Co-owning a boat?

[airshot]

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.

Congratulations, you are the only sucess story I have ever heard of in my 60 years of boating !! You are definetly not part of the normal.

 

[redneck joe]

There are two people in my life i trust enough to do that with, otherwise zero interest.

 

[Lou C]

Sounds like a headache you don't need to have.

 

[Earl Cordova]

Met quite a few people that have shared ownership of boats and the only ones that liked it did not care how badly the other people beat up the boat.

 

[havoc_squad]

One word, NO.

Everyone I know who did it regretted it.

 

[aspeck]

I wouldn't ... for the many reasons already stated. Same as I wouldn't loan anyone money unless I didn't expect it in return. One of the partners is going to feel taken advantage of because they didn't use it as much as the other and are still expected to pay half, or someone damages it out of neglect (not normal wear and tear) and expects the other to pay half.

The only partnership I saw work was a multi-person partnership where the owners had to schedule time and pay for the said time. Basically you "rented" the boat from the partnership and filled the boat with fuel at the end of your "time." The partnership paid for the repairs and maintenance. It was a business and was always being used by someone. The partnership paid one of the partners to handle/schedule the maintenance and repairs and the boat needed to be inspected before it left and when it came back. It was a bit of a hassle for the manager, but he didn't mind because he was compensated. It was an interesting set-up.

 

[harringtondav]

My in laws deeded ownership of their summer cottage and boat to my wife and her six sisters. Over 40 yrs the crowd went through two new boats. A BIL and I did the mechanical maintenance. But after a few years each boat looked like it had been through a D day beach landing. Everyone tried landing the boat, often sideways, in the Shorestation lift.
Everyone, including grand kids, used the boats....and put them away wet.
When one BIL let his son from a first marriage let his wife's daughter from a first marriage use the boat with her boyfriend, wife and I bought a $1M blanket insurance policy.
Same story with the cottage. Everyone's to use. Crickets when it came time to care for the place.
Avoid this sort of nightmare.

 

[flashback]

If You're very good friends it may work

 

[FunInDuhSun]

Back when I was working full time, I had a co-worker (that I’d known for 10 years) ask if he could rent my 23’ speedboat for a weeks’ vacation. He was an honest guy but had zero boating experience. I explained to him the huge liability for himself and me if an incident occurred, and also the steep learning curve with operating a 50 MPH boat on a waterway. He was disappointed but understood.

 

[dwco5051]

The only partnership I saw work was a multi-person partnership where the owners had to schedule time and pay for the said time. Basically you "rented" the boat from the partnership and filled the boat with fuel at the end of your "time." The partnership paid for the repairs and maintenance. It was a business and was always being used by someone. The partnership paid one of the partners to handle/schedule the maintenance and repairs and the boat needed to be inspected before it left and when it came back. It was a bit of a hassle for the manager, but he didn't mind because he was compensated. It was an interesting set-up.

That is the normal business plan for shared aircraft ownership. I was in a partnership with two others like that for many years and it worked out well. It did help that my home airport operator had a couple of planes that could be rented and I was qualified in both their types so if there was a scheduling conflict and I really needed to go somewhere. However I would never go into shared ownership of a boat with another person.

Lesson #1 in business school. The only arrangement worse than a partnership is one with a relative.

 

[Leardriver]

I owned a boat with another family. Fantastic success. We were considerate, took pride in the cleanliness and careful usage, and would do it again in a heartbeat. Those of you who had selfish partners may not have the same result.

 

[redneck joe]

If You're very good friends it may work

I have two that i would, but we have become brothers over the years. one is a boater and both are meticulous with their things. Couple years ago one called me about a house to flip, he had a $50k check from me the next day. So it could work with that kind of trust level.

 

[garbageguy]

I avoid it, but it has happened. All owners of whatever the asset is, must have the same desire, resources, and willingness to care for anything co-owned, Certainly, the higher the asset value, the more this similarity in co-owners must exist. The stars can align, but it's kinda rare. If Family is thrown into the mix, all bets are off.

 

[Scott06]

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.

I had a friend who did that with two coworkers. They bought a year old rental pontoon from a marina, so it was new and had warranty. None of them were mechanically inclined so they split all marina, winterization, maintenance, gas fees three ways. One of them set up a calendar like you mention.
i think after 4-5 years one guy wanted out, my friend wanted his own boat the remaining partner found someone else and they bought out the other two.
For my friend it worked out great as they never would have done it by themselves, and he got to cut his teeth on boat ownership. So it can work but he is pretty level headed, I think choose your ownership partners carefully.

 

[briangcc]

So...who holds the title? Insurance? Bank note?

I see it as a quick way to shrink your circle of friends. I wouldn't do it.

 

[racerone]

One way is to set an hourly rate for use of the boat.----Say $15 / hr.-----That is for a common expenses fund.----Say the thing needs an oil change or water pump.-----Take it out of the fund.------The one who uses it the most has put the most beer tokens into the fund.

 

[Scott Danforth]

I would rather share my wife and my guns.

 

[redneck joe]

 

[airshot]

I would rather share my wife and my guns.

Mabey the wife but never the guns or boat !!