Corpusfishing.com

oldsaltyone · Horse Mullet Joined: 21 May 2006 Posts: 171

Could any of you give me the pro's or con's of two people having ownership of one recreational boat? Have you done it before? How about one person owning boat and trailer and the other owning the motor? What about the financing paperwork?

Thanks

ironmanstan · Posted: Mon Apr 21, 2008 9:50 am Post subject:

Man thats a touchy thing there. I was once a co-owner in a off shore boat with a " friend" everything was fine fine until he decided to start taking his friends out when i couldn't go or always showing up in the morning with a couple of friends or family without confronting me first. It was supposed to be me and him only and a guest or 2 under agreement. We both put in money but i did most of the maintanence but i didn't care because i was a better mechanic. We finally parted ways, he bought me out. I learned alot about co-ownership, things like who pays for the lowerunit if they knock it off and your not along for the ride,or i took my buds out and used all the fuel and didn't refill. Just make sure you have good agreements and you are really good friends. Actually this is about a 2 large Captian Morgans rum and coke conversation.
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I LIKE MINE FRIED.

ccbobber · Posted: Mon Apr 21, 2008 9:56 am Post subject: 2 OWNERS

i agree with stan and can only say " it is definitely worse than being married". don't do it, DON'T DO IT pay attention "don't do it.
what usually happens is you loose a "friend". with friends like that, who needs enemies. o'k to be partners on a bottle of morgan's special, but even then stan & mike outdrink me.
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ccbobber

texmike · Posted: Mon Apr 21, 2008 10:08 am Post subject: Co-Ownership of a boat?

I have to agree with Stan, however, if you do decide to go in with someone make it clear that you own the boat and trailer as you mentioned. If things go south take his motor off and leave it in his front yard. End of partnership. Motor can be in his name and boat and trailer in yours. Each has it's own title. Best advice, DON'T.

the troutman · Flour Bluffian in training Joined: 07 Mar 2006 Posts: 316

Avoid this like the plague. Way back when I was in college I gave a buddy 3K to fix his boat with the understanding it would be "our" boat. Went good for about three months then the deal went south and we fell out of tocuh for many years over the deal. Not worth losing a friend over.
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Later,

The Troutman

Love em and leave em, otherwise known as Catch and Release!

Capt Mike Singleterry · Full Grown Flour Bluffian Joined: 07 Mar 2006 Posts: 2728

Not even with my wife.... Shocked

Mike

schanz · Finger Mullet Joined: 16 Jun 2006 Posts: 24

Partnerships (of any kind) never work out in the long term.

Same situation as loaning $ to a friend.

Save a friend, don't do it.

Uncle D · Posted: Mon Apr 21, 2008 10:53 am Post subject:

Noway Jose. Never works out. D.

ironmanstan · Posted: Mon Apr 21, 2008 11:15 am Post subject:

texasbeachmaster · Posted: Mon Apr 21, 2008 11:21 am Post subject: DONT DONT DONT

Lost a friend over the deal the first time he hit reef totaled the boat while drunk at the helm
wanted me to pay half of the note, and he kept all the insurance to by a new boat some how my name left off title to new boat,

second time was a good experiance until partners wife filed for divorce
he left and took boat to florida go into charter business. was wrong type boat for florida waters, like I told him, went broke lost boat.

If you must, form corp with at least 5 guys every owns shares nobody owns
boat, rules and bylaws everyone even, breaking rules costs shares until
someone is out of corp. maybe that will work
best advice is dont do it

Tyler · Site Admin Joined: 06 Mar 2006 Posts: 12865

Sounds like good advice. One can become estranged from himself after buying a boat without any partners! Smile

robul · Full Grown Flour Bluffian Joined: 26 Jun 2007 Posts: 2677

I have two boats. Both of them I only own half off. I havnt had any issues with either. Just have to make sure its all clear in the begining and make sure if something goes wrong the other party has the funds to fix it. But we didtn finance the boats. We paid cash. Both are pretty good friends so I dont see an issue arising. Maybe it will but I own a business and I have a co owner so Maybe I have more experience with that sort of deal. Hopefully it continues to be a good partnership. Good luck to all..

Skipper · Posted: Mon Apr 21, 2008 1:34 pm Post subject:

I have to agree with everyone else on this one. I went halves with my brother (big mistake). Every time he took her out it broke, and of course he wanted me to pay half for the repairs. He really never had his half usually. So I bought him out, then he wants to borrow the boat...LOL. Almost lost a brother due to me not loaning it to him.

I reminded him that when we were co-owners he never had the funds to fix it, so what made him think he could afford to fix it now if it broke. My advice is DON'T DO IT. Save a friend...Adios

Skipper

wtn · Finger Mullet Joined: 17 May 2006 Posts: 19

I've owned several boats with my brother and never had one problem. It can work with the right person.

fishfeeder01 · Posted: Tue Apr 22, 2008 6:01 am Post subject:

Looks like the forum is in agreement. best thing to do is find a single woman that owns the boat you want to use. this way you can fish as much as possible , then go home to your family. Leaves more money for you and the kids, My wife is still looking for another woman to take me fishing so that I do not buy another boat. only problem is I am scared of her fishing friends. Laughing