Renting out our Sea Ray 310 - St. Croix River, MN

LUnaCY

LUnaCY

Active Member
Aug 28, 2018
206
Afton, MN
Boat Info
310 Sundancer 2002
Engines
Mercruiser 5.0 MPI Bravo III
We've been entertaining the idea of renting our 2002 310 DA out, perhaps on a monthly basis. We don't want short turnovers of weekly rentals. Boating season is so short here (May-Oct) that maybe others don't want to own one but still want the experience.

We're on the St. Croix based in Afton. So freshwater/river, limited area to travel (and we would specify). We'd offer our dock so I could be available for maintenance, etc.

I know we'd have to change insurance to allow a renter and prepare for a bit of extra maintenance.

We would at least cover the same process as our 48' sailboat rental we did in the BVI. Resume, prepayment, boat and system checkout, etc.

Our thought would be something like $250/night, plus an hourly, gas, etc. $7500 for a month, where dockage along cost $5500/year here. Is that too cheap? I don't see charging any less for the risk/reward.

The goal is to offset our yearly $12000 ownership (no usage or depreciation included) by losing one month of boat access. It's not that we can't afford it, but I wouldn't own a condo in Steamboat and not rent it out.

Expecting a few bashes. Hopefully some constructive info as well. IMG_1204.jpg IMG_1072.jpg IMG_1002.jpg IMG_1162.jpg IMG_1179.jpg IMG_1066.jpg IMG_1067.jpg IMG_1160.jpg
 
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No Bashes here. Your circus / your monkey. I would strongly advise you put in some kind of cover over the cabin carpet. That berber is unforgiving to wine and coffee stains. Also, like any rental, be sure and ask for a cleaning deposit. The head is another area where you may have to be very specific in the contract. For example, liquid only if you are so inclined.
 
Absolutely on all. We have full runners for the entire cabin. The cockpit berber carpet I almost hope get ruined.

The BVI had a significant head clog fee if it is found to be user error. Seems fair if the rules are known.

Thanks for the input! Of course this is if we decide to move forward, figure out logistics, and find someone.
 
My two cents - up here in the great white north I think you'll be hard pressed to get anything close to $7500 for a monthly rental rate on a boat of our size/age. Down in the BVI that would be a screaming deal but up on the St Croix?

If you're already willing to give up a full month of prime boating in our northern climate you're at least 33% of the way to getting out of boating all together :). Sell that thing and enjoy Steamboat.
 
I would investigate the availability and cost of insurance. Your current policy most certainly would exclude damages/liability caused by a renter.
 
I just wouldn't do it.

Pontoon boat maybe.

I just don't know how you would verify a renters boating experience before giving them the keys.

So many things could go wrong I know I would lose sleep.

Years ago SeaRay was pushing a owner rental web site....... did that fall through?

Haven't seen or even heard of the program in a year or 2.
 
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LUnaCY said:
We've been entertaining the idea of renting our 2002 310 DA out, perhaps on a monthly basis. We don't want short turnovers of weekly rentals. Boating season is so short here (May-Oct) that maybe others don't want to own one but still want the experience.

We're on the St. Croix based in Afton. So freshwater/river, limited area to travel (and we would specify). We'd offer our dock so I could be available for maintenance, etc.

I know we'd have to change insurance to allow a renter and prepare for a bit of extra maintenance.

We would at least cover the same process as our 48' sailboat rental we did in the BVI. Resume, prepayment, boat and system checkout, etc.

Our thought would be something like $250/night, plus an hourly, gas, etc. $7500 for a month, where dockage along cost $5500/year here. Is that too cheap? I don't see charging any less for the risk/reward.

The goal is to offset our yearly $12000 ownership (no usage or depreciation included) by losing one month of boat access. It's not that we can't afford it, but I wouldn't own a condo in Steamboat and not rent it out.

Expecting a few bashes. Hopefully some constructive info as well.View attachment 63847 View attachment 63848 View attachment 63849 View attachment 63850 View attachment 63851 View attachment 63852 View attachment 63853 View attachment 63854
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What marina are you out of? I am in Windmill on D-Dock. You plan on renting out your boat for 30 days total a year? I think if people want to rent boats they want to rent large day boats or pontoons. Have you seen any rental fleets? they are completely trashed. you look like you take good care of your boat. I would talk to some of the Stillwater Boat Rental people and ask how often their cruisers are rented out, i could be wrong. Good luck. Nice to meet fellow Afton boaters on here!

-Chris
 
I certainly would not want to give my boat up for 1/3 of the season to someone I did not know could handle and maintain the boat. One bad experience you could loose the boat for the whole season.

While I know you stated that you don't want to be involved handling the rental for short term but another thought would be to partner with a licensed captain who could handle the boat, bookings and the experiences on a day-by-day basis for people who would want the experience one day at a time.

You might be able to target the vacation / day off crowd that would not want to commit for a month and would be more inclined for weekday use leaving you with the weekends. I am sure you could work out a profit share system or simply a fixed per diem. In that case you would still get the ability to use the boat except on blocked out dates.

-Kevin
 
All valid.

Partnering with a licensed captain...thats perfect. Ill look for that option. I know you need a special license to open charter which kept me off that option, but that would be ideal. We love owning things, and love working. Stepping up to a B&B in Steamboat is our goal, and Im a pilot by profession. Ill look into the capain license. I guess I overwhelm myself by cheapness (always have a real estate license in my state, etc).

I know nice fishing/ice shacks go for $500/day here, so perhaps its a chance to work and enjoy it. Definitely not opposed.
 
JimT said:
I would investigate the availability and cost of insurance. Your current policy most certainly would exclude damages/liability caused by a renter.
Click to expand...

I'm with Jim on this, before anything else, determine if anyone will write that policy, and if they do, the cost. We take insurance for granted today because we just call and it is there and reasonable. Not so for even some mundane policies. Look up the cost of a vacant home policy. LOL That is common and still stupidly priced. The industry is not set up to insure this project in my thinking.

MM
 
Another item to consider is, does your marina allow you to run a rental business? Some marinas do not allow it.
 
There is a lot of good points above so I won’t rehash them.

Since I just got into bigger boating last year I don’t carry much “weight”. However I did have to learn navigation on the MIGHTY MISS. By charts alone. An engine out trip from Red Wing to St.Paul with a couple hours in pitch black darkness quickly taught me the dangers of river travel.

What if the renter has a problem and the boat quits midstream? Does the anchor work easily? Does the renter even know how to anchor? Hopefully he can get hold of you but does he know how to call on VHF? How about a medical emergency?

Your boat probably doesn’t draw quite as much water as mine but never the less getting out of the channel without knowing the locations and dangers of all the underwater dams and deadhead swamps could end up with plenty of underwater damage. Running aground on a sandbar could be just a real pain in the rear end.

Minor mechanical,problems pop up occasionally and a newby on a strange boat might not even pick this up until it is too late and now you have a major issue.

What if the renter decides that marina gas is too expensive and supplies his own gas from the local Holiday station? Now you have a load of ethanol gas on board. Instead of non oxy premium.

Frankly if I were to rent a boat and espically for the fee I’d need a nearly new boat, maybe 3-4 years old at most. Not that your boat is unfit or not nice it’s just more risky to me. I’m going on what I learned last year...the hard way.

I spend half hour to an hour before every trip out on the river. Then another half hour down in the engine room when I return. I turn on all the bilge pumps and pump out all I can. Then recheck the oil on both motors and the vee drives.

Overall I’d pass on a rental in your case. It’s just too risky.

By the way, it would be fun to get together in the summer. I’m on the Miss. just south of St.Paul. Maybe we can discuss this later.
 
All valid. Ill take it off our idea list. As my travel schedule comes out this year we will see how much we get out. Good chat though!
 
I believe that is a decision you will certainly not regret. I am very particular on who operates our 340, even the friends I know that have similar boats and can handle it. Just think renting / leasing is a terrible idea. Way too much that can go wrong.
 
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