Because, if you're smart, a used boat rehab project is not a hole in the water...

I came across this in a boat classified yesterday...

This is a beautifully restored 1973 GulfStar 41 that has 130k invested in it. Have receipts. Selling for 60K obo.

So, let's say the boat is actually worth $60K (though I have my doubts having seen quite a few Gulfstar 41s in good/great shape for a lot less). In what world does it make sense to pour $130K into a boat that's worth less than half that sum?

Seriously, think about that for a moment because it's a far from rare occurrence.

Face it, if you're going to rehab an older older boat your total budget should never exceed the going rate you could buy a turnkey example for in good to great condition.

For example: since "So It Goes" is a CAL 34 and it's pretty easy to find one in good shape ready to sail away for $20-25K. If you happened to buy a CAL 34 fixer upper for $5K your top budget for the rehab would be at most $20K.

It's just simple math...