Renting your boat??? Has anyone ever considered it?

I have my 100 Ton Masters license and I'm listed on boatsetter. The only way my boat leaves the dock is with me at the helm. I would not ever consider having a complete stranger run my boat. I did have an insurance claim with a charter once and boatsetter was great to work with. One of the guests onboard had brand blue shorts on and it was a hot summer day. The dye in her shorts bled through everywhere she sat. The paid out $3k. But what about the unseen damage, hard shifts because they didn't wait for dead idle, prop strikes, knicks in fiberglass because they don't have clue on how to dock. I have seen multiple rental boats and it has been a shit show watching these idiots run the boat.
 
I think there would be a great market for skippered cruises for evening cruises, offering dinners and appetizers with a person along to attend to the needs of the guests.
 
http://www.cccharters.com/charter_fleet.php
https://www.cycnorth.com/rates

I have bareboat chartered from both these places numerous times. There is a lot of good info on both websites.
In my experience the first time you charter is the hardest. You have to give your experience and basically convince them you can handle the boat. I have taken power squadron courses both in Canada and the US...that helps, Own or Owned the same boat size that helps and years experience helps. Now your in. When you get there you have to demonstrate single handed you can run the boat. You have to leave the dock on your own, navigate a channel and dock the boat...on your own. The manager is with you. if you pass that, give them a cruise plan discuss it and your off.

Once you have chartered without incidence the next time is automatic ...apply, show up and go

I have seen where someone has the experience but not with that particular boat and the manager will go with them for a day or two until they are comfortable.

Both owners of these companies are great people. I am sure if you called them up and asked them for advice they would be more than helpful..
 
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If I wanted to start a boat charter business I wouldn't use any boat that I considered my 'personal boat'. At one marina I use I'm often in a transient slip next to a charter company slip. I arrived one night around 1AM and music was pouring out of their boat and there was like flashing disco lights. As I walked past it I look in the windows and there are two couples inside dancing, having a hell of a good time. One half naked gal had a bottle of wine by the neck, head back, bottom up, wiped off her chin with the back of her hand, and passed it on....all f'd up.

Sometime during the week when I was gone their charter ended. I found out the boat was not tied up properly and the stern got loose and ended up pounding on my boat during a storm. Luckily it was making contact on my rub rail, no damage done. What other damage they may of done to the rental who knows. This was a nice looking sailboat, 200K I'd guess, not a junker.

How ever I'd decide to rent out boats the price would be stiff, contract provisions to cover damages, cleanup, liability... Proper pricing and choice of customers should weed out a lot of the undesirables at the start, for the rest it depends on them...it could get expensive.
 
Woody said:
How ever I'd decide to rent out boats the price would be stiff, contract provisions to cover damages, cleanup, liability... Proper pricing and choice of customers should weed out a lot of the undesirables at the start, for the rest it depends on them...it could get expensive.
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You'd have to be careful about weeding out the undesirables. In apartment/home leasing if you weed out undesirables for what they perceive as being prejudicial, you could end up being sued for discriminatory business practices.
 
MI 420 Sundancer, I would rent it from you for the full 2 months, and would pay you $10,000 to do so. I have owned 3 Searay boats, and have boated in Florida, the Gulf Islands off Vancouver, and currently boat in Okanagan lake inBritish Columbia. I have owned and operated a 2003.5 340 twin Vdrive gassers, a 2006 400 twin diesels with bow and stern thrusters, and currently a 2007 300 twin stern drive gassers.
I would transfer my current boat policy onto yours and would be fully covered. It would be just my spouse and I using it, and would plan to transit the Canadian arm of the Great Loop, i.e. Trent Severn and Rideau waterways. I am a 63 year old, non smoking, non drinking responsible individual. If you would be interested email me at Partis.shaw.ca.
Thanks for your consideration.
 
MI 420Sundancer said:
Would someone rent it for a week at at time with a in depth training? I know it is maybe a little crazy to rent out a boat like this, but just curious.
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Any renters should already be experienced/qualified/verified boaters. My 420DA is a 10K a week boat, 15K during prime time around holidays. I'm not letting some canboat guy with a 4hr training session take off with it even if he can afford it.
 
I think there are situations and situations. I will not be offering my boat for rent BUT if I know someone who has experience or even better had a boat in the past I will rent him mine. For instance I will love to try a boat before buy it, which option do I have? rent it... I will love to rent a Sundancer to see if that is something I will like to purchase before spent a ton of money and then get crazy trying to sell it. I have boats for years and navigation course done. I will NEVER rent a boat to someone without experience or a navigation course as minimum.
 
My ‘05 390 MY is in a bare bones charter fleet. A couple of thoughts:
1. Insurance has to be commercial, even BoatUS will not provide towing coverage. There are not that many companies who will insure this and the coverage is about 30% higher than non business coverage.
2. The boat, in my opinion has to be in an LLC. Additional tax forms to fill out. Not hard, but something else to do.
3. The boat has to be detailed prior to charter, yes you can do it, just probably more than the typical owner does.
4. The benefits:
Good, 7 charters this year, netted me around 11k. The depreciation on my tax return will be around 30k so I should save 10k in taxes. Remember, a portion of the depreciation must be recaptured as ordinary income when the boat is sold, so a portion of the income should be set aside for that. Many of the fixed cost to operate are expenses, thus the overall cost to have the boat is reduced.
The Bad:
7 charters, 3 damages of which 2 are major. The first, charterer hit a bridge piling and put a 5” crack above the port bow rub rail. Damage is being repaired and paid for by the customer. The second, charterer opened the aft transom window, it did what it is designed to do.....fell out and went to the bottom. That window isn’t manufactured any more. Still working on that one. The minor damage was the cover over the stove was dropped, broke in half. Repair was fine. The security deposit covers the deductible.

My opinion is that rental property does get more wear and tear than usual. Periodic maintenance is accelerated, not to bad if you do your own, but it is an expense. The boat is being used, letting boats, esp diesels, sit idle is not good. If it was a new boat, I might feel different, but a 14 year old one, it already has some wear and tear. Bottom line, it does require a certain mind set to give the keys to someone you don’t know. There has to be a level of trust between the owner and folks running the charter company and the check out captain. I never see or have any contact with the customers, but most are multiple year repeats. The check out takes a couple of hours, like I said there has to be a level of trust..........
 
Rgdodson54 said:
My ‘05 390 MY is in a bare bones charter fleet. A couple of thoughts:
1. Insurance has to be commercial, even BoatUS will not provide towing coverage. There are not that many companies who will insure this and the coverage is about 30% higher than non business coverage.
2. The boat, in my opinion has to be in an LLC. Additional tax forms to fill out. Not hard, but something else to do.
3. The boat has to be detailed prior to charter, yes you can do it, just probably more than the typical owner does.
4. The benefits:
Good, 7 charters this year, netted me around 11k. The depreciation on my tax return will be around 30k so I should save 10k in taxes. Remember, a portion of the depreciation must be recaptured as ordinary income when the boat is sold, so a portion of the income should be set aside for that. Many of the fixed cost to operate are expenses, thus the overall cost to have the boat is reduced.
The Bad:
7 charters, 3 damages of which 2 are major. The first, charterer hit a bridge piling and put a 5” crack above the port bow rub rail. Damage is being repaired and paid for by the customer. The second, charterer opened the aft transom window, it did what it is designed to do.....fell out and went to the bottom. That window isn’t manufactured any more. Still working on that one. The minor damage was the cover over the stove was dropped, broke in half. Repair was fine. The security deposit covers the deductible.

My opinion is that rental property does get more wear and tear than usual. Periodic maintenance is accelerated, not to bad if you do your own, but it is an expense. The boat is being used, letting boats, esp diesels, sit idle is not good. If it was a new boat, I might feel different, but a 14 year old one, it already has some wear and tear. Bottom line, it does require a certain mind set to give the keys to someone you don’t know. There has to be a level of trust between the owner and folks running the charter company and the check out captain. I never see or have any contact with the customers, but most are multiple year repeats. The check out takes a couple of hours, like I said there has to be a level of trust..........
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I am not capable of that mindset with my boat...
 
I almost did this a few years ago thru maybe BoatSetter or some similar company. The only contact I ever had was a guy in Florida coming up to the area and wanted to see Door County. He had a 320 too, so I wasn't as concerned. But ultimately, wifey didn't want someone else sleeping in her bed. So I pulled the plug.
 
What about just using it as a floating condo /rental? I see boats on air bnb and gotta say they have appealed to me and I could foresee doing a rental with the family for a long weekend. If it's a nice location perhaps there is a market for it. To me there is nothing better than waking up on the water in a nice marina. It would certainly limit your risk around operating the boat.
 
I am open to renting out my fuel tanks only .. its 2k per fill ... any takers.... I will supply drinks and food! Ha!

If you are going to do this I think it is a great way to off set the cost of owning a boat and paying for your fun.

You would have to have a huge open mind to do this and just know two out of five renters are going to completely trash the boat and have no regards to you or how much you take care of it.

I have built two 75 house boats had them shipped to lake powell and then I time shared them. ten shares total in each boat. By doing this I paid for my 3 weeks on the boat. You would not believe how much damage ... mechanical and cosmetic that one group can do in one weeks time.

It is not only the big stuff it is the little stuff. Just think what a group of five could flush down the head and then you have to deal with it when they leave.

look at when you bring two friends on board for a weekend that have never boated in there lifes and how much you have to correct them on over a weekend.

If your going to do it just be prepared for it to pay for your fun and be ready to sell the boat for a loss at the end. You also have to have a big reserve bank account to cover the damage and repairs for the next charter that would happen in 24hr. Who is going to be your go to service center to get the boat back up to rentable status in less than 24 hr.

I have also done this with wave runners , snowmobiles and ATVs and five out of every ten rentals came back with damage. I have one friend that did it with a 340 searay and he got out of it after the first season and another that did it with a RV and they got out after one season as well.

You cant vent out only good renters you have to treat all renters with the thought that they dont know anything about boating and you would have to take a huge despot for damage. Also just know the renter is going to lie about there knowledge and experience of boating.

The bare boat charters out there have it down to a science and that is why they cost what they do.
 
I think one of the big issues is the lack of available replacement parts. How many times do you see people on this site looking for this handle or that type of light that is no longer available.
 
Friends rent out their summer house on Lake Superior. They've had good renters and bad. They hoped over time to develop a list of several good repeat customers. Last summer it was one of the 'good' ones that burned down the sauna at the waters edge.
 
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