Looking at Mainship34

I finally was able to get aboard it this afternoon.

Its a 1978 Mainship Trawler, #95 off the production line.

The engine is a Volvo TAMD 41, 200hp turbocharged, age and hours unknown but grapevine says it was replaced 3 or 4 years ago. NO LOGS. Wiring and hosing need to be cleaned up (real rats nest). Engine needs cleaning and paint. But it does start and run good. 210 gallons fuel tankage in split tanks. 40 gallons fresh water. Electric stove

Wiring needs cleaning up (spaghetti bowl), only engine instruments and demountable GPS and Radio, but nothing like I would want. NO RADAR. NO WATERMAKER (But I have both in my garage!!), last bottom job 3 years ago & needs cleaning now .

Exterior looks pretty good, bilge is dry in engine bay but stuffing box leaks 15 drips a minute (needs work), doesnt smell of diesel.

Interior is tacky and needs a lot of TLC. Main cabin floor needs replacing,usable, but looks bad. Rug for now.

Asking $27K. since its being offered as down payment on a house, I may take it.

My neighbor bought one last summer that was in fair condition not much in the way of electronics but does have a bow thruster. The owner was asking 25K but finally came down to 11K. Most of the ones I see listed online are running about 30K for nice ones. I would try to work them down a bit on price. They are a really nice boat. Good luck.

Yes, the price is a bit high, I think, but it is hard to negotiate since it has a 20K note on it so owner hasnt much room AND he is buying a house from me and wants to make the down payment with the boat. So I can be just as stiff on my price also. Bargain less than I would otherwise on my price.

If he was just selling on the open market and I was just buying, I think $18K might be a good offer from me. Well, we shall see. Maybe Iwill be joining this list as a "card carrying member" soon.

In that case, it sounds like a deal. Again good luck and when you get her, we need photos.

Hmm! He is going to use the boat as a down payment to buy your house. He wants $27K and owes $20K right. Are you holding the note for the balance? How will he pay off the note?

It sounds like this is a contract for sale for the house. You will have a contract for the boat. He will keep the boat loan and slowly pay it off while you use the boat.

Look very hard at insurance for the boat if he continues to be the official owner. Your deal could be considered commercial use and his policy won't cover you if you cause a claim.

Not my kind of deal!!!!

David

IMHO, having the boat re-powerd is a GOOD thing. 40 year old Perkins, while a good motor, getting some parts are very rare, manifold, turbo, etc. I would assume that's a Mark I. what you do need to check are soft spots, soft bulkhead under the sliding glass door (Mainship smile) and possible leaks in the tanks. Personally, I find a bow thruster (or stern) almost essential for this boat. There is NO control in reverse (at least on my boat). I would also want an auto-pilot. At 8 knots keeping the boat steering can get VERY tiring. Interior updates are the easy part, repairing an old diesel is not.

No, it will be a clean deal. I will pick up the note on the boat. He will get the house with a first lean for the balance (price less $7K) and I carry that note for him so if he defaults I get everything, boat and all. Right now he is paying me rent on the house and I want to sell it to him. He will shed the boat note and a slip fee and move the boat to my private slip (no slip fee for me)and his "rent" will go up but he will be paying on his own house. We will both carry insurance on our own property. The fact that I wont have a slip fee makes the deal work.
Bottom line, his costs remain about the same and my income remains about the same (I will be loosing insurance costs, maintenance and taxes on the house and picking up a $20K note)(he will be loosing slip fee and payment on a $20K note, and no rent, but picking up payment on a $120K note.) Complicated but it works out pretty well.
I dont NEED the boat but do want to sell the house and he doesnt NEED the boat and does want the house.
They have become friends while renting from me and the house is just 3 blocks away so I can keep watch on it. the slip is closer...LOL
I am trying to divest myself from all my residential properties and concentrate on commercial properties, easier to manage.

Still not my kind of deal, but if it works for you and the insurance is clean, well OK.

David

Greetings,
Sounds to me like you're taking a depreciating asset of "some" worth in partial payment for an appreciating asset of known worth...You should never do business with "friends" or relatives.

No, I know the real estate market and the boat market. I make my living dealing in real estate. I just am getting rid of all residential in favor of commercial. The boat is near the bottom of the market for this boat and is in better shape than the bottom of the market. Its a fair trade, no advantage to either of us. A win/win situation. I am not out to smash him. If you are always to to crush your opponent you will get a, well deserved, bad reputation and one day you will get yours...in spades. 80 years of experience shows me that being too aggressive just defeats the purpose and you will eventually regret it..

jimisbell said:

No, I know the real estate market and the boat market. I make my living dealing in real estate. I just am getting rid of all residential in favor of commercial. The boat is near the bottom of the market for this boat and is in better shape than the bottom of the market. Its a fair trade, no advantage to either of us. A win/win situation. I am not out to smash him. If you are always to to crush your opponent you will get a, well deserved, bad reputation and one day you will get yours...in spades. 80 years of experience shows me that being too aggressive just defeats the purpose and you will eventually regret it..

Click to expand...

You asked and don't like some of the answers, so I'll give you another you don't like. You've talked yourself into this. You are picking up a boat that is upside down. Probably worth $15-18 and a loan of $20. Meanwhile you're crediting the home buyer with $7k for basically nothing. So, you're basically paying him $7k to take the house off your hands. Only way this deal makes sense is if the house is also upside down. If it's worth $115k and he's taking on a note for $120k then you're coming out even. Of course, the other issue is seeing if the loans are transferable.

A 3-4 yr old engine that needs cleaning and paint. Something doesn't sound right.

BandB said:

You asked and don't like some of the answers, so I'll give you another you don't like. You've talked yourself into this. You are picking up a boat that is upside down. Probably worth $15-18 and a loan of $20. Meanwhile you're crediting the home buyer with $7k for basically nothing. So, you're basically paying him $7k to take the house off your hands. Only way this deal makes sense is if the house is also upside down. If it's worth $115k and he's taking on a note for $120k then you're coming out even. Of course, the other issue is seeing if the loans are transferable.

Click to expand...

I didnt ask anything. Read the thread. But you are right its worth about $20K and I am discounting the house $7K. I never said it was a perfect deal and never asked if it was! I only stated a position. And what loans are you talking about being transferable? The house is clear until I hold the paper on his loan, then its mine. The loan on the boat would be paid off (by me) if the holder didnt want my payments. But we are all (mature) friends so there is no problem, And I repeat, I didnt ask for approval of the deal, I just stated it. You seem to live in a world of distrust and no friends. I am sorry.

And, yes to the person that commented on a 4 year old engine needing paint. But no one said it was a new engine and I dont think this engine was still being made at the time it was replaced so unless it was a NOS engine, I am sure it was a used engine at the time. An engine survey should sort that out.

Oh yes, I am/was friends with the past 4 (two are dead) owners of this boat

jimisbell said:

I didnt ask anything. Read the thread. But you are right its worth about $20K and I am discounting the house $7K. I never said it was a perfect deal and never asked if it was! I only stated a position. And what loans are you talking about being transferable? The house is clear until I hold the paper on his loan, then its mine. The loan on the boat would be paid off (by me) if the holder didnt want my payments. But we are all (mature) friends so there is no problem, And I repeat, I didnt ask for approval of the deal, I just stated it. You seem to live in a world of distrust and no friends. I am sorry.

And, yes to the person that commented on a 4 year old engine needing paint. But no one said it was a new engine and I dont think this engine was still being made at the time it was replaced so unless it was a NOS engine, I am sure it was a used engine at the time. An engine survey should sort that out.

Oh yes, I am/was friends with the past 4 (two are dead) owners of this boat

Click to expand...

When you say you're looking and then you may take it, I and others interpret that as seeking opinions and input. Six of us are obviously stupid to think you were asking. Guess none of us know how to read.

Now, as to your personal insult, I have plenty of friends, which you aren't, and trust among my friends and myself. I just don't live in a world of upside down trades of overpriced boats and houses.

Perhaps in the future you'll add a sentence asking that no one responds to your post. That would make it a lot easier.

BandB said:

When you say you're looking and then you may take it, I and others interpret that as seeking opinions and input. Six of us are obviously stupid to think you were asking. Guess none of us know how to read.

Now, as to your personal insult, I have plenty of friends, which you aren't, and trust among my friends and myself. I just don't live in a world of upside down trades of overpriced boats and houses.

Perhaps in the future you'll add a sentence asking that no one responds to your post. That would make it a lot easier.

Click to expand...

You were the only snarky one. Otherwise I would be reconsidering a Mainship ownership.....Sorry.

I dont think I personally insulted you only stated that you lived in a different world.

jimisbell said:

80 years of experience shows me that being too aggressive just defeats the purpose and you will eventually regret it..

Click to expand...

Wifey B: So you're in your 90's?

Wow. you are right about a different world then.

BandB said:

When you say you're looking and then you may take it, I and others interpret that as seeking opinions and input. Six of us are obviously stupid to think you were asking. Guess none of us know how to read.

Click to expand...

7 of us. Though I didn't add my .02, but I'm gonna......completely unsolicited...... because when you open your heart and mind in an open forum, it's all up for debate whether you like it or not. LOL!!!!

1) A newly repowered engine doesn't need to be cleaned and repainted.

2) IMHO that market is closer to $20K for boats in better shape.

3) People aren't squashing your dreams or criticizing you. Everyone is honestly trying to help you. We are a group of anonymous strangers trying to discuss reason with you. We're trying to help you by taking your heart out of the deal. It's a bad deal for you. You are trading an appreciable asset for a depreciating asset that is valuated too high and will more than likely cost you twice as much as the 'trade' price just to get the boat where you think it is now.

Nobody is 'calling your baby ugly' here. Advising you that it is a bad trade doesn't mean we're criticizing you as a person. Rather. we're simply looking out for you best interest. Please keep that in mind. You wont' find a group of strangers in many places willing to do that.

Jimisbell, good luck with the outcome especially since it might help with getting you out of a house and back into boating.
Don't be disheartened. As a rule I've found this site to have mostly polite people that want to help fellow boaters. Keep us posted on the status of your potential future boat!

Jim wants to get out of managing a rental house. He also wants a decent boat. This arrangement gets him both. Squabbling over what, $7k? Many times in my life I made deals that did not squeak the max $, but were very expedient. Walked away with a little less $$ but walked away happy.

I did not parse all the details of the financial arrangement as my brain is not too zippy in that regard. But sounds like he is in the real estate business so likely has done the homework.

If he sold the house separately, and bought a boat separately, the costs could mount and the delays could really stretch out.

Ski in NC said:

Jim wants to get out of managing a rental house. He also wants a decent boat. This arrangement gets him both. Squabbling over what, $7k? Many times in my life I made deals that did not squeak the max $, but were very expedient. Walked away with a little less $$ but walked away happy.

I did not parse all the details of the financial arrangement as my brain is not too zippy in that regard. But sounds like he is in the real estate business so likely has done the homework.

If he sold the house separately, and bought a boat separately, the costs could mount and the delays could really stretch out.

Click to expand...

'zactly.

Particularly if he truly does have 80 years of experience.

Time to get the deal done and go boating.

If there wasn't a question or a topic to be discussed, then what was the point of this post?

I wasnt quibbling over BandBs details, just his tone.

I have 5 houses and one more or less isnt the issue. The issue is that the couple are in their 50s and have had a "**** happens" event just hit them. They will recover, they are wise and have good knowledge base to build on. I dont need the boat, but I am sure I will enjoy it, probably even more knowing I have helped them to get ashore when they need to.

As to only 80 years experience, I wasted the first year out of the womb sucking my thumb and didnt learn a darned thing.

clynn said:

If there wasn't a question or a topic to be discussed, then what was the point of this post?

Click to expand...

Sometimes, posts are informative and an introduction, or many other reasons other than soliciting comments on the perfection of the deal.

clynn said:

If there wasn't a question or a topic to be discussed, then what was the point of this post?

Click to expand...

...and yet it didn't stop people from commenting on it.

[emoji3]

twistedtree said:

A 3-4 yr old engine that needs cleaning and paint. Something doesn't sound right.

Click to expand...

I agree....My TAMD 41P (the last iteration) still looks virtually new after a 2002 re-power....

For my friends that care. I closed on the boat today at 10 AM. Now I begin making it my own.

Good for you. Have fun with it.

Good deal! It helped you move a house, it helped someone else get into a home & it got you a boat to start enjoying some cruising in.

Congrats! Enjoy!

Found this in my files today. Enjoy!