Mutual Ownership

It makes sense financially but like Cy said, avoid it if possible. It could lead to unnecessary/unwanted strife.

Sharing a wife would be almost as bad as sharing a boat....almost.
 
DON'T DO IT!!! I t hardly ever works out for the good, and almost always ends up bad. It is easier to own a boat with a friend than it is with family, and even that hardly ever works out.
 
DON'T DO IT!!!

I went in w/ 2 of my best friends on my V. All was great for the first 6 months or so. After that one of the guys started slacking on putting gas/oil back in after using it, not cleaning it up well after using it, breaking stuff and not telling his partners about it, etc. Me and the other buddy let it slide for a while, but I finally called him out on it and he took offense. Well, that lead to a big argument... blah blah blah.
Long story short, I ended up buying the 2 friends out and my relationship with the friend that wasn't holding up his end of the deal is still a little akward to this day.

Don't think you're immune to this situation. Eventually, you will either be the guy that gets sick of it, or you will be the guy they get sick of.
 
good advice above but you can consider your relationship with the family members you would be going in on....Do they get mad at you or you at them for things on a regular basis?....If your talking going in with maybe a dad and brother or something I think you would know best if it can work out. Friend of mine went in with dad and uncle on a whaler and all seems bliss so far after 4 years....
 
thanks for the advice. like said above i didnt know too many partnerships that went well.
i guess i would have to think about it. main reason is that i would like to upgrade within the next couple of years. I would like to upgrade to somthing alot bigger around 30 feet or so to run in the gulf. by going halves we could get a really nice used rig.
 
cterrebonne said:
thanks for the advice. like said above i didnt know too many partnerships that went well.
i guess i would have to think about it. main reason is that i would like to upgrade within the next couple of years. I would like to upgrade to somthing alot bigger around 30 feet or so to run in the gulf. by going halves we could get a really nice used rig.
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I would think the bigger the boat, the greater the chance of something going foul.

I too have dreams of a bigger boat (specifically a 25' Parker pilothouse), but for now I'm content w/ my 100% paid for and owned by me v-20.
 
About the only time I have ever heard of a jointly owned boat working with family is one that was owned by a parent and then he let's the family use it as there own boat. Or one that was passed down, but even then one person has to have a bigger ownership part in order for it to work.
 
I use my dad's 14' Mckee craft like its mine. But dad has only used it a couple times. I think he bought it for me :nice:
 
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...
 
reelapeelin said:
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...
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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??
 
cterrebonne said:
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??
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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)
 
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.
 
bcmarinamanager said:
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.
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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.
 
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
 
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