What do you think about joint ownership of a boat?

Thinking about it. Pros and cons welcomed. Here's how we figure it would work in general.

1. Both agree on boat and price.
2. Buy it, both names on bank note and title.
3. User responsible for any or all repairs needed after his use, as well as cleaning. Warranty or insurance claim repair means last user schedules and executes that.
4. Share monthly payment, tax, registration, and insurance payments. He pays each, reports 1/2 cost to me and I reimburse him.
5. If we decide to go seperate ways and we both agree to sell, then we sell, and take what's left to pay off the note, and if sale price less than note then we split the shortfall to clear the loan.
6. If we decide to split, and one wants to buy out the whole boat, price to the now singular boater would be to take over the note, but the guy getting out has to pay 1/2 of the depreciation if the NADA book value of the boat is less than the balance of the note. This way, the guy leaving has paid the depreciation for the time he used it.
7. Or the guy getting out can find a new joint partner for the remaining partner to share with. Guy getting out pays 1/2 the remaining note to the remaining partner, then sells his 1/2 share for what ever he can get to the next new joint partner.
8. Each joint user gets up to 182 days a year, and notifies the other user when using the boat to deconflict usage. If I notify and don't invite the other ownere to go, it counts against my days. Notice does not have to be an invite, as each owner deserves to have free private use when he wants.

Signed agreement would have to be in place before we did this. Good fences = good neighbors, clear understanding makes good freinds and good business partners. What do you all think, what am I missing that might get me in trouble.

dumbest idea ive ever heard...you will never be friends again over that. both of you go buy your own boat. you can buy good boats for cheap. hell im on my second one this year

[QUOTE=Embrey;385416]dumbest idea ive ever heard...you will never be friends again over that. both of you go buy your own boat. you can buy good boats for cheap. hell im on my second one this year[/QUOTE]

:) But not the dumbest thing you ever hear ME say.

Thanks, and realize the guy sharing the boat with me would have to either do his part, or not be a co-owner or a freind anymore. That's kind of why I'm thinking about this. Guy has let me **** up most of the cost for years. DAAAAA......I guess I just need buy my own boat, and find a new friend.......good point.

[QUOTE=HURRICANEBOB;385417]:) But not the dumbest thing you ever hear ME say.

Thanks, and realize the guy sharing the boat with me would have to either do his part, or not be a co-owner or a freind anymore. That's kind of why I'm thinking about this. Guy has let me **** up most of the cost for years. DAAAAA......I guess I just need buy my own boat, and find a new friend.......good point.[/QUOTE]

I kinda of agree with Embrey on this..........while not the dumbest thing ever said, co ownership of a boat would be tough.

I'd change the ownership rules a little bit.....

* ALL repairs except for DAMAGED caused due to negligence, etc, etc, should be shared equally. Meaning if you have an impeller go out while you are on the water, BOTH of you should pay.

* If the prop is beat to HELL, and you beat it to hell a little more, BOTH should pay to repair it.

* If you have a 3 gallon OIL tank and you run the oil down to 1 quart, and give it to the co owner........BOTH should pay the 90 bucks to refill it.

Etc, etc......

* On the other hand, if you're a bonehead, and leave the trolling motor down and BLAST across the lake and break the shaft off........well, you're a BONEHEAD, and should pay for it.......BTW......don't ask how I know about this. :) :)

* If you dump an entire bottle of SPIKE IT on the front deck, and then decide to clean it up with gasoline.......well YOU PAY for it.........Again......don't ASK :) :) Are you getting the idea that I might be hard on equipment.........

I hope this helps.

Later,

Geo

Very very very very very very very very very very very BAD IDEA!

Did it and it worked out for awhile. We boight a used whaler for lake michigan fishing.Since we were both good friends, and worked together, we fished together often.Why did we do it? We both had smaller craft, that weren't safe on big water. He had the tow vechicle, I had the place to park it. Worked well for almost three years.The special equitment we bought together. Sold the boat, and got almost all our money back. The guy that bought it, knew us and the boat.Later the next early spring, they found the boat foundered against a break wall.Our friend fished alone that day, and the coast guard said the PFDs were in the storage compartment. We think he went overboard peeing, that happens a lot accordinfg to the guard.

Hey Bob,

My Dad and his Brother built a boat... it was a flat bottom house boat. My best memories of my youth involve that boat. But they had and fight, as almost all friends and family do. They did not talk for many years. And I assure you, that boat was caught in the middle. It ended up rotting because neither let the other use it.

Your principles for the deal sound good, but once one of you gets mad at the other, I am sure the one upset can "rationalize" that they need not stick to the agreement because the other did something so heinous that it drove a split between two great friends. And if someone would do something so bad as to ruin the friendship, then why should one own up to the agreement when the other guy clearly had no respect for the other.... wow, now I'm confused.

Wish you luck though. I know I was thinking of selling my boat, then took it for a little maintance and priced a new 21 foot, completely tricked out bass boat and decided my 7 year old boat, that is paid for, is really wonderful and I have no more plans to sell!!! What I am saying, at the cost for a new boat, and the one I looked at was a Ranger, and I know they are one of the more expensive boats made, still, I have to believe most of the main name brand boats are close in price, anyway, the boat was more expensive than the first house I bought new in the 80's!!!

Good luck my friend,

HDF

[QUOTE=mhall;385485]Very very very very very very very very very very very BAD IDEA![/QUOTE]

But other than that it has merit right? :)

[QUOTE=GeoFisher;385469]I kinda of agree with Embrey on this..........while not the dumbest thing ever said, co ownership of a boat would be tough.

I'd change the ownership rules a little bit.....

* ALL repairs except for DAMAGED caused due to negligence, etc, etc, should be shared equally. Meaning if you have an impeller go out while you are on the water, BOTH of you should pay.

* If the prop is beat to HELL, and you beat it to hell a little more, BOTH should pay to repair it.

* If you have a 3 gallon OIL tank and you run the oil down to 1 quart, and give it to the co owner........BOTH should pay the 90 bucks to refill it.

Etc, etc......

* On the other hand, if you're a bonehead, and leave the trolling motor down and BLAST across the lake and break the shaft off........well, you're a BONEHEAD, and should pay for it.......BTW......don't ask how I know about this. :) :)

* If you dump an entire bottle of SPIKE IT on the front deck, and then decide to clean it up with gasoline.......well YOU PAY for it.........Again......don't ASK :) :) Are you getting the idea that I might be hard on equipment.........

I hope this helps.

Later,

Geo[/QUOTE]

Appreciate the input GEO, knew I could count on ya.

Might as well get used to Socialism.

Not a good idea Bob. Sounds like a good way to end a friendship.

Don't you watch People's Court? :D

Bad idea!

-Rich