Terri, sailgirl's better half here. For yours (an IP 38, older version, NOT the sugar scoop model), we had to drill. Take off the stainless steel trim along the rub rail. You will see a wood joint where the top rail and the side trim come together. I was told that when IP made the boat, this seal was Not always tight and/or caulked. It has been 8 years since I did this to Riverdance, but I believe I used about a 9/16 or 5/8 inch bit and drilled into the joint every 6 inches from the bow to the stern: you never REALLY know exactly where the water is coming in. It runs. I do not recall exactly how deep I drilled. I called the IP customer service dept. last Fall (who knew 8 years ago) but never received a reply to this question this time. Guess as our boats get older, we are ignored, as this has happened to me now 2 or 3 times when I called them. Just like OLD people are ignored!! Anyway, once drilled, force in 5200 into each hole until it runs out of an adjacent hole. (the adjacent hole thing rarely happens, so just force it as best you can). This did seem to stop the water from accumulating around our electrical panel (NOT a good thing with electronics!!!). Guess it filled some gap. HOWEVER, subsequently we acquired a leak under the galley sink. After MUCH consternation and frustration and thinking and looking, I AGAIN caulked where the propane tubing passes thru the outside locker. It only leaked when we were in seas. Have not been in seas since caulking (used Lifecaulk outside and inside the locker at the hole) so do not know if we are cured yet.
OUR problem is water on the port side at the top of the bulkhead between the foreward stateroom & head. With the "ceiling" being one piece I do not see how water gets there unless it is from a nearby port leaking. Any ideas?? IP Corp. also did not respond to this inquiry. Guess they are selling enough new boats!
Good luck with your leak. A bit of work, but hopefully it will cure your problem. BTW, we did not have water in the holds under the foreward bunk.
John