buying and sharing a boat with a friend, good idea?

[lavarock64]

Kicking an idea around with a fishing buddy. I fish mainly the fingerlakes sporatically 8 months a year (April - November) and he fishes in the FL keys 2 months streight (January / February). We would occasionally use the boat together as well.

We both have older 16 and 18 foot boats and would like to upgrade in the next few year's. If we chipped in together we could afford a much newer nice boat. Both of our fishing styles are similiar and we have found a boat that would suit both of us.

We would split all the maintenamce costs/ insurance. Is this a good idea? Anyone been a partner on a boat purchase?

Thanks, Lavarock

[keith]

Lava,

I could tell you the whole truth of being a co-owner of a boat but my partner reads this forum so I have to watch what I say.

We decided to buy a boat together 8 years ago after fishing off my old boat for about 10 years. The nice thing is about it is it allowed us together to by a little bigger and nicer boat than either of us could afford at the time. Splitting the costs of everything (dockage, fuel, equipment, etc.) is nice to. If you and your buddy are dedicated to fish together all the time I would say do it.

Make sure you discuss beforehand monthly payments, insurance, where you want to dock if you are docking, winter storage, etc. I would recommend putting everything is writing in case there's issue down the road or if you ever decide to sell it. Even your best fishing buddy will piss you off from time to time, trust me.

The most important advice I would recommend, talk to your wife or significant other about the plan, make sure she is on board, but under no circumstance let her influence what boat you buy. The boat should be what you and your buddy want not your wife.

Now watch Gator get on here and tell you what a horror story its been owning a boat with me.

[Mortigan]

Make sure you discuss beforehand monthly payments, insurance, where you want to dock if you are docking, winter storage, etc. I would recommend putting everything is writing in case there's issue down the road or if you ever decide to sell it. Even your best fishing buddy will piss you off from time to time, trust me.

Put all the details in the contract. Cover death, divorce and anything else you can think of - assuming you can do that in a way that doesn't cause one of the preceding...

[Chas0218]

There is a saying that my grandfather told me. "The worst ship to be on is a Partnership." Take it for what it is worth. I would suggest saving your money and buy a boat you can afford and just have your buddy split everything when you both go out. Also consider things like breakdowns, if you are driving the boat and something happens are you both going to pay for the repair even tho he wasn't there fishing. What about families, is there enough room for both families do your wives mind sharing time on the boat or want to be able to go fishing without the other family. There is a lot to consider. Granted there are a lot of pluses but you have to look at both sides equally and don't kind yourself with the we can work it out if it happens scenarios, because it will happen at some point.

[Mortigan]

Saw it happen to a friend's "family" hunting camp. No contract - it was in his father's name but shared equally between him and the uncles. Over the course of 20 years, his mother passed, father remarried (to the wicked witch) and eventually passed himself. This is New York - that left her as the sole owner. She took her revenge by selling it out from under the family before the next season. Didn't tell them she was doing it or offer them the opportunity to purchase it themselves.

A fair contract protects everyone.

[PolarBear]

O-BOY

[Blind Squirrel]

When I was looking to buy a boat I had planned on going in with a friend.When I was looking at the boat I wound up buying,I told the seller what I was planning.He said "if you can afford to do it alone that is the way to go".Best advice I have ever taken.

[Gator]

Okay, I'll chime in...no horror stories, though.

The key to buddies owning a boat together is that you have to be willing to sacrifice the boat for the friendship. I would rather sink the damn boat and take a dunking on the $$$ than lose my friendship with Keith.

And if I didn't feel like that, we wouldn't own a boat together anymore

Even when you're good friends, there are times when you butt heads about simple things like storage, maintenance, modifications, etc...The boat can't be the priority, or you won't be friends for long.

And Keith hit the nail on the head when he said make sure that everything is clear up front. I'm not certain that you can possibly foresee all of the changes that might occur over the lifespan of the boat. The bottom line is that, if having a boat is important to you and you can only afford to purchase a boat this once, buy what you can afford alone. Keith and I have only made it work because we are both so patient and easygoing

[Chas0218]

Saw it happen to a friend's "family" hunting camp. No contract - it was in his father's name but shared equally between him and the uncles. Over the course of 20 years, his mother passed, father remarried (to the wicked witch) and eventually passed himself. This is New York - that left her as the sole owner. She took her revenge by selling it out from under the family before the next season. Didn't tell them she was doing it or offer them the opportunity to purchase it themselves.

A fair contract protects everyone.

Same thing happened to our family except my grandfather and and this other guy's father co-owned our hunting camp. The other guy's father passed and "left" his half to his son. My grandfather and the son never saw eye to eye mostly because my grandfather always kept up the place and fixed everything where the other guy just came to hunt. In the end we sold our half out to the guy because we had enough of the headache and the guy's BS.

[mrclean]

Ive been in the business for the past 21 years. Ive seen it all.

The answer is no. Particularly nowadays where new boats have existent loans that go out as far as 12 years. 12 years (as an example) is along time to partner on a boat.

Things go wrong, things break, WHO BROKE IT it usually the first question (keep in mind that could be a relative or friend of one or the other).

Job losses.....One looses their job but the loan is still outstanding.

additional expenses....buying the boat is cheap, using it is not. If one dont have the money yet the other does and that individual adds additional expenses that usually becomes an issue once they split

Women....put simply the wife, gf, significant other who is not involved eventually becomes involved and the next thing you know...nobody is happy.

Bottom line your better off buying your own boat, dealing with your own problems and at that point you will actually have more fun.

[lavarock64]

Thanks for the advice guys. In theory it works well. After all we all b&*(ch about the costs associated with boat ownership (maintenance, storage, repairs, yadayada).

The gut fealing was telling me it was not worth jeoprodizing a friendship. I guess it just means saving the cabbage a few more year's.........

[BullGator]

Well, here is a current scenario that works well for my/our fishing boat. This is a three way partnership. One guy bought the boat which needed work. I supplied a new engine, and did/do all the mechanical work. The third guy supplied all the equipment -riggers, rods/reels, tackle, etc. It works out well. We each know our place, and none of us could do it without the help of the other. Dock-age, gas, etc., are split 3 ways. If the hull cracks, thats one partners problem. Motor blows? My issue. Rigger quit? Other partners problem. Its simple, and no one squabbles over costs/money.

[Captain Carl Bish]

Partner's on a boat with a friend is like lending a friend money...............you only do it if you can afford to give it to them. If you can't afford the boat on your own, don't partner on it. Make a list of the risks and analyze it well. I am currently considering partnering up on a small walleye boat, but we are talking a total investment of $4-5k, it is something I could either buy out or walk a way without much consideration one way or the other. Add a 0 to the number and it is a whole different ball game.

Remember the best boat to own/buy is the one you can pay cash for!!!

[Silver Fox]

Keith and I have only made it work because we are both so patient and easygoing

Your so full of dog s?&!!!!

[GAMBLER]

Keith and I have only made it work because we are both so patient and easygoing

Your so full of dog s?&!!!!

[BURNIN DAYLIGHT]

It might sound good now but I would save my money buy the best boat for your money then let him help pay for fuel. If you want to keep friends friends then don't envolve money. Just the cost for the day. Fuel bait exct

[ Post made via Android ]

[unsub]

On my(our) third boat partnering with a friend. It's worked out well for over 20 years now. That said, our investment has always been relatively small (less than 5k on boat alone). I wouldn't recommend it for everyone, but it certainly allowed us to have a better rig together than I could swing on my own. We split all the equipment, insurance, maintenance, etc.