Opinions on a boat/financing

A forum for people who are new to commercial fishing and for talking about the fundamental rules and regulations.
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BillF
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Opinions on a boat/financing

Post by BillF »

Hi All,
My name is Bill and I live in Juneau. I am 32 years old and have worked as a mechanic most of my life (auto, small aircraft) and I have been working construction for the last four years (self employed but subcontracting mostly). I have also done a short stint as an archaeologist. I have been hankering for a fishing boat for the last few years but havent gotten serious about it until now. I got a job with the ferry and did my first week last week, it was by far the most horrible work experience of my life. I am not a state worker at all. I've decided that Im going to take the plunge and go for a fishing boat and permit. I have my place out the road here paid down to less than 5K and Im thinking about taking out a loan on it for 40-50K. I really like the uniflite with HT permit for 40K that is on craigslist right now, but I think that 6-71 might be a little much for hand trolling. Im wondering what you all think of that boat, as well as my financial scheme. I also wonder if I wouldnt be better off buying a PT permit and cheap boat. My problem with that is that I get sick of maintenance nightmares, after years of maintenance work I really appreciate having something decent. I would love some input on all of this from those in the know.
Thanks,
Bill
Abundance
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Re: Opinions on a boat/financing

Post by Abundance »

My honest opinion is to go with the power troll perimit and a cheap boat. It would be different if you were going to stay a handtroller, but if have to upgrade one or the other, thatswhat I would do. In fact, its what I did do. You get a handtroll permit and an expensive boat, you are going to find the payments unbearable. You might even lose the whole setup. Get a power permit and a cheap boat, and the added earning power can make the difference in a tough year. In five to ten years, you should be experianced enough and have enough money stashed away to make the commitment to get a bigger boat. Maintainance nightmares seem to happen to boats old and new, with surprising randomness. Most of those old peices of wood soaking away at the dock would surprise you with their longevity and seaworthyness. Many of them clean up quite well and have decades left in them with a little TLC.
Garrett Hagen, F/V Abundance
BillF
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Re: Opinions on a boat/financing

Post by BillF »

Thanks Garrett, I really appreciate input. You're right, too much overhead with not enough earning potential is a good way to flop. I went to the bank and was told I could get 37.5 on my place, which would leave me no money for a boat if I bought a PT permit. He offered to finance property and a boat, but at that point I stand to lose everything. Im starting to think that this summer my best option might be extremely low overhead (HT and a cheap boat). I know I wont make much money but you would be amazed how hard Im willing to work in order to avoid a real job.
Thanks again,
Bill
Kelper
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Re: Opinions on a boat/financing

Post by Kelper »

Bill,

I think it depends on how skilled you are at locating/catching salmon. You can make some decent money at hand trolling if you are knowledgeable of the area you plan on fishing and are skilled at catching salmon on the gear you'll be trolling with. Do you have a history of consistently finding/catching fish in the Juneau area? If you are, have at it. You you plan on just tossing out gear and being successful, you are in for a few rough seasons. You'll work harder hand trolling, but if you stay on the fish, you'll catch plenty of fish to pay the bills and eventually upgrade.
BillF
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Re: Opinions on a boat/financing

Post by BillF »

Thanks Kelper,
Im not a great fisherman, but my partner is fairly competent (and absolutely loves it). While modest, she does pretty well at it. My role would be steering, maintenance, finance, and taking orders from her. We're not stuck in the Juneau area either we would rather check out other places.
kjwelder
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Re: Opinions on a boat/financing

Post by kjwelder »

I highly recommend deck handing for someone else before making the plunge. Sounds like you could keep the state job, hop on a boat or two or three on your off weeks and learn a lot that could save you tens of thousands down the road.
Good luck.
Karl
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