Marina ownership

[OldDan1943]

I can only relate what I am experiencing.
Marine Condominiums, private ownership of the slips, elected governing board..... annual meetings..... The key to survival and success is the paid management and staff. Slips are rentals, bought and sold..... The biggest problem is, the land based condos surrounding the boat slips. Yes, we have had conflicts between the land and marine condos but overall, it is workable.

 

[mvweebles]

Marinas are subject to ever changing and IMO hostile environmental laws. An old marina could have unknown ground contamination from chemicals or petroleum used long ago. You would be buying those problems.

Reminds me of an interesting story about the marina where I had my boat for over 20-years. Treasure Island Marina in San Francisco used to be the old MWR (Morale/Welfare/Recreation) facility for Naval Station - Treasure Island. Almar Marina Co., a California based operator of several large marinas, came in 15-years ago with grand ideas to remodel into a luxury facility.

Turns out that part of the Navy's MWR program was trap/skeet shooting off the banks of Clipper Cove where TI Marina is located. Given trap/skeet is a pretty popular past-time with military folks, there is apparently a couple tons of lead bird-shot slited into the mud near the marina. Given SF and California's strict environmental laws, it tied-up the marina development until very recently.

Peter

 

[Lollygag1]

Our marina is quietly on the market. Recently one prospective buyer walked the docks and stopped and asked us questions along with other dock mates.
What did we like
What did we think needed improvement
How much more would we be willing to pay if x,y,z was done
Is there something that you would not want
Etc
I thought it made sense to speak to the customers about their desires. Probably scared him off

Our concern is that next owner will try to make it more of a club (w pool, bar,) which will jack up the price and lead to it being loud

Personally if they upgrade the bathrooms, docks and get a mechanic with a better attitude I would be quite pleased

 

[Slowmo]

I’ve been boating. in the San Juan and Gulf islands for 62 years. No I’m not 105, my family just kept a boat there and we went every year, I was 2 months the first time! Anyway I can’t say I completely agree with ghost’s negative assessment. I have not seen a decrease in boaters, quite the reverse. Anchorages have many more boats than they did. Marinas are larger. When I think of the marinas of the mid 70s vs now I find the current ones to be in better repair. I grant there are probably some places that have shut down but frankly I can’t think of one. Yes the stores focus more on trinkets than food now but that’s because most of us now have refrigerators and there are more supermarkets. There are many more restaurants available. So I’m not seeing a decline. In fact we’re cruising more and more off the peak to avoid crowds.

 

[Bajabuzz]

Thank you all for your replies.

Happy Cruising!

 

[BandB]

Last night I watched an Abbott and Costello show and it included "Who's on First." Buying a marina reminds me of that. Who owns the land? Who owns the docks? Who owns the restaurant or yard? Does the "marina owner" own anything or simply own the rights to operate the marina? If that who determines all the terms or what is the agreement and can it be terminated? Who owns the land under the water? Is it deeded to the marina or a lease or use and, if so, by whom? Who regulates all the different things? What are all the taxes, rentals and fees? On lakes you will often find simple situations where everything is owned by one person or company and regulation is largely by the utility that is in charge, such as TVA or Duke. However, on the coast, it's quite the opposite and multiple parties often involved.

 

[Formosa]

Is Bajabuzz talking about a marina in BC (British Columbia) or BC (Baja California)? Just wondering because of his name and location.

 

[romany275]

I have appraised literally dozens of marinas in the Puget Sound region for both lending and private valuation purposes. My advice, when and if you find a marina that is available and that appeals to you, is to hire an appraiser (not a broker) who is an expert at valuing these types of properties. Keep in mind that if you personally hire an appraiser, than that appraisal cannot be used for lending purposes by an FDIC lender if that is your intent. The lender would have to order the appraisal. So in theory, you may have to pay for a second appraisal but the peace of mind of knowing what you're getting into before hand is well worth the extra cost. If you're not planning on getting financing then disregard. Hope this helps.

romany275

 

[OldDan1943]

A marina? Unless you are buying it from an estate, IMO, you are paying big bucks for someone else's headaches.
Ask yourself, if it is such a good deal, why is the owner selling it?

 

[BandB]

A marina? Unless you are buying it from an estate, IMO, you are paying big bucks for someone else's headaches.
Ask yourself, if it is such a good deal, why is the owner selling it?

Reason for selling is always useful, but people do sell businesses for good reason like retirement and moving elsewhere.

 

[Lollygag1]

Come East and buy the marina we are at. Frankly if the next owner could just do some basic dock upgrades and hire a mechanic who was not a a-hole (current one just retired yay) everyone would be happy to pay a bit more.

Our marina has almost no amenities and is at end of cove so is not a destination but I feel some decent spiffing up would help fill the place

 

[Andiamo2018]

You have already run your own businesses so you know the 'business' side of it already. And you probably realize (from your saying you wouldn't change your racing experiences) that what matters is if you enjoy what you are doing.

I would look at what will happen if the sea level goes up a foot or three.

 

[Spinnakermna]

Marina Ownership

Having owned an inland marina for 35 years, I have one suggestion for you. Run Forest run! Put your money somewhere it might generate a return. Of course if you like To work 24/7, no vacations, years were the fact that your spouse is working thankfully is putting food on the table while you are hanging on, customers who can’t wait for their boat to be ready and why did you Bill that many hours, if all that sounds like a great idea maybe you’ll find someone to buy it from you one day. Good luck and start running!

 

[john-o]

I drover 18 wheelers coast to coast and through the lower 48, and when needed I hauled fuel - diesel and gas.
While hauling fuel, I had five marina stops along the West Coast - Seattle to La. The marinas that I serviced were big timers, $$$, and the mom & pop kind a stop. The big buck guys were a pain in the casabas. Always with issues with people, who by the way, were into the cash big time. Attitudes were more like .. "do you know who I am..", all the way to .. " can I help you driver?"
The kind of marina that I seem to think fits your bill (knowing nothing else) are the folks that are easy going, knows people on a first name basis, knows the locals because they are local both in spirt and in personality. These folks had help that were as laid back as the owners - but- ready to service someone regardless if asked.
I stopped and had to crank in one tank, but the color code on the tank top was wrong based on the tank layout map. I asked around and everyone, I mean everyone, knew what was the right tank for my delivery. Heck, even the kids hanging out a fishing line off a pier knew.
What I'm trying to get across is, being all business in an all business environment is one thing. Dealing with folks... no people, seems to fit the bill that you're looking for.
Find out the local scheme of things, town fathers, who the big noise is, troubles in the past that you don't want hitching a ride where you want to settle down, stuff like that.
This same spot that I was referring to - nice people, had boat owners that were behind with some sort of billing, but I didn't see any major problems that trickled down to other responsibilities of the couple that owned the marina.
Oh, and another thing - in the parking lot (all beach sand and gravel) was a constant population of VW micro buses and popup campers. I serviced this place for two years and no one said boo to those people. All in all, I think somebody found their place in life and made it work. (I think)

 

[Woodland Hills]

Whatever you do, do not turn a hobby or interest that gives you pleasure into a job: it will eventually suck all the fun out of it and just be work.

 

[OldDan1943]

Having owned an inland marina for 35 years, I have one suggestion for you. Run Forest run! Put your money somewhere it might generate a return. Of course if you like To work 24/7, no vacations, years were the fact that your spouse is working thankfully is putting food on the table while you are hanging on, customers who can’t wait for their boat to be ready and why did you Bill that many hours, if all that sounds like a great idea maybe you’ll find someone to buy it from you one day. Good luck and start running!

I totally agree with you. I retired because I could retire and I make it plain, I have no intention of screwing what I enjoy doing, nothing except the boat.

 

[seadancer]

I own a marina in Seattle, but in fresh water, which is vastly different from salt water, I'm sure. I have only full-time moorage (12 month lease is required, no transient or summer only moorage.) The marina has mostly covered slips, all wood and built in the 1950's. For me, it is a great part-time business. I don't spend a lot of time in the office. I meet people to show slips, walk the docks once a week (or less, especially in the winter) and handle everything else by phone. I have a waitlist right now running probably 2-3 years out, and get several calls a day from people looking to moor their boats here. I don't have any employees, which saves a huge hassle. I don't have a lot of amenities, but these are all day or weekend-type boats. (My largest slips are 34' long.) I hire contractors to do repairs, and occasionally pay a trusted tenant to show a slip if I'm out of town, or to clean up the parking lot when my grandkids aren't available. We don't allow live-aboards, as the City regulates that very strictly, and we are one of the few on the lake who own the "land" under the water, rather than lease from the Department of Natural Resources. Major expenses (other than the mortgage) are piling repair expenses. (They rot where they get both air and water exposure, so divers go down and cut them off well under the low-water level, and place a new log or steel chunk in as replacement. That runs $10,000-12,000 per piling, and I do about 4-10/year. I take a fixed amount from the profits to supplement my Social Security, and it more than compensates for the 8-16 hours per month I spend on bookkeeping. (I send out statements monthly, collect the checks at the PO Box and deposit them, reconcile bank accounts and pay bills, and make sure all the boats are up to date on insurance, etc.) I hire an accountant to do taxes. I'd be happy to answer any other questions you might have, but I'm curious why you would want to own a marina in Canada? I would think that would complicate things, especially if you plan to maintain any kind of "presence" in the States.

 

[Bajabuzz]

Formosa, Brithish Columbia. I would not invest in Mexico, too risky for me. I have traveled there and enjoy it. Just not willing to deal with local politicos.

 

[Bajabuzz]

"I would look at what will happen if the sea level goes up a foot or three."

Good point, I had not considered that yet.

 

[Comodave]

Whatever you do, do not turn a hobby or interest that gives you pleasure into a job: it will eventually suck all the fun out of it and just be work.

Absolutely! I love boating and would never screw it up by going into any boating business. I get calls fairly regularly asking for electrical help on their boats. The local mechanic refers people to me for electrical work. I tell them I would love to help them and do try to help. Then they ask me what I charge and I tell them nothing because I don’t want to turn my pleasure into a pain. Last week a guy called me and asked me to look at his electrical system. I helped him and then he tried to pay me. I declined but then he offered to help me move some very heavy dock parts I had told him we were moving and struggling with. He helped me and made the work much much easier, so I got paid anyway. But I will never take money for helping work on another's boat.

 

[EngNate]

I think I know where you can fine one really cheap: Ocean Falls, BC