shared ownership- trade equity for upkeep and fees?
I have this wonderful Nicholson 31. I got a very good deal on it, It's worth far more than I have in it. New baby and logistics make it difficult to give it the attention it deserves. i was ready to sell it but my wife said no. She holds out hope that the weekend cruises around the Sound and Outerbank will be a reality.
I'm less optimistic.
So I had this idea to give 50% ownership to the right person in exchange for that person taking care of the upkeep and fees.
And we both get to use the boat.
There would be some provision for an annual review, optional buyout, contingencies for big expenses. I don't have any details beyond that. Ideally, the right guy would be a retired person with the time and econimc stability who does not want to drop a wad of cash.
Maybe the stake i give them would be 25% and they pay toward 50% ?
Has anyone ever heard of something like this?
In over my head?
First Boat, a well-equipped 1977 Camper Nicholson 31
What is all this stuff and how does it work?
Last edited by hertfordnc; 12-05-2009 at 04:04 PM.