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Old 01-09-2014, 11:00 PM   #21
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Our Tolly is 99.8 miles door to door. Kind of a bummer in that we don't just get to visit on a quick whim. But great during spring, summer, fall that it's in warm fresh water with islands, canals, and swimming galore! That distance also means we make sure we plan to stay out and about for min of 3 to 4 days each time... some visits longer. That is fun! Do wish I had it closer sometimes for general services though... cause when we get there I like to play rather than work. Although I do accomplish what ever is required!

Boating: Trade Offs Need To Occur!
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Old 01-09-2014, 11:09 PM   #22
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I don't like to have partnerships in anything that is personal until and unless I really know and like a person...
That reminds me of the old saying: The only ship that doesn't float is a partnership.

For something this volatile and costly (boats OR planes), where decisions like what to fix, when, what parts, and how thorough it's done... Where it will be moored, who uses it when and for how long (add weather to that). I would never try it. Too many things can go wrong. Maybe with millionaires on super-yachts where you have full-time crews that just keep it in repair, but not at our toy boat level.
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Old 01-10-2014, 12:59 AM   #23
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CPseudonym, The following was for a high performance single engine airplane, I required a $3000 initial deposit to be retained by me while you were a member of the group, repaid within 30 days of your leaving the group. I charged $1 for a share of stock, the stock required to be resold to me for $1 when you left the group. I charged $200 monthly (prepaid quarterly), each month including 1 hour of flying time dry, to be forfeit at the end of the quarter, if unused. All additional flying time was at $50 per hour dry. This arrangement was fully disclosed to the insurance company and they had no problem with it. It also covered 100% of my Ownership Costs of hangar / insurance / required inspections. The $50 per flight hour charge covered the Operating Costs, thus the Ownership Costs were shared equally by my users, while the Operating Costs were paid proportionately by my users. I bore the Capital Cost. The numbers can obviously be adjusted for any situation. Again, I would be happy to discuss this further on an individual basis should there be any interest. George
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Old 01-10-2014, 01:32 AM   #24
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25 minutes?

I'd have to crawl to take me that long to get to my boat. Maybe 3 minutes by car or bike.
It usually takes me 3 minutes or more to realize I am awake in my berth.

Marty
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Old 01-10-2014, 01:35 AM   #25
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It usually takes me 3 minutes or more to realize I am awake in my berth.

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But what a good feeling when you do...
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Old 01-10-2014, 11:40 AM   #26
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25 minutes?

I'd have to crawl to take me that long to get to my boat. Maybe 3 minutes by car or bike.
How long by snowshoes? Although PR seems to have escaped the brunt of Coastal snow so far.
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Old 01-11-2014, 01:20 PM   #27
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Hey that is great advise George! Thanks for the information. If we proceed and get some interest in this with the Domino, I'll contact you for a little more guidance. Sometimes we have to make compromises in financial situations. I would prefer the current state of individual ownership myself, but willing to give something else a try.
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Old 01-15-2014, 02:44 PM   #28
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This is very interesting information George, I would like to discuss in more details and will send a pm to you.
regards,
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Old 01-20-2014, 09:03 PM   #29
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I would not share my boat any more than I would share my wife! Too many things to go wrong, too many things to disagree over.

Just a few:

1) One partner is using the boat and there's a major mechanical failure (blown engine or such). Who pays for repairs?

2) Who decides what maintenance or upgrades should be done and what if one partner doesn't think something is necessary and refuses to contribute to the cost?

3) What if two partners want to use the boat at the same time?

4) What if one partner wants out (or dies) and the remaining partners can't afford to buy him out?

Renting or chartering makes more sense to me.
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Old 01-20-2014, 09:46 PM   #30
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All of that and a whole lot more is decided in the contract up front or you do not sign the line and pay your dime. Once the ink is dry is not the time to have those negotiations.
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Old 01-21-2014, 07:56 AM   #31
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I mentioned renting or chartering above, but if you already own the boat and just want to cut your expenses, there are companies where you put your boat in charter service and they handle all the details like finding customers, insurance and maintenance. You still get to use your boat when you want to. It might be worth looking into.
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Old 01-21-2014, 12:26 PM   #32
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I dont see much of an issue.. nothing i couldnt live with and to me it is much different than having and sharing my wife.

1) One partner is using the boat and there's a major mechanical failure (blown engine or such). Who pays for repairs?
The joint ownership pays the cost for major repair and such as you describe. If one partner runs the prop on a rock, the insurance pays and he pays the deductible.

2) Who decides what maintenance or upgrades should be done and what if one partner doesn't think something is necessary and refuses to contribute to the cost?
Best to agree to X amount per month is put into an account for upgrades or maintenance. some even use a company to maintain the boat so there is no fuzz.

3) What if two partners want to use the boat at the same time?
Well, lets just say you agree one partner has the boat on the odd number week (week no 1 is the first week of January), the other has the even numbered weeks. then you can make trades if you want a longer trip.

4) What if one partner wants out (or dies) and the remaining partners can't afford to buy him out? Just like owning a boat it is his responsibility to sell his share.. if he dies his share is passed into his estate.
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Old 01-21-2014, 02:55 PM   #33
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I mentioned renting or chartering above, but if you already own the boat and just want to cut your expenses, there are companies where you put your boat in charter service and they handle all the details like finding customers, insurance and maintenance. You still get to use your boat when you want to. It might be worth looking into.
Wes - Tell me more bout Charter Service companies that handle all details like finding customers as well as covering ins/maintenance!

Following is my input, regarding self accomplished rental wile another company's ins covers my Boat Rental:

I'm in contact w/ owner of a company that "helps" rent and “does” completely insure rented boats for which his company holds agreement. In that... once I sign agreement this company will include a boat of mine on their site and direct inquiries they get for my boat to me. It’s then my responsibility to close the deal with a renter at my pre agreed (with the company) rental price and our rental %age split. Renter fills all tanks at close of rental, or pays through the nose off the security deposit for me to fill tanks! When I rent the boat through that company it has a BIG umbrella ins policy that covers all my needs. Renter of my boat pays that company for rent and establishes a carded security deposit. At end of rental the company deducts its %age off my rent and sends me a check for remainder. I also am able to locate persons to rent myself (via promotions) and the same items apply with the company. Therefore it is a good way for me to have full coverage at arm’s length with the renters and yet receive income from my fully insured boat.

I would not rent our Tolly in this fashion... cause... my wife loves it (so do I – lol) and I know that general renters can be similar to motel patrons... things get dirty/messed up. But, that is what the renter’s security deposit of a couple grand is applied to if required. Any large damage and the rental company’s ins takes care of that with deductable taken out of renter’s security.

All and all it sounds like a pretty good deal. I would be responsible of caring for the boat between rentals and do (or hire others to do) general maintenance/repairs.

Penciled out (used, reasonably priced yet good condition, twin screw, 30’ to 36’ IB boat with features and accommodations):

1. $300 day for rent calced at 1 day rent per wk avg = 52 X $300 = $15,600 Gross
2. $450 mo for slip = 12 X $450 = 5,400
$10,200 remaining
3. $150 mo W&T / stuff (zinc, bottom paint... etc) = 12 X $150 = 1,800
$ 8,400 remaining
4. $150 mo incidentals X 12 = 1,800

Annual income before taxes $ 6,800

Not too awfully bad if you can keep #1 at rental ratios stated. But, if $300 becomes $200 in order to rent it out... or if... 1 day per week becomes 1 day per two weeks... or longer; well then, it becomes an effort filled no income “push”. Any worse than that and you loose money. On the other hand; if you can keep her rented 1.5 to 2 times per week at $300 per day there is a bit of income potential. Three or more boats doing good numbers and it could become a biz where you had a dock hand taking care of your boats’ needs.

Anyway, a year ago I nearly tried this opportunity with a 33’ twin screw FB cabin cruiser I felt would be perfect for rental purposes. However, the deal regarding the boat fell through. It did not meet my standards... I walked! Glad I did – needs for my time became apparent elsewhere.

I’ve got another Pleasure Cruiser I’m currently mulling over for same reason; seems to be a good ol’ baby. I’ll let cha all know if I were to follow through; don’t hold ya breath though!! lol

Happy Boating Daze! - Art
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