Discussion Topic: Flippin' (tin) Starcrafts

[ezmobee]

Thought I'd post up an interesting discussion topic. Some of the C-List deals we've been seeing really has me thinking (something like this one Kev just posted http://fortmyers.craigslist.org/chl/boa/2648346337.html). If you could pick up a nice hull with a serviceable outboard on it for less than $1k, I'm thinking you've got some profit potential there if you fixed it up and sold it.

Most sale-able I would think would be 16-21' open bows, followed by 18-21' closed bows, followed by 16' closed bows. I don't think I'd mess with anything else, too limited market. Outboard only, because apart from my distaste for I/O's, let just admit that sub-$1k boats with I/O's don't run or at least require too much $$ in maintenance catch-up work to remain profitable.

So what kind of restore could one do on a boat that would minimize cost, maximize sale-ability, and not sacrifice safety?

- Paint job would probably be a scuff up and repaint with Rustoleum products
- I'd probably leak test it and if it didn't leak, I'd skip the Gluvit.
- Flotation would be sheet foam (I had a heck of a time sourcing noodles at a reasonable price for my project)
- Deck would be exterior ply painted with porch & floor paint
- Floor covering could be either paint or carpet. I wouldn't put carpet in my own boat but carpet can be acquired inexpensively and may add a real "richness" and "newness" to the boat that may really help with re-sale. Not sure on that one.
- Seats would probably be along the lines of these: http://www.walmart.com/ip/Wise-Ski-Boat-10-Base-Lounge-White-Navy/15135493 and http://www.walmart.com/ip/Wise-Ski-Boat-10-Base-Matching-Jump-Seat-Grey-Red/15135496
- I probably wouldn't do much if anything in the way of gauges. Perhaps a tach. Electrical would be limited to a horn and navigation lights.
- Trailer, if not galvanized, would be lightly sanded and Rusto-painted.

Wonder what I could sell the finished product for? Keeping in mind that it would show REALLY well with new paint and interior. I'd have tons of high quality pictures in my ad and would sure to have video of it running the cruising around. $4-5k might not be unrealistic. Possible profit of $2k?

I've got too many house projects right now and work to do on my SS but I may do this someday. Just thought it would be an interesting discussion.

 

[Starman8]

Re: Discussion Topic: Flippin' (tin) Starcrafts

From experience, I would guess the later model "leakers" would provide the best profit opportunity.

Better engines, better trailer, better electrical, more modern, less rehab work.

My 2000 was from a fed-up guy who bailed to glass, the leaks were easily identified and fixed, new floor, new carpet, new seats, a few amenities, and a nice profit.

My 79, to me, looks more now like a 99, but I bet there is a limited market to pay me plus $2K over what I am into the project. I did my 79 as a keeper, meaning no pressure to use it to justify the cost, and no bank loans/liens.

 

[Gun Dog]

Re: Discussion Topic: Flippin' (tin) Starcrafts

There are so many variables.
In a lot of cases in the chepo boat arena the trailers and or boats don't have titles. In PA just to clear up the trailer title will cost $100. Even with a lost cost resto it can cost $1k -1.5K. I made a list of minimums and maximums on my proposed resto and I was surprised at how much it was going to be. Many of the older SC's have motors from the 70's. In my opinion not so popular for someone spending $5K. There are many $4-5k boats out there that have nice motors from the 90 to late 90's with a hull that's in great shape.
I've watched restored SC's on craigs list sit for many months only to be re-listed many times with obviously no action. My neighbor just sold his not so old ski boat in great shape with two I/B motors and jet drives for $2200. He was asking $5k. It's not a good market for selling boats right now.

Just my thoughts.

 

[ezmobee]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Obviously I wouldn't be looking to sell a flipped boat in the fall/winter. I think a low-dollar restore could be done for <$1k.

 

[jasoutside]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Yah, I'm with gun dog, lot of variables.

Personally, I don't think I could flip boats like these in the strict sense of buying "exclusively" to rebuild and sell for a profit. Just too much work involved (for me anyway) and I think the margins would be very thin compared to costs and time spent on the rebuild.

Now, if I buy one for personal use, rebuild only to find out I want something bigger/smaller/faster/whatever - turn around and sell it for a little extra pocket change, AOK.

Maybe if I was old and gray, kids were gone, and I wanted to rebuild for fun and sell???? Ah, nah. I'd rather go fishing

 

[Starman8]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Obviously I wouldn't be looking to sell a flipped boat in the fall/winter. I think a low-dollar restore could be done for <$1k.

EZ, I bot the 2000 in 12/09, rehabbed over the winter, used it in Spring and Summer 2010, and sold it in the Fall.

There is a market for mid 90's on up fishing style tinnies. Finding ones at a low cost/DEAL is the tough task.

 

[Gun Dog]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Obviously I wouldn't be looking to sell a flipped boat in the fall/winter.

By bad market I didn't mean fall/winter. Last year, this year and maybe the next couple of years. As for profit I find that if you do it for pleasure you'll almost never make a profit. Your profit will equate to a few measly dollars per hour spent and trying to sell the project.

An old friend of mine use to build pop-up campers for friends and family. He made one every winter for as long as I can remember. Never made a penny just did it for the pleasure.

I'm not saying don't go for it I just saying if it's about the bucks then????

 

[Huron Angler]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Since boats are so cheap here in Michigan, I think the best strategy would be to buy up a bunch at bottom-feeder prices and sell them in a couple years when the economy is better.

The motor represents such a huge part of the price the real trick is getting a runner for a good price to sell as a package.

So I would say that being mechanically inclined enough to work on motors would need to be part of equation in order to consistently make money flipping.

Certainly could be done as EZ described, keeping costs down.

Now if I had some acreage to store boats I'd be more interested in finding out

 

[jasoutside]

Re: Discussion Topic: Flippin' (tin) Starcrafts

To make $ I'd think you'd need to get the boat for "Free or Nearly Free" along with the trailer at next to nothing. I'd agree that the engine would need to be had at super low cost and brought to looking very good territory.

I suppose, if making money is the actual goal here, I can think of easier ways to do it. Real estate comes to mind at the moment.

If it's for fun, maybe a hobby, to keep out of trouble, or just like working on boats? Sure!

 

[CheapboatKev]

Re: Discussion Topic: Flippin' (tin) Starcrafts

I have seen many deals.(such as the one EZ mentioned) that I would love to turn around and make money on.
I did just that with my 14 foot Lonestar with the 6hp Evinrude, I had $400.00 in it TOTAL and made over $300.00 profit.

But...I miss the boat, I get too attached to things!

The problem too is the city zone/tax guys cruise around and will warn you once or twice about a non registered vessel on your property.
After that the tickets come, which of course would suck!

 

[ezmobee]

Re: Discussion Topic: Flippin' (tin) Starcrafts

One thing that's nice is in PA, registering a boat is no big deal, even with a complete lack of paperwork, as long as it has PA numbers on it. Trailers are a different story.

 

[GA_Boater]

Re: Discussion Topic: Flippin' (tin) Starcrafts

I see your point EZ, but rather than restore, parting out might be a better option. Leaves a bad taste but look how often we see posts on iboats for "I need a XXXXX, any ideas?" . If you are flipping for dough your time has to be paid for, period. Looking for $2k profit might be a little high. Break-even is doing it for fun, but that can get pricey with cash tied up in parts, etc. I won't even mention titles, warranty (peeps are a strange breed) or the sucking economy for non-necessities.

 

[Gun Dog]

Re: Discussion Topic: Flippin' (tin) Starcrafts

One thing that's nice is in PA, registering a boat is no big deal, even with a complete lack of paperwork, as long as it has PA numbers on it. Trailers are a different story.

I agree on the PA boat registration. We better talk softly if they hear us...

 

[Bwana Don]

Re: Discussion Topic: Flippin' (tin) Starcrafts

I started to run a spredsheet on this subject. The only way it works for me is: get a great deal on a boat, motor, trailer. Fix her up real nice and sell her to a freind or family member. Break even, and your payment is to watch them enjoy it. Bonus is to go fishing or boating with them occasionaly.

I'm too finicky of a person to slap a boat together and try to get a bunch of money out of it. I'd over do it and take a loss or end up working for $10.00/hour. I'm with Jason, I'd rather fish. Margins are too low to do it right, for me anyhow. It takes a different mindset to flip stuff.

 

[Gun Dog]

Re: Discussion Topic: Flippin' (tin) Starcrafts

I started to run a spredsheet on this subject.

If I only had your time!

 

[Bwana Don]

Re: Discussion Topic: Flippin' (tin) Starcrafts

If I only had your time!

OCD Engineer. After you've done it a couple thousand times it only takes you a minute. I do this at work daily, so it's only natural for me to carry this over into REAL life. It angers my wife and freinds, I'm like whaaaat. I would die without excel. OK I've shared too much.

Carry on.OK wait, nah..............carry on. I purposely do NOT play fantasy football. I wouldn't have a life or wife, I'm obsessed with statistics too. Must control the left side of my brain, it's eatiing the right side.

 

[CheapboatKev]

Re: Discussion Topic: Flippin' (tin) Starcrafts

I also dropped out of my 2 FFL's after a 1st place (fox sports) and 3rd place win in my company's league. Too much stat tracking

Back to boats
Don't you think 14 footers would be the fastest and easiest to flip?

 

[jasoutside]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Back to boats
Don't you think 14 footers would be the fastest and easiest to flip?

No doubt about that! I think with a solid, focused effort, a 14 footer could be rehabed in a weekend. The key would be the initial investment.

In my area, those 14' go for a premium. Everybody wants em. The 15/25 HP OB that goes with them are also usually $$.

Money would be made on the front end with the smaller boats.

 

[CheapboatKev]

Re: Discussion Topic: Flippin' (tin) Starcrafts

No doubt about that! I think with a solid, focused effort, a 14 footer could be rehabed in a weekend. The key would be the initial investment.

In my area, those 14' go for a premium. Everybody wants em. The 15/25 HP OB that goes with them are also usually $$.

Money would be made on the front end with the smaller boats.

There are anywhere from 100.00 (rare, I grabbed the Lonestar for that) to nice ones at 300.00. around here if you stalk CL.
OBs are all over the map..I still do have a 7.5 Tecumesh I could toss on a tinny to flip..

 

[CheapboatKev]

Re: Discussion Topic: Flippin' (tin) Starcrafts

Like this..bet i can get it for 300 or less


http://fortmyers.craigslist.org/chl/boa/2650391796.html


Then a cheap trailer

http://fortmyers.craigslist.org/lee/boa/2649195324.html