal]

I thought he was doing this for the bank that owns it, but I may be mistaken. I don't know where they are in the project, but he's got his hands full- it is a huge boat and this particular one was quite neglected. I hope he's able to finish it and bring things to a happy conclusion.

[harnett]

It's been discuss before but I'll say it again. I've yet to be convinced that you can restore a boat for a profit. For your enjoyment maybe. To spread out your cost over a period of time that you can also use the boat. Maybe that works too but in the end I think if you are honest you will still lose money if you do the accounting. You'll be disappointed if restoring an old boat is about profit. I did it and I love the result but it was not the best business move I ever made. Boats are about enjoyment.

[Passages]

I was on the boat a few months back. Met Dini and some of his crew. Impressive vessel but it's a HUGE project. That said, I believe the boat is worthy of restoration. The pic below is an interior shot I took during my last visit.

Dr. Jim is correct, it's a bank owned boat and Cleanie is the project manager on the banks payroll. So the bank assumes the risk and Dini gets a boatload of experience, exposure and a little bonus if the project indeed turns a profit. (He can't lose)

Dini pops on the forum from time to time maybe he can fill us in.

[Capt.Erich]

It's been discuss before but I'll say it again. I've yet to be convinced that you can restore a boat for a profit. For your enjoyment maybe. To spread out your cost over a period of time that you can also use the boat. Maybe that works too but in the end I think if you are honest you will still lose money if you do the accounting. You'll be disappointed if restoring an old boat is about profit. I did it and I love the result but it was not the best business move I ever made. Boats are about enjoyment.

If you want to make a million dollars building boats, you need to start with at least five million. (insert rolling eyes smile here)

I have been approached by guys who wanted me to manage projects like this one with the intent of selling at a profit. I've turned them down and tried to gently give them a reality check that the profit margin is so slim on US built boats to begin with and trying to sell an old boat that has been refit to earn profit is nearly impossible unless you have some way of cutting cost of labor and materials. This usually means owning a boat yard.

I wonder if the banker who is paying for this has a clue what he is in for?

[No Hurry]

I fully agree that you shouldn't expect to make a profit refitting an older boat, however if you can buy a project boat a the right price, you can fit her out exactly like you want and do it on your own schedule. I didn't want to finance a 15 year old boat for 180K, that was set up the way someone else wanted it in 1992. I also didn't want to be constantly trouble shooting system problems as they occur on a 10 to 15 year boat. Unless you buy less than than a few years old, All of the systems are subject to age related problems. I like the idea of having all new systems in a 30 plus year hull. To me it will be a new boat. But I know that potential buyers will not appreciate my work and upgrades as much a me. Refitting is a great way to go as long you go into it fully informed and eyes wide open.

Benjy

[jim rosenthal]

A few years back, I seriously considered taking on a neglected Hatteras 45C (series 1) which I knew of in this area. The boat had all its bits present, but didn't (and doesn't) run. I thought if I could get it cheap enough, and we could put it back together, a few bucks could be made.

What's embarrassing about this is that this was only about six or seven years ago. You would think (I was fifty then) that I would have known better by that time of life. Luckily for me, the boat was not for sale, and I got involved in other projects. I say lucky- if I had taken this on, it still wouldn't be done, I would probably be dead from frustration, and my estate would be broke.

I very much believe that even if you get the boat for free and do all the work yourself, there isn't enough in it to pay you anything for your time and let you make any kind of decent profit. There are many folks on the forum who are restoring old Hatteras yachts, but these boats are for their own use. They are not trying to go into the restoration business. Or, if they are already in it, they are doing it for a client who knows the deal, understands the expense, and loves the boat enough to do it anyway. Like me, with my repower project.

The used boat market has softened up enough lately that if I had indeed taken on that project I would have even more cause to regret it now. I am very glad indeed I did not.

The 65' Hatteras LRC is a beautiful boat and I am glad someone is trying to bring this one back to life. But I am even more glad that it is not me. I don't think that even working 24 hrs a day I could put together enough money to bring that boat to what I think it ought to be.

[Passages]

If someone has the desire to try to restore a boat and maybe make a wee bit of cash, the best prospect is probably the 31' Bertram. They are small enough to have trailered to the back yard. Plus there is a cult following for these so they will always be in demand. Fully restored they can command over $100k. Saw one with diesels recently where the ask was $20k

I was tempted but decided to save my time & money for the boat I really want.