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Old 11-09-2021, 05:00 PM   #21
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When considering options, it always helps to know what the options cost.

If you're giving to a charity organization, you need to know what the value of the boat is to write it off your taxes. This also assumes the two of you are in a high federal tax bracket. If the top bracket you pay in is 25%, you would only realize 25% of its value (and maybe less).

If I were going to replace the tanks, I would want to get an estimate. If you can remove and replace the tanks without pulling the engines, it might be worth doing to make it sellable. If it's cost prohibitive, it probably is to a buyer also.

Regarding the tanks, if you only replace one, everyone assumes the other is a ticking time bomb. Imo, sealing a leaking fuel tank is ok for your own use. If you have someone else do it for you, no guarantee of success and you will pay a fair amount....whether it works or not.

So, I would figure out the cost of the options and what you expect to get for it. If you're not going to keep it and can't do the work yourself, do nothing and list it here plus Craigslist or go the donation route.

Ted
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Old 11-09-2021, 06:56 PM   #22
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Thank you, Ted. Sound advice indeed.
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Old 11-09-2021, 07:15 PM   #23
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I understand OP is doing the research now even though the extent of the problems are unknown. You will take a big hit if you sell the boat as a project boat. The question is, are the repairs a bigger hit? First you need to find out what is really leaking and is there an inexpensive fix that will pass survey. That boat should have multiple tanks and I doubt both are leaking. If one of the tanks can not be repaired then you will need to look at the cost of replacing the tank. In most cases, replacing a fuel tank is cheaper then the financial hit of selling as a project. However, since I don't know the condition of the boat I can't say if the boat is worth spending money on or if it is already to far gone and needs to be liquidated.

I would not spend the money on a survey. You already know most of what is wrong and I would advise to disclose that up front rather than waste your time and that of potential buyers. Its not likely that a buyer would accept your survey any way.
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Old 11-09-2021, 07:39 PM   #24
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Thanks Tiltrider1!
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Old 11-09-2021, 09:59 PM   #25
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The tank leak could be a pinhole a few inches away from the inspection port or a leaking fitting. DON'T ASSUME. Get the leak evaluated by professionals and get some options for repair. There are weld repairs, internal sealant patches, external patches, partial tank replacements, full tank replacements, etc. Don't jump to end of the world scenarios until you have more facts.
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Old 11-10-2021, 08:51 AM   #26
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New day, new attitude. Thanks High Wire and others who recommend getting a thorough evaluation on repairs. She really is solid in most ways and worthy of attention. We are confirming, but RedRascal provided a link to a repair service in Seattle and our mechanic mentioned ‘someone’ in Seattle as well, so we’ll see if this is the same guy and I’ll make the call. The reminder that marinas will want an insurable boat was also very useful.

And just so you all don’t think I’m scheming and conniving behind my husband’s back, he read through this entire thread last night with great appreciation to you all. Stay tuned.
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Old 11-15-2021, 02:03 PM   #27
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It's the only thing he ever said that I could believe.


I'm still laughing...
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Old 11-15-2021, 02:20 PM   #28
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It sounds like you will be spending a decent amount of time and money finding out about problems you would rather not fix on a boat you would rather not own. Why not just sell it? How much would you pay to make problems go away / to not have to deal with things you don't enjoy etc?

However...

You do want to keep boating. At least go through every section of the boat and think about what you have enjoyed the most and what you used or did not use the most. Get the most out of your personal experience as you can.

Ask your accountant about donating it. Fast and simple.

If the boat is perfect for you except for the needed repairs then the question is how to get the repairs done. But really, if you don't enjoy the repair process why bother learning more about repairs?
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Old 11-15-2021, 04:29 PM   #29
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tank replacement or not

I don't agree with many of these posts. I think you need to get a quote from a company that can replace your tanks. It is an expensive job but usually cheaper than the loss you take when buying another boat. I think you will find that another boat in the 40ft+ size, that is less than 20 years old, will cost you at least $200k. You will lose 20% of that right off the bat. 10% sales tax and another 10% broker commission when you sell. I suspect that this $40k loss is substantially less than tank replacement. And of course these numbers don't include the 10% lost opportunity costs on $200k or the loan interest you might be paying.

Usually for any boat you buy, you will end up investing a considerable sum to customize it the way you wish. If you like the vessel you own and it is sufficiently large for your future plans I suggest you get all the quotes to make the repairs you wish and compare that to the 20% loss of purchasing another vessel with its own problems.

Regarding the generator: I can't imagine why you need to replace it. Most diesels that have problems can be repaired. I am also not sure why you even need a generator. I have cruised the past 29 years in Alaska and 14 years in Mexico without running a generator. I am not sympathetic to the folks who tell me they need a big refrigerator/freezer because they need cold beer. Gimme a break!!. If you cruise where you need air-conditioning at anchor, that is an entire different thing.

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Old 11-15-2021, 04:33 PM   #30
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Quote:
Originally Posted by chauser View Post
...RedRascal provided a link to a repair service in Seattle and our mechanic mentioned ‘someone’ in Seattle as well, so we’ll see if this is the same guy and I’ll make the call.
Here is another service that operates in the Northwest. https://www.petro-clean.com/

A fuel dock that services commercial boats in your area can probably put you in touch with a similar service.

Good luck!
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Old 11-15-2021, 04:42 PM   #31
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We won't be onboard to look at the situation ourselves for another week, but I am in touch with a number of resources, so slowly putting a plan together. I'll post more when I know it. Thanks to all for the ongoing input on our situation.
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Old 11-16-2021, 05:50 AM   #32
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Greetings,
"Is she a project boat?" As has been mentioned...it depends. What is someone's "project" may not be a project to someone else.


I tend to agree that questionable fuel tanks, inoperable major items (engines, generators etc) can be considered projects that would take a goodly amount of $$ to rectify where is the line drawn?


Does less than pristine brightwork or lack of the latest electronics move a "good buy" into the "project boat category? In a lot of cases we're talking about vessels that are 20, 30 or 40+ years old. Yes, a seller has to be realistic setting a value on a boat BUT a buyer also has to realize that this is NOT a factory fresh item that he or she gets to unwrap.


Edit: In another thread (Interesting boats) a boat was recently posted as having been owned by James Cagney. Tongue in cheek, how much does THIS add to resale value? (IMO, nothing at all )
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Old 11-16-2021, 10:41 AM   #33
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So you have a mid 80's boat with a leaky fuel tank, wood work needing attention and a bad generator... Your no different than most boat owners of mid 80's trawlers they are all projects!

If you want a newer boat then sale her but at least you know all the issues.
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Old 11-16-2021, 11:05 AM   #34
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HAHA... No offence, but you should see my project boat. It makes Chauser's look like a walk in the park

Seriously though, when we were thinking of getting into the boating lifestyle and consulted with our boating friends, we discovered there were two schools of thought. There is the "NEVER EVER buy a project boat" and "If you are up for the challenge, why not?

Project boats are not for everyone. They do require a lot of sweat equity. We bought one, and yes it does need a lot of work. But I love doing the work and my wife and I see it as a hobby, not just slave labour.
If you are not up to doing the work, its time to move on.

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3: Does anyone have experience with donating a vessel like this and, if so; who, where, how?
If we didn't already have a boat I would have loved to have been the recipient of a donated OS 42
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Old 12-13-2021, 03:32 PM   #35
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Hi All. Thought I'd drop in with a quick update on our situation. It was suggested that we run the boat to see if the fuel leak was more prominent when underway. Good news, bad news! The leak is apparently very small as we've had little further seepage since our lovely ride on the bay. Still needs to be addressed, of course, and we've found someone to offload the fuel, but that will have to wait a little longer... Upon our return, and back in the engine room to check the status, we found little fuel spillage... and a very steady drip of water from the port side stern tube/shaft assembly. Nope, not a simple hose problem; metal corrosion. Yikes.

So we went from turning off the bilge pumps to keep fuel from escaping, to turning them back on to keep from sinking the old girl! She's now safely on the hard to deal with that problem, then we'll get back to the tank issue. I do think we've 'fallen back in love' with her though.
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