Who has purchased a boat with friends?

cdb96a · Newbie Joined: 20 Jun 2003 Posts: 10 City: Dallas

I'm looking at purchasing a boat with 2 friends, and I was wondering if anyone else on here has done that. And how they set that up and what ground rules they laid down etc. etc.

twitch88 · Posted: Jun 20, 2003 9:34 am Post subject:

i don't know man it just sounds like trouble to me.

89comp · Posted: Jun 20, 2003 9:47 am Post subject:

amen..,.trouble. Sounds like a good idea, but it will only end in hard feelings and potenital lawsuits. Keep the following in mind:

1. If you all cosign on the loan and one of you defaults, it goes on everyone's credit and the bank can run all of you dry trying to get their money.
2. What happens when all three of you want to take the boat for the same weekend?
3. If your buddy runs the boat into the dock and sinks the boat, will he and can he pay to fix it?
4. Overall, I'd look at how well you get a long with people. Don't say, "well I don't get into fights with people". You have to be realistic. Do you listen to people's point of view? Do your buddy listen to other people or do they just get pissed off?

I don't know you and I don't know your friends, but I'm just trying to give you a heads up before you fall into what I see as a bad situation.

MrBlean · Posted: Jun 20, 2003 10:02 am Post subject: Buying with others

As the others guys say, it sounds great until something goes wrong. I've had several people offer to come in as part shares on my boat and I have resisted. Fortunately, I could afford to buy a used boat to the standard I required without their financial support.

When the guys come boarding, they contribute to the gas plus a bit more toward maintenance etc. I take the biggest hit but it means if I want to sell the boat I can and there's no hassle.

However, if you can't afford a boat on your own then you'll have to go down that route. I would advise setting up a bank account that you all contribute a fixed amount to monthly over and above gas costs etc. Then, if and when you need parts etc, you have something to take the sting out of it.

The ownership issue is the biggest problem especially if someone wants out. Then you have to value the boat (and agree on it - the most difficulkt part) pay them their share less the depreciation and then find someone else to join the consortium. Not impossible but lots to think about. By asking the questions up front you clearly are thinking about it. Sorry I can't be more helpful. I wish you luck.

NAW · Posted: Jun 20, 2003 10:53 am Post subject:

There was a fantstic article in WaterSki Mag last year dealing with this topic. Try and see if it's on their website still....

jordan23 · Soul Rider Joined: 16 Feb 2003 Posts: 497 City: Mesa

Don't do it!! I bought my first boat with one of my best friends and let's just say a year into it we were at each others throats. He had the boat out and drove in to shallow water and ruined the outdirve. After that we couldn't agree on anything and I had to pay to fix the whole thing. Your better off like Jeff said, buy it yourself and your friends that ride all the time will most likely chip in on gas and maybe even maintenance cost.

Anyways good luck

Keith

jbelson · Guest

For an expensive boat, Don't do it! You can't trust anybody to have the exact same opinions or feelings on the investment. I know I'm a cool, leval headed person. But If I owned my boat w/ someone, they'd end up hating me. A boat is a big investment w/ a lot of upkeep. That makes you very sensitive to everything that happens with it. Dings, bent props, a cigarette burn, not cleaning under the bow seats, a lost life vest or bumper. The list of things that will lead to aggrivation is endless. When my friends are on the boat, they annoy the crap out of me cause they dont see my boat the same way I do. I guarantee one of your partners will will be a little lax with stuff, and it'll burn your britches. Or maybe you take the boat out the most, and it comes time for service and someone says "I should pay less cause I dont use it as much". That WILL happen.
If it's a cheap used boat where you all dont have a HUGE $$$$ stake in it and no monthly payments, it a little different, but still...

jbelson · Guest

MrBlean, How do you get guys to contribute more than just gas? I have a hard time getting enough gas $$$ from my friends. In fact they're upset because I "always asking them to clean the boat at the end of the day". Consequently, I dont call them as much anymore.

Steelerguy · Addict Joined: 12 Jan 2003 Posts: 518

Im partnered with my wifes cousin at the moment. So far everything is split down the middle.... as for what others have said. if its an expensive new boat dont do it.... FYI.... if you get three guys together... if you each bring one person thats 6 peeps... most likely gonna start to get crowded....

Ralph · Posted: Jun 20, 2003 1:04 pm Post subject:

4 guys, 2 boats & 10 years later we haven't had a problem. We quarter all yearly expenses (service, insurance, etc) and pay for our own gas. We all ride together so there isn't week on week off type of style. Because we have been in partnership so long all my mates have wives & kids now so don't nearly ride as much except on holidays, so the next boat I will get by myself.

The only rule we really have is boat owners decide who rides first when it's cold, apart from that everything else is decided with paper, rock, sissors.

gryffin · Criminal Joined: 10 Jun 2003 Posts: 89 City: SoCal

Its a dangerous road to go down. I have not personnaly done it, but I have seen many people who have. The majority of them end up being half success/half failure. I think it definately helps if you all go out on the boat at the same time. That way you know whats happening all the time. Oh and write everything down before you do it.

chuck · Outlaw Joined: 22 Apr 2003 Posts: 170 City: Arlington Wa

When my friends are on the boat, they annoy the crap out of me cause they dont see my boat the same way I do. That sums it up...

My buddy and I just bought two boats...03 ssv and we swap out whenever we go. It works out really well since we dont rack up hours on one boat and you get a chance to keep everything clean and maintained. As for the gas money....IF YOU DONT HAVE CASH.....GRAB A TOWEL AND THE SHOP VAC... You have to be that way or it starts burnin relationships...also...weeds out the freeloaders. Ive met some guys off this site....thanks to all the posts...all have had very VERY Good boat manners..and have become good friends..

pjdave · Posted: Jun 20, 2003 3:30 pm Post subject:

Its been fine for us, three of us own a boat that by ourselves we couldnt afford without a large loan ( a brand new super air team is close to 95 thousand in australia) Everything is split tree ways, storage, insurance and maintainance. If something gets damaged out of shear stupidity then that person pays for it, luckly that hasnt happened.

If i owned a boat by myself, the crew riding would b e the same guys so there is no need us all owning a boat each, everyone respects the boat like they own it cause they do. as for gas well you pay by ride so its not a problem.

There are quite a few of other crews in our area doing the same thing. We have just ordered our third boat now (2004 san team), the only problem has been deciding a colour, there are just to many colour combos Smile

cdb96a · Newbie Joined: 20 Jun 2003 Posts: 10 City: Dallas

Thanks for all the replies, we've got some things to think about before we make any decisions. I already have an I/O but I just wanted to live the dream, I always go out with the same three guys, so it would make sense that we might be able to split the costs on a sweet boat. Thanks for the input.

mykwillis · Outlaw Joined: 05 May 2003 Posts: 105 City: garland, tx.

dallas, tx.????

MrBlean · Posted: Jun 21, 2003 1:26 pm Post subject: Getting others to pay their share

J Belson Maybe I'm just lucky but I'm a Brit and we ski at a club here in the UK where my partner and I are members. Everybody else boards or skis as a guest and has to pay a guest fee anyway. Maybe that conditions the guests to realising boarding don't come for free.

As it happens, everyone we have taken has offered to contribute to the gas costs and we made a rule from the outset that there's a "standard fee" for coming boarding to cover this and make a contribution to maintenance. It's about double the gas cost and gas is MUCH more expensive here in the UK than the US - like 4 times more expensive! Again, maybe the fact that gas is so expensive here makes people realise that it's only fair to contribute. Maybe it's that we Brits are much more polite or maybe I've chosen my friends carefully.

Strangely enought, there is one guy I would definitely be prepared to share a boat with. We have exactly the same standards on things and I know there would be no hassle. There are several other friends who I like a great deal but I would NEVER contemplate sharing a boat with them - they just aren't careful enough.

Because we almost always take guests we have broken even on gas costs so far this year i.e. the total of the contributions has paid for all the gas we've used. That just leaves us with the boat maintenance costs.

It's still true that other people don't treat our boat like we do. Anything you use will wear and get damaged - fact of life. You can get anal about these things and I try to not let it get to me.

paige · Newbie Joined: 28 May 2003 Posts: 32 City: Oklahoma City

Look at joint ownership this way, if something does go wrong-you only half to pay 1/3 of the amount. When you fill up the tank, it only costs a portion of what it would cost you if you owned the boat by yourself. It’s true that people wont treat your boat with the respect they should, so at least with 3 of you, there would be more owners to respect it.

Something bad will always happen, it’s inevitable. Draw up a “contract” so there are NO questions when the problems do arrive. Think about selling it too-what happens if one wants to sell, and the others don’t???

I am a joint owner of a boat- and so far, so good (knock on wood!).

PimpinD · Addict Joined: 17 Feb 2003 Posts: 785 City: Orlando, FL

yea i though it would be that since i bought the boat, people would pay for gas or at least help clean up.... but noooo, i barely get ne money for gas, and the people get mad when i ask them to help clean up n come up with lame excuses, then when i see them 3hrs later cause ive been cleaning the boat, they say they wanna go out eveytime i go ...!!!!!! grrr, hopwfully when i get back to orlando the people up there will have more boat manners, at least thats what all my school friend in orlando said, i just hope soo... pocket running thin...

jbelson · Guest

I think I would only partner with someone that has owned their own boat before. That way they understand what boat ownership is, and the responsibility in entails.