Joint Boat Ownership Opinion

[mfloski]

I have been thinking about selling my 99 sport to upgrade to a newer Vdrive Nautique. I love my boat and have spent countless hours upgrading, but hate the direct drive inconvinience. I live on a private lake, a close friend who also lives on the same private lake recently purchased a 06 SV211. Due to some complicated personal issues the boat ownership is in jeopardy. There is an option to sell mine, and enter a form of joint ownership of the 211. Details have not yet been fully discussed, but I see it going something like this:
split payment, gas up as needed by whomever has the boat/cash (money for gas isn't really a problem), ect...90% of the time we are in the boat together anyways, she is out of town alot too. What is everyones opinion of this kind of situation?

[Hack]

It works fine BUT make sure you get very specific about all the potential scenarios. Who does what, how investments are made, reserving use (may one or two weekends a summer for a trip or whatever), if the other person can sell their interest, how a sales amount will be determined, etc. The more detailed and clear you are upfront, the better.

Again, inherently there isn't a problem it is how you excercise the arrangement that makes the difference. Enjoy!

[G-man]

I owned a trailer with a friend. We had a written and signed agreement. Some topics were, split cost in general maintence, if you wreck it you are responsible for repair, if one person wants total ownership there was a preset price and the person being displaced had the option of buying out even other person first wanted trailer. We figured this way the actions of one could be offset with a chance of ownership. A boat is different because value goes quicker. Agree how you will determine value when either one of you wants out. Get it in writting!!! Only do this with someone you trust completely.

[chris196]

I've done it on 2 different boats with 3 different people. I don't currently do this with my SN.
It can work and certainly cuts down on cost of ownership. I did not have written agreements, but the first boat wasn't worth a lot of money, maybe $7,000. The second boat was worth much more $23,000, but I trusted the person and had known them a long time. The biggest reason I did it was to share the cost of a marina.

I would say the partners need to have the same idea about things. If one is anal and cleans every inch of the boat after every use and the other puts it away however the day ended, you'll have problems. Also, what is the useage profile. If one is using it 3 times a week and the other 3 times a month, again you've got a disconnect. Also, a general rule about who gets it when.
We had a basic rule of first come, first served, but if you requested the boat on a weekend day, then the other person got the other day by default. We generally didn't have too many conflicts here and actually used the boat on the same day sometimes. One in the morning, the other in the afternoon.

It can work, but you can't be too uptight about it.
I'm not sure I'd want to do it with my SN, but I would with the right person.

[mfloski]

In my case it would help that we both live on the lake and the boat will stay exclusively on that lake. Also, we spend majority of our time together in the boat anyways. We are both anal about care, etc. Good stuff so far, any more opinions?

[awoollie]

I own a 210 with my brother and it works out really well. we kinda agreed to a deal that whoever was on the boat and something went wrong, that person had to pay for it. unless it something major that was unpreventable, like engine work. Same thing with gas, have to fill it up every time you take it out. That way nobody gets screwed, especially with the price of super unleaded these days. That also has worked out well. If you think it will work out then go for it. if theres a chance it might break up the friendship, i would steer clear, probably wouldnt be worth it.

[Socbum]

Just like a relationship -- getting started is always easy, ending can get nasty!

I would work through the exit scenario in detail so you both have an out clause so it doesn't end nasty.

[NautiqueJeff]

...especially with the price of super unleaded these days...

Super unleaded is not recommended by PCM. You should use good ol' 87 octane.

[TwinTip]

You should also have a log book to keep track of the hourly usage by each owner. Maintenance should be paid on a percentage of boat usage per owner. That way, if you used it once a year and the other owner(s) used it every day, you only pay for the maintenance that corresponds to the time you used the boat. If all owners used the boat on a particular day, divide the time it was used by the number of owners and log it accordingly.

Gas. Decide on how much gas the boat should be returned with. If it is full, then make sure the boat is always returned with a full tank of gas. Last thing you want is to be ready to go out only to find out the tank is empty.

Other suggestions have already been mentioned. Just make sure that the other owner(s) care as much for the boat as you do. Else you are likely to have problems.

[nautique95]

There was a thread on here a while back that was on this same topic, it had a lot of good opinions on there. I don't remeber what title is was under but do a search and see if you can find it.

[Blue Ski]

A friend of mine is a joint boat owner of a Sea Ray on Lake Erie. His boat partner let an inexperienced boater (local sportscaster) borrow the boat without informing my friend. The tow back in was over $3,000 because they had to use floats. This was last summer, the boat is still not fixed and the sportscaster that wrecked it refuses to pay. My friend's last conversation with the boat partner went something along the lines of, "solve the problem or I am suing you both!" He is to the point where he would rather just have the boat be totalled so he can get out of the deal.

In sum, good luck.

[AuMDLST]

Yur friend needs to take the sportscaster to court - He is the one responsible for the damages - simple case of liability - the only catch would be if the sportscaster has never operated a boat- then the second partner and the sportscaster are both at fault - this is an absolute - the owner with no knowledge of the second owner loaning the boat out has no liability. It is just like letting someone borrow your car - they wreck it they pay - their fault. The individual behind the wheel is at fault and will be ordered to pay.

[chris196]

There are certainly horror stories with regard to this.
But as a counter, this is what happened in my case.
Brand new boat, a month old, my boat partner took it to an on water restaurant. He did a poor job of tieing it off and it was exposed to major wave action from the lake. So, it got banged up good on one side. He paid to have it fixed, about $800. It was all cosmetic and once fixed, you couldn't tell it had ever happened.
The person you do this with is more important than whatever is "put in writing". Even if you do get it in writing, if it's not reviewed by a lawyer, you probably messed something up or forgot something anyway. In that case, they could probably weasel out if they want.

You must trust the person you do this with.

In the case of the sportscaster guy, the partner who let him use the boat should handle it himself and then pursue the guy who messed it up to retrieve his money, if he's due any.

[PARA]

as chris 196 said get everything typed up buy a lawer could save you strife later

[Hollywood]

My brother and I own our '88 together. It's only worth about $9k but the fact is it is only a boat. We haven't had any problems in the 5 years we've had it. Money comes up every now and then, but get it squashed and get out on the water. There will be a lot of giving in for the sake of enjoyment. Sometimes I think it's better to be more relaxed than nickel and dime everything, that's when it can go sour. Sounds like you two have a friendly enough relationship to make it work, good luck.