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Thread: owner finance

  1. #1
    Platinum Member Platinum Member johnnyboatman's Avatar
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    May 2001

    owner finance

    ive goy a couple buddys wanting me to carry a note on a boat both r good financially, one just started a wrecker serv , one just bought a lake house so both credit to debt ratios r close, they want to give 6000 down on a 45000dollar note, for 3 years and then get there own financing. with the market the way it is im leaning towards this. what do u think.there will be a contract written by a lawyer,they will pay for insurance and repairs.
    Last edited by johnnyboatman; 04-24-2008 at 07:20 AM.

  2. #2
    Registered User
    Join Date
    Oct 2003
    Credit worthy people can get all the financing they'd ever want at market rates. This would be a really bad idea on just one guy, but a partnership? Even if they're both good as gold, a pi$$ed of wife, a divorce or a bad business break for one of them sinks them both.

    If don't mind losing the boat and the friends, I'd say go for it.

  3. #3
    Charter Member #34 Charter Member Dock Holiday's Avatar
    Join Date
    Oct 2000
    Beautiful North Carolina
    I would not do it on anything that depreciates or has an engine that can blow up.

    I saw this exact thing happen a few years back and both parties lost.

  4. #4
    Registered cosmic12's Avatar
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    Dreaming of a 32 AT
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    Jan 2006
    Syracuse N.Y.
    Run. Run like hell. I did a partnership with my very best friend on a boat years ago and it cost us years of war over stupid chit that just should never have happened. It just don't work. I have seen way to many friendships go down hard over money.

  5. #5
    Platinum Member Platinum Member SKRAMER's Avatar
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    Oct 2003
    I wouldn't do it. Sounds like a bad idea. Just my .02

  6. #6
    Registered VIP Member racer-x6's Avatar
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    Mid Stream Marine
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    Mar 2001
    Don't do it. I have been in that position and it will cost you a friend. little things will start to eat at you and then BAM!

  7. #7
    Platinum Member Platinum Member LaughingCat's Avatar
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    '00 Scarab Sport
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    Feb 2004
    Tampa, FL
    Regardless of how good their friendship might be, this is not a good ide. In fact, it's never a good idea to hold a note on something that can be moved, hidden orrapidly de-valued. Deals like this happen all the time, but the odds are stacked against the loan-holder on reaching the end with as much money/profit as assumed.

    Play the odds on this one and don't do it.
    "I'm just looking for clues at the scene of the crime."

  8. #8
    Join Date
    Jun 2005
    Tell them Chinese Financing Only: WON LUMP SUM!

  9. #9
    My Boats:
    1999 spectre 30/ 98 Maxum cuddy
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    Feb 2006
    never...ever...carry a note on a boat that can and will have some sort of problem...he will not want to pay to fix it and then not want to pay for a boat that he can not WILL cost you a friend....

  10. #10
    Registered jryan26's Avatar
    Join Date
    Sep 2003
    I think he is selling it without power.

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