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Buying a marina, anyone done it or looked into it?

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Buying a marina, anyone done it or looked into it?

Old 03-23-2009, 10:13 AM
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Default Buying a marina, anyone done it or looked into it?

Anyone ever look into buying a marina? Seems like the ideal thing if you enjoy boating doesnt it? Looking into carrer change options. Thanks.
Old 03-23-2009, 10:44 AM
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Are you adopting?
Old 03-23-2009, 11:01 AM
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Just off the top of my head with no experience with marinas...
* the number of boats needs to be increasing every year so that the demand for your services will increase, too
* can you visit neighboring marinas to count empty slips?
* new boat sales need to be good to excellent because most recreational boats are used in the first couple of years of ownership, then they often become slip queens
* slip queens don't buy fuel or need repairs very often.
* overhead costs increase every year. Can rental slips support annual increases, too?
* how much room and what personnel can you devote to establishing a profit center with your service dept.
* will you have a friendly, personable, business-minded office person that answers the phones and schedules service?
* look at the boat-slip A/R file to learn how many boats are in arrears...and measure that against your cash on hand.
* Insurance is a killer. What's the loss experience for the marina you're looking at?
* How old are the fuel tanks?
* How old are the docks and physical structure?
* Is the land that the marina is on obtaining the highest and best use? Could you buy the marina so cheap that you could convert it into a waterfront condo with slips?
Old 03-23-2009, 11:35 AM
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Originally Posted by bamaboy473 View Post
Just off the top of my head with no experience with marinas...
* the number of boats needs to be increasing every year so that the demand for your services will increase, too
* can you visit neighboring marinas to count empty slips?
* new boat sales need to be good to excellent because most recreational boats are used in the first couple of years of ownership, then they often become slip queens
* slip queens don't buy fuel or need repairs very often.
* overhead costs increase every year. Can rental slips support annual increases, too?
* how much room and what personnel can you devote to establishing a profit center with your service dept.
* will you have a friendly, personable, business-minded office person that answers the phones and schedules service?
* look at the boat-slip A/R file to learn how many boats are in arrears...and measure that against your cash on hand.
* Insurance is a killer. What's the loss experience for the marina you're looking at?
* How old are the fuel tanks?
* How old are the docks and physical structure?
* Is the land that the marina is on obtaining the highest and best use? Could you buy the marina so cheap that you could convert it into a waterfront condo with slips?
Lots of good info. I looked into the idea a few years ago...there was actually a website that only had marinas for sale. But anyways the land value and corresponding price was so obscenely high that you needed to put down a huge chunk of cash before it was even close to having positive cash flow. I think of it a lot like farming...unless you're born into and inherit the land and a lot of equipment it's pretty VU (virtually unobtainable).
Old 03-23-2009, 11:53 AM
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Hi John: If you want to PM me, perhaps I can help. I sell marinas up here in Ontario, Canada. bodkinrealty.com Thanks. Dwain
Old 03-23-2009, 01:06 PM
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my brother in law has one that has since closed and is for sale now.it is something you must love to do 6 am to 7 pm everyday took a toll on him.his main demise was taxes and the hurricane's in the GOM.
Old 03-23-2009, 02:24 PM
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Try this

http://marinasforsale.com/index.php
Old 03-23-2009, 03:16 PM
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Originally Posted by Johnshan View Post

Seems like the ideal thing if you enjoy boating doesnt it?

Marina owners don't have time for boating.
Old 03-23-2009, 04:12 PM
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YOu need to talk to Capt Ed on the big bend forum about his marina in Fl. Maybe this will work http://outdoorsbest.zeroforum.com/th...10359434#10359
Old 03-23-2009, 04:26 PM
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I looked into it a couple of years ago as a career change option. I couldn't convince myself that you could earn enough to make a living, and the one I looked at was pretty cheap. You will work long hours and likely have to invest quite a bit of money in capital improvements. I finally concluded that it would be a great lifestyle but it was more suited for someone with 5+ years of living expenses on the side to let you get the business established before dipping into the cash flow.
Old 03-23-2009, 04:48 PM
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Originally Posted by gf View Post
Marina owners don't have time for boating.
They do in the Hamptons


.
Old 03-24-2009, 12:50 AM
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Default here is my thought

I used to love to work on trucks and 4x4, opened a shop for 5 years, cant stand to open the hood on a truck now. if you do some thing for fun or enjoyment dont try to make a living out of it.
Old 03-24-2009, 05:47 AM
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i agree marina owners dont have time to enjoy boating. My neighbor owns our neighborhood marina (generational...well he married in but anyway) he has a gorgeous refurbed Bertram 33 that he gets to use maybe 15 hours/season, and occasionally can take the kids out of the center console mid week. Weekends are shot due to the increase in customers
Old 03-24-2009, 06:06 AM
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my experience is mostly with small, fresh water outfits around here on the lake. I am pretty good friends with two guys that own marinas here, and they absolutely have no time for anything. One of the two has rental cabins which eliminates the possibility of taking a day off (his marina is for sale). In short, you have the option of hiring someone who is trustworthy to take care of things, or do it youself. Such help is expensive, and very hard to find. The only approach I could see being an option would be if the present owner is just looking to get out from under the financial obligation part of it, but would be willing to work for you part time, or if there were a semi-retired type person who you trust that would work part time or as needed. Definetely a balancing act there though.

If you have the cash or other investors willing to get in, a huge full service marina may be a viable option, while still a lot of work, the scale of such an operation will dictate that you have full time management quality staff on hand, at least opening up the option for an ocational breather, with that however comes a much more in depth financial obligation.

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