Renting out your boat.

[Scuba_ref]

I have a 32ft Class A diesel RV (my wife named it "Big Brown Bessie"). I only use it a handful of times each year and I often I debate renting it out. But given you have to have a Class B license to legally drive it and it is a very complicated machine I just don't think I could turn it over to someone who's "green". I have debated trying to rent it out, I drive it to location (within reason), set it all up, hook up all the stuff then leave the renters. Then when they are done, I come break it down, I drive it back home, clean it and they are on their marry way. But my guess is that people that rent an RV, like people that rent a boat, want to drive it. That's half the fun right? (That is until you got a crosswind and passing semi's then your mind might change a little.) And honestly I think after a few weeks of that I would pull ad as would likely be more hassle than it's worth. The only people I really see my possible scenario benefiting are people that are on the fence about buying an RV and just want to take an "extended test drive" before they blow some major coin.

I never thought about renting boat but as anal as I am about it I don't think I could do it. Would maybe consider it like scenario above, but again I'm not sure the hassle is worth the $ (for me). If I was retired or single or needed the $, then maybe. Although the waters around here are shallow and if you don't know what you are doing you can get in trouble fast.

Check out the website Outdoorsy.com

 

[B0at1n]

Would you be launching from the Little Elm boat ramp? If so, you might want to consider a decal since you would be just across from the beach/volley ball area. Could be good marketing.

My only real concern, aside from damage and abuse to the boat, is liability. I know they will sign a waiver (which doesn't mean much), but should someone get injured, have an accident, or god forbid drown. You are highly exposed to legal action. You need to consult your insurance provider and if you have a loan on the boat, double check that renting isn't expressly prohibited.

If you are still a go, then first thing I would do is if you own the boat free and clear, create a SPE, most likely a LLC and transfer title to that entity. Don't do any business in your direct name. Business checking accounts/business insurance/etc. Create as much legal separation as possible. We live in a litigious society and you don't want to get wiped out trying to make an extra $10k.

Yes, I would be launching from Little Elm boat launch. A sign for the side of the boat is a GREAT idea!

I do have a loan on the boat, I'm not too concerned on them calling the loan due, that is unlikely if payments are being made on time, and if it did happen, id most likely to be able to get another loan to cover the cost if needed down the road.

as far as liabilities, I will have the waivers that they use on the Peer to Peer websites to help mitigate liability and will also insure I have a sufficient amount of liability coverage on what ever insurance I go with.

I do plan to Set up an LLC and do all business through there with separate accounts to remove myself as much as possible, but with the loan on the boat that will make it a lot harder.
side note, if its paid for after season one or two and I decide to continue renting I just keep this boat and rent it out and let it buy me a new 212x!

 

[mrmeaniemeateaterman]

Sounds like you’ve put a lot of thought into it but you never know until you try. Keep us posted on how it works out. Hoping the best for you. I’m sure either way you will have some awesome stories for Thanksgiving dinner small talk.

 

[B0at1n]

Sounds like you’ve put a lot of thought into it but you never know until you try. Keep us posted on how it works out. Hoping the best for you. I’m sure either way you will have some awesome stories for Thanksgiving dinner small talk.

Thanks. I’m definitely going to give it a shot. It’s one of the reasons I was able to convince myself to buy a boat. If it doesn’t work out I still won’t be disappointed because I will have all the good memories on the boat that I wouldn’t of if I hadn’t had this idea haha.

Updates to come in the summer.

But i am open to all ideas and thoughts. So throw them at me.

 

[njmr2fan]

If I could rent out my boat and make 25K in a year, I'd name it The Hooker and fix it and put it back out on the water every day while it paid for my new personal boat that no one used but me!

 

[2kwik4u]

If I could rent out my boat and make 25K in a year, I'd name it The Hooker and fix it and put it back out on the water every day while it paid for my new personal boat that no one used but me!

Name the personal boat "The Pimp" ?!?! Just curious

 

[B0at1n]

I mentioned these names to my wife, she gave me a swift no! Haha.

 

[Jgorm]

No way of rent my boat, rv, or river house unless i got laid off for a while and needed money bad. It's a lot of work, and most people are idiots. I'll stick with renting out condos.

 

[PaulyB]

I have two AR230s that I bought of Copart and have one listed on Boatsetter.com. I started at the end of the season and charged the lowest price the site would allow me to charge. I ended up making about $2,000 in a months time. The boats interior is not in good condition at all, and i clearly have it advertised with an ugly interior. I didnt think a lot of people would want to take it out, but I had to turn more customers away than i accepted. The biggest issue I had was people sucking up tow ropes. After a few times, i started to institute a $150 fee if i had to cut a rope out.

If something bad happened to the boat, i wasnt really worried about it. The website puts its own insurance policy on the boat during the period of the rental. I would make alot more money if the boat was totaled than I do renting the boat out I'm sure.

 

[B0at1n]

I have two AR230s that I bought of Copart and have one listed on Boatsetter.com. I started at the end of the season and charged the lowest price the site would allow me to charge. I ended up making about $2,000 in a months time. The boats interior is not in good condition at all, and i clearly have it advertised with an ugly interior. I didnt think a lot of people would want to take it out, but I had to turn more customers away than i accepted. The biggest issue I had was people sucking up tow ropes. After a few times, i started to institute a $150 fee if i had to cut a rope out.

If something bad happened to the boat, i wasnt really worried about it. The website puts its own insurance policy on the boat during the period of the rental. I would make alot more money if the boat was totaled than I do renting the boat out I'm sure.

The customers you turned away. Was that due to being booked or you didn’t feel comfortable with them?

The guy I spoke to that had good success with his AR240 said he could of had at least two to three boats rented every weekend this past summer with the amount of people he had asking to rent his boat.

 

[PaulyB]

It was due to both, some had no boating experience at all, and some were due to already being booked. I had to cancel a few bookings due to finding out the boats fuel tank was leaking. So I lost some money there and haven't done any digging to see what is causing the leak yet. I plan on selling the boat, but will continue to rent it until it sells. I will fix the fuel leak soon.

 

[hatrik8]

I realize this is an old thread. I was just reading up on boat renting options.
Any updates ?

 

[PaulyB]

What kind of updates are you looking for?

 

[B0at1n]

This year has been crazy, everything has been closed, no one can buy a boat because inventory is gone. My boat has not had a day off other than a few rain days.
Covid has been great for me so far.
Should have This boat paid for and enough extra cash to sell this one and pay cash for a 24footer after 2 seasons of renting.

 

[hatrik8]

What kind of updates are you looking for?

Just wondering how renting has been going, pros/cons and recommendations after experiencing it for a couple seasons, etc

 

[DRAT]

i was in my wet slip installing an onboard charger two weekends ago when i heard an outboard engine rev followed by male yells and female screams. so i pick my head up and look, just in time to see a 24-ft Suntracker pontoon, FULL of people, go diagonally across the through way (my slip is directly across from the gas pump), right in front of me and SLAM into our dock about 3 slips down. it was super loud, super scary and amazing that no people or other boats were hurt. two lifts and the dock were damaged but that was it. turns out the Suntracker was brand new, it was the guy's first time out with it and here's the kicker-- his buddy was driving! the next day a friend of mine asked to borrow my boat for a day. sorry bro, bad timing. don't think so.

so no, i won't be renting out my Yamaha. as much trouble as the damn thing is to maneuver around docks and the marina (i'm getting better) i just can't imagine turning an inexperienced jet boater loose with it. i'd be a basket case.

 

[B0at1n]

i was in my wet slip installing an onboard charger two weekends ago when i heard an outboard engine rev followed by male yells and female screams. so i pick my head up and look, just in time to see a 24-ft Suntracker pontoon, FULL of people, go diagonally across the through way (my slip is directly across from the gas pump), right in front of me and SLAM into our dock about 3 slips down. it was super loud, super scary and amazing that no people or other boats were hurt. two lifts and the dock were damaged but that was it. turns out the Suntracker was brand new, it was the guy's first time out with it and here's the kicker-- his buddy was driving! the next day a friend of mine asked to borrow my boat for a day. sorry bro, bad timing. don't think so.

so no, i won't be renting out my Yamaha. as much trouble as the damn thing is to maneuver around docks and the marina (i'm getting better) i just can't imagine turning an inexperienced jet boater loose with it. i'd be a basket case.

You are 100% correct.

where I rent my boat the renter never has to go near a dock other than when the bring it back to me. And they only have to get within 10 feet to throw me the rope and I pull them in.

I do not rent to a first time user. If I can tell you have no idea what you are doing I will not rent to you.

if I were to tell renters to put the boat back I to a slip, I’d have SOO much more damage. I would of quite already.

 

[khadija1996]

I recommend you to rent a yacht from this wonderful site at low prices https://2yachts.com/boat/463245-lagoon-42

 

[InmyElement]

My idea for retirement in 4 years is to have a real wake boat and provide the boat and Captain (me) for a 4 or 8 hour rental block of wake surfing/wake boarding. I will pick your party up at your lake/rental cottage on one of the finger lakes and provide 4 to 8 hours of surfing. Everyone wants to surf these days (low impact, easier to get up and stay up, old, young) its the fastest growing water sport. This way they don't have to worry about operation/wake/ballast/boards/rope/equip etc..I drop them back off at their property for lunch or finish for the day. This way I trailer, I drive and I get to have total control of the boat. There are so many people with tons of $$ who rent on the finger lakes every season and don't want to be bothered/hassle (pickup/dropoff) a rental boat from a marina. Custom service and I'll even provide lunch and drinks under several different package options. Talking with many marinas while fueling this year, they cant keep up with the demand on rentals they are booked a year ahead...
I do agree with everyone...no way will I ever rent my boat out or even let a relative touch my boat, so I would lose it if I rented it. I would have to get another boat just for rentals...Captain (something nautical)'s Surf School! Look for it in your local BoatUS Magazine...coming to a lake near you!

 

[swatski]

My idea for retirement in 4 years is to have a real wake boat and provide the boat and Captain (me) for a 4 or 8 hour rental block of wake surfing/wake boarding. I will pick your party up at your lake/rental cottage on one of the finger lakes and provide 4 to 8 hours of surfing. Everyone wants to surf these days (low impact, easier to get up and stay up, old, young) its the fastest growing water sport. This way they don't have to worry about operation/wake/ballast/boards/rope/equip etc..I drop them back off at their property for lunch or finish for the day. This way I trailer, I drive and I get to have total control of the boat. There are so many people with tons of $$ who rent on the finger lakes every season and don't want to be bothered/hassle (pickup/dropoff) a rental boat from a marina. Custom service and I'll even provide lunch and drinks under several different package options. Talking with many marinas while fueling this year, they cant keep up with the demand on rentals they are booked a year ahead...
I do agree with everyone...no way will I ever rent my boat out or even let a relative touch my boat, so I would lose it if I rented it. I would have to get another boat just for rentals...Captain (something nautical)'s Surf School! Look for it in your local BoatUS Magazine...coming to a lake near you!

May need a six-pack license fo that, too, I've been day dreaming about something like that. Start logging in the hours, need a whole bunch as a pre-req.

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