Boat partnership agreements???

[hollister]

Bought my first Nautique with a partnership. I had boated with the guy and his family for 2 years prior and he was competent and concientious. It worked great. We had some simple guidlines:

1. We paid cash for the boat 50/50. Each arranged their own financing (home equity, etc..) This ensured no nastiness with other people's money or credit.
2. Maintenance was performed by an authorized shop at recommended intervals, split 50/50
3. Storage was in my garage (had a free bay) but if that got old, we would go to a mini storage.
4. Title in both individual's names
5. Insurance in both individual's names
6. All toys and upgrades split 50/50
7. If one partner needed to exit, there were two options:
a)The other partner had first right of refusal to purchase at low NADA
b) The boat was listed and sold with proceeds being split 50/50

It ended up that I relocated with business, and bought out my partner. He has since moved on to another Nautique.

Bottom line, it was a great way to get into a boat I couldn't justify at the time.

[Hydrofoilmaniac]

You guys will have to bare with me. I'd have a hard time doing this.

First, I like control of the boat. My schedule is inconsistant during the week and the boat is in constant use on the weekends. When I'm not foiling, I'm pulling a lot of rug-rats. Plus, I'll have to search long and hard to find someone as fussy as me about caring for the boat. That by itself would cause me too much heartburn.

Second, why not look for a cheaper boat? Granted, it would be nice to have a newer high performance boat (believe me, I'd love a new Nautique).....but I haven't heard any complaints over the years when people are skiing behind mine. There are a lot of great mid-80's Nautiques out there and they are great boats, plenty of space.....and perform great.

I suppose it could work for the right people/situation but if the only way I could have a new boat was too share it with another person/family, I'll continue to run my old girl until the hull rotts away.....and that'll be a few years.