Wednesday, November 23, 2022

Can You Rent Your Boat Out

Are Houseboats Allowed On Lake Tahoe

Tiny House Afloat! Check out this Seattle Houseboat you can rent!

There arent any specific laws prohibiting houseboats from going on Lake Tahoe however there are some difficulties that make a houseboat less than ideal.

Because of the depth of the lake anchoring a houseboat overnight is difficult if not impossible. Beaching a houseboat is also not really an option on Lake Tahoe. Assuming you arent able to anchor or beach the boat that would mean at night while you are sleeping the boat could drift causing some SERIOUS issues!;

There are also specific engine requirements for Lake Tahoe. Your boats engine must be either be a direct fuel injected 2 stroke or a 4 stroke motor.;

The combination of those two issues make taking a houseboat on Lake Tahoe less than ideal for most people and taking your houseboat on and off the lake every day is often far more hassle than it is worth.;

What’s It Like To Rent Your Pride & Joy

Bob Kellett, a BoatUS member from Seattle, Washington, has rented his 30-foot Nonsuch, Bobcat, several times and says that so far he’s been impressed. “You’re in control of the entire process,” he says, “from setting your price to checking out potential renters.” Kellett talks to potential renters on the phone and if he’s comfortable with their experience, he’ll meet them at the boat for a thorough run-through. He gives his renters a detailed instruction form about the boat’s equipment, and a step-by-step guide for things like starting the engine, raising the boat’s big main, and how to use the head. He’ll even take them out on the boat for a few minutes if they want.

The first time he rented his boat he was apprehensive. “I felt like a nervous father whose daughter was going to the prom,” he jokes. But after a couple of rentals, he realized that the renters cared about his boat, too, and were there for the same reason he was â a love of the water and boating. He also tells his renters that he’s only a phone call away, should they have questions. So far, the only downside is an occasional scheduling conflict when he’d like to use the boat himself, so he tries to find renters who can give him a few weeks’ notice. On the upside, he says it’s a good excuse to keep his boat looking good. And the extra money in his pocket from a couple of rentals a month easily pays his moorage. “I hope to do more of this next year,” he says. “I’m sold on the concept.”

It’s A Big Country But When It Comes To Boating Each State Or Territory Sets Its Own Requirements Here’s What You Need To Know About ‘reciprocity’

If you plan to skipper your boat outside the state in which you reside, check state and local boating requirements to ensure you’re on the right side of the law.

You’ve tested your trailer lights, packed the fishing rods, checked all the boat’s mechanical and safety gear, inspected the life jackets, and downloaded the local charts. Just when you go to check the last item off your prevacation checklist, a question dawns on you, “Can I even use the boat legally in the state I’mheading to?”

If you’ve ever boated out of state, you may already know that the answer depends on many factors including the state you’re visiting, your age, your boating education, vessel type, engine size, whether you rent or own the boat, how long you’re staying, and if you want to engage in towed watersports.

First things first your boating education certification is not a license, which can be suspended or revoked. It allows you to operate certain watercraft in the waters of the state it was issued by. But many states practice “reciprocity,” meaning a valid certification in one state is accepted in another state . But if you’re certified to operate a boat in Florida, can you throttle up in California? Or Connecticut?

It’s important to know that not all the available courses meet the state’s educational requirements or are NASBLA-approved.

Lastly, the reciprocity period allowed for operating on an out-of-state boating card varies from state to state and can range anywhere from zero to 90 days.

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What Our Boat Owners Say About Click&boat

I discovered Click&Boat in 2015 and offered my yacht for rental on the platform. Since then, many boating enthusiasts have helped me cover the costs for maintaining and sprucing up my yacht, Viguy.

I rent out my RM for a few weeks every year. I can thus cover part of my costs.

Setting sail with the ‘Airbnb of the seas

Marine versions of property-sharer Airbnb or ride-sharer BlaBlaCar are trying to match the two. In Europe a French firm founded in 2013 by Jeremy Bismuth and Edouard Gorioux sets the pace.

Click&Boat the Uber of the boating world. Peer-to-peer pier-to-pier, if you like.

Read Your Condo Associations Governing Documents

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Every condominium is different, but they all have one important feature in common: Owners are;subject to a set of rules established by the condo association and upheld by the Board of Directors. Some do not allow for renting as an option. Review your condo associations bylaws, and/or rules and regulations, to;understand;the existing policies regarding;renting out units.

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How Much Money Can You Make For Your Space

Its easy to make extra money renting out your space. You can expect to make around 50% of what storage companies charge for comparable-sized storage units and can easily find renters depending on which platform you use to advertise your space.

Where the storage is located, if its air conditioned, and accessibility are other factors to consider when pricing your space.

You can also test out prices before you settle on one. I would occasionally create ads on craigslist, but this was more to test the market and get a feel for whether or not I was charging a reasonable price for the parking space, Salihi said.

And dont forget to write off eligible expenses on your taxes related to the cost of renting your space.

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Stick With Easy Things To Rent Out For Profit

The best things to rent out for profit are usually in high-demand all the time.

There are exceptions, and seasonal rentals like snowboards, snow blowers, leaf blowers, or various sporting equipment can be quite lucrative to rent out during specific times of the year.

But, generally speaking, look for things you can rent out year-round to keep a steady stream of income coming in.

This could be things like clothing , baby gear, power tools, a vehicleyou get the idea!

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Can I Deduct A Boat Or Yacht As An Entertainment Expense

Your first inclination may be to try to deduct your new boat as an entertainment expense. However, entertainment costs are no longer deductible under the Tax Cuts and Jobs Act which was signed into law by President Donald Trump on Dec. 22, 2017. This includes facilities you own or rent for entertainment such as vacation homes, yachts and boats.

Although you may not be able to deduct operating expenses or deduct deprecation, you may still be able to deduct part of the costs of some meals you serve to business guests aboard your yacht. You can deduct up to 50% of the costs of business meal expenses, but only if

  • The food and beverages are associated with operating your trade or business
  • You can separate meal expenses from other entertainment expenses
  • The expense is not lavish or extravagant under the circumstances
  • The taxpayer or one or more of your employees are present when the food and beverages are served
  • You actively discussed business while onboard the boat rather than just taking some friends out fishing

Step : Where Am I Located

He built his own Tiny House Boat from Scratch! (and you can rent it!)

Cities are different when it comes to locations and you should really consider what is important to your rental business. These are some of the factors that we find important. Most interesting about mooring rights is that they are often not priced accordingly to the value of the location in the city. This is one of your competitiveadvantages. ;

Supporting recreational offeringsBe aware of the fact that guests might not be able to enjoy a whole day on the water using your services. Hence, it can be beneficial to know where they would go afterwards or before they use your service. Especially food and beverage options are a good match. Also, other recreational partners like SUPs, go-karts and amusement parks, etc. can be of great value to your franchise business. Therefore, seek to build business relationships and identify ways your maritime business can cooperate with and mutually benefit other businesses.

Mooring pricing and termsWhile all of the above mentioned are important, mooring pricing and terms are some of the most important business factors determining your success. You do not want to have a one-year contract that can be cancelled and thereby lose your investment. Nor do you want a contract for a whole century without having an exit option. In general, mooring costs should never be more than 10% of your cost structure.

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Be Aware Of The Boating Requirements

There are basic navigation rules that do not change, but some may vary from place to place, as well as the requirements to charter a boat, especially if you want to navigate in a different country.

Ask if there are any age requirements, and if a boaters licence is needed. In some places you have to include a specific insurance with your boat rental. It is wise to get informed on the limits you should not surpass when boating in specific waters, and in general a golden advice is to be aware of the rules, uses and customs of that place.

Know Your Condo Associations Restrictions

If renting is allowed, there may be limitations on the length of the lease termincluding minimum and maximum timesand on whether pets are allowed. Also look into whether or not renting has been;an issue in the past, which could give you a crystal ball into your future.;Review board meeting minutes to see if any new policies are being discussed that might impact your plans, says Reiss.

Another potential renting deal-breaker to be aware of is that some;condominium associations allow only;a certain percentage of total units to be rented out at any one time. Check to see if the current ratio of rented to non-rented condos will accommodate your unit. Keep in mind that some associations only;allow renting;after an owner has lived there for a minimum period, usually two years.

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Keep An Eye On The Sky

Storms, lightning, changing tides, currents, winds and other inclement weather conditions can endanger the safety of boaters.;Download a to your phone before you head out for the day and check it throughout the trip. Should you be on a boat when Mother Nature unleashes her fury, find shelter as soon as possible.

How Is The Renter Vetted

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Most companies require renters fill out a detailed questionnaire that asks about criminal and driving convictions, as well as boating experience. But it’s your boat, after all, so you can decide what else you want to ask, and decide to whom you’re willing to rent. Most P2P companies provide a pre- and post-rental checklist for inventory and damage, and you may want your own checklist for extra equipment. A photo or video documentation of the boat’s condition inside and out, before each rental, can help resolve disputes later on.

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Make Sure Your Boat Is In Good Condition

Even though your rental boat is not something that you are purchasing and they are often well maintained, you will still want to make sure that the boat is in good working condition.

There is nothing worse than being stranded out in the water due to engine issues. Before you go out on the water, you will want to make sure everything is in properly working order and bring it up with the rental company if you notice any issues.

It is also a good idea to do a thorough check of the outward appearance of the boat as well. Often time you will go over the appearance of the vessel with the company that is renting it out. This will allow you and them to take note of what condition the boat is like before you leave.

Make sure if you do notice anything, you make them aware of it before you head out so that they do not try to use it against you when you get back. Unreported damage ahead of time could mean damage charges for you when you get back, even if you did not cause the damage.

Can I Take My Boat On Lake Tahoe

Yes, you can most definitely take your own boat on Lake Tahoe but it must meet the requirements for the engine as well as get an inspection every time that you put your boat in and out of the water.;

Your boat is required to have a 2 stroke direct injection motor or a 4 stroke motor to be allowed on the lake. It also must meet the inspection requirements mentioned above to be eligible to go on the lake.;

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Right Now Its A Rich White Mans Sport

Hall hopes to open the waters to a whole new class of boaters. People either think its too expensive or they dont know how to boat, but we want to lower the barriers and get it on the short list of things to do on the weekend. Right now its a rich white mans sport. We want to make boating kind of non-eliteby;tapping a younger, more diverse demographic.

Boatbound is trying to forge an Ahoy Culture in part by taking hints from Lyfts pink mustaches and fist-bumps. When you rent, everyone gets caps with the Boatbound logo. Its about saying Ahoy! and waving, telling the story of the boat and how it was named.

A few companies, including Fun2Rent and Incrediblue, have already dipped their toes in the space, and since Boatbound joined AngelList last month, Hall says clones are already popping up. What sets Boatbound apart, though, is what Hall calls a first-of-its-kind product with Lloyds. He implies boats listed elsewhere wouldnt be as well-protected.

Typically a boat owners insurance is void if they take money for a rental. We had to put together a program that would act as the primary insurer of boats. Hall mentioned it took the rise of Airbnb and some pushing by some high-influence individuals , to get Lloyds to agree to the plan. While different boats and renters would cost more or less to insure, at least at first Boatbound is just absorbing the fees.

Navigate The Condo Rental Approval Process

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This process;varies from association to association, but some form of approval to rent your condominium is usually necessary, says Brian D. OKeefe, an attorney at Michigans Lippitt OKeefe Gornbein. This step usually requires the prospective renter to complete an application and to provide both financial information and references.

Sometimes a feeranging from a hundred to a few thousand dollarsis also called for. Some condos may even require;a tenant interview, usually by a committee of the condo board.

For condos that do not ask for;a formal interview, tenants may still need to be approved by the management company. It all comes down to this: The associations want to know whos going to be living there, says OKeefe.;To confirm the exact details of the process, contact a board member directly, in addition to checking the;bylaws. Getting it wrong could land you in violation of association rules and result in a;fine.

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Always Read Rental Terms & Protection Policies

It doesnt matter if youre renting out a power washer on Fat Llama or your house through Airbnb; you need to understand what insuance policies and rules are in place to protect you as an owner.

The best platforms have comprehensive damage coverage. They also cover your assets in the event of theft.

But, there are typically claim limits, and claims also take time to process, meaning you could be without that asset for weeks or months in the event of; dispute or damage.

Some platforms also outlines things that;arent;covered.

For example, while Turo covers major damage on your vehicle, things like dents and scratches or general wear and tear arent really covered.

Is There An Airbnb For Boats

To provide boat owners with tenants and aspiring boaters with seaworthy vessels, peer-to-peer boat rental companies have emerged.

The concept is similar to Airbnb in real estate which does not own any of its listings but receive a commission for renting out rooms to people only this is for the boating market.

With P2P boating services, people with underused vessels can rent them out for a few hours or days which would otherwise be gathering dusts in the marina.

For non-boat owners, this is also a great opportunity as all they need to do is to hop on board and let someone else handle the costs associated with the ownership of a boat. The best Airbnb for boats is BoatSetters.

Here, potential renters can browse boats of all types and size and find the one that suits their needs. Once they decide on a vessel, the company can handle all aspects of transactions for them.

Boat owners can set their own prices based on the market price as well as the deposit. This deposit cover contingencies like missing equipment like life jackets, minor damage, or not refueling the boat.

Insurance charges are also included in the price along with the deductible, which is around $1000. Many boat owners set the deposit in a way that it covers the deductible.

Of course, since your boat is a significant investment and your pride and joy, you also dont want it to fall into the wrong hands.

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