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Thread: Boat Co-ownership

  1. #1

    Default Boat Co-ownership

    For those of you that co-own a boat with someone else (now or in the past), can you tell us about it and give some advice? I'd like to know how the experience went, or is going. Would you do it again, and what are the pros/cons?

  2. #2
    Member Bullelkklr's Avatar
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    Default I will be.

    I am hoping to go halves with my uncle for a boat that will work on small lakes, kenai, and maybe a deep creek trip or two in calm weather. Something in the 16-18 foot range.

    We fish together a lot so I don't expect any concerns. If one of us wants to use it and the other doesn't - well there are lots of things to do in Alaska during fishing season - so I can't see it being much of a problem.

    I would say that you should make sure that you know the person well that you are partnering with - but it seems a very reasonable way to be able to afford more than 1 boat in Alaska - which I am finding is a need if you want to experience the true wild alaska.

  3. #3
    Moderator Paul H's Avatar
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    Haven't done it, won't do it. You'll be arguing over who gets to use the boat when. Who pays for what as one party will say it's normal ware and tear and should be split vs the other guy saying it's abuse and he should pay. Somebody will be more thorough about cleaning than the other guy. Somebody will think more gear should be purchased than the other. Let's say you agree to dates who uses it before the season, and you happen to pick all the dates with terrible weather.

    Etc, etc, etc.

    I can't see any benefit other than perhaps ending a relationship with a friend or family member.

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    Member Alaska Gray's Avatar
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    Default

    Quote Originally Posted by Cruiser View Post
    For those of you that co-own a boat with someone else (now or in the past), can you tell us about it and give some advice? I'd like to know how the experience went, or is going. Would you do it again, and what are the pros/cons?

    I have a 14 jon boat I bought with a friend. I have nothing but good things to ay about the co owner ship. I was worried at first that we would both want to use it all the time. Well that never happened. As for maintaining the boat. We split it 50/50 use something broke due to her or myself causing it. Then it would of been paid for by one of us. I have heard some bad things about splitting the boat up.
    My friend did the same thing and what he did was sat down with his friend and each month the picked the weekends they wanted the boat. They rotated on each month give give each other first choice. It worked out for him until he wanted to sell the boat. HE wanted out but the friend did not want to sell the boat nor could afford the other half.... choose your friend wisely
    Living the Alaskan Dream
    Gary Keller
    Anchorage, AK

  5. #5

    Thumbs down

    Would you share your truck? How about your snowmachine?

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    Member jmg's Avatar
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    Quote Originally Posted by Alaska Gray View Post
    .... choose your friend wisely
    Great info. As I am currently looking at boat prices, I've considered the co-ownership option. I can see the benefits, but I can see the detriments as well, and picking the right partner would obviously make all the difference. I haven't approached any individual about doing this, but will certainly think long and hard about them before I do.
    Never count your days, but rather, make all of your days count.

  7. #7
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    Default

    Quote Originally Posted by Paul H View Post
    Haven't done it, won't do it. You'll be arguing over who gets to use the boat when. Who pays for what as one party will say it's normal ware and tear and should be split vs the other guy saying it's abuse and he should pay. Somebody will be more thorough about cleaning than the other guy. Somebody will think more gear should be purchased than the other. Let's say you agree to dates who uses it before the season, and you happen to pick all the dates with terrible weather.

    Etc, etc, etc.

    I can't see any benefit other than perhaps ending a relationship with a friend or family member.
    I have done that and will never again. Read and understand Paul's points carefully. He says he's never done it BUT he hit the points of conflict perfectly and believe me the "Etc, etc, etc." is a WAY bigger list than you can imagine. Do you both already own a boat currently? - because if you don't, the scheduling of time can be a huge issue due to bad weather if one or the other party doesn't have a second boat to use while the other one is utilizing their only boat - the shared one.
    AKGray says his sharing has worked - glad to hear that. But as he said, his friends sharing worked until one party wanted out and the other party didn't. I have never heard of this working and when I did it, it was with my best friend and we both used the boat together about 90% of the time !! It didn't end our relationship but it sure made it tough at times .

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    Default

    The worst ship that ever sailed the ocean was a partnership. Be careful.

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    Supporting Member bullbuster's Avatar
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    Thumbs up Still working for me

    I am currently one half owner in a 24' Sea Sport. It will work if you have the right partner and YOU are the right partner.
    Mine is a guy that I fish with 75% of the time anyway. A good friend. Both of us have always had boats of our own and used each others often. We both put the effort out to accommodate the other guy. If I have company show up I call him and ask if he minds my taking the boat out. Never has minded. The same for me, when he calls I go chase something else.
    My one comment would be on maintenance. The boat lives with me and I am the one who does the dragons share of upkeep, as he lives in the valley. I keep the receipts and we split the obvious, raw water risers and wheel bearings. When I hit the log and took out the prop, it was on my nickel. The first year he thought I was "nickel and diming" him to death. I told him a light bulb costs $10....and he owed me $5. Never came up again.
    I do see where a guy could learn to resent his partner if they didn't see eye to eye AND couldn't talk about it. When we are together I want to learn Whittier and he wants to go Homer/Seward. He wins that one more often since I can't consistently put him on fish in the Sound. Yet. Oh and he runs the boat about 800 RPMs faster than I do, but he hears about it! One reason I put the FloScan in.

    We are both working stiffs and this allows us to have a hell of a boat, we have been thru the "bleach bottle" boats and love this one. He's looking at 27' boats now.
    Do sit down and talk out everything that you see in this thread, not forgetting the butout or sell out options.
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    Love life and live it

  10. #10

    Default Partership

    Don,t have a partner in a boat but if I did. It would be like this. Figure all costs for a year
    based on hr. used each partner pays hr rate for usage all expenses come out of common fund. Can see lots of problems but some can be overcome, with the right partner.

  11. #11
    Member Crumm's Avatar
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    Default

    Quote Originally Posted by Cruiser View Post
    For those of you that co-own a boat with someone else (now or in the past), can you tell us about it and give some advice? I'd like to know how the experience went, or is going. Would you do it again, and what are the pros/cons?
    This question reminds me of a thread on The Hull Truth. A guy that use to go by the name of SteveBaz posted up the build-up of a very nice Harbercraft Kingfisher called The 19th Hole that him and his buddy had built. Boat was started in Nov 05' and finished up 1/23/06 and put up for sale on 1/27/06. After a lifetime of fishing together these two guys did not see eye to eye when it came to the way there new boat should be used and cared for. A boat might be a good way to end a friendship but it might also work out for some.

    Click here for the 12 page build-up thread.

    There are good pics of the boat on page 11.

  12. #12
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    Default Lend him something first.

    I lent my friend my boat and when it came back it didn't run right and he put a hole in the hull. No big deal, I'm a mechanic, and I can repair outboards and fiberglass easy enough so when he told me about it I didn't care much at all, at least he told me. AT LEAST.. READ BETWEEN THE LINES!!! What I did care about is he borrowed it, he broke it (or it broke on him in the case of the outboard which was a fouled plug anyway), and he should have taken it to a shop and told me it would be fixed before he returns it, period. It didn't even have a full tank of gas (it didn't when I lent it to him either, but that's not the point). Lend the person a truck/snomachine/weedwacker/lawnmower/anything requireing maintenance and fuel, if it comes back with everything working and a full tank of gas, he MIGHT be a good person to work with, if it comes back with an apology and a half tank of fuel, don't buy a boat with them!!!!

    Thats my adice anyway..

    Chris

  13. #13

    Talking

    It would have to be just the right person, and I would get things in writing i.e. how costs are calculated and split, each person is responsible for their own damage, and a bailout clause. Not for lack of trust, but to protect both parties.

    Plane co-owners often do this: you pay X many dollars for each hour of use into a fund, that way if one partner uses it more, when it comes time for engine rebuild or the like, they pay their share since they put more hours on it. No muss, no fuss, no "that doesn't need replaced yet" arguments, since the money is already there.

    I keep everything so clean and well maintained that 90% of people wouldn't keep the boat up to "my" standards. Be honest with yourself, are you a slob, or a perfectionist? How will that mesh with your proposed partner?

  14. #14

    Default

    Quote Originally Posted by Chris_Stout View Post
    I lent my friend my boat and when it came back it didn't run right and he put a hole in the hull. No big deal, I'm a mechanic, and I can repair outboards and fiberglass easy enough so when he told me about it I didn't care much at all, at least he told me. AT LEAST.. READ BETWEEN THE LINES!!! What I did care about is he borrowed it, he broke it (or it broke on him in the case of the outboard which was a fouled plug anyway), and he should have taken it to a shop and told me it would be fixed before he returns it, period. It didn't even have a full tank of gas (it didn't when I lent it to him either, but that's not the point). Lend the person a truck/snomachine/weedwacker/lawnmower/anything requireing maintenance and fuel, if it comes back with everything working and a full tank of gas, he MIGHT be a good person to work with, if it comes back with an apology and a half tank of fuel, don't buy a boat with them!!!!

    Thats my adice anyway..

    Chris
    Wow, I bet you're in a hurry to lend this guy something again

  15. #15

    Default

    Not having ever shared a boat with anyone, my advice would be to buy your own boat if you can afford it, and if you can't then get a partner so that you can. If it doesn't work out, then end the partnership and take what you've learned to make your next decision.

  16. #16
    Member bhollis's Avatar
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    Default

    I don't co-own a boat, but I'm a lawyer and do have a lot of experience with contractual relationships. And in my experience, the key to the success of such relationships is the parties themselves. Two honest, reasonable people can work out almost anything.

    The trick, of course, is knowing going in what kind of partner you've got.

  17. #17
    Member AK NIMROD's Avatar
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    had a very good friend , he was next door neighbor and my alternate on the slope we had 22 foot c-dory then had 30 footer built and later had it lengthened and went from single engine to twins. worked well for us. he was mechanically minded so he did all of that i did other tasks. we always left the fuel tank full for the other guy. we were able to have a very nice boat that neither could have afforded on our own. he died nearly 6 yrs a ago and i sold the boat last year. and got a smaller one. we had life insurance on each other. to prevent problems with ownership if one partner died. well we failed to increase the insurance when we put $70k into it in upgrades. so it was tough to afford.
    i had been asked about taking a partner after he died. well i have other good friends but with personallity differences i did not think it would work as well and elected not to try that again. smaller boats aren't as big of deal but larger ones can be.
    I have heard of partners paying $X for each hr of engine time put in kitty for maintance cost when they arrive can be costly and when one partner is short $$$ it can cause problems
    with us being off at different times we had very few conflicts in useage. guidelines need to be set ahead of time on useage.
    JUST HAVE TO BE CAREFUL WHO YOU HAVE AS PARTNER AND IN MOST CASES IT IS PROBABLY NOT A GOOD IDEA.
    RETIRED U.S.A.F. CAPT.; LIFETIME MEMBER NRA; LIFETIME MEMBER ALASKA BOWHUNTER ASSOC.
    MASTER BOWHUNTER EDUCATION INSTRUCTOR; MEMBER UNITED BLOOD TRACKERS; POPE & YOUNG MEASURER

  18. #18

    Default

    Thanks for all the replies. Most of the negatives were as i thought they'd be and then some. Believe me, if i had unlimited funds, i'd have my own right now. The problem is the darn offshore aluminum saltwater boats are sooooo expensive. I don't know how all of you afford these things...either you are up to your ears in debt, or have big time oil industry jobs.

    The dealers up here have huge markups and won't budge, which seems vastly different than down in the 48. When i do get a boat it will likely be from outside. There is at least a 10% price difference if not 20% in some cases.

    I do like the idea of the hourly rate for the fixing fund. How much would you all think that rate should be for say 100-150 hours of use per season?

  19. #19
    Member spoiled one's Avatar
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    I have a partner, but I happened to be married to her. She is the only reason I could afford to cruise the Sound in "Patience". Some guys have a difficult time having a wife that makes a lot more money than them. I am not one of those guys.
    Spending my kids' inheritance with them, one adventure at a time.

  20. #20
    Member DMan's Avatar
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    Quote Originally Posted by spoiled one View Post
    Some guys have a difficult time having a wife that makes a lot more money than them. I am not one of those guys.
    Smart man.....

    Quote Originally Posted by Myers View Post
    Would you share your truck? How about your snowmachine?
    I just knew you were going to say "would you share your wife" and you DIDN'T! DOH!
    ... aboard the 'Memory Maker' Making Memories one Wave at a Time!

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