Shared custody

[Riv_71]

Hi All

A mate and myself are planning on going halfs in a boat, with the idea that we could get a better boat than if we bought 1 each. I was wandering has anyone else tried this??

Did it end in tears or wores Layers??

Was it a great idea ?

Do you still speak to the friend ??

Did he or she go fishing one day and never returne?

any info would be good, i like to try and plan major disasters:P

[griz066]

[quote=Riv_71;811702]Hi All

A mate and myself are planning on going halfs in a boat, with the idea that we could get a better boat than if we bought 1 each. I was wandering has anyone else tried this??

Did it end in tears or wores Layers??

Was it a great idea ?

Do you still speak to the friend ??

Did he or she go fishing one day and never returne?

any info would be good, i like to try and plan major disasters:P[/quot

DONT DO IT

[kitty_cat]

mate ive been in halfs with my brother inlaw now for 3-4 years and has worked out great 1/2 the price for everything , electronics, fuel,repairs services just makes fishing afordable
keep in mind we fished together for a few years first and found we were rearly fishing by ourselfs anyway
definatly can work

[Sandman]

YEH MY ADVISE IS THINK LONG AND HARD EVEN IF YOU ARE THE BEST OF MATES!! I often talk about this with my best mate in Hervey Bay, we know we would disagree at some point or know that one of us would want to sell our share etc, it can get complicated. You could look at time share or something similar but personally if you got the money buy yourself a boat you call your own, plenty of members here that offer space on some of the big boats at times just pay your way.
Mick

[cormorant]

Real can of worms

Have mates that have tried it and also ones that have succeeded.

The ones that have succeeded in doing it have done it by buying a boat that in the worst case if all was written off both couls afford the loss and there was no tears. They paid cash - no finance. They looked after it , new each other for years, one fished weekends and tubed the kids , one fished midweek, both already had house, cars, jobs and kids sorted so were stable lived close by and it was easy to handle 1 up so you mate didn't always have to come. They wrote their agreement down and kept track of money they spent. The agreement covered simple things like split all costs , other party has first option to buy out, can't sell your own half to anyone else etc , throw $30 a week in a seperate cheque account 2 sigs required so nothing unexpected comes up they can't afford. Both knew each other were sensible and safe and knew when a motor had a plastic bag on it and had some mechanical aptitude. They didn't share fishing gear apart from crab nets and basics like the gaf on the boat. It worked as they were both responsible and relaxed.


The other side is a young mate- changed jobs change house , got wife, etc etc and the boat was a constant shitfight that no general agreement in writing could sort out and he didn't have the maturity to get himself out of it. Lost a mate and he gave up on trying to get money back for oat and his wife will never let him live it down.

Back the other way.

One mate owns a good tinny that is good in sheltered waters and I use that whenever and the same goes for him using my boat if he wants to go outside. Yeah I know in reality I lose but he is actually a mate who is responsible and it gets the boat out more and it isn't likely to wear out. We checked it out with both insurance companies to make sure it was all ok. Never written anything down as each loan is a one off on the day. Means I get to fish inside and the river shallows without having a huge fuel bill and twin motors idling all day with only me on board. Rules are simple - you bend it you fix it, you mess it up you clean it up. We are both so worried about losing mates and access I reckon my boat looks cleaner when he is on it and he says the same about his and as long as it stays that way it's ok. So I have huge $ invested and he has enough invested but it is more about just getting access as complicated agreements and obligations can go wrong. Last time I was on my boat I noticed a new battery- he didn't even tell me it was on it's way out as he had used it while I was away and just replaced it asit was dimming spot light at night. He is a good bloke and probably 1 in a million - not sure I would ever go partners with many people as they always have something you don't know about of shitty mates.

[themissus]

I know in NSW a boat can only be registered in one name, Trailer can be in two. So legally I own half a trailer:-/ :-/ .
Who would be the luck contestant who got the boat rego in their name. At least being married I have a hope of claiming half. (not that i'm planning on divorcing you any time soon honey(Roo).:-* :P )

[FNQCairns]

Personalities is where it's at as well as personal stability at the time.

I know it is not for me I would rather go without and gain more enjoyment from that, I know of 2 blokes that are brothers that pull it off, one is very easygoing so that makes the difference, boat is under shared finance between them.

Half your luck if it works for you.

cheers fnq

[Didley]

Riv, Think long and hard, it can work, but I think it usually a bit of a mistake and sometimes a disaster. If your 2 blokes that can make it work, go 4 it.

If you think U need a new sounder and he doesn't what happens. If U leave it in what U think is clean ready to go again condition, and he thinks its grubby and's got no petrol, who's right. It goes on and on.

It's not 4 me. What about going halfs in one of those share type deals where you get points to use a good size boat (Cruisecraft outsider or something like that) one weekend a month, then some one else handles all the crap and U guys go fishing.

[Noelm]

reckon it might be the quickest way to make your best mate an enemy real quick!

[Riv_71]

Thanks guys ill take the advice onboard, if we go ahead with the project ill make sure we have some rules layed out and documented some how.

Big thumbs up for all that replied.

Stu

[Whitto]

Hi All

A mate and myself are planning on going halfs in a boat, with the idea that we could get a better boat than if we bought 1 each. I was wandering has anyone else tried this??

Did it end in tears or wores Layers??

Was it a great idea ?

Do you still speak to the friend ??

Did he or she go fishing one day and never returne?

any info would be good, i like to try and plan major disasters:P Good Luck could be the end of a great mateship, Whitto

[Donny Boy]

Let me think now.....................what's the best way to say this..............


" For f***s sake, NO, DON'T DO IT !!!!!! "

[Kleyny]

a couple of things i would ask myself.
1. if it all got ugly could either of us buy the other out?
2. is he able to spit the costs in the future? ( there could be some tough times ahead if the fuel keeps going up)
3. does he have the same ideals as you (nothing worse than you wanting a clean and tidy boat and he just doesnt give a sh!t.
4. where is it going to be kept



I know in NSW a boat can only be registered in one name, Trailer can be in two. So legally I own half a trailer:-/ :-/ .
Who would be the luck contestant who got the boat rego in their name. At least being married I have a hope of claiming half. (not that i'm planning on divorcing you any time soon honey(Roo).:-* :P )
Sorry missus i think your way off the mark there.
In QLD just because the boat/vehicle is registered in a name doesnt make them the finacial owner. Just the registered owner.

neil

[NAGG]

The few times I've heard this attempted ....... It has just not worked or is borderline at best!
You'll know if it can be done ..... by how strong the friendship is ( & the likelihood of influences of other people - partners/wives) If you both have easy going natures ( you already fish a lot together - - that's a big start) , both parties willingness to put their hand in the pocket to pay for things .....
Is it easily affordable for both ??

Finally ..... I'd be buying something smaller ( cheaper) first ..... to see how it flys:)
I couldn't see anyone in my family or Friends that I could buy a boat with:hammer:

Nagg

[TheRealAndy]

All I can say is if you do it, get a legal agreement drawn up by your solicitor.

[ifishcq1]

Two mates here have a good compromise
One bought the big boat maintains it and the other owns the small boat and looks after it they get to fish inside or outside
they split all fishing costs right down the middle to the dollar if one gets the craps they can go separate ways with no ties

[NAGG]

All I can say is if you do it, get a legal agreement drawn up by your solicitor.


& If you think you need to do this:-/


DONT DO IT!

[fivefishes]

Riv_71,

From someone who's done it, DON'T. Too hard, too complicated. I don't care how good a mate you have he won't be after this.

Remember fishing and boating is for fun, if i had to draw up a contract with a solicitor just to share fishing and boating with a mate, i'd take up lawn bowls. WAY TOO HARD AND NO FUN.

Save your bickies and do it yourself.

Matt

[shubeej]

hey riv,had the experience of owning a boat some years ago now with not one mate but 2 mates ,so we all had a 1/3 share this actually worked great for us there was always a swing vote if something needed to be voted upon we just did a verbal agreement on a handshake & worried about the any problems when they cropped up.at the end of the day we all went fishing together we all got a great boat and we all had a great time .think of the positives to be had.just do it.
cheers shubeej

[Shanoss]

I know two blokes at work that went halves in a boat. Seems to work well for them. A few of us were discussing it today though, and the majority agreed that the negatives far out weigh any of the positives. Say for example that one of you uses the boat more often. Does that person then have to cough up more $$ come service time for the motor? Too many things to go wrong i reckon.

[trueblue]

I reckon it could be done if the right people were involved. There needs to be some sort of incentive for it though.

It can't just be a basic boat like $ 30 to 50 K . There is no incentive or reason to share the typical back yard fishing boat.

For me, if I was going to do it, it would have to be for a big boat that neither of the involved parties would choose to buy on their own, or use enough to justify the cost on their own. A big boat that could be used for game fish trolling, bottom bashing, and family days out would be the call for me. $150 - 200 k of boat.

But, each involved party would have to be able to afford, maintain and run the boat on their own (big difference between being able to afford something and choosing to spend the money).

People who could afford the boat on their own won't have any problem with sharing costs.

People who have to share ownership of a boat to be able to afford it will always end up in disputes when unexpected costs eventuate.

An agreement would have to be simple.

All costs to be split directly down the middle (except for breakages to be covered by the individual who caused the breakage)

Shared bank account for operating and maintenance costs

Just my thoughts

Mick

[Outsider1]

There are a number of boat share offerings in the market. Most are aimed at the cruiser market but there is one that is aimed at the fisherman; Pleasure Boating . I know nothing of these guys other than what I have seen in their ads and on their website, and I think they appeared on Creek to Coast at one time!?.

Not what you are proposing but may be another option, or at least give you some ideas about how to go about a shared ownership arrangement.

Here is their website link;

http://www.pleasureboating.com.au/index.php

Cheers

Dave

[mattyd]

Hi all - I've been browsing the board since I discovered it yesterday and found a wealth of good helpful information (and some cracking tales of ramp rage!).

Can I say that I've been around boats for about 20 years, and finally got my licence a few months back. I'm looking to go halves with my brother-in-law in his reasonably new boat he purchased 18-months ago.

It's a sweet looking Freedom Escape 5.3m c/w 90hp Etec. He's a specialist surgeon so rarely gets to use his toy. They find it's too expensive to be paying annual rego / insurance etc, just to have it sitting in the yard and only getting out 3 times a year. The only way they can keep it would be to go halves.

It's a bigger boat than what I would have envisaged as our first boat (we were orig. thinking of a runabout with a 40hp).

But in doing the sums, I figure it's about 25 grand for a new quintrex 4.2m package or similar, or 15 grand to share a great looking boat that's something we can grow into.

We are looking into establishing some rules in place to cater for one of us wanting to 'get out' of the deal. Insurance will cover any major damage, and small scratches will have to be dealt with at them time. He I know is meticulous about the condition and cleaning of the boat, as will I be so we're both on par in that regard.

Many people I talk to who see boats as 'sometimes' just a big hole in the yard that you keep throwing money at, agree with me that going halves in a boat is one of the most sensible ideas they've heard. The fact that there's twice the likehood of the boat being used more often and half the costs associated with rego / insurance and maintenance costs - all make a lot of sense to me!

I would be interested to hear from others in my situation, or are currently sharing a boat.

[deek]

I've gone halves with a mate who wanted to downsize his boat. At the time I didn't have a boat and I was looking at buying one. He didn't use his boat much during the year, so he suggested we go halves because between the 2 of us the boat would get used more. We split everything down the middle. If you break something you replace it. As he lives on acreage it's easier to store it as his house. This saves me the hassle of storing it out on the street. We're pretty easy going people, so we don't seem to have any hassles with this system. We've owned the boat for about 5 years now. I lso now people who have gone 3rds in a boat and have had no problems with their arrangement. I think it depends on what type of person you are.

Cheers
Deek