New Vacation rental approach (yacht)

[Robert Shelton]

The quick version. I own, no lien, an older 40’ yacht. I have spent a good amount of money fixing everything as all boat owners know. Now, I am not using it and either have to S or get off the pot. Boat and job are in MD but I am primarily investing (spending free time) in coastal SC. I have been looking at the possibility of shipping boat south ($~3000) renting/buying a slip ($~4000 per year) and Airbnb ing ($80-150 nt.???) as condo rental at 1 of a number of locations close to entertainment etc. I have not worked out all the details yet but wondered if anyone has looked into this option ever? I know Charleston has a number of yacht options from $225 and up but I am not really looking at that market. Further up the coast you have Georgetown, Pawleys island, and Murrells inlet with 0 yacht listings as best I can tell. It would also provide me a place to stay while visiting my other properties/projects. Which is maybe the most appealing part of the plan. So, shoot holes in my half baked plan please so I can move to something else. I do plan to budget another $5000 per year for boat maintenance (haul outs etc.) so total yearly expenses would be roughly $9000 plus utilities. I do not need to make a big profit but do not really want to go through the hassle to lose money. Thoughts? Thanks.