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Message
re: Partnering with friend(s) on a camp/boat
Posted on 4/18/23 at 11:38 am to Larry Gooseman
Posted on 4/18/23 at 11:38 am to Larry Gooseman
One issue I have heard about when splitting a camp is what happens when both of you want the same weekend? What happens when your weekend has bad weather and you want the following weekend? But partner wants the same weekend and there isn't enough room? What if partner wants to bring son-in-law that weekend? Something to consider.
0
Posted on 4/18/23 at 11:45 am to AwgustaDawg
quote:
I owned 1/4 of a 26 foot Mako center console with twin 250's on a bracket from 1996 - 2010. It was in dry storage at a marina in Stuart Florida. The other 3 owners consisted of 2 old friends of mine and an old friend of one of those 2. We never really had any issues. All of us worked hard not to...we all lived in Athens and Atlanta and 2 of the 4 us may have used the boat 10 times without one of the other 2 of us present...I used it more than anyone because I was self-employed and could get away about any time I wanted. I did most of the maintenance myself and I don't remember anyone ever squabbling over spending money on the boat on their own...if it needed something one of us just took care of it. We had a "maintenance" fund but I had restored the boat from the keel up myself so it was kind of my baby and as such I did almost all of the maintenance myself and out of my pocket...had we had to repower or something like that it would have been split 4 ways but luckily it never needed it...2 stroke OMCs were easy to fix and about bullet proof. We each had our own tackle and the boat had some tackle (almost all of the "boat's tackle" was mine originally). We had a storage unit about a mile from the marina where we stored tackle with the boat tackle staying on the boat. I had a truck parked at the storage unit and we all used it while in town. Most of the time I was partners in the boat I could fly from Atlanta to Ft Lauderdale for less than $100 round trip and most of the time the marina would pick me up at the airport and take me to the truck. There were times when I would have to pay one of the deck hands in the area (LOADS of them in the area) to pick me up but the Marina was pretty reliable about it....I could call them on Thursday and tell them I would be in Ft Lauderdale at 8 AM Friday and the boat would be in the water, iced down and full of gas by the time I made it to the storage unit and to the Marina. It worked out great. We were lucky though and we worked really hard to make sure it worked because we all had heard the horror stories and were committed to having as little drama as possible. Had any one of the 4 of us not been willing to do what was necessary to get along I am certain it would've been a NIGHTMARE.
We allowed family and friends to use the boat while we were present. During especially good times of the year (sailfish bite off Stuart November - March is world class) we each had a seat on the boat if it was in the water....so we all knew that there may be 4 of us at anytime which is pretty tight on a 26 foot boat. Guests were allowed during these times with the understanding that if one of the owners wanted to go there was practical space for 4 people. It never became a problem because none of us lived in the area and getting there was an issue....had we lived in the area this would have not worked as well most likely. We planned accordingly even then. Most of the time when one of the other 3 planned to come something happened and they couldn't make it...I almost never cancelled LOL.
The key is to make certain that the other people involved are open and willing to do what is necessary to avoid drama...not easy to find amongst men. It can work but it is a razor thin margin of error that any single person can ruin for everyone.
You should sell boats for a living.
I'm ready to invest in the official OB Yellowfin right now. We can store it in Venice.
Posted on 4/18/23 at 11:45 am to YOURADHERE
quote:
Why can't Guy 1 just go buy a battery?
Guy 1 bought 20 gallons of fuel for it last time, Guy 2 will go get one but he needs the other 8 members to each Venmo him $7 to cover the cost, Guy 3 is still convinced it can just be pull started and a battery is unnecessary, and Guy 4 hasn't paid dues in 2 years so good luck to Guy 2 collecting his $7 to cover the battery.
this x1000 ^^^^^
i'll add to this, i warned a friend not to do it but he went on half buying a camp with a friend.
6 years later freinds wife finds a jodie and now getting divorced so camp now belongs to his friend divorce lawyers while they decide how many tens of thousands of dollars he must buy them out for. or if he lets them sell it, then both lawyers get a cut, plus the ex wife gets half of his friends half, and he might get a couple thousand back when its all over.
he and his friemd both invested about $30k into it, and he and his friend built the camp from the ground up themselves, so tons of sweat and labor went into it.
at the end of the story, he got less than $5k back when the lawyers sold the camp worth an estimated $80k, for only $30k just to get a quick and fast sale.
neither my friend nor his friend had any say so in what went on. the only option was if my friend paid $40k to buy out the other half. no one has money like that just laying around to do something like that.
this was just a 2 man partnership, so you can see where when you get 4 to 5 partners, all it takes is for any one partner getting a divorce, and everyone is screwed.
This post was edited on 4/18/23 at 11:48 am
Posted on 4/18/23 at 12:07 pm to Larry Gooseman
quote:Never ends well
Partnering with friend(s) on a camp/boat
The idea of having a camp with friends is great but at some point, money will get involved and that's where the issues are found.
This post was edited on 4/18/23 at 12:09 pm
Posted on 4/18/23 at 12:52 pm to keakar
Lot of good answers but I never considered
quote:
getting divorced so camp now belongs to his friend divorce lawyers
Posted on 4/18/23 at 1:16 pm to Larry Gooseman
quote:
Lot of good answers but I never considered
quote:
getting divorced so camp now belongs to his friend divorce lawyers
yep, it doesnt really belong to the lawyers but they have total control over everything that happens to it and get a big chunk of the value from it when its sold because they are handling everything.
my neighbor is in a group of 6 guys who own a camp. they all pay $200 a year for upkeep and expenses, but he says its often a chore to get them to pay, and when the generator went out, he and one other guy had to foot that $1k out of their own pockets and it took months to get the others to pay their share. its pretty much him and one other guy that do all repairs and pay for most of everything because the others always have excuses not to.
This post was edited on 4/18/23 at 1:18 pm
Posted on 4/18/23 at 1:34 pm to Larry Gooseman
One of my brothers bought a lake house with one of his business partners. It wasn’t anything exotic, just a couple of bedrooms probably built in the 1970’s but the backyard backed up to the lake and had a nice dock with boat storage. Both guys had kids and spent a lot of times there. One day, the partner told my brother he wanted to sell his interest in the house. My brother didn’t think he’d use it enough to justify cost of full ownership and he couldn’t find anyone trustworthy who was interested in buying the open half. They ended up selling the house.
Posted on 4/18/23 at 2:56 pm to Larry Gooseman
People do it all the time with camps, boats, and planes. Put EVERYTHING in writing on how the expenses, schedule, and sale after use will happen. Sale after use is big. People will want out sooner or later, either to sell the whole thing or sell their share to someone else.
Posted on 4/18/23 at 3:04 pm to southside
quote:
Sale after use is big. People will want out sooner or later, either to sell the whole thing or sell their share to someone else.
Agreed. In you camp agreement/bylaws an exit strategy must be clearly laid out.
Pro tip….join in with wealthy friends who DGAF about nickel and dime expenses. Don’t even think about joining/forming a club with anyone who is a cheapskate.
Posted on 4/18/23 at 4:02 pm to Larry Gooseman
Boat, idk. It can work fine with a camp/land but it needs to be papered up correctly and everyone needs to be on the same page about their roles and membership units based on their initial contribution. Might want a tight provision that if a member leaves or dies they have to sell the units back to the members.
Posted on 4/18/23 at 4:18 pm to Cypressknee
quote:
Ex: camp mower battery is dead. Guy 1: We need a new one before next trip. Guy 2: Can’t we just charge it? Guy 3: Doesn’t it have a pull start too?
Or outboard craps out and the other two blame whoever drove the boat last
Posted on 4/18/23 at 4:45 pm to Larry Gooseman
quote:
Lot of good answers but I never considered
quote:
getting divorced so camp now belongs to his friend divorce lawyers
Even if they don't get divorced a wife can derail this type of arrangement. If you're gonna partner with a man on a boat or camp, needs to be a wealthy man who doesn't care about spending $ when needed or a gay dude.
Posted on 4/18/23 at 5:21 pm to CP3
quote:
Me and buddy split an offshore boat we rebuilt.
It helps that you did all the work and y'all are gay for each other
Posted on 4/18/23 at 5:40 pm to Larry Gooseman
I own a hunting camp with my BIL around Jena. We both agreed on costs and repairs. If I find something broke, I fix it and let him know material costs. He buys me whiskey or so for repairs and splits cost and vice versa. Its worked well so far. He changed the water heater, costs me a handle of crown and split costs of water heater.
Posted on 4/18/23 at 6:05 pm to Larry Gooseman
The posts in this thread only further prove that if it flies, floats, or fricks…….
However camp doesn’t start with f so there lies an area where renting might not be the best solution. I haven’t been in a deer camp in years but have gotten in several pit blinds and have come to find out that if you get in one, you better be friends with them cause there will be some disagreements and have some established rules or else feelings might get ruffled.
However camp doesn’t start with f so there lies an area where renting might not be the best solution. I haven’t been in a deer camp in years but have gotten in several pit blinds and have come to find out that if you get in one, you better be friends with them cause there will be some disagreements and have some established rules or else feelings might get ruffled.
Posted on 4/18/23 at 7:44 pm to MWP
I would never own a boat with someone.
Have 3 friends that own a camp where they hunt, they split all expenses(electric, gas, water, etc.) They also have an agreement that every time they stay at the camp they put $5 a night in a jar, same with guests. They use this money toward repairs or whatever they may need for the camp. They have been doing it this way for over 25 years and has had no issues. They even have an aggreement signed on a dollar amount they would have to pay if someone would want to get out.
Have 3 friends that own a camp where they hunt, they split all expenses(electric, gas, water, etc.) They also have an agreement that every time they stay at the camp they put $5 a night in a jar, same with guests. They use this money toward repairs or whatever they may need for the camp. They have been doing it this way for over 25 years and has had no issues. They even have an aggreement signed on a dollar amount they would have to pay if someone would want to get out.
Posted on 4/18/23 at 7:53 pm to ItsBernie
I think it would be better for you to own it outright and offer the people who want in a certain percentage of use per year to 'rent' it. That way you can control who owns it and factor in expenses into the yearly rate. Then if they back out, you can always look for others to rent into it a year or so. The whole divorce thing changes everything. Everyone would catch an L just cause Jody shows wifey a little attention. No thanks.
Posted on 4/18/23 at 8:36 pm to Larry Gooseman
Been here. I would only partner on a boat if you're willing to lose the friend. One person will do more work, want to sell sooner, move away, wreck it, etc..
Posted on 4/18/23 at 8:52 pm to CajunCommander
quote:
helps that you did all the work and y'all are gay for each other
Member that story from the one guy about two dudes corn holing each other in the marsh???
Bet they shared that boat
Posted on 4/18/23 at 10:38 pm to Larry Gooseman
We do it, but we are all family. Everybody just buys different things. We don’t really track it. We just splint big items. Small stuff is on you.
One rule…….. no women allowed . Only a couple scheduled times a year can they come. This means wives or strippers. Nobody wants to go the the camp to hear your old lady bitch and complain. And she does , if you think so or not.
One rule…….. no women allowed . Only a couple scheduled times a year can they come. This means wives or strippers. Nobody wants to go the the camp to hear your old lady bitch and complain. And she does , if you think so or not.
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