Boat share and association

[jondavis08]

So one of our best friends just bought the house next to us. Both family's are heavy into wakeboarding, skiing and a little surfing. We've been currently discussing the idea of a boat share. Anyone have experience with this? I currently have a 2014 210 that we could split and it'd be nice to get an older ski boat as well.

Another random situation we were bouncing off of each other was starting a neighborhood association. Theres a private street that only the two of us live on. Was wondering if there's any tax incentives for starting a association? Maybe right the boat off on it, lawn care, other improvements?




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[a0128]

Most neighborhood associations are created in order to control some aspect of the neighborhood, i.e. house paint color (architecture elements), limiting number of vehicles that are parked on the street, etc. Other reasons are to assess costs associated with a community pool, common grounds maintenance, etc. There are no tax benefits that I am aware of related to neighborhood associations. Dues are not tax deductible.

I would be wary of sharing a boat. What happens when your boat partner is out on the boat, running WOT, the impeller disintegrates and the engine overheats ending up with severe damage. Who pays? Sure an agreement can be written to cover this type of situation, but once the damage occurs, there goes your boat and probably your friendship. Do you agree to share maintenance and insurance costs? Will your insurance company pay out a claim once it is revealed you were not operating the boat and you own it jointly with another party? What happens when you fill up the boat and park it and it is empty the next time you go to use it? More negatives than positives in my opinion.

I am sure people here have shared boats with positive results. I just like my stuff too much to let other people use it. And before you bring up fractional jet ownership I'll remind you that the jet is operated by a qualified and competent pilot, with strict FAA maintenance requirements.

[jondavis08]

Really haven't dove into the home association stuff yet.. probably more of a pipe dream.

Hear ya on the boat share, however there's a little more to the story. Grew up with my buddy on this lake and both have over 20+ years of boating experience. Trust the man with my life and it mutual. 90% of the people I know i wouldn't even consider it, this is a rare case that I think it would work..


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[philb]

If you go the boat share, you instantly create a set of circumstances best buddy or not where his family will have a say on how you go about doing your thing.....
Don't do it and stay friends.
There's only one skipper!!!!!!

[Wake.BC]

You buy a surf boat and they should buy a ski boat. Whichever your primary use is, you buy. So you only really use each others when you’re together.

I just know I wouldn’t want to own something like that with someone else. Just thinking of all the little things other people might not care as much about.


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[jbwake]

I am in a rare situation where I have owned 11 Nautiques over 15 years with 2 of my best mates. I can see how it could all go badly with the wrong person but for us it has been great so it can certainly work.

We started when we were younger and single and naturally our situation has changed a bit over time. The complexity of kids certainly fills up the boat and extends the time on the water as we generally use the boat together.

If you like wakeboarding and skiing I like your idea of getting a ski boat as the 2nd boat. It will allow more people to get on the water in busy times and give you a good ski wake.

Things like who re-fuels the boat could require a few rules. For us it is easy as we trailer the boat and it is always put away full.

Possibly simpler option is to get your friend to buy a ski boat and go with each other as required.

[R0CKETMAN]

Logistics aside, I'd have liability concerns.

[CHassmann]

I want to use my boat when I want to use it, not when someone else says I can use it. I think the only way that works is if you use it together most of the time and split the costs.