Part ownership & charter 'income' in Greece?

[scotty123]

SIL, has been waxing lyrical about buying a part share in something like a 8/10 yr old Bavaria 44 somewhere in Greece or Corfu. Apparently, its been suggested to him, that any outlay could be recouped in a year.
Does anyone have any experience of going down this ownership route out in Greece, what costs are likely & is the premise of such returns feasible?

 

[DownWest]

In a year, better read the small print....

 

[Mistroma]

I wonder why anyone would sell a part share in such an enterprise. The return is huge if it is 100% in only 8-9 months (negligible income out of seaon). It would make sense to borrow rather than sell a share to fix a cash flow problem.

Perhaps it is a very time consuming enteprise or returns are being exaggerated.

 

[mainsail1]

Dreamworld nonsense.

 

[sailaboutvic]

Dreamworld nonsense.

I agree , people looking to charter are look at the most a 3/4 year old boats ,
This sound a bit like a black market charter and as most of us know , black market charter are comeing to a end . The PP are really clamping down .

 

[scotty123]

I agree , people looking to charter are look at the most a 3/4 year old boats ,
This sound a bit like a black market charter and as most of us know , black market charter are comeing to a end . The PP are really clamping down .

PP?
Black market charter?

 

[sailaboutvic]

PP?
Black market charter?

If you asking what black market charter is ? Over the year many have chartered they yacht bare / skipper charter without the right documents iilegal.

 

[Mistroma]

PP?
Black market charter?

Vic is assuming you already know what he means by PP. It is Port Police, on off chance you don't know that either. They have been clamping down on illegal charters more in last year or so. I have read about boats being impounded and fines issued in a few places (Ithaka, Gythion, poss. Evia area as well).

I'm guessing that an 8/10 year old Bavaria in part ownership might stand out a bit more than you'd like. Regular crew changes even when not being chartered might attract attention. We very rarely get any PP checks but don't tend behave in a way which attracts much of their attention (i.e. Mostly at anchor, same two people on board for entire season).


I can't see a new boat getting much more than 100,000 euro per season and an 8/10 year old model more like 60,000. However, you won't get 100% occupancy and I'd guess even 60% would be good for an old privately owned boat, leaving 40,000.

Even minimal storage, maint. and insurance would take more than 10,000 and you need to pay someone to organise the work involved. My guess is that 25,000 euro profit per season would be a VERY rosy view. I'm certain that my quick bit of guesswork leaves out a load of costs and you always have the risk of major gear failure costing a packet.

I agree with Vic that the figures you were given don't sound sensible. You won't even get to sail your boat unless you pay the going charter rate, otherwise it's unfair to other part-owners.

In a rush earlier and meant to explain figs. are as optimistic as I could imagine. More likely to break even in real world and high risk "investment" as well.

 

[Bobc]

After about 5 years old, boats become economically non-viable, as things keep breaking, and all your profit is swallowed-up in repairs and call-outs.

I doubt he will make a single penny, and is more likely to lose money.

 

[GTom]

I agree , people looking to charter are look at the most a 3/4 year old boats ,
This sound a bit like a black market charter and as most of us know , black market charter are comeing to a end . The PP are really clamping down .

Yupp, that adds approximately the full invested capital to the "costs" column, unlucky case a bit of jail time too...
Obvious fraud, it is very rare to find a charter that produces any positive returns for the boat owner.