Do any of you guys "Co-own" a Boat?

[PSLDanny21]

I'm looking at potentially asking a close friend to co-own the boat with me. IF you have done this personally, has it affected the relationship at all. What percentage of the time do you take the boat out together vs separately with your own families. Is there a schedule involved?

These are the things running through my mind, and as I'm thinking them I tell myself, meh this is probably not worth the pain and hassle. BUUUUUTTTTTT, my buddy lives in the water and could provide dry storage for FREE.

Getting so close and anxious to pulling the trigger, house won't be closed on until January so, for obvious reasons, I have to wait until then.

 

[HangOutdoors]

I have co-owned several things, but not a boat. A second home, ATV's, Snowmobiles, etc. It never really worked out well. I mean it was ok, but then there were scheduling conflicts and some of the other parties friends didn't treat things the way that I would treat them and wanted them treated. I do have a bit of OCD when it comes to my things and care for them very well. I didn't need to co-own for my own financial reasons, but for the the individuals I co-owned with for theirs. Figured it would be cool and give me an opportunity that I wouldn't have otherwise done, such as Snowmobiles.

I am not saying it wouldn't work out for everyone, but it made things uncomfortable at times and annoyed me at others. I would rather just do my own thing on my schedule, when I want, how I want and be responsible for my own decisions.

I couldn't image someone, even a friend, taking my boat out without me and something going wrong or it wasn't cared for properly after all the hard work keeping it in great condition, maintenance and all the upgrades I have done. Whether by mistake or intentional.

My 2 cents on the matter if it helps.

 

[hapyfishrmn]

My family co-owned a boat and condo with another couple. They had no kids. The husband was the the OCD type. That allowed our family to take a step back when it came to certain maintenance/cleaning items. We just made sure we helped out. Over the years it did add some strain on the relationship, but that was over a decade long of vacationing together.
After looking back, it comes down to personalities. How are you going to handle difficult situations. How would you feel if his family damaged something accidental or not? It's one thing when you do it, easy to accept responsibility or fault. How is he going to react if it was your family causing the damage?
Setting expectations would be highly encouraged. That's where disappoint comes, because someone thought it would work out a certain way and it didn't. Determine a breaking point, in the case to save the friendship rather than a material item.

 

[Adrian @ JB Solutions]

I co-owned a trailer, which was free when we each bought a jet-ski. He stored it. Was never a big deal, as we typically went out together. A few times they wanted we do different things with the skis. Open and honest communication is a must, as well as compromise. All in all I wouldn't recommend, much better to be on your own schedule and responsible for your own things.

 

[PSLDanny21]

I'm definitely leaning towards "no" but also have to really think seriously about the expense of dry storing it. Around Stuart dry storage costs around $3,200/year for a boat up to 25', something I had not been budgeting for.

 

[HangOutdoors]

Tell your friend you would pay him for the storage. Throw him a few bucks and everyone wins. He also doesn't need to pay for gas when you take him out On the outside chance he wants to borrow it and you trust, again I couldn't do this, he could. But it is still your boat and all of your decisions and rules.

 

[mark_m]

I'm looking at potentially asking a close friend to co-own the boat with me. IF you have done this personally, has it affected the relationship at all. What percentage of the time do you take the boat out together vs separately with your own families. Is there a schedule involved?

These are the things running through my mind, and as I'm thinking them I tell myself, meh this is probably not worth the pain and hassle. BUUUUUTTTTTT, my buddy lives in the water and could provide dry storage for FREE.

Getting so close and anxious to pulling the trigger, house won't be closed on until January so, for obvious reasons, I have to wait until then.

My neighbor and his high school buddy (lives quite close, but not in same neighborhood) bought a fixer upper pontoon (32’) for a few grand. They did a complete tear down and rebuild of the decking cockpit, put a roof on it and re-covered the seats with vinyl. Put a 150 outboard on it too. They share the boat between the two families and call her “Joint Custody”

It works for them based on observation that they can all go as a group (kids are match, age wise) both can pilot the boat, and they have differing work schedules so both can enjoy her. To boot, the first year they won the dock lottery so they can keep it wet slipped for 3 maybe 4 more years before having to think about hassling with trailering.

No idea who carries the insurance or who/ how it’s titled. Things to think about.

I personally wouldn’t do it with our boat. However, it works for them.

 

[HangOutdoors]

Actually, that brings up a good point. If you co-own the boat whose name would the boat be in which that person would assume liability and responsibility should something unfortunate occur. I am not a lawyer, of course, but would and should be a discussion with one.

 

[Beachbummer]

Clear expectations on scheduling and repairs. It might work great for you. The most you set a clear expectation on up front, the more success I see likely. Also, plan for a break up. How do you get out? How much will that cost the other? All things to cover up front, so there are no surprises.

 

[Tayhadasuperjet]

I co-own my boat with my father in law. It is on his dock, so he wanted ownership for some reason. He has not driven it yet, so all in all it has worked out well for me.

 

[Adrian @ JB Solutions]

Can you just find a place to park the boat on the trailer? Lots of places around Pinellas for less than $100/month. They look shitty but it works. 10x25 parking 97/month: Port St. Lucie Storage: Lowest Rates - SelfStorage.com

 

[mkbcaptain]

Don’t do it. Avoid at all costs. My best friend, who is more like a brother to me, co-owned his 255 Scarab Open ID with his TWIN BROTHER. It truly hurt their relationship. To the point that the no longer share the boat and don’t really talk to much anymore.

 

[BigAbe75]

Tell your friend you would pay him for the storage. Throw him a few bucks and everyone wins. He also doesn't need to pay for gas when you take him out On the outside chance he wants to borrow it and you trust, again I couldn't do this, he could. But it is still your boat and all of your decisions and rules.

I think I would go this route. Especially, if you’re just talking about parking the trailer in an out of the way spot. In my family, we always had shared toys growing up... over the last few years, I’m gravitating toward getting my own. It’s just less hassle and headache.

 

[HangOutdoors]

Now with all that being said, if anyone wants to buy a new 252X and Co-Own it with me, I am interested. I will take care of gas, cleaning and upgrades. You can also park it at my house. You take care of the rest! I promise I will rub it with a diaper nightly.

 

[sfadchi]

I'm definitely leaning towards "no" but also have to really think seriously about the expense of dry storing it. Around Stuart dry storage costs around $3,200/year for a boat up to 25', something I had not been budgeting for.

Stuart FL? Where are you finding dry storage on the water for $3200 a year?

 

[F.M.]

I co-owned a jet ski with 2 of my brothers in my late teens and early 20s. We fought constantly about using it, so we agreed to sell it and each buy our on.

 

[biglar155]

Take it from a guy who's "pushing 50": Don't do it. Never did it myself because I saw the issues it can cause.

It also crosses the "don't mix money and friends" line - and I simply refuse to do that.

Remember, we're all friends when times are good. When things go wrong people deal with it in different ways. Sometimes those ways clash.

Honestly, I'd rather spend my own cash on a 14' aluminum boat and a pair of oars than "go in" with someone on a boat.

Just my 2 cents.

 

[Ryan Meyer]

Yes, co-own a boat with my dad who lives on the lake. He's retired and in his 70's and this has worked out great for our family. I don't think I would do it with a non family member.

 

[ripler]

I'm married and that's co-owning enough for me.
No way I would co-own anything with some one else, there are too many things that can go wrong. What happens if something would happen that he couldn't pay his half if the boat was financed? What happens if decides he's no longer interested in boating and he wants money from you for his half? What would happen to your relationship if he was involved in an accident that had nothing to do with you, but since you are co-owners of the boat some one is trying to sue your ass off for something that you had nothing to do with? What would happen if he did damage to the boat, would you split the cost for the repair or would you expect him to pay for it, or what if he didn't have the money for a repair? Way too many cons to outweigh the pros. When it comes to money, it can do strange things to a friendship.