Boat sharing

[kpanderson07]

I wanted to see if anyone has any experiences with splitting a boat between two parties. A good friend of mine asked if I would be interested in "selling" him part of my boat. We put about 40- 50 hours per year on it but with three active young kids, there a several weekends that if just sits on the lift. I was just curious to see if anyone else has done this and what pitfalls they have encountered.

I don't need the money but thought I might explore it. He is a recently divorced single dad and would love to get his kids out on the water more on weekends when he has them. They come out a few times a year with us but it's hard to get our schedules aligned with his. I think I would determine a fair market price that he would pay half of and 50:50 split of upkeep costs/insurance with a pre-determined schedule during the boating months. I'd like to avoid a formal contract but that might be the best option for all parties.

I think my biggest concern would be the potential to ruin a 30 year friendship. He did own a boat for about 10 years and was meticulous about upkeep on it but he also didn't have kids at the time either...

Just curious as to other's experiences with an arrangement like this. Thanks

[Stazi]

Quickest way to destroy a friendship. The first time something breaks or needs money people will be pointing fingers at each other. Sure you think it can't happen because you're best buds. Don't do it. If he wants to ride with you, that's fine. He can chip in for gas, but that's it.


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[zabooda]

I agree with Stanzi. I've seen it work once but that was years ago when boats were much cheaper. I wish it would work because the boat would be utilized more. The insurance would be a mess with joint owners where rates for all owners would be affected with a claim. To be fair, the boat would need to be topped off each time and hours logged if you want to prorate maintenance and parts. Eventually, people move on, financial issues or change in interest so then you either sell or buy out. Good luck.

[KG's Supra24]

A fair rental rate seems less dangerous than joint ownership

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[5:00]

Way too much to go wrong even with the best of intentions. I can think of a few scenarios where someone is going to feel screwed.
Sorry I trashed the propeller but we agreed to split all repair costs. I would think that wouldn't happen but you never know.
If you feel the need to do something a cost per hour use may the way to go.

[kpanderson07]

Good perspectives and was how was leaning to begin with. Thanks for the input. I wanted to vet this out a little before I took it to my better half who would be the ultimate decider on this anyway. This just saves me that pain!

[JASONZ]

If I only used the boat 40-50 hours I year and the schedules worked out I would consider this. I would do a rental type fee perhaps...not shared ownership.
Let's say 10 outings a year / 40hrs for $4000. It's not a lot of money out of his pocket and easy money in yours.
It doesn't add much depreciation and covers all of your taxes, maintenance, gas, and fees for the year.

[MJHSupra]

I wanted to see if anyone has any experiences with splitting a boat between two parties. A good friend of mine asked if I would be interested in "selling" him part of my boat. We put about 40- 50 hours per year on it but with three active young kids, there a several weekends that if just sits on the lift. I was just curious to see if anyone else has done this and what pitfalls they have encountered.

I don't need the money but thought I might explore it. He is a recently divorced single dad and would love to get his kids out on the water more on weekends when he has them. They come out a few times a year with us but it's hard to get our schedules aligned with his. I think I would determine a fair market price that he would pay half of and 50:50 split of upkeep costs/insurance with a pre-determined schedule during the boating months. I'd like to avoid a formal contract but that might be the best option for all parties.

I think my biggest concern would be the potential to ruin a 30 year friendship. He did own a boat for about 10 years and was meticulous about upkeep on it but he also didn't have kids at the time either...

Just curious as to other's experiences with an arrangement like this. Thanks

I would be also interested to hear from who is doing it or has done it.

It's probably not for me, but it would be interesting to hear from others.

[Stazi]

[emoji849]


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[Woody929]

Where are Langston & Cody on this topic??

[Cody]

Myself, David Langston and his wife went in together on this and we aren't worried at all. We've been friends for years, best men in weddings, co-founders of the Moomba / Supra Texas Jam, etc... We actually both work for the same company as well, however, he is offshore while I am office based. It works out well for our schedules also. Usually when he is offshore, I use the boat a lot and his wife still gets to come out even though he is away. And when he is home, they usually plan their family trips and such, which I'm always welcome on anyways.

We split everything down the middle when it comes to payment, maintenance, storage, insurance, etc.. We both take really good care of the boat, always clean it, keep each other updated on things. We talk on a weekly basis because we are good friends, not just because we share a boat.

I know David and Heidi really well and anyone will tell you they are the most stand up people you will meet. When it came to their trust, we did not hesitate. (Just have to keep my eye on him to make sure he doesn't try to slap a Dallas Cowboys sticker on it somewhere)

If you have any questions let us know.

[Cody]

Also, we don't keep track of hours used, time spent with it, etc.. We don't care. Boats are meant to be used and enjoyed, especially at the prices these days. We care more about the time spent and memories, than nickel and diming hours. Whoever used the boat last always fills up the tank, cleans it up and puts it away.

If something happens to the boat, that is what insurance is for.

[Cody]

Delete for double post.

[Woody929]

(Just have to keep my eye on him to make sure he doesn't try to slap a Dallas Cowboys sticker on it somewhere)


He already talked you into a Langston Blue boat, he doesn't need a sticker now
[emoji6]

[russellsmojo]

Sticker would look good!


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[sandm]

there are a ton of fractional ownerships of houseboats out here on powell. I understand the reasoning and would not have an issue personally doing something like that as the cost of a boat like that is way out of my range, but with a wakeboat that I can afford myself, I would not even think of splitting the costs due to too many issues already mentioned. would be the quickest way to end a friendship and it would more than likely be on my side. I wouldn't even rent mine out but that's me. there are some that can as evident by dusty/cody but I think that is the exception not the rule.

[zabooda]

Sticker would look good!


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It would be faded out by the end of the season. Lol. It is great to see partnerships work. The price of these boats makes it difficult for one person to afford it.

[MGX]

I do shared ownership with a friend. We have a written agreement to cover our butts if things go sideways. Cant see the boat without the others consent, sharing of costs...

Essentially, we discus usage based on our schedules and most often end up going together. My partner works out of the country so when he is around he tries to maximise his usage and that's fine because I knew before going into this with him. We split fixed costs down the middle and were and tear items based on usage. For the first two year we agreed to split wear and tear down the middle because the boat isn't new and there could be items that just need fixing from the previous owner. Last one to use it fills it up. If you are negligent or break something while using it you fix it. We both could of bought it alone but our season is so short here and we wanted a slip at the local marina (that bumped up the fixed costs quiet a bit) that it made sense to do a partnership. This way we do not have any storage issues and save quite a bit of time getting out on the water.

Wer even have another friend that has spent way more time on our boat that his own this year that he is considering joining us in our partnership. The biggest issue with wanting to wake surf is having another competent driver with you when you go out, otherwise as you all know too well you end up being the only driver and don't get wet!

[russellsmojo]

Can I do a written agreement with my wife? I want her to pay half the stereo upgrade .....


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[MGX]

Can I do a written agreement with my wife? I want her to pay half the stereo upgrade .....


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You sure can, at least you'll have some good tunes to listen to when your sleeping on your boat, alone!


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[BrettLee3232]

I share the boat with my wife....NEVER again. She won't let me get a new one! FML


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[rdlangston13]

As Cody mentioned, sharing the boat works out very well in our situation given my work schedule (3 weeks on, 3 weeks off). We put whatever we could down and split the payment and have a spreadsheet that tracks % of ownership based on how much money each of us has put in. The % of ownership only comes into play in the event of a buyout or selling it in which case we will take the market value and figure up how much each party received based on % of ownership. It works really good for Cody since he gets 3 weekends in a row to use it as much as he wants and then goes out with us about 60% of the time on the other 3 weekends. Insurance and storage and all maintenance are split 50/50. Venmo really makes it s breeze lol. Our main rule is no brackish or salt water and put it away with a full tank for the next person.


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[trayson]

Can I do a written agreement with my wife? I want her to pay half the stereo upgrade .....


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LOL!!! My wife and I have a slightly different twist. I bought the boat and pay the payment, insurance, maintenance, upgrades, gas... But she bought the tow rig and pays her payment, insurance and gas!

Honestly her payment is a lot more than the boat payment. :-P and when we do road trips to go camping at the lake in central Oregon, her gas bill is often more than mine if we're only gone for a weekend. Oh, and a couple years ago, she bought me my Doomswell Nubstep, so last year I bought her a Doomswell Sparkplug!

The "arrangement" seems to be working fantastic!

[rdlangston13]

I never understood married people who live like roommates lol. Whatever works for you I guess.


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[trayson]

I never understood married people who live like roommates lol. Whatever works for you I guess.


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I'm sure you didn't mean it that way, but it came off a bit condescending. This is my 2nd marriage. In my first marriage, I made all the money and she spent away. When we got divorced, I had to write her a $50k check for her "share" of the house and possessions that came from my earnings.

I have an AMAZING marriage with my wife, and today we're having a big party to celebrate our 6 years. My wife wants to contribute, she wants to pull her own weight. We're both very independent but also an amazing team. So when she bought be my Doomswell using the money that she worked for, it means a lot. When my exwife bought be a "present" it was using the money that I made. Not nearly as meaningful when you look at it that way. Yeah, my wife and I keep our finances separate, but that doesn't make us more roommates than husband/wife.

And we're different than so many couples I see where the "wife handles the checkbook" and the husband blindly hands over his paycheck for her to administer everything. We're each in control of what we earn and what we spend. So if she wants to buy an expensive new outfit, she doesn't have to worry a bit that I will get upset about how money was spent. And when I want to blow money on new tower speakers, it's all on me. It's really awesome and liberating. Don't doubt for a second that #teamharmon has a recipe for success. Sure, a lot of it is from getting burned pretty bad on my first marriage. But it works awesome this way and we have no reason to change.

[MJHSupra]

Marriage talk in the boat forum. Yikes, that is not going anywhere good.

Back to boats, it's good to hear the boat-sharing works for some arrangements.

Now that boats are getting north of 100k, families will be thinking more about this or looking for boat clubs. Look at all the money that people are putting into condo time-shares.

[rdlangston13]

Didn't mean to sound condescending, I apologize.


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[trayson]

Didn't mean to sound condescending, I apologize.


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It's all good bro. I know the way we roll might sound foreign to some, but it really works for us and we're happy. I know you're a good guy. :-)

[rdlangston13]

Didn't mean to sound condescending, I apologize.


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[rdlangston13]

It's all good bro. I know the way we roll might sound foreign to some, but it really works for us and we're happy. I know you're a good guy. :-)

And that's what's important. Finding something that works for you.


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