boat partner advice -- anyone with experience?
 

My wife and I currently own an 18' Chaparral, and we're considering
the idea of getting a boat partner. The main reason is that,
currently, the boat is stored in the garage, and we'd like to store it
out on the lake instead. So we're considering going in with another
responsible person/couple, but seeing this is our first venture like
this, we're not sure how to proceed.

A few questions:

(1) Boat rental vs. boat ownership -- what is considered normal in
these types of situations? If we allow partial boat ownership by our
partner, I'm assuming we should expect them to pay us half the boat's
value up front, and then split costs 50/50 as far as slip cost,
maintenance, repairs, etc? (Anyone have experience with doing some
sort of payment program, where the partial owner pays a higher monthly
cost for, say, a year in order to own the boat?)

(2) If the other party decides on boat rental (i.e. we let them cover
the costs of the slip, and we let them use our boat), should we expect
them to cover maintenance costs? I estimate the boat is worth
approximately $9000, and a slip in this area is about $200/month. I
wouldn't necessarily mind covering maintenance costs if the other
party decides on rental/access, but if the other party is using the
boat excessively, isn't it fair to expect them to pay something? I'm
not sure how to work this into an actual contract.

(3) I'm sure we definitely want a contract of some sort, otherwise the
other party could just rent the boat for 3-4 months during the summer
and then leave us hanging with the expense over the winter?

(4) What's a fair amount to expect someone to pay for boat access
(rental) and not necessarily ownership? I estimate the boat costs us
about $300/month since we're still financing it (and this includes
wear and tear maintenance type of stuff). If a slip is an extra
$200/month, is $200/month for boat access way too much? We're in
Austin, where boat access is a premium because it's in such a high
demand with all the lakes.

Just looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help out.

Thanks in advance..

-Dustin

boat partner advice -- anyone with experience?
 

Take a step back, don't think about it for 2 weeks, then forget the whole
idea forever.

No matter which way you chose to go it's a sure plan for disaster.
Among the millions of other problems that will develop (who broke what, left
boat w/ no fuel, who ripped the seats, conflicting usage dates, ad nauseum)
insurance would be a nightmare.


"Dustin" -o-m wrote in message
...

My wife and I currently own an 18' Chaparral, and we're considering
the idea of getting a boat partner. The main reason is that,
currently, the boat is stored in the garage, and we'd like to store it
out on the lake instead. So we're considering going in with another
responsible person/couple, but seeing this is our first venture like
this, we're not sure how to proceed.

A few questions:

(1) Boat rental vs. boat ownership -- what is considered normal in
these types of situations? If we allow partial boat ownership by our
partner, I'm assuming we should expect them to pay us half the boat's
value up front, and then split costs 50/50 as far as slip cost,
maintenance, repairs, etc? (Anyone have experience with doing some
sort of payment program, where the partial owner pays a higher monthly
cost for, say, a year in order to own the boat?)

(2) If the other party decides on boat rental (i.e. we let them cover
the costs of the slip, and we let them use our boat), should we expect
them to cover maintenance costs? I estimate the boat is worth
approximately $9000, and a slip in this area is about $200/month. I
wouldn't necessarily mind covering maintenance costs if the other
party decides on rental/access, but if the other party is using the
boat excessively, isn't it fair to expect them to pay something? I'm
not sure how to work this into an actual contract.

(3) I'm sure we definitely want a contract of some sort, otherwise the
other party could just rent the boat for 3-4 months during the summer
and then leave us hanging with the expense over the winter?

(4) What's a fair amount to expect someone to pay for boat access
(rental) and not necessarily ownership? I estimate the boat costs us
about $300/month since we're still financing it (and this includes
wear and tear maintenance type of stuff). If a slip is an extra
$200/month, is $200/month for boat access way too much? We're in
Austin, where boat access is a premium because it's in such a high
demand with all the lakes.

Just looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help out.

Thanks in advance..

-Dustin

boat partner advice -- anyone with experience?
 

Think for a while about liability issues, shared insurance,
etc, then forget the whole scheme.
JR

Dustin wrote:

My wife and I currently own an 18' Chaparral, and we're considering
the idea of getting a boat partner. The main reason is that,
currently, the boat is stored in the garage, and we'd like to store it
out on the lake instead. So we're considering going in with another
responsible person/couple, but seeing this is our first venture like
this, we're not sure how to proceed.

A few questions:

(1) Boat rental vs. boat ownership -- what is considered normal in
these types of situations? If we allow partial boat ownership by our
partner, I'm assuming we should expect them to pay us half the boat's
value up front, and then split costs 50/50 as far as slip cost,
maintenance, repairs, etc? (Anyone have experience with doing some
sort of payment program, where the partial owner pays a higher monthly
cost for, say, a year in order to own the boat?)

(2) If the other party decides on boat rental (i.e. we let them cover
the costs of the slip, and we let them use our boat), should we expect
them to cover maintenance costs? I estimate the boat is worth
approximately $9000, and a slip in this area is about $200/month. I
wouldn't necessarily mind covering maintenance costs if the other
party decides on rental/access, but if the other party is using the
boat excessively, isn't it fair to expect them to pay something? I'm
not sure how to work this into an actual contract.

(3) I'm sure we definitely want a contract of some sort, otherwise the
other party could just rent the boat for 3-4 months during the summer
and then leave us hanging with the expense over the winter?

(4) What's a fair amount to expect someone to pay for boat access
(rental) and not necessarily ownership? I estimate the boat costs us
about $300/month since we're still financing it (and this includes
wear and tear maintenance type of stuff). If a slip is an extra
$200/month, is $200/month for boat access way too much? We're in
Austin, where boat access is a premium because it's in such a high
demand with all the lakes.

Just looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help out.

Thanks in advance..

-Dustin

--
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--------------------------------------------------------------
Home Page: http://www.seanet.com/~jasonrnorth

boat partner advice -- anyone with experience?
 

I'm not big on sharing this kind of thing.
I would rather go with a smaller boat if that would help curb expenses.

Dustin -o-m wrote in message
...

My wife and I currently own an 18' Chaparral, and we're considering
the idea of getting a boat partner. The main reason is that,
currently, the boat is stored in the garage, and we'd like to store it
out on the lake instead. So we're considering going in with another
responsible person/couple, but seeing this is our first venture like
this, we're not sure how to proceed.

A few questions:

(1) Boat rental vs. boat ownership -- what is considered normal in
these types of situations? If we allow partial boat ownership by our
partner, I'm assuming we should expect them to pay us half the boat's
value up front, and then split costs 50/50 as far as slip cost,
maintenance, repairs, etc? (Anyone have experience with doing some
sort of payment program, where the partial owner pays a higher monthly
cost for, say, a year in order to own the boat?)

(2) If the other party decides on boat rental (i.e. we let them cover
the costs of the slip, and we let them use our boat), should we expect
them to cover maintenance costs? I estimate the boat is worth
approximately $9000, and a slip in this area is about $200/month. I
wouldn't necessarily mind covering maintenance costs if the other
party decides on rental/access, but if the other party is using the
boat excessively, isn't it fair to expect them to pay something? I'm
not sure how to work this into an actual contract.

(3) I'm sure we definitely want a contract of some sort, otherwise the
other party could just rent the boat for 3-4 months during the summer
and then leave us hanging with the expense over the winter?

(4) What's a fair amount to expect someone to pay for boat access
(rental) and not necessarily ownership? I estimate the boat costs us
about $300/month since we're still financing it (and this includes
wear and tear maintenance type of stuff). If a slip is an extra
$200/month, is $200/month for boat access way too much? We're in
Austin, where boat access is a premium because it's in such a high
demand with all the lakes.

Just looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help out.

Thanks in advance..

-Dustin

boat partner advice -- anyone with experience?
 

Far as I can tell, someone wrote:
we really think this could be a great way to cut our costs,

Sure it is. That's why everyone else does it. NOT!

Try this. Sell your boat. Bank the money. Look for someone to rent you
THEIR boat when they aren't using it. Not too easy, huh?

Anyone wanting to rent your boat will show up looking responsible. What
happens when they use it, get drunk and act irresponsibly? You are
liable, that's what.

boat partner advice -- anyone with experience?
 

And if you don't get enough advice about not getting a partner.............
Your boat will last 3 times longer in a garage than it will in a slip on the
lake.

"Dustin" -o-m wrote in message
...

My wife and I currently own an 18' Chaparral, and we're considering
the idea of getting a boat partner. The main reason is that,
currently, the boat is stored in the garage, and we'd like to store it
out on the lake instead. So we're considering going in with another
responsible person/couple, but seeing this is our first venture like
this, we're not sure how to proceed.

A few questions:

(1) Boat rental vs. boat ownership -- what is considered normal in
these types of situations? If we allow partial boat ownership by our
partner, I'm assuming we should expect them to pay us half the boat's
value up front, and then split costs 50/50 as far as slip cost,
maintenance, repairs, etc? (Anyone have experience with doing some
sort of payment program, where the partial owner pays a higher monthly
cost for, say, a year in order to own the boat?)

(2) If the other party decides on boat rental (i.e. we let them cover
the costs of the slip, and we let them use our boat), should we expect
them to cover maintenance costs? I estimate the boat is worth
approximately $9000, and a slip in this area is about $200/month. I
wouldn't necessarily mind covering maintenance costs if the other
party decides on rental/access, but if the other party is using the
boat excessively, isn't it fair to expect them to pay something? I'm
not sure how to work this into an actual contract.

(3) I'm sure we definitely want a contract of some sort, otherwise the
other party could just rent the boat for 3-4 months during the summer
and then leave us hanging with the expense over the winter?

(4) What's a fair amount to expect someone to pay for boat access
(rental) and not necessarily ownership? I estimate the boat costs us
about $300/month since we're still financing it (and this includes
wear and tear maintenance type of stuff). If a slip is an extra
$200/month, is $200/month for boat access way too much? We're in
Austin, where boat access is a premium because it's in such a high
demand with all the lakes.

Just looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help out.

Thanks in advance..

-Dustin

boat partner advice -- anyone with experience?
 

On Sun, 29 Feb 2004 17:14:02 GMT, Dustin
-o-m wrote:

~~ snippage ~~

Just looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help out.

It's not a great way to do anything.

Forget about it - it's not worth the hassle and trust me, it will be a
hassle. I've seen fights and arguments at my marina that you wouldn't
believe over shared/partnered boats. Who broke what, who didn't gas
the boat, who put the f'in scratch, where the hell is my tow rope, the
skis need repair because you.....

Oh man, you don't know what you are asking here.

Fuggetaboutit.

Later,

Tom
S. Woodstock, CT
----------

Basic Fishing Program:

10 - Fish
20 - Eat
30 - Sleep
40 - Goto 10

boat partner advice -- anyone with experience?
 

ust looking for some advice, mainly because we really think this
could be a great way to cut our costs, get the boat out of our 2 car
garage, and have someone else to help
HI Dustin, We tried that with a brother in law back in the early 80's. It
caused way more family tension than pleasure, That's for sure!

boat partner advice -- anyone with experience?
 

Like everyone else said, it is a bad idea!

My dad did this once, shared a ski boat with a close friend. They aren't
friends any more.

A friend of the family did this, shared a sailboat. That was a disaster
also.


When the boat is in good shape, and both parties are using the boat
(especially if they use the boat together) then it works. Unfortunately,
the boat doesn't stay in good shape, and eventually one party starts using
the boat more than the other.

What is likely to happen is that the owner who isn't using the boat as much
will feel that he shouldn't have to pay 50% of the upkeep since he isn't
getting 50% of the use. Then there will be the arguments of what is "normal
wear and tear" that is paid for jointly and what was "damage" that should be
paid for by the person who caused the damage.

If you are still going to consider doing this, find a lawyer to make a
contract. Make sure you cover the following points:

1) how funds are going to be paid (I suggest opening a special account that
both parties pay into, then make all payments related to the boat from that
account). Include when payments are to be paid, and what happens if a party
is late. It would be better if the account kept a balance sufficient to
cover all expenses.

2) A big deal will be when maintenance is required, how you agree on what is
and what is not required. For example, the boat gets a scratch. You may
want to spend $$$ to get it fixed, your partner may say to live with it.
When does the upholstery get replaced? Lines? Carpet? Engine tune ups?

3) Detail how the boat time gets divided up, especially on major holidays.

4) Most important: define how the partnership is to be disolved! I don't
know of a "perfect" solution, but a common solution is: If either party
wants out, then the choices are to either sell the boat or for one party to
buy out the other. If the two parties agree on a price then the boat can be
sold. If the two parties can NOT agree on the price, then the party that is
wanting more (believes the boat is worth more) must "buy out" the other
party.


Having a legal contract will help avoid a financial distaster, but it won't
prevent endless headaches. One party is sure to object to how the other
party treats the boat. One party will want to upgrade, keep the boat nice
while the other party will want to keep the costs to a minimum. Both
parties will want to use the boat on the summer holidays.

I highly advise against sharing a boat. If you do, make sure you have a
legal contract that covers everything you can think of!

Rod

boat partner advice -- anyone with experience?
 

I guess I was lucky with a close friend and a small dollar ($8000) boat a few
years back. We often used it together and had friends were very willing to pay
the gas guy before we did.

That said, I would probably never do it again unless it was the same couple. At
the time we were on a rather small lake in an area with only seven months of
decent boating. The boat was a 1/2 hour drive for both of us so there was
rarely a conflict of use. Only one did we have to keep some people on shore so
we could pull skiers or tubers.

IF you decide to go for a partner, know them VERY well. Don't let it destroy a
friendship!

Dan



Rod McInnis wrote:
Like everyone else said, it is a bad idea!

My dad did this once, shared a ski boat with a close friend. They aren't
friends any more.

A friend of the family did this, shared a sailboat. That was a disaster
also.


When the boat is in good shape, and both parties are using the boat
(especially if they use the boat together) then it works. Unfortunately,
the boat doesn't stay in good shape, and eventually one party starts using
the boat more than the other.

What is likely to happen is that the owner who isn't using the boat as much
will feel that he shouldn't have to pay 50% of the upkeep since he isn't
getting 50% of the use. Then there will be the arguments of what is "normal
wear and tear" that is paid for jointly and what was "damage" that should be
paid for by the person who caused the damage.

If you are still going to consider doing this, find a lawyer to make a
contract. Make sure you cover the following points:

1) how funds are going to be paid (I suggest opening a special account that
both parties pay into, then make all payments related to the boat from that
account). Include when payments are to be paid, and what happens if a party
is late. It would be better if the account kept a balance sufficient to
cover all expenses.

2) A big deal will be when maintenance is required, how you agree on what is
and what is not required. For example, the boat gets a scratch. You may
want to spend $$$ to get it fixed, your partner may say to live with it.
When does the upholstery get replaced? Lines? Carpet? Engine tune ups?

3) Detail how the boat time gets divided up, especially on major holidays.

4) Most important: define how the partnership is to be disolved! I don't
know of a "perfect" solution, but a common solution is: If either party
wants out, then the choices are to either sell the boat or for one party to
buy out the other. If the two parties agree on a price then the boat can be
sold. If the two parties can NOT agree on the price, then the party that is
wanting more (believes the boat is worth more) must "buy out" the other
party.


Having a legal contract will help avoid a financial distaster, but it won't
prevent endless headaches. One party is sure to object to how the other
party treats the boat. One party will want to upgrade, keep the boat nice
while the other party will want to keep the costs to a minimum. Both
parties will want to use the boat on the summer holidays.

I highly advise against sharing a boat. If you do, make sure you have a
legal contract that covers everything you can think of!

Rod