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Started By
Message
re: Fractional Boat Ownership for those of us who lack proper OT Balla status
Posted on 5/31/22 at 9:54 am to Lsupimp
Posted on 5/31/22 at 9:54 am to Lsupimp
We talked about doing this a few years ago with some friends. We realized quickly how big of a disaster it would be. Would rotate it for holidays and you’d get real salty if it rained or there was a maintenance issue when it was your turn. Would legit suck to pay part of the maintenance because of someone else’s mistake.
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Posted on 5/31/22 at 9:59 am to Lsupimp
Sounds like a great way to get rid of some friends. I am partners with my brother in a boat and even that is not easy. If multiple people were involved you better have everything on paper spelling out what each person is responsible for. You have to remember that everyone has a different opinion than yours as to what is acceptable when it comes to cleaning, maintanence and so forth. I say this as I spent 2 hours yesterday on my hands and knees scrubbing marks out of the non skid flooring on our boatwith no fishing buddies to be found.
Posted on 5/31/22 at 10:03 am to Chad504boy
I went in 1/2 on a center console with a buddy. We both use it equally, probably 2 times per month each. No schedule, share 50/50 on maintenance no matter who is at fault, no issues. I can’t image going in with 4 people though.
Posted on 5/31/22 at 10:05 am to Lsupimp
I would not do fractional boat ownership with my own bother who lives two blocks from me. No way. It would be a nightmare. Once you own a boat, boat changes to B.O.A.T...bust out another thousand. Then you have to figure out who is paying what and when. frick all that. Just own your own damn boat.
Posted on 5/31/22 at 10:08 am to Lsupimp
Buddy of mine did it with his brother-in-law. The BIL used it all the time which meant more wear and tear on his part. My buddy took it out and the engine blew yet they had to split the cost of replacing it.
To make it work, the number of hours each "share" puts on the boat should be pro-rated against any repairs. There is always one guy that uses it all the time and one that hardly ever uses it.
I would even go further and require each party to pay a 3rd party to clean the boat after each use.
To make it work, the number of hours each "share" puts on the boat should be pro-rated against any repairs. There is always one guy that uses it all the time and one that hardly ever uses it.
I would even go further and require each party to pay a 3rd party to clean the boat after each use.
Posted on 5/31/22 at 10:15 am to nolaTiger24
My wife's uncle and his buddy own a house and a top of the line Mastercraft ($200k boat)50-50. The house and boat and lift are at the Delta in California.
They have had the house for 20 plus years, so it works out well for them.
They have had the house for 20 plus years, so it works out well for them.
This post was edited on 5/31/22 at 12:03 pm
Posted on 5/31/22 at 10:17 am to Lsupimp
Sounds like a nightmare.
Posted on 5/31/22 at 11:20 am to Lsupimp
Joint ownership of airplanes is very common, I have been in couple of partnerships , it works very well. Considering how much time boats sit unused I have wondered why there are not more partnerships.
Posted on 5/31/22 at 11:23 am to Lsupimp
I've seen this arrangement bust up a longtime friendship when only two people were involved. Let alone 5.
Water pump broke? Well you were driving it when it broke.Fruck you. Fix it.
Water pump broke? Well you were driving it when it broke.Fruck you. Fix it.
Posted on 5/31/22 at 11:24 am to Lsupimp
This sounds bad. At least Freedom Boat club maintains a fleet
Posted on 5/31/22 at 11:26 am to captainahab
quote:
To make it work, the number of hours each "share" puts on the boat should be pro-rated against any repairs. There is always one guy that uses it all the time and one that hardly ever uses it.
With airplanes fixed costs are split equally among partners, but a predetermined rate per flying hour is paid into a maintenance account by the person that flew the ours.
Posted on 5/31/22 at 11:33 am to Lsupimp
Those friends will no longer be friends.
Posted on 5/31/22 at 11:35 am to Lsupimp
Because I always want to involve four of my closest friends in what could very likely become a stressful, complicated, and expensive investment in something that is notoriously stressful, complicated, and expensive to own and maintain.
Posted on 5/31/22 at 11:36 am to sweetwaterbilly
quote:
How does this work? Like joint custody? Is there a calendar where they can reserve certain dates.
You use a web based calendar, the weeks of the year are dividend equally among partners rotating through each partner. After that if a partner wants a particular week that belongs to another partner they can trade or work it out however they want, and just update the calendar. Weeks with holiday s are rotated among partners. If you have the week of the 4th of July this year you don’t get it the next year, but like other weeks individual partners can trade.
Posted on 5/31/22 at 11:45 am to Lsupimp
We did this with 2 other families. You have go into such an arrangement with people who are as neat, clean, and responsible as you are.
Worked out great: boat storage fees, Insurance, and repairs all split 3 ways no matter who was using the boat.
Whoever used it last, tanks it up and puts it back in the storage unit as clean as possible.
Worked out great: boat storage fees, Insurance, and repairs all split 3 ways no matter who was using the boat.
Whoever used it last, tanks it up and puts it back in the storage unit as clean as possible.
Posted on 5/31/22 at 11:46 am to Lsupimp
quote:
a friend of mine was explaining that he went in with 5 other guys for a nice cabin cruiser none could afford individually.
These are one of those "great" ideas after a day of drinking and you're about 10 beers in and somebody comes up with this idea. after 15 beers, everybody agrees it's a homerun idea.
Posted on 5/31/22 at 11:50 am to Lsupimp
This gives me a sinking feeling
Posted on 5/31/22 at 11:52 am to GEAUXT
quote:
So, a timeshare
A maritimeshare.
Posted on 5/31/22 at 11:56 am to Lsupimp
quote:
So I was in Costa Rica
Visit the Cocal?
Posted on 5/31/22 at 11:58 am to Cdawg
quote:
These are one of those "great" ideas after a day of drinking and you're about 10 beers in and somebody comes up with this idea. after 15 beers, everybody agrees it's a homerun idea.
Dude, I'm better than that. I only had a 12 pack when it started to make sense.
These guys just want a boat at their second homes. I think, but am not positive that they keep it at Los Suenos marina. It seems like the overwhelming consensus is that this is generally a really shitty idea.
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