Bust Out Another Thousand.
That’s what BOAT stands for.
Here’s another thing that boat owners will agree on:
The two best days of a boat owner’s life are the day you buy it and the day you sell it.
I can confirm both of these sayings, as I have been a happy boat owner… and seller.
Even though we weren’t buying or selling the boat… this was a pretty good day!
Where ever you are in the world, you have probably heard about the recent hurricane destruction in the Southern US and Caribbean.
The overall destruction is yet to be fully realized, as power and water isn’t even back for many areas.
The total death toll from Hurricane Irma alone could be in the thousands, as hundreds of people are still missing or unaccounted for.
In the Florida Keys, it’s estimated that 25% of all homes have been destroyed.
The island nation of Barbuda has been completely annihilated, leaving no inhabitants (the first time in 300 years).
And, as I’m writing this, a category 5 hurricane is about to directly hit Puerto Rico.
There are some tough times ahead for this part of the world.
But, where there is crisis, there is opportunity.
Source: Miami Herald
Now, I’m not talking about taking advantage of people when they are down.
Instead, you can help out and also turn a profit… with boats.
Let me explain…
“The record for boat loss in the U.S. from a hurricane occurred during Sandy in 2012, which caused $650 million in damage to about 65,000 boats…”
For 2017, that number could be surpassed with well over 100,000 boats being damaged.
What do you think is going to happen to all of those boats?
(Remember what boat stands for… And remember the two happiest days of a boat owner’s life.)
Many boat owners are simply going to walk away.
Consider this scenario:
Joe, who lives in the Florida Keys is just now surveying the damage to his house. He estimates that it will cost him well over $100,000 to repair his home and that he’ll also have to get a new car. He’ll have to deal with his insurance companies, find another place to live in the meantime, and try to get his life back together.
What do you think Joe is going to do with his $30,000 boat that was washed away 5 miles to another island?
Joe is going to do exactly what his neighbor David Wilson did:
“Wilson said his boat and belongings were worth about $32,000 but he’ll be unlikely to recover more than $3,000 from his insurance policy.”
Joe will try to get a small settlement from his insurance company (if he even has boat insurance) and then he’s going to go on with his life.
This scenario is what is going to be repeated THOUSANDS of times over the next several months.
There is going to be HUGE inventories of damaged and destroyed boats hitting the market. And most of these boats are going to sell in the secondary market for far below their recycling costs.
Oh… and here’s another thing to think about…
There are many boat owners who are paying people to come take their boats away. It’s easier for a boat owner to pay someone $500 to just take their damaged boat out of their back yard, than it is to spend the time and money to get their boat back on the water.
I’m not the first one to think of this.
There are already people going to hurricane damaged locations for this exact reason.
If you’ve got some time, a couple thousand dollars in the bank, and a way to get to one of these areas, you can make some real money from these boats.
And… if you don’t have the money or a way to get to one of these areas, there is still an opportunity.
Start calling up insurance companies, boat yards, and search Craigslist. Essentially, you can do the work of a boat broker, where you find boats for buyers who are searching for a specific make and model.
I did it when I bought my boat and I know there are many other buyers out there willing to pay for the same service.
Really liked this article. Please don’t feel offended if I don’t get many of your emails read. However the ones I do get read really provide valuable insights