Would you consider partnering with a friend or relative to own a boat? Halving all the bills sure sounds attractive but how would you avoid blaming the other party for breakage and wear and tear? Would you consider entering your boat into a charter program to help pay for your time on the water? Share your partnership ideas here then vote in the Quick Quiz on the bottom of the home page. (Discussion topic and quiz by Trevor MacLachlan)
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NO
Best way to loose a friend or relative become a partner or own something together never ever would do it.
Best way to loose a friend or relative become a partner or own something together never ever would do it.
most likely no
most likely I would not want to share ownership of a boat with anyone. I would be afraid that someone else would take maintenance too lightly or try to save money . If I wanted to get a bigger boat I might consider it .never say never but both parties would have to have equal devotions to time and money for the boat and both be good safe sailors with the same goals in mind, there is also the possiblity that I would have half the seasons use if the other party wanted the boat for themselves and their own company at certain times.I have seen it work out well for others however.Being a relative would not make anyone more or less attractive to me as a boat patner.Its the reasons above that would count. I wonder how I would feel if I co- owned a boat and my partner wanted to go cruising to the Islands during the winter and I had to work or didnt want such a long time trip. everything would be fine unless the boat was lost for good or returned needing extensive work. or costly repairs on the journey. -
most likely I would not want to share ownership of a boat with anyone. I would be afraid that someone else would take maintenance too lightly or try to save money . If I wanted to get a bigger boat I might consider it .never say never but both parties would have to have equal devotions to time and money for the boat and both be good safe sailors with the same goals in mind, there is also the possiblity that I would have half the seasons use if the other party wanted the boat for themselves and their own company at certain times.I have seen it work out well for others however.Being a relative would not make anyone more or less attractive to me as a boat patner.Its the reasons above that would count. I wonder how I would feel if I co- owned a boat and my partner wanted to go cruising to the Islands during the winter and I had to work or didnt want such a long time trip. everything would be fine unless the boat was lost for good or returned needing extensive work. or costly repairs on the journey. -
Not a good idea....
I have a hard enough time making upgrade and maintenance decisions all by myself and have changed my mind about a project more than once. It would be even harder if I had another voting party involved. Also, there are certain things that I prefer having done "my way." Being the sole owner gives me the authority to press an issue with a dissenter, not that that always works...
Perhaps if cloning becomes popular I might consider myself as a co-owner.....then again probably not.
I have a hard enough time making upgrade and maintenance decisions all by myself and have changed my mind about a project more than once. It would be even harder if I had another voting party involved. Also, there are certain things that I prefer having done "my way." Being the sole owner gives me the authority to press an issue with a dissenter, not that that always works...
Perhaps if cloning becomes popular I might consider myself as a co-owner.....then again probably not.
100% Ownership
With 100% ownership give you freedom. Any other way gives you a method of purchase now what you may not beable to obtain at this time. Any other way should give you an option of purchase to obtain 100% ownership. Also, when not in your control, the expenses should should the other parties. TR
With 100% ownership give you freedom. Any other way gives you a method of purchase now what you may not beable to obtain at this time. Any other way should give you an option of purchase to obtain 100% ownership. Also, when not in your control, the expenses should should the other parties. TR
Funny you should ask...
It's funny you should ask that question now. My son and I are seriously considering the move to a bigger boat. Doing so would change the owner of record, though. I'm not so sure I want to do that just for the pleasure of having a bigger boat. I've enjoyed my boat for 13 seasons now - and love being able to come down and "mess about in" my boat any time I want. I would never voluntarily give that up were I to "partner" with someone else. Also - if I want to add a gauge or radio - or anything else - I don't have to "ask permission." Bill on STARGAZER
It's funny you should ask that question now. My son and I are seriously considering the move to a bigger boat. Doing so would change the owner of record, though. I'm not so sure I want to do that just for the pleasure of having a bigger boat. I've enjoyed my boat for 13 seasons now - and love being able to come down and "mess about in" my boat any time I want. I would never voluntarily give that up were I to "partner" with someone else. Also - if I want to add a gauge or radio - or anything else - I don't have to "ask permission." Bill on STARGAZER
Yes I did, twice!
I have a good friend. Bought a used boat (50/50) with him. We share maintenance expense and did most modification work ourselves. After two years of more fixing than sailing, we sold off the used boat and buy a brand new larger one again at 50/50. Used it for some years and my buddy likes the idea of changing to a new (read better, upmarket, bells & whistles) club. I didn't want to move, so we decided to split. He gave me the option to buy or sell. I choose to buy him out at our manually agreed price (not market value - we had no idea what the market value). Its was a friendly split. We're still good friends and help out in each others boat when called upon.
I have a good friend. Bought a used boat (50/50) with him. We share maintenance expense and did most modification work ourselves. After two years of more fixing than sailing, we sold off the used boat and buy a brand new larger one again at 50/50. Used it for some years and my buddy likes the idea of changing to a new (read better, upmarket, bells & whistles) club. I didn't want to move, so we decided to split. He gave me the option to buy or sell. I choose to buy him out at our manually agreed price (not market value - we had no idea what the market value). Its was a friendly split. We're still good friends and help out in each others boat when called upon.
Been there...
Partnered with a very good friend with a Cal 21 and a Coronado 28. Seems that as the boat got bigger the stress increased. The arrangement worked well as long as both of us sailed together. But if either party has a life style change its another ball game. I ended up buying out my partner to preserve our friendship.
Partnered with a very good friend with a Cal 21 and a Coronado 28. Seems that as the boat got bigger the stress increased. The arrangement worked well as long as both of us sailed together. But if either party has a life style change its another ball game. I ended up buying out my partner to preserve our friendship.
When #%*&* freezes
Never! It has about as much chance of sucess as going into a profit making business with a relative.
Never! It has about as much chance of sucess as going into a profit making business with a relative.
I like the cloning idea but....
I would never own a boat with myself. I am too picky to have myself as a partner. I would eventually have to buy the other half from my clone. Just to keep us from hating each other.
I would never own a boat with myself. I am too picky to have myself as a partner. I would eventually have to buy the other half from my clone. Just to keep us from hating each other.
2 boats
My father, who taught me how to sail, was a partner with me on my first two boats. It worked quite well with only a few problems that were worked out over the years. He is gone, now, but even as he aged and couldn't go sailing anymore, we always had boats to talk about.
My father, who taught me how to sail, was a partner with me on my first two boats. It worked quite well with only a few problems that were worked out over the years. He is gone, now, but even as he aged and couldn't go sailing anymore, we always had boats to talk about.
I have been offered to partnership...
And with the combined financial assets, a bigger boat is possible, but I am not sure that I could do it. It makes me nervous to think what if the other person, or even I, cannot live to our half of the partnership? So, in lieu of getting in over my head, I elected to pass. But the potential of owning say a Hunter Legend 37, or a Catalina 38. Wow... I don't think I could ever go into a partnership with a boat that I could not downright afford.
And with the combined financial assets, a bigger boat is possible, but I am not sure that I could do it. It makes me nervous to think what if the other person, or even I, cannot live to our half of the partnership? So, in lieu of getting in over my head, I elected to pass. But the potential of owning say a Hunter Legend 37, or a Catalina 38. Wow... I don't think I could ever go into a partnership with a boat that I could not downright afford.
Airplane Partnership
I have been in two airplane partnerships that worked reasonably well. The first one was some older flyers with an oldre plane. The plane wasn't getting much use and needed some repairs. Very cheap for me to fly as all fixed costs were divided equally. Repairs were also divided equally. The down side was that after about a year some partners wanted to sell and so we sold the plane. I actually got more money than I had paid for my share. The second partnership was with two planes in good repair. I didn't save as much money and it cost more for a share. But the planes always worked and one or the other was always available most of the time when I wnated to fly. There was a definate cost savings but also the loss of autonomy was significant. There were rules to follow that I didn't always agree with. I think that I would prefer a smaller or not as nice a boat to avoid a partnership. Even if you like a current partner they might sell to someone you dislike. We also had a couple of deadbeats that didn't pay their dues and share of repairs in a timely manner. One guy wouldn't pay and the only way we broke even with him was to collect his past due money when we sold the plane.
I have been in two airplane partnerships that worked reasonably well. The first one was some older flyers with an oldre plane. The plane wasn't getting much use and needed some repairs. Very cheap for me to fly as all fixed costs were divided equally. Repairs were also divided equally. The down side was that after about a year some partners wanted to sell and so we sold the plane. I actually got more money than I had paid for my share. The second partnership was with two planes in good repair. I didn't save as much money and it cost more for a share. But the planes always worked and one or the other was always available most of the time when I wnated to fly. There was a definate cost savings but also the loss of autonomy was significant. There were rules to follow that I didn't always agree with. I think that I would prefer a smaller or not as nice a boat to avoid a partnership. Even if you like a current partner they might sell to someone you dislike. We also had a couple of deadbeats that didn't pay their dues and share of repairs in a timely manner. One guy wouldn't pay and the only way we broke even with him was to collect his past due money when we sold the plane.
I'd go into a partnership
but never or something I couldn't afford on my own, or something I would not buy outright. But, I'd be wiling to try it on a half and half basis simply to save money, as opposed to using a partnership to have a boat I could not otheriwse afford. I would also want my partner to be financially willing and able to purchase my half of the boat.
but never or something I couldn't afford on my own, or something I would not buy outright. But, I'd be wiling to try it on a half and half basis simply to save money, as opposed to using a partnership to have a boat I could not otheriwse afford. I would also want my partner to be financially willing and able to purchase my half of the boat.
Sure! The day...
... that I can fart gold dust. I just know that other parties wouldn't take the same care that I do, and on my boat I need to have things just as I want them. I couldnt deal with trying to figure out someone else's boatkeeping quirks.
... that I can fart gold dust. I just know that other parties wouldn't take the same care that I do, and on my boat I need to have things just as I want them. I couldnt deal with trying to figure out someone else's boatkeeping quirks.
Never Ever
I baby this new to me old boat and I am very picky about her in the condition she stays in when we visit her or after we take her out. I was not comfortable with this idea when it took place but when we had the Irwin, we had someone offer to help with repairs in exchange of being able to go out sailing with his family...he never ever showed up to help or called back for simple advice. I know better than to expect it and did not count on it. It is amazing to me now how this same person crawls out of the woodwork because there's a new boat in town. Well he's not drinking my beer... B/Seadance
I baby this new to me old boat and I am very picky about her in the condition she stays in when we visit her or after we take her out. I was not comfortable with this idea when it took place but when we had the Irwin, we had someone offer to help with repairs in exchange of being able to go out sailing with his family...he never ever showed up to help or called back for simple advice. I know better than to expect it and did not count on it. It is amazing to me now how this same person crawls out of the woodwork because there's a new boat in town. Well he's not drinking my beer... B/Seadance
Not now, not ever, never!!!!
We have a partnership boat at our marina, one guy is a neat freak the other is a slob. I am tired of hearing how bad the other partner is. One of them should buy the other out! One is married,the other has a girlfriend. Immagine sleeping in the vee berth when your partner and his girlfried are doing the worm in the aft cabin...........yes she is a screamer! Sound like fun????
We have a partnership boat at our marina, one guy is a neat freak the other is a slob. I am tired of hearing how bad the other partner is. One of them should buy the other out! One is married,the other has a girlfriend. Immagine sleeping in the vee berth when your partner and his girlfried are doing the worm in the aft cabin...........yes she is a screamer! Sound like fun????
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