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]

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[Woody929]

Where are Langston & Cody on this topic??