Purchasing a yacht with 3 other friends

[Stu Jackson]

1. Have you considered doing a search on "boat partnerships" on this forum? I ask this first to attempt to avoid even more repetition.

2. OPB - other people's boats! My best friend and I sailed together for over six years, every Friday, come hell or high water, and sometimes both! Funny thing is, my friend helped me more with doing boat fixit work than anyone else except my son (my son helped me do all the major engine hose, muffler, exhaust hose and exhaust riser replacements and joined me on my trip up the coast from SF to Vancouver Island). I am definitely a DIY-er. I hate other folks touching my boat except for bottom paint and standing rigging. Non-DIY-ers who "wanna sail and have fun" and who look at fixing things as "work" are hard to mix with. I think it's a safety issue. My friend was the ONLY person I know who I would lend my boat to (and did) [including my son]. But it was still "my" boat, just the way I like it. Still have the boat, and the friendship.

3. Figure out the "end game" - how does one "get out of it" with no hard feelings. "It's just business" is hard to mix with "friendship" (or "family" for that matter). This is a reality of life.

4. It can be done. It's rare.

5. "The more the merrier" doesn't usually work in these situations, based on the validity of these comments and what you'll learn from the search "hits."

Good luck.

[barnakiel]

It is often done by racers. Except that racers often call for big crews anyways.

I have seen cruising boats owned by groups of people from 2 to say 5. I think it works better with few rather than many owners.

I think this difference is due to the fact that a cruising boat owned by many is hardly ever sailed by many, most often it is a a time share basis. This may be a bit more difficult to manage swiftly BUT sure is a 100% doable thing.

Cheers,
b.

[hamburking]

Originally Posted by Tetepare

How will you feel when it's your weekend and the holding tank is full, there are dishes in the sink, and the port was left open so the bunk is soaked?

That's why I want to be in a syndicate...I'm free all week while most people are at work. I could share their boat and they wouldn't even know it! I don't want any weekends...too busy out in the islands. 3 or 4 days during the week, every week, would suit me fine.

As for the head tank...I don't use the head, just spray some lysol and shut the door. Dirty dishes?...put em in a box, stuff em someplace like the hanging locker, then dump them back in the sink before I go.

Who am I kidding...filthy toilet, dirty dishes, wet bunk....that's how I live right now!!!

Maybe instead of a syndicate I should just "borrow" one of the many unused boats at the dock?

Seriously though, what i like best about owning a boat is that all my stuff is there. My ww gear, nav stuff, non-perishable foods, spare clothes. I could step aboard with a bag of fresh food and go sailing for a week. Or just go sailing anytime with zero prep...the boat was always ready. It was always like 5 minutes at most from when I got to the marina to when I was pulling out of the slip...and most of that time was spent getting changed out of my biking clothes and putting on sunblock.

But now my boat is sold, the wife is gone, and the kids have lives of their own. If dirty dishes and a pumpout were the only issues....I would sign up right now. Big picture, I want to go sailing. If I gotta clean up someone else's selfish mess, big deal, I'll do it. I've been doing that for 30 years, why should I stop now?

[CdS2 Roland]

Good Morning,
It is good to pass by a contract, which fixes rights and duties. In particular what is agreed between the parties in case of desertion of one of the co-owners. Quite new, quite beautiful. But what shall we do if a co-owner does not pay, can't pay any more. If his(her,its) properties(goods) are seized. By fair weather it's good to think about bad.

[hamburking]

Originally Posted by CdS2 Roland

Good Morning,
It is good to pass by a contract, which fixes rights and duties. In particular what is agreed between the parties in case of desertion of one of the co-owners. Quite new, quite beautiful. But what shall we do if a co-owner does not pay, can't pay any more. If his(her,its) properties(goods) are seized. By fair weather it's good to think about bad.

Unfortunately, you must also consider what happens when one of the "guys" gets divorced, and his ex wife now owns his share. Or what happens to shared maintenance when one of you gets a serious illness. Considering all the terrible situations which are possible kind of takes the fun out of buying a boat.

[Idylles15.5]

As my late father would say. "Partners are for dancing"

[RickG]

Good documents make good friends. I have been in a 2-way partnership in the Virgin Islands since 2014. We are setup as an LLC and have an operating agreement that lays out the what and how of running the boat. It has been great for me. My partner lives and works near our marina and is a marine mechanic and I have learned a lot. We enjoy each other's company and frequently sail together. No regrets here.

We had envisioned bringing in other partners, but the expenses have not been more than we can afford. Why bother with more hassle?

How will we unwind when the time comes? One of us will buy the other out or we'll sell the boat. For now, I am happy to have a boat to sail in the Caribbean pretty much whenever I wish.

Cheers, RickG

[txgirllana]

Originally Posted by UNCIVILIZED

You might try speaking to companies that handle fractional boat ownership about this. For their ideas & feedback, & perhaps for POC's of a few sets of clients they've worked with, so that you can garner opinions & ideas directly from said folks, who've lived it firsthand.


Also, said firms would likely have some contracts/guideline documents that you could use as a framework(s) for making such a venture with friends painless. Ditto sailing clubs, or fleets where owner's put their boats into charter rental, several days of each week or month.

Where do you find the charter rentals?

[Cadence]

Originally Posted by rourkeh

I have never seen one of these deals work out. Basically turns into a bad marriage with messy divorce.

Or if you want to lose a best friend go into business with him.

[danielamartindm]

It's hard enough with two people, but three? You're basically going into a business that will will always be in the red with two other people. Personalities, personal finances, life events, spouses, families, unforeseen expenses, and the timing of use will all come into play. Based upon personal experience with shared ownership, IMHO, I would advise you to personally buy a smaller, well-found boat you can afford, and take your friends out on it.