All Forum Posts by: Phil Barry

I did a quick Google search and these are 2 of the peer to peer places where you can rent your boat. They handle the bookings and provide insurance while the boat is rented.

getmyboat and boatsetter

The correct insurance was the biggest issue in my opinion and these places have solved that.

I think a low powered used pontoon would be the way to try this out. Add to the listing that you onlynrent the boat with the house and you just advertised your house in another place. Plus you don't want someone renting the boat Seperate of the house as they will be coming down to the dock to get the boat potentially while someone else is staying there. The other option is you keep the boat on the trailer and you have to go put it in the water whenever it is rented. The last option is you let them pickup the boat on the trailer from where you store it and they bring it back. Then you are in the boat rental business. Some RV rental P2P sites do this and they provide the insurance while it is on the road too.

Then you buy 10 RV's and 10 boats and you just manage renting those full time. People make money doing this and the cost of entry is much cheaper than buying a house. Maybe start an arbitrage business for boats and RV's?

Thank you John! It can definitely be a profitable industry. I didn't even think of looking for a peer-to-peer market solution. Great info, and I completely agree with your insights.

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Quote from @Mason Hickman:

@Phil Barry

So many things can go wrong with owning a power boat (both in operator error and mechanically). Renters who are non-boat-owners will have no clue what goes into maintaining and treating it right.

I don't disagree. But boat rental marinas exist because it is legitimate business model. The fact that waterfront property & customers are already present, and there is little to no additional labor... can the income out pace the costs? I don't know.

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Quote from @John Underwood:

People ask me all the time if I will rent my boat or jet skiis and I always say NO.

The only safe way I can see to do it would be to go through one of the many P2P boat rental sites and rent through them as they provide rental coverage when someone rents the boat through their site.

A friend is looking to buy a pontoon just for this purpose. I'm waiting to see how this plays out for them. It could definitely be a huge money maker as boats can rent for $500/day in the summer.

Someone would have to check the boat at the end of the rental and make sure it is clean and full of gas. Will your cleaner do this? Will you have to do it or do you hire another person for this? Maybe hire a neighbor to manage the checkin and checkout of boat?

Minimum day rental? Do you require they rent it or 3 or 4 days a week?

When they rent it for 3 days and your house for 7, someone has to go get the keys and check the boat while they are there. It does present some logistical challenges especially for someone already remotely managing the house.

A friend of mine is doing this now. She charges $500/day and has the boat key in a lockbox. Prior to arrival, they request & pay for which days. She also only keeps the gas tank about 10% full so the guests aren't able to burn up $500 worth of gas they didn't purchase.

She understands the risk of someone taking the boat out on days unpaid for, but again, guests place their reservation for the boat before they understand the logistics of it are understood by them. I would personally add a GPS tracker to the boat myself.

There are obvious concerns in regards to upkeep and maintenance. Personally, a pontoon would be the only boat I'd consider along with lots of waivers and only if I was able to obtain the proper insurance. She charges $500 per day for boat rentals. Another benefit she has had is that when the property has issues, she offers a free day of boat use instead of a partial refund or free extra day on the property.

There are definitely lots of pros and lots of cons to consider. My specific question is in regards to insurance, if anyone else is doing this and had appropriate charter coverage.

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Question about short-term rental property on water. Specifically for boats use for guests.

Does anyone include the option to rent a pontoon boat or jet ski, etc with their waterfront property? I know a few hosts that do this but I don't think they have the appropriate insurance coverage.

If you are offering boat rentals in conjunction with your home, are you simply using a large umbrella insurance policy, commercial charter insurance, ect? If you have solved this problem, can you also share your insurance contact?

Thank you!

Phil

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Quote from @Rob Anteau:

Quote from @Phil Barry:

Quote from @Rob Anteau:

Quote from @Phil Barry:

Like every has already said, cleaners and local handyman.

We manage semi-remote (approximately 45-60 mins away). Close enough to do short notice repairs myself if necessary, but too far to take out the trash.

Where are you located and where are you looking to invest?
T

Thanks Phil for your response. I'll definitely start to screen cleaners and handy people now.

I live in Charlotte NC, where I already have a few STRs, and I'm looking to purchase one in Toledo OH. I chose Toledo for two reasons. 1) there is demand for STRs in Toledo and the market isn't oversaturated. 2) I have family that lives there in the event of an extreme emergency, I could call on them.

Understand!

I live in Charlotte Andy in-laws are in NE Ohio and we have considered doing the same thing as you.

Our local STR is on High Rock Lake.

That's great, Andy! I look at homes in High Rock Lake all the time. All three of mine or in Pineville, right outside of Ballantyne. Did you purchase yours with the intent of using it for STR or already own it and turn it into an STR when not using it?

I'm going to send you a connect request. I've been wanting to connect with other real estate investors in the Charlotte area.

We did purchase for an STR.

I’ve started an online community called Hosts of High Rock.

We are actually holding our first in person meetup one Salisbury on the evening of Feb 15.

You are welcome to attend.

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Charlotte, North Carolina

Quote from @Rob Anteau:

Quote from @Phil Barry:

Where are you located and where are you looking to invest?
T

Understand!

I live in Charlotte Andy in-laws are in NE Ohio and we have considered doing the same thing as you.

Our local STR is on High Rock Lake.

1 Vote

Charlotte, North Carolina

Where are you located and where are you looking to invest?

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Charlotte, North Carolina

Quote from @Tanner Dahl:

Hello, my name is Tanner Dahl. I have been on BiggerPockets for a couples years now, but I have not been very active in the forums during that time and that is going to change now! I'm an investor focused, Licensed Provisional Broker affiliated with a Wholesaling Brokerage in Charlotte, NC.

I bought my first duplex at age 23 in WNY (hometown) and currently have 2 units. I am working towards building out a portfolio of Long Term & Short Terms rentals in Charlotte and WNY. I am hoping to use BiggerPockets to network with investors, agents, wholesalers, lenders, and contractors, that work within the real estate industry (Charlotte especially!).

I am a big sports fan, basketball especially - Feel free to reach out!

Hi Tanner!

Fellow agent here. Let’s grab lunch next week if you are available.

Thanks!

Phil

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Charlotte, North Carolina

All Forum Posts by: Phil Barry

Phil Barry has started 4 posts and replied 25 times.

Post: Vacation rentals in High Rock Lake NC

Post: Waterfront Property & Boat Use for Guests

Post: Waterfront Property & Boat Use for Guests

Post: Waterfront Property & Boat Use for Guests

Post: Waterfront Property & Boat Use for Guests

Post: Waterfront Property & Boat Use for Guests

Post: Managing the Small Things Remotely

Post: Managing the Small Things Remotely

Post: Managing the Small Things Remotely

Post: Greetings from Charlotte, NC!