Boat Co-ownership Experience/Thoughts
 

I am co-owner on a formula fastech with my brother...I am just wondering what members experiences have been with co-ownership...any thoughts?

Personally their is no way I could afford a boat alone...My brother and I get along great. We are like best friends. Never fight and we split everything 50/50. It has been an awesome experience.

How have the members here faired? Any stories? Any thoughts? Thanks.

It's great to hear that it works for you. I don't have anybody in my life (except for my wife) that I would consider co-ownership with.

I would buy a less expensive boat before considering sharing.

No experience with it, but I see nothing but problems....you both have too agree on every where you want too go, and if one uses it a weekend and something happens, and it will, who is responsible? I wouldnt do it, but that is just me.

well my brother and i share the same friends so we never go without one another...my brother and i also used to jet ski together for the past 4 years and always agreed on location, etc...it also helps that we share the same schedule.

An old post I dug up for you.
Happy reading....

Went great for us for 2 1/2 years with a little 272 till his wife started to think she had something to say about what days they wanted to use it. Was agreed from the beginning to be every other weekend. Then on my days that I didn't use it, they wanted it...no biggie.
If we used it together on one of "their" days, his wife made sure only he or she drove it.
The best was her trying to trim it in sloppy water and her tits almost bouncing off her face.
We wanted the 500HP at the time of the boat show but settled for a 502mpi cause it was $66 less a month...later found out his wife F'ed us on that one.
Fuel level rarely ended up at the agreed "topped off" but only on "Full" after each use....Also for some reason It always needed a quart of oil every time I checked the stick prior to launch.
But he did like to detail it alot...maybe to get out of the house?
He got so trashed once, but only once, I had to drive an hour to the bar, idle it back to the ramps in the dark, load it, and trailer it back all solo me o.
The payments were every other between us... with a missed one here and there near the end.
He rear ended a van full of Mexicans one winter so the nice and low insurance rate went x3.
Added 2 more subs with an amp which we both thought it needed on my labor but in the end was too expensive to split cost of parts, said he didn't care what it sounded like but blasted it all the time anyway...whatever.
I bought a second cockpit carpet for my own use since his kids liked feeding on Red drinks and BBQ chips at 64mph.
Parked it in their driveway cause dry-stack and dock gas was "a rippoff"... for a 27'? Then a basketball hoop ended up on the garage one day...need i say more on that one.
Long Blond hair was found in the cabin by his wife (which she noticed being very similar to his secretary's) so I had to cover saying that I had someone on the boat with that type hair in which she assumed I was banging in there, and made us detail the boat before she would even get on it again.
I bought a labbed 4 blade prop so it gets up out of the water faster as not to till the bottom. Some how it ended up dinged and said he always used the 3 blade cause mine made the boat 2mph slower.
Guess what? We sold the boat and haven't talked to him since.
Sorry about the rant but I feel much better now....


Hey JC you want to split in for a 400?

Didn't work for me. Great friend, both of us had cruiser boats and went everywhere together, did all kinds of events, etc. Split a (kinda) fast boat figuring we each had an alternate boat and would use the Formula for poker runs, etc. We put significant money and lots of time into the boat until one day he says "I can't share". After getting over the WTF moment he tells me he will give me the money I put in, nothing for my time rebuilding his boat. (We had only used it a couple of times, spent an entire winter going over it.) Finally I give in and take the cash to save the friendship. He has hated me ever since :argue: :rolleyes: Brother might be different, blood is thicker than water....and Coors Light.

My brothers think that they are part owners of my truck! I get to pay for everything and they use the thing all the time. The other day I find out my brother is driving it down to South Carolina to get a mast for his boat with out even talking ot me about it first! My father has a boat partnership but they did it not for financial reasons as much as the two of them both only use the boat a few times a year anyhow. So far 5 years later I think they are both happy other then my fathers partner wants a larger boat and my dad not so much. You just have to be prepared for what could happen and to walk away from a friendship.

I had good experince with spilitting a CC with my brother and dad. I wouldn't do it with a friend.

no way

Personally, I've never seen it work. Worse yet, it's ruined lots of good friendships. I wouldn't recommend it.

It seems like the friend partnerships always go awry...I wouldnt co own with anyone else but immediate family.

co-ownership in anything is VERY difficult to do. I would never do it even with my wife...:lolhit:

Friend went co-owner with his best buddy on lake house and jet ski. Ski made it 1/2 way through summer, no one owned up to slinging piston in pieces through exhaust port. The someone kept trying to ride it with rod bouncing around inside the cases..

He sold it to me for junk and after I fixed it and rode it a couple of years sold it at about break even. Don't think he will ever "share" again with anyone. Lake house was next, always a wreck when he would go for his weekend. Sad, and he really believed that his friend wouldn't do these things.

Write up a contract, and see if you still both want to do it then...

It depends on the level of trust and friendship. I co-own my scarab with my best friend and we have enjoyed 5 years of ownership. We've had some ups and downs, nothing too crazy. We've always had a "comes around goes around attitude" with it, meaning your tight on money today and he may be tomorrow and it all works out in the end. Granted, its alot easier to say with a $20k boat than a $200k boat, but not a lot of people can say they own a boat, even a $20k one, at the age of 22 or 24 (one that daddy didn't buy anyway). We've put a lot of money and sweat into it and I think its paid off. We have a cool old school boat we both love. Over the 5 years probably 80% of our boating time has been done together, so sharing time hasn't been a problem.

Bottom line though is it will definitly not work out for most people unless you have a really strong friendship.

I watched a loooong time friend of mine & his brother share their FIRST boat of ANY kind together a few Summers back......

It was a total nightmare, seeing it from the sidelines. My buddy's brother ended up buying him out for what he originally paid at the end of the Summer, which I was AMAZED by, then selling the boat. They are both currently boatless now, lol. :lolhit:

I could barely stand living with a friend of mine for ONE semester in college, so I wouldn't put myself in a position to share an asset with anyone as a result. I don't even think I'd do it with a family member, just based on how I've seen a few of those partnerships go in the past.

I imagine it would be as pleasant as your mother-in-law moving in with you.

I had a partener on my 46 Sea Ray.....never again....never again

My brother and I split a 22' Scarab a few years back for 2 seasons. We lived together and kept the boat in the driveway. We each threw the same amount of time and money into it. Only problem was it was a 5 seater and after we threw our girlfriends in the boat, there wasn't much room for friends.

I'm half owner of my boat with my dad. He got rid of his 35 Fountain a few years ago and downsized to a 'toon. He missed having a performance boat to use on our boat club runs but not bad enough to buy one on his own so when I started shopping we decided to go in halfs. We spend a lot of time together anyway and the boat stays on a lift at their house on the river. It's worked out pretty good so far, no regrets.

I share two boats with someone that put an add on craigs list. I thought it was a joke and replied to the add. To my suprise the deal was legit.

The agreement: (Seasonal) I put/pull the boats out of the water at the start and finish of the season. I pay for the heated storage of the boats for the winter season. I clean the boats at the start and finish of the season.

For all this I get to use either boat, whenever I want, throught the season. 2001 303 Fastech and 2001 24' Rinker. The boats are on Lake Geneva, in WI. and I have my own parking spot at his home when I come up.

It cost me about $3,000.00 for last years storage and for gas up until this point in the season. I think the deal is priceless, he feels the same way. He has already asked if I want to due the deal again.

Like someone else on here stated, we did get a attorny envolved and had a contract written up. It specifies what we both bring to the table and leaves no open ends.

It can be done, where both parties win. I honestly think I may have gained a friend and partnership that will last a long time. Once I buy my Offshore boat for Lake Michigan, I can still boat in small water, as well.

Just my two cents worth.

Great if it works for you but not for me.

Never again!!!!!!!!!!!!!:drink:
I often think about my old friend.:drink::drink:

Whatever - you know you sold your boat and use mine when it's at your place!:bsflag:

Don't look like I will get to use it this weekend, Mr. I have to go kill birds.

No way, not going to share ownership with a plane or boat. I don't like people touching my stuff, much less having unfettered access.Two things I don't loan, guns and my boat. I damn sure don't want to share either with you on a regular basis.

Personally I think it's a bad idea.....seems to always end up with problems. That's awesome you and your brother get along that well as 50/50 boat owners.

I bet there's 3 things you don't share ..........the gun, the boat and the WIFE :party-smiley-004:

Defiantly glad I dint go this route, bought my own and have never looked back since.

I couldn't agree more!! My boat is my boat!!!!..My wife has no idea what I paid for it,or what it cost to run and maintain. She said if you can afford it,then go nuts.. I just wish she had the same sentiment about strippers.:drink:

Don't we all...

:eek::lolhit::drink: LMFAO

Ive known a handful of guys that have split a boat like youre talking about.. I can think of ONE that made it work and are still very good friends to this day.

If im payin for a boat, no matter how much, I want some say in how its being driven. And on the other hand, If Im paying for a boat, no matter how much, I dont want ANYONE telling me how I should be driving it..

Id rather spend my $ on something half the size and it be all miine with no bosses than splitting something that is going to drive me crazy..