Have you ever gone partners to buy a boat? I know each buyer wants to get the most boat we can with the money we halve. I was thinking of going partners with another buyer, possibly with the understanding that within a year, one of us will buy the other one out. That way we can both go sailing and end up either selling their half or keeping the boat and buying the other guy out. If we both want to keep the boat after a year, we agree to flip a coin with any available witnesses. Has anyone here ever done this?
Partners
- Thread starter funirishboy
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Yup.. my first sailboat. Friend of mine found it but couldn't afford it, so we went in halves. It was a fixer-upper for sure, and we decided to put it in my backyard to work on since he still lived with his parents (yes, this was about 30 years ago when we were young pups..).
The work required was very non-glamorous.. wet sanding the hull, rebuilding the very rusted and splitting drop down keel, re-wiring the entire boat, painting the interior, etc.. My buddy helped a little at first, and then helped less and less over time until I was basically doing all the work myself. Got tired of that situation real quick, so I bought out his half ($250, which at the time was a huge chunk of change for me to come up with.. just out of high-school, newly married and working for minimum wage). I have never partnered on a vehicle purchase since then.
Cheers,
Brad
The work required was very non-glamorous.. wet sanding the hull, rebuilding the very rusted and splitting drop down keel, re-wiring the entire boat, painting the interior, etc.. My buddy helped a little at first, and then helped less and less over time until I was basically doing all the work myself. Got tired of that situation real quick, so I bought out his half ($250, which at the time was a huge chunk of change for me to come up with.. just out of high-school, newly married and working for minimum wage). I have never partnered on a vehicle purchase since then.
Cheers,
Brad
I am partners with someone in my present boat. When we bought,we had a verbal agreement to sell in 5 years. We had a great 5 years of sailing. We split all expences and repairs 50/50.
Presently the boat is for sale and we have a buyer that has placed a deposit. I have mixed feelings about selling,but I also have so many wonderful memories. I would never change a thing in retrospect.
If you have a good person to partner with I think it can only be a win win experience.
Presently the boat is for sale and we have a buyer that has placed a deposit. I have mixed feelings about selling,but I also have so many wonderful memories. I would never change a thing in retrospect.
If you have a good person to partner with I think it can only be a win win experience.
Have you considered something like "Sail Time"? Some people that are doing it really love it. The boat is always ready. Many of the seven "owners" are not that interested so there is plenty of sailing time. All scheduling on the computer. And you can sail any Sail Time boat whereever you happen to be.
I believe that the key to any partnership,whether it be for a boat,for love,,for a home,real estate,whatever,is to know and trust the person and have him or her privy to the same info.
If you agree to to the basic understanding you will never go wrong. You don't need a lawyer or expensive contracts. Just a hand shake.
If you agree to to the basic understanding you will never go wrong. You don't need a lawyer or expensive contracts. Just a hand shake.
I know two guys named John and Jon. No, really! They both have partners. Jon's partner, just to complicate matters, is also named John! Really, still!!!
Anyway, Jon's partner John didn't like doing any work on the boat and didn't want to pay for any upgrades. These included sails, new running rigging, a GPS, a heater, an inverter, you name it. So Jon bought it all, and John got the use of it. Eventually, Jon bought out John 'cuz John was getting too long in the tooth to enjoy the boat, but he got all sorts of improvements and this was a new 1998 boat. Guess it worked both ways and worked out, 'cuz even if Jon paid for all the toys, he got to use 'em, too, and now owns the boat. Wouldn't have worked out the other way though.
Now, the second John has had two different partners, and is perfectly happy. He does all the work on his boat and the other guy just sails it. He says it keeps his costs down, as he's retired. His deal is more of an ongoing "rental" thing that an outright half-purchase/share of the boat, IIRC. Maybe not. He lurks this board sometimes, maybe he'll chip in.
You could also do a simple search on this board under "boat partners" or "Partnerships" - I know it's been discussed before, some at length.
If it was me? I had a sailing buddy who had no investment in our boat, but he volunteered to help with everything, and did. I'm glad it's still "my" boat, though. That may be the best "partnership" ever!
'Cuz I didn't have to figure out the "end game" which is what you really should do up front. That flipping a coin can lead to hard feelings if both want to keep the boat. Why not simply continue the partnership?
"End game" and expenses and upgrades should be in writing. But:::is a GPS an upgrade? Lotsa different issues. Make a list or wing it.
Good luck.
Anyway, Jon's partner John didn't like doing any work on the boat and didn't want to pay for any upgrades. These included sails, new running rigging, a GPS, a heater, an inverter, you name it. So Jon bought it all, and John got the use of it. Eventually, Jon bought out John 'cuz John was getting too long in the tooth to enjoy the boat, but he got all sorts of improvements and this was a new 1998 boat. Guess it worked both ways and worked out, 'cuz even if Jon paid for all the toys, he got to use 'em, too, and now owns the boat. Wouldn't have worked out the other way though.
Now, the second John has had two different partners, and is perfectly happy. He does all the work on his boat and the other guy just sails it. He says it keeps his costs down, as he's retired. His deal is more of an ongoing "rental" thing that an outright half-purchase/share of the boat, IIRC. Maybe not. He lurks this board sometimes, maybe he'll chip in.
You could also do a simple search on this board under "boat partners" or "Partnerships" - I know it's been discussed before, some at length.
If it was me? I had a sailing buddy who had no investment in our boat, but he volunteered to help with everything, and did. I'm glad it's still "my" boat, though. That may be the best "partnership" ever!
'Cuz I didn't have to figure out the "end game" which is what you really should do up front. That flipping a coin can lead to hard feelings if both want to keep the boat. Why not simply continue the partnership?
"End game" and expenses and upgrades should be in writing. But:::is a GPS an upgrade? Lotsa different issues. Make a list or wing it.
Good luck.
Never again
We had/have a family boat. The family used it and it got complicated.... some wanted specific weeks that were theirs, whether they used it or not......then there were constant phone calls about adjusting dates.... Then the feeling like some were using it more than others seeped in...... Then there was some resentment. We like a clean, somewhat junk free environment...... another of us enjoyed having lots of stuff on board. When it became a flip in m stomach when I had to try to "reserve a date" we decided to get our own. It was the BEST, BEST, BEST thing we could have done. I would not share a boat again, it just ruins a relationship. so.........if you do partner with someone, make sure it is not with a close friend....then nothing lost, maybe a great friend/partnership gained. My 2!!
We had/have a family boat. The family used it and it got complicated.... some wanted specific weeks that were theirs, whether they used it or not......then there were constant phone calls about adjusting dates.... Then the feeling like some were using it more than others seeped in...... Then there was some resentment. We like a clean, somewhat junk free environment...... another of us enjoyed having lots of stuff on board. When it became a flip in m stomach when I had to try to "reserve a date" we decided to get our own. It was the BEST, BEST, BEST thing we could have done. I would not share a boat again, it just ruins a relationship. so.........if you do partner with someone, make sure it is not with a close friend....then nothing lost, maybe a great friend/partnership gained. My 2!!
Several
Like Luz, we had one boat with family. They liked to hang around it an had no concept of maintenance nor how things needed to be for sailing. It was a PITA to ready the boat. Also got too used to me being able to fix and service stuff.
Have had two fractionally-owned boats. One with 15 couples was a classic launch, and a current one with 9 couples which is a pontoon. In both cases, there are written agreements up front covering most eventualities so that everyone is on the same page. Still, some people work harder at maintenance than others and some are more adept. But it works out.
Like Luz, we had one boat with family. They liked to hang around it an had no concept of maintenance nor how things needed to be for sailing. It was a PITA to ready the boat. Also got too used to me being able to fix and service stuff.
Have had two fractionally-owned boats. One with 15 couples was a classic launch, and a current one with 9 couples which is a pontoon. In both cases, there are written agreements up front covering most eventualities so that everyone is on the same page. Still, some people work harder at maintenance than others and some are more adept. But it works out.
I went in partnership with a co-worker on a new Renken 18. We drew up an agreement that spelled out usage, expenses and repairs (never needed that). After a year, he got another job in Florida and wanted to take the boat with him. He bought me out and everything was cool. The whole thing went well!
My wife and I bought our boat with my brother and his wife. It was the first sailboat for all of us. The deal was we would share expenses, commit for 2 years. We all sailed a lot the first year, had a great time, and I did pretty much all the work, which I enjoyed. The next year the partners got involved in something else, but work and expenses continued on the boat. I think they got to hating spending money on something they weren't using, but had little understanding of why I thought things needed to be done. After that year, we bought them out, which was a huge relief to me--I doubly sweated every dollar spent, worrying about justifying the cost to absentee owners.
It was great having the expenses cut in half, but I think a partnership works best when all partners understand completely what is involved.
It was great having the expenses cut in half, but I think a partnership works best when all partners understand completely what is involved.
I had a business partnership and those require formal agreements. I would advise that even with the best intensions some type of basic agreement be drawn up. Most partnerships fall apart within the first 2 years and the sudden death of a partner can lead to massive problems never thought of.
Planning prior to the partnership takes very little time and is VERY cheap if problems arise. Just my experences.
Ray
Planning prior to the partnership takes very little time and is VERY cheap if problems arise. Just my experences.
Ray
Agreement Good
I definitely agree with Ray. All sorts of "details" can be swept under the rug of assumption, especially during the exciting process of buying a boat.
I definitely agree with Ray. All sorts of "details" can be swept under the rug of assumption, especially during the exciting process of buying a boat.
If you think you are only going to be in this partnership for a year I wouldn't bother. For me I would rather wait a year and own the boat in 12 months. Eliminates all the problems. If I really needed to sail during the year I would walk the docks and find someone who was looking for crew. Just my 2 cents
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