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. Boat will be trailerable, so no dock or slip fees.

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.

I would not do it. My personal experiences were half on a small boat, didnt work ,he wanted to do lot of work on it that I didnt feel it needed. Also I was in a partnersip in business,,I hated it finally found a way out of that but lost a boatload of money to get out. Just my personal opinion.Good luck with what ever you decide.

No no no no no no no

sounds like a great way to loose a friend.

No , No, No, My wifes name is on mine.....She tells me when I can go and sometimes where to go !!!!:D:D:D:D Just kidding ..She's a purty good sport.....

It could work with the right person but I always tell my clients, the only kind of ship that won't float is a partnership. I have seen some brothers make it work but that's about it.

Thanks all!

Told my friend I wasn't interested any more. Was his idea. Dawned on me why. My skippers log shows 212 trips on my boat over 15 years, 50 he was a guest. He owned 4 boats over that period but I was invited only 5-6 times.


Duh Bob! Wake up call. You alls advice made me do the legwork. Just not the right guy to expect to change colors. Suspect this was an invite for the purpose of him getting a boat at 50% cost, with next to no maintenance, repair, or upkeep efforts.

Since the "light has come on". Shot him an email that said "Know you ain't got a boat right now, but there are guides, and boats can be rented. When you inviting me next? " In the meantime...........we'll wait and see if the tiger starts to change his stripes.