Fraction = Friction?

[Bardo]

All,
I have been looking for my E34 for some time now, with no luck. As luck would have it, a good friend of mine has one, which has been the basis of my lust for this boat. Now he is signalling interest in selling me a half share in the boat. I owned my last boat with another sailor, and it worked out beautifully (he never sailed the thing). Any one here have experience with the fractional ownership of their boat? It is tempting, but that little voice in my head (the same one that keeps me from stepping into on-coming traffic) keeps calling me.....

 

[Loren Beach]

There is a well written, but out of print, book about boating partnerships. Published in the 70's. Boat Owners's Guide to Co-ownership, or something similar.
You might want to do some searches at Amazon or someplace like the Armchair Sailor.

Loren

 

[u079721]

I was only acquainted with one partnership at our club, and that one worked out beautifully. Two couples bought the boat together, and the two guys sailed it together every weekend, and delivered it north every summer for the cruise, in which they would take turns using the boat. Worked out great.

BUT, they bought the boat together, and outfitted it together. I would be pretty wary of buying into a boat that is already being used by someone else as sole owner, as I doubt you will ever be allowed to feel like a true co-owner. It will always be HIS boat that he is letting you sail.

Sort of like the advice counselors give couples getting married - sell both homes, and buy one together. Otherwise one of you always feels a bit like an intruder.

Of course if your friend is a true saint then disregard my rant.

 

[mherrcat]

You probably don't want to hear my rant on this subject...

When I told my brother I was going to do it he gave me three words of advice that I should have listened to, "Don't do it."

And when it got to the point of talking to an attorney, he asked me, "Did you know this guy better than your own brother?"

 

[Bardo]

Yes, I think you all (and the little guy in my head) have a point. Maybe I will just sail on the boat this summer and let him spend all the money and be the boss. Anyway, hard to justify the purchase at this point in time. Thanks for the good advice. On Sailnet I would have been cussed out and dismissed as an infernal lubber for even considering it. Its always friendly around here.

 

[mherrcat]

Not saying it's not possible, I just don't think I'll be doing it again...