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Message
Have you ever shared boat ownership with a non family member?
Posted on 11/1/15 at 2:09 pm
Posted on 11/1/15 at 2:09 pm
Buddy and I have been talking about getting one. We're both pretty laid back and can't foresee any issues but wanted to see if anyone has any experiences.
18
Posted on 11/1/15 at 2:09 pm to VanRIch
sounds like a great way to ruin a friendship
Posted on 11/1/15 at 2:11 pm to Tino
quote:
sounds like a great way to ruin a friendship
Posted on 11/1/15 at 2:20 pm to VanRIch
Don't do it
Posted on 11/1/15 at 2:21 pm to VanRIch
Not a smart idea, shite is always breaking. At some point one will blame the other.
Posted on 11/1/15 at 2:22 pm to VanRIch
i have had friends do this with good and horrible results. go in with set written and signed rules. maintenance and repair costs are split x. boat always has a full tank of gas after it is used. who covers insurance? there are a ton of variables. maybe someone who has done it can share more.
my 02 cents... buy your own boat. good luck
my 02 cents... buy your own boat. good luck
Posted on 11/1/15 at 2:24 pm to Ice Cream Sammich
Yes.
Had one and my buddy went with me every trip and eventually asked to borrow it some. Caught him doing preventative maintenance on it all the time because he is very mechanically inclined and I aint.
I rarely used it so I finally just asked him if he wanted to buy half of it because he was using it more than me and working on it way more than me. We looked up the value and he paid me half.
I still never go and hes gotten into diving so he goes a lot and will bring me fillets if I ask. He just spent 14k of his own money to put a new motor on it even though the old one never had a problem. He said he didn't trust that year motor and wanted more hp anyway. I told him it was fine with me but I wasn't putting any money into it.
I would say it worked out very well for me, but my buddy is a great dude I've known since childhood and we do a lot together (church, kid's baseball, golf, etc).
Had one and my buddy went with me every trip and eventually asked to borrow it some. Caught him doing preventative maintenance on it all the time because he is very mechanically inclined and I aint.
I rarely used it so I finally just asked him if he wanted to buy half of it because he was using it more than me and working on it way more than me. We looked up the value and he paid me half.
I still never go and hes gotten into diving so he goes a lot and will bring me fillets if I ask. He just spent 14k of his own money to put a new motor on it even though the old one never had a problem. He said he didn't trust that year motor and wanted more hp anyway. I told him it was fine with me but I wasn't putting any money into it.
I would say it worked out very well for me, but my buddy is a great dude I've known since childhood and we do a lot together (church, kid's baseball, golf, etc).
Posted on 11/1/15 at 2:29 pm to PT24-7
My buddy is a stand up dude and I would never screw him over. I've seen first hand him make decisions that most men wouldn't make when it comes to being honest and his integrity. We do a lot together (church, fishing, hunting, play soccer together) probably wouldn't use it much without the other.
Posted on 11/1/15 at 2:36 pm to VanRIch
I find partnerships in general are difficult. Similar to divorce many don't end well. If you decide to do it think of everything that could go wrong and lay it down in writing. You may never need it but if you do you will have it.
Posted on 11/1/15 at 2:38 pm to VanRIch
I have and I have never had an experience where I wanted the boat for the day and my partner was using it.
I encourage it. Have an understanding on repairs and stuff.
I know one boat joint owned by 4 people. It works out good too.
Having more people using seems to keep them running to me. I get I don't use mine 15 days a year any more.
I encourage it. Have an understanding on repairs and stuff.
I know one boat joint owned by 4 people. It works out good too.
Having more people using seems to keep them running to me. I get I don't use mine 15 days a year any more.
Posted on 11/1/15 at 2:39 pm to VanRIch
Maybe yall should share a truck together too.
Also, a terrible idea.
Also, a terrible idea.
Posted on 11/1/15 at 2:45 pm to VanRIch
I own a bayboat with a friend of mine.
We've had it two years and so far, so good.
We're both pretty laid back, and few hundred bucks one way or another isn't a big deal either way. (and it Can't be!!)
I think we both would agree that our friendship is more valuable than the boat.
If one person is super-anal, or a penny-pincher/counter type... I'd be reluctant.
If you can get past the $ division, the rest is good.
Accessories, repairs, insurance, storage, etc are easier to afford. Like buying everything at 50% off.
Same with maintenance, which so far, we have done all of it ourselves.
At this point in my life, I wouldn't own a bayboat if I had to go it alone.
We've had it two years and so far, so good.
We're both pretty laid back, and few hundred bucks one way or another isn't a big deal either way. (and it Can't be!!)
I think we both would agree that our friendship is more valuable than the boat.
If one person is super-anal, or a penny-pincher/counter type... I'd be reluctant.
If you can get past the $ division, the rest is good.
Accessories, repairs, insurance, storage, etc are easier to afford. Like buying everything at 50% off.
Same with maintenance, which so far, we have done all of it ourselves.
At this point in my life, I wouldn't own a bayboat if I had to go it alone.
Posted on 11/1/15 at 3:17 pm to VanRIch
Since I'm bored, I'm going to list what I can remember we've spent money on in the last 2+ years. The dollars are estimates. Some things he paid for, some I'm not sure the exact amount.
Boat 30k
4 trailer tires 450
GPS/Fishfinder 1000
iPilot 1600
Radio/new amp/new speakers 700
Re-work prop, 2-3 times 500
Replace trim tab button 150
Water pump and seals 300
Insurance 500/year
Cleaned 300
Bilge pump 100
Ice chest 125
Batteries 250
Tackle ??
Rods ??
Pliers, knives, etc
Storage 200/month
I'm sure I've forgotten lots of little things, but 50% of that total is easier than 100%.
The boat gets used and maintained more than if I owned it alone. People have different expertise to help with problems. 90% of the time we fish together.
Good luck to you and your friend. It certainly can be done enjoyably.
Just to think on: The boat will need to in One of your names (along with the insurance.) The insurance company will probably ask you if you own the boat with someone else. How you answer that is up to you...
Boat 30k
4 trailer tires 450
GPS/Fishfinder 1000
iPilot 1600
Radio/new amp/new speakers 700
Re-work prop, 2-3 times 500
Replace trim tab button 150
Water pump and seals 300
Insurance 500/year
Cleaned 300
Bilge pump 100
Ice chest 125
Batteries 250
Tackle ??
Rods ??
Pliers, knives, etc
Storage 200/month
I'm sure I've forgotten lots of little things, but 50% of that total is easier than 100%.
The boat gets used and maintained more than if I owned it alone. People have different expertise to help with problems. 90% of the time we fish together.
Good luck to you and your friend. It certainly can be done enjoyably.
Just to think on: The boat will need to in One of your names (along with the insurance.) The insurance company will probably ask you if you own the boat with someone else. How you answer that is up to you...
This post was edited on 11/1/15 at 6:02 pm
Posted on 11/1/15 at 3:32 pm to VanRIch
quote:
Buddy and I have been talking about getting one. We're both pretty laid back and can't foresee any issues but wanted to see if anyone has any experiences.
I'd brainstorm with him ahead of time of possible issues that may occur and put that shite into writing, including an "out" for both of you (i.e. if you don't want to continue owning the boat, the price determined by X will constitute fair market value).
Posted on 11/1/15 at 4:24 pm to VanRIch
my dad and 4 of his college buddies had a 65' house boat for several yrs. they set up ownership via a sub-s corp, issued stock, had set bylaws, etc. worked well for them
Posted on 11/1/15 at 4:25 pm to Tino
quote:this
sounds like a great way to ruin a friendship
Posted on 11/1/15 at 8:13 pm to VanRIch
I have often wondered why boat an RV partnerships are not more common. Partnerships are almost the rule with private airplane ownership, given that the cost of boats and RVs can easily be in the same neighborhood as a single engine plane it would seem like a no brainer.
Posted on 11/2/15 at 7:52 am to sloopy
quote:
sounds like a great way to ruin a friendship
quote:
Not a smart idea, shite is always breaking. At some point one will blame the other.
Posted on 11/2/15 at 8:58 am to VanRIch
(no message)
Posted on 11/2/15 at 9:24 am to VanRIch
As a general rule I never loan money to friends or family. Any money loaned to them I consider a gift with zero expectation of repayment. If they pay me back, great. However, I don't count on it.
Two people who can't afford a boat on their own, probably shouldn't be a partner in one either.
Two people who can't afford a boat on their own, probably shouldn't be a partner in one either.
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