Co-owning a boat?

[kmc331]

Hey from Marina Del Rey! I wanted to get thoughts from folks who are co-owning a boat with someone else (not counting spouses). What are some of the biggest challenges I should anticipate if I'm going to co-own a boat with someone? Would be great to hear from folks who have done this. Appreciate any advice and thoughts here.

 

[Sprig]

I haven’t done it but I knew a couple people who did years ago. It was disaster. It’s a bad bad bad bad idea. There are so many things that can and will go wrong I can’t even start to list them.
Actually I have done it (I just remembered). About 40 years ago my wife and I went in together with my parents on a ski boat. They lived on a lake and we kept and used the boat there. It worked well but it was my parents. After 2 years I wanted to take and use the boat different places. I knew that could be problematic so I bought them out.
In any event it’s a very bad idea.

 

[mr 88]

No

 

[Cortes100]

In my younger years, we had a boat together with 3 of us brothers. I was the one who serviced it, cleaned it, etc. Every time I wanted to use it, something else was broke. Cosmetics, upholstery, the prop always had a ding but nobody ever remember doing it. I eventually gave up and bought my own boat.

 

[Scott Danforth]

First, welcome aboard.

Second, if you like paying for a boat, servicing a boat, and cleaning a boat while the other people enjoy the boat. have at it.

Personally from experience co-owning trailers, race cars, etc, I would not do it.

my suggestion, join one of the boat rental programs. like Freedom Boat club or similar

 

[racerone]

Don't do it !!----One will use it 3/4 of the total hrs.-----And expect you to chip in for 1/2 of the maintenance and repairs!

 

[drewm3i]

LOL

 

[tpenfield]

My brother offered to by 'us' a boat that we could all use. I told Thank you, but no. . .

 

[Renken2000Classic]

As Dave Ramsey used to say, "The only ship that doesn't sail is a partnership". He meant business of course, but you could apply that here too.

I actually had the co-owner thought when I bought mine, and might've even asked my brother if he was interested in going in on it. Prob wouldn't have worked out well...

 

[brodmann]

I've had two separate friends that each went in with someone and bought a boat. In one situation one of the guys got a divorce and could no longer afford any of the cost of the boat, (including the payments), but had a very high estimate of what it should cost to buy him out of the deal. The other friend's partner got a job transfer and left the other high and dry and he could not afford to keep up with the payments himself, and theboat was reposessed.
I would not even consider it. Buy used, or something you can afford on your own.

 

[airshot]

Everything mentioned in these posts are true. I know of many partnerships, none ever worked without a major fight.

 

[stresspoint]

buy a cheaper boat that you can afford !.

a mate of mine bought a boat with another mate of mine , they each paid in half for the initial outlay and the expenses to get it to a standard they were happy with and it was a happy partnership TILL>
they each met nice girls ??? and got married , neither of their partners were into boating hence the boat sat for a few years , neither had the money after buying homes and having kids were able to afford using the boat .
the decision was made to sell , what a shyt fight that was , wives , that had no interest at all , all of a sudden i boat ownership once the $$$$ signs were out there !,
the fun bits >> 1 being the costs to get a boat that had sat for years up and running again to be suitable for sale .
yadda yadda yadda with other BS that happened between them.

end of story, the boat years on is still in my mates yard as an onement .missus hounding STILL to sell it but , neither speak to each other anymore and my mate cant sell it to get the space cleared in his yard until he meets the over price set by the other guys wifey to buy out and sell " which incidentally is heading for a divorce " thats going to be fun . in this saga . .

yea mate co ownership in a boat is a great idea .

 

[Texasmark]

No deal. Same with loaning things. You never know what you get when its your time to use, or on loaners, you never know what you are getting returned to you.

 

[Horigan]

I've been in a successful partnership for three years. Both of us are mechanically inclined and share in the maintenance, bottom painting, waxing, etc. We use a Google calendar to reserve time on the boat. For my wife and I it wasn't worth paying for the boat, slip fees, and doing maintenance all by ourselves given all the other activities we do.

 

[FunInDuhSun]

Co-owning a boat is akin to sharing a spouse. Don’t do it.

 

[DeepCMark58A]

I have a heck of a co ownership deal. I bought it, I pay for service, most of the fuel and upkeep and I rarely use it. Great deal for my grown kids. I kid that is the reason I have toys to draw the kids and grandkids.They are much easier to deal with than other another "artner"

 

[ski2rule]

Co-owning a boat is akin to sharing a spouse. Don’t do it.

Sharing is caring

 

[kmc331]

I have a heck of a co ownership deal. I bought it, I pay for service, most of the fuel and upkeep and I rarely use it. Great deal for my grown kids. I kid that is the reason I have toys to draw the kids and grandkids.They are much easier to deal with than other another "artner"

That's hilarious haha. You are a good parent indeed! Lucky kids!

 

[kmc331]

I've been in a successful partnership for three years. Both of us are mechanically inclined and share in the maintenance, bottom painting, waxing, etc. We use a Google calendar to reserve time on the boat. For my wife and I it wasn't worth paying for the boat, slip fees, and doing maintenance all by ourselves given all the other activities we do.

Appreciate you sharing how that worked. Good points on using the calendar.

And appreciate the stories from everyone else. Lots of things to watchout for. Some pretty scary stories indeed on partnerships gone bad.

 

[legalfee]

I tried to partner up in buying a trailer but had no takers. Would never do it with a boat.