Mutual Ownership

[Stinky_Hooker]

Id rather share ownership of my wife than my boat, thats just me.

[cterrebonne]

good one stinky, lol
yep it looks like im going to have to wait a while for that 30 footer then.

[reelapeelin]

There are some guys here (about 5) who are partners on a good sized sporty they keep docked down in Georgetown...the important thing is to have open discussion about it BEFORE hand and be sure all are "like-minded" on use, maintenance and who, what, when and where...

set some RULES going into the deal and establish the consequenses when the rules are not followed...if you make it thru that phase, then a partnership could work...

[cterrebonne]

Originally Posted by reelapeelin

There are some guys here (about 5) who are partners on a good sized sporty they keep docked down in Georgetown...the important thing is to have open discussion about it BEFORE hand and be sure all are "like-minded" on use, maintenance and who, what, when and where...

set some RULES going into the deal and establish the consequenses when the rules are not followed...if you make it thru that phase, then a partnership could work...

that makes alot of sense. If its all laid out up front it would be hard to contest some issues and snake out of them. I did think that if you sort of did a pro rated way to pay for repairs and bills etc. It would be simple algebraic functions nothing major. As in lets say put in 4K in a seperate bank account with all parties names on it. Then after a year of running the boat all hours would be logged and associated to each individual. i.e. pete and repete own a 31 fountain cc. total fuel bill at the end of the year $1800, maintenaince is $500 and the air comp on one of the opti;s went out. $600. total of $2900 for the year. well pete used it by himself for 4 trips, repete used it by himself for 5 trips and they fished together 3 times. 2900 / 12 trips. = 241.67 per trip then you would do the associated math. but the note would be the tricky thing to work out. I would guess the note would be at 50% regardless since the general use and abuse was calculated for before hand??

[reelapeelin]

Originally Posted by cterrebonne

that makes alot of sense. If its all laid out up front it would be hard to contest some issues and snake out of them. I did think that if you sort of did a pro rated way to pay for repairs and bills etc. It would be simple algebraic functions nothing major. As in lets say put in 4K in a seperate bank account with all parties names on it. Then after a year of running the boat all hours would be logged and associated to each individual. i.e. pete and repete own a 31 fountain cc. total fuel bill at the end of the year $1800, maintenaince is $500 and the air comp on one of the opti;s went out. $600. total of $2900 for the year. well pete used it by himself for 4 trips, repete used it by himself for 5 trips and they fished together 3 times. 2900 / 12 trips. = 241.67 per trip then you would do the associated math. but the note would be the tricky thing to work out. I would guess the note would be at 50% regardless since the general use and abuse was calculated for before hand??

The initial cost of the boat would be a fixed number for all, not dependent on use...there would be certain other fixed costs...storage, taxes, insurance...

Prior to inking the deal, discuss and agree on what happens when pete has a few too many and crashes the boat into a piling, or another boat...turning that into insurance raises the probability insurance will go up...does pete pay for the ins increase?...and what if repete neglects to check the oil and motor seizes?...repete is OBLIGATED to pay for suitable repair/replacement in timely manner lest other parties are denied use of their investment...may sound trivial now, but when it happens, it'll be a big POOP in the fan...cover as many bases as possible BEFORE the decision to buy as a group...you might even consider incorporating (not a big deal)

[bradford]

Run away!!

[bcmarinamanager]

Reel said it perfectly. You had better ALL be of the same mind and anal-ness with regards to up keep. i.e. cleaning and maintence. If any of you see any aspect of boat ownership differently then it will crash and burn.

[cterrebonne]

Originally Posted by bcmarinamanager

Reel said it perfectly. You had better ALL be of the same mind and anal-ness with regards to up keep. i.e. cleaning and maintence. If any of you see any aspect of boat ownership differently then it will crash and burn.

thats the only deal, i would be a real stickler on maintanence and cleaning, but not sure how the others would feel about it. im probably just going to wait awhile longer, im sure i;ll find what im looking for in my price range when the time comes.

[phester]

my partnership story worked out nicley.....went 1/2s on an old 16' Slickcraft w/ an 85hp Rude... boat was good, motor was excellent, and trailer was good. Cost us 650.00 a piece. The first two or three weeks my partner was in for most of the fishing trips. Then his participation started to wane.....after about my 20-25th without him I felt badly and just bought him out. [He just wasn't into it] It was a great little boat and I only had to replace the battery and one roller on the trailer....outside of that it just cost me gas and oil. Kept her for three seasons and then sold it for 1500.00. Not to bad