Cashflow positive + pretty much a free boat?

I came across a jetty slipway, boatshed and boat on Gumtree for sale in Hobart, Tas.

It looks like the jetty could hold at least 5 boats so 5 x $100-$150 a week rent and could also charge for slipping of boats and boat shed storage.

So $500+ per week for jetty rent at the minimum for an outlay of $260k plus you get a boat.

Boat shed, slipway, jetty and boat | Other Boats & Jet Skis | Gumtree Australia Hobart City - New Town | 1164789694

What do you think of this as an investment?
Feedback would be appreciated.

 

Interesting, BUT.....
Doesn't look like much has been spent there for some time
So initial cost, land rates, marine rates (jetty, moorings), council permits to operate, upgrades for EPA compliance (prevention of water contamination) and the jetty/building maintenance
If you were in the game of repairing boats, maybe
One boat on the slip at a time, not likely to have more than one on the jetty at a time.
Owning a yacht is like throwing $100 notes into a fire

 

There is no such thing as a free boat....

 

True there would be come upfront / ongoing costs but there appears to be strong demand for boats spaces on jetties especially near Hobart. The jetty is quite long and plenty of space for more way than one boat.

Something to consider anyway if that’s your into. Thanks for the advice.

 

I suppose not a free boat but for the price of the property for $260k isn’t too bad, then sell the boat off.

 

Has the boat been surveyed? Why are they selling?

 

I’m not sure I haven’t enquired yet.

 

Definitely questions I would be asking.

 

Looks structurally unsound and massively over priced. Why would someone place their boat there when a modern marina is literally around the corner? I would run away from this deal.

 

Often moorings are licensed by the state waterways authority. You may have to pay fees to receive income ?

And if you arent there then how would that work. Any person could tie up.
Its a log sticking out of the water.

If you own a boat think of its as a private asset. There are NO deductions available. Tax law reflects the reality that a boat is like a fireplace that burns money.

The rule of 3 f's.....Dont buy anything that flies, floats or f%$ks.

 

A bit unfair @Paul@PFI
A red light establishment can be a great investment, long term tenant, or from a business perspective plenty of customers if located correctly (DO NOT get involved with the staff !!!)

@Jimmy D , the jetty might be long enough to accommodate several vessels, but consider firstly the depth at the point nearest to shore, then you'd have to consider the structure and the 90deg angle wind load, no good tying up 4 boats only to find a 30 knot westerly has them drifting off WITH YOUR JETTY
#insurance

 

Thanks for things to consider. Yes depth and jetty structure would need to be checked. Jetties can be strengthened/refurbish d but then it comes down to Cost vs benefit I suppose.
Cheers

 

Hi

Does the asking price get you a title? A lot of these types of properties you only purchase the right to occupy the area for a certain amount of time, ie: 20 years or 99 years.

What restrictions are there? Are you allowed to actually earn an income by leasing out mooring space to individual boat owners? In Victoria we have restrictions on these types of facilities,

I own several boats and a good contact I have owns a slipway with jetty spots and is not allowed to lease a spot out to me as he can only use his berths for the short term repair and maintenance of a vessel.

You really need to check in depth all of the caveats. Best of luck.

On another note, how deep is the water there and can I keep my boat at your jetty when I come to Hobart?

Regards,

alicudi

 

Is the value in the leasehold right to have a slip/jetty there? I cant see much else. Lovely spot tho