Would anyone consider this? Why or Why Knot?

**knot for shore** · 02-01-2007 02:30 PM

FOR DISCUSSION PURPOSES ONLY:

Buy shares into a boat? Just like a time share but for a boat.

EXAMPLE: $150,000.00 BOAT div by 5 individuals = $30,000.00
Maintenance, cleaning, insurance, taxes & tags etc., etc will be seperated evenly for each calendar year.
Buyout would occur for any individual wanting out of agreement.
Usage would consist of a first go 'round drawing and then daily by a first come first serve basis.
Boat would come back to storage area filled with all needed fluids and fuel. Private cleaner would be responsible for cleaning and upkeep to ensure proper care is being maintained.

Would like all and any input you may have.

**Cowboy** · 02-01-2007 02:44 PM

Don't do it with anybody you call buddy or family, might work with total strangers if an escrow account is setup and maintained

**Sweet Caroline** · 02-01-2007 02:48 PM

I think it is a lot easier said than done. There have been a lot of families and friendships lost because of this type of situation. I think the timeshare is a better option if you can find them on sportfisherman boats. I know that there are timeshare's for the large catamaran sailboats and the maintenace and some other particulars are taken care from the timeshare buy in. The companies rotate the boats every so many years to keep the maintenance costs low and I believe you still have the option to do a buyout when the boat comes up for rotation. The biggest problem I see on a joint ownership is the useage. If one person uses the boat 10 hours a year and another uses it 100 hours a year should the maintenance and repair costs be split evenly? I have thought about it and have heard too many horror stories with just two or three people let alone getting into 5. Just my .02.

**knot for shore** · 02-01-2007 02:52 PM

Thanks for the info my delaware boys...................

Was just wanting others' thoughts on this ....

**frankypettolina** · 02-01-2007 02:53 PM

Boat partnerships rarely, if ever work out. I see it from the surveyor's end on a regular basis, and usually it is the boat going to a new owner because the group couldn't agree and keep the boat.

Too many variables.

**Tuna Taxi** · 02-01-2007 02:56 PM

That is an idea that always sounds good in theory, but almost never works in practice. I'd avoid it.

**hotrodmarlin** · 02-01-2007 02:56 PM

What happens when one guy runs the crap out of it on Saturday and the motor blows up on sunday when another partner is cruising slowly down the waterway? When something goes wrong fingers start pointing. It might work better if it was a business with a full time captain. If you do it, make sure everyone is equal partners. You don't want one guy with more "say so" than the others.
My opinion: Stay far far away....