Shared Large Boat Ownership

[kaelc]

Do you have any experience with buying a quarter or half share in a larger boat? How did it work out for you? Did you manage the boat through a corporation (possibly saving GST costs)? What size boat do you think it would be worth the hassle for?

With online bookkeeping and booking systems, I'm thinking some of the hassles of shared ownership of a boat/plane/property may be less than they were in the past?

I'm thinking about moving up to something this size but the cost of storage/moorage/maintenance may be a little much. If anyone is interested, feel free to send me a PM as well. http://seattle.craigslist.org/oly/boa/5888542454.html

 

[agentaqua]

A partnership is likely to be the easiest way to do this - and there are also some write-offs, as well. If you are planning to charter - where - and how far out - and how many passengers - will determine size of boat for you. If possible - trailer-able boats are easier wrt moorage and dock space:
http://www.cbabc.org/For-the-Public/Dial-A-Law/Scripts/Commercial-Law/266
http://www.canadabusiness.ca/starti...rporation-partnership-or-sole-proprietorship/
http://www.bclaws.ca/civix/document/id/complete/statreg/96348_01

 

[scott craven]

Don't partner with friends, unless you want to become enemies

 

[trophywife]

A partnership is likely to be the easiest way to do this - and there are also some write-offs, as well. If you are planning to charter - where - and how far out - and how many passengers - will determine size of boat for you. If possible - trailer-able boats are easier wrt moorage and dock space:
http://www.cbabc.org/For-the-Public/Dial-A-Law/Scripts/Commercial-Law/266
http://www.canadabusiness.ca/starti...rporation-partnership-or-sole-proprietorship/
http://www.bclaws.ca/civix/document/id/complete/statreg/96348_01

as soon as you "write off", better go get SVOP !!

lots of implications with boat share... hours used by each, maintenance, repair causes??

the only person i would do it with is somebody that is easy going and has deeper pockets than me.

 

[kaelc]

easy going and has deeper pockets than me.

I'm pretty easy going and since you have the 2625 Kingfisher I figure you have deeper pockets

Yeah, there do have to be some ground rules, 2 plus years of boat ownership 100+ hours of piloting? The people would do have to have deep pockets. Insurance and maintenance reserve funds are the norm people who share planes. Maybe even have some power squadron training as well.

No plans to charter or AirBnB the boat, but you can find that on AirBnB and there is even a startup in that space. I would likely just do a bare boat charter if there was a selection like there are in Van.

 

[KV1]

Hobbs meter. Anticipate hating each other very soon

 

[Trophy21]

The best partnership is one buys the boat the other pays for the beer,gas,and accommodation on trips. Which partner gets the better deal is debatable.....lol

 

[casper5280]

Isn't that the truth

 

[ryanb]

To be honest, it's really hard to imagine this working out well. I'd say family that you're really really close to are the only option.

Someone will always be the one that takes better care of stuff, cleans everything up better, isn't cheap when it comes to maintenance or sweat equity... And being THAT guy in a partnership will get old RIGHT QUICK.

 

[bigdogeh]

I think it could be done but it would take a really special person on both sides to make it work. and whether taking the risk with a good friend is worth it or not is debatable. Myself, I think trophy21's suggestion 3 posts back makes the most sense in most situations..

 

[Wondermur]

I have a boat share with a friend and it works well. We do half of our fishing trips together and have been friends for a long time.
Maintenance is 50:50 and we have a fuel management system and log to keep track of fuel bought and used.
While it is not perfectly even in yearly use, maintenance or taking care of the boat that doesn't really matter because the other option is doing it ALL and paying for it all.
Having a partner halves the responsibility. We have an attitude that everything is half price so why not spend a bit more in total.
Dont get hung up on all things always being exactly even. They won't be and that is ok.
We have our boat stored on dry land at Burrard civic marina and we also put it in a water spot for 6months. If i owned it 100% myself I could not justify that but as a 50:50 partner it is great. When I am not using it as much as I think I should I only feel 50% as bad about it.
(When you go fishing with your buddies and they pay gas and beer they often don't realise all the costs and responsibilities associated with owning and maintaining the boat for the other 50 weeks of the year. )
We use an app called Short Reckonings for general expenses and we have an excel spreadsheet for the gas ledger to record fill ups, dual use and single partner use. This works well.
Also you can get a better bigger boat than you would by yourself, doesnt that sound tempting?
Cheers

 

[agentaqua]

I think having a well thought-out agreement with recordkeeping and financial tracking is the only way you and any partner can stay friends AND partners.

 

[kaelc]

doesnt that sound tempting?
Cheers

Thanks, great to hear your experience and for the tip on Short Reckoning. I want to move up from an 18' Hewescraft Searunner to a 21-24 foot with a cabin and I know how much maintaining and improving a boat costs. Did you guys look at incorporating and owning shares like some people do with plane sharing? It is likely only worth it after a certain price point or if the owners own businesses as well.

 

[Wondermur]

No. We just bought it with our two names on the boat and trailer. The agreement is not really formalized or written down beyond some emails we exchanged when we bought, you could do better in this regard.
On the previous boat I owned it myself and after a year or so my partner bought into it. I remember our first trip after he bought in and being 10 miles offshore from Esperanza in a swell opening a beer and knowing my boat buddy would be responsible for getting us home, ...For me that was a great feeling.
He buys crap that we don't need and I buy gear that he thinks we will never use. So we try to keep it even in that regard .