Shared Ownership

rakowski · #1 (**permalink**) 08-28-2003

I''m a married, 59 year old retired male interested in a 1/4 ownership in a cruising sailboat. I think something with a total acquisition cost of about $100k would work. I''d like it to be 35-45 feet. I''d like it to be moored along the Atlantic coast between Charleston,SC and Brunswick,GA. Any owners interested? Any potential buyers interested in working with me to form an LLC to make this happen?

woyoung · #2 (**permalink**) 09-10-2003

I''m interested and financially able. I live in Greensboro, NC, but lived in Charleston for 13 years and love it. Farther south would not work for me. Keep me posted.

Thanks

Bill Young

sherbet · #3 (**permalink**) 09-11-2003

I''ve been looking for the same thing for a couple of years (I posted on here about it a while ago). Same boat size, same money, etc.

Only difference is I want to split the boat up in PORTIONS OF THE YEAR. So one partner would get it for three months, then another for the next three months, etc.

I would prefer to have it for jan-feb-march in the Bahamas and Caribbean, then I would deliver it to the east coast for someone else who lives farther north for the next few months, etc.

Mooring, etc. would be the responsibility of the individual who had it, then there would be a yearly fund for maintenance that everyone would contribute to.

What do you think?

Jeff_H · #4 (**permalink**) 09-11-2003

Jan-Feb-March in the Caribbean is extremely hard on a boat compared to some Atlantic port north of the hurricane zone in the other seasons. Almost nothing would wear out a boat quicker (high water temps and salt, lots of sun, and wind) not to mention the annual additional 3000 delivery miles (roughly 3 to 4 times the distance that insurance companies estimate that an average seasonal sailor will sail).

While I have a partner in my boat and am comfortable with that aspect, I think the pool of sailors willing to consider a partnership is pretty small. When you add the specifics of what you are proposing, I think that proposal would be total non-starter for most experienced sailors. The only prospect that would make this any worse is to have a non-experienced sailor in the deal, but given the specifics it is most likely that your partner will be inexperienced because an experienced sailor probably would not even consider the deal.

Respectfully,
Jeff

maxcontax · #5 (**permalink**) 09-11-2003

4 of us have been discussing this for some years and can''t seem to actually agree on the boat that suits 4 different views of sailing, and the times we''d use it. For what it is worth, here are some of our issues: --different levels of ability: we agree all must have a skippers ticket to be an owner --seasonal differences: we have a conflict in prime time that we are trying to resolve with assigned times, but once assigned we are allowed to trade and barter with the others --third parties aboard: "giving" our time to other competent sailors --the boat: size ranges from 33 ft minimum to 44 foot maximum, obviously crew needs and monthly costs are affected. We did agree on handling the fixed costs, the variable costs, and operating costs. Insurance companies are not overjoyed to find many owners, mine told me insurance goes up, and to make one person the "owner" with an agreement for use behind it, that alone brings in issues of liability but the rates were less. Just some thoughts we''d gone over, that that''s between 4 guys who sail and have been friends for 30 years. No idea what issues arise when the 4 owners are new to each other. BTW we are all working now, the issue will likely get debated when we 4 have more time in a few years.

WHOOSH · #6 (**permalink**) 09-11-2003

Rakowski and the group:

Keep posting and seeking other interested parties. Whether or not a person''s use is acceptable (in the Bahamas e.g., in the winter e.g.) is totally up to the group who own the boat. The benefits of group ownership may differ widely for different members, and you won''t know if there''s a "fit" until you identify interested parties.

Folks I know who approach group ownership thoughtfully, and with every absolute detail in writing ahead of time so there are no surprises, have been very satisfied. And that includes one boat where one owner couple live in the MidWest and ONLY want to use the boat in the Bahamas during the non-storm season.

Jack

rmj17 · #7 (**permalink**) 09-11-2003

Just thought I''d encourage those of you considering joint ownership to persevere.

On a macro level it makes good sense: few sailboats are fully-utilized by single owners. And it can work on a micro-level too if you work out the right partnership. I have a friend who has been a very happy 1/3 partner in a 30-something Pearson for MANY years. He and one other have been in the partnership together for many years, the 3rd slot has changed a couple of times. My friend seems to get more than his "fair" share of time on board, just because the others can''t/don''t use their time. Don''t think that''s unusual.

Bottom line ... it can definitely work. Just find the right partner(s), go into it with your eyes open, and make the right deal. Talk to others involved in boat partnerships. And there are a couple of books on the subject on Amazon.

rakowski · #8 (**permalink**) 09-13-2003

To WOYOUNG and SHERBET. I cannot find your user profile to send you an e-mail directly. Please look mine up and contact me via e-mail so we can explore this further. I have owned a condo in a private sharing situation for some time now mostly with strangers and find no difficulties with the arrangement. I think the guys who are friends and have been talking about this idea for years just aren''t ready for a boat. Funds, time, interest, I don''t know but after having done it with a condo, and after having owned boats before, I don''t see a big problem with the arangement. Sherbet, I think you''ll never be sailing if you remain fixed to the idea. I found a CSY44 owned by 10 partners and kept in the US Virgins which might get you halfway there. They can be contacted at
www.voyager4sail.com

jsimpkins · #9 (**permalink**) 09-20-2003

I''m a 52 yr old male, about to be single and retired. I currently partner (50%)in a 28'' O''Day on lake Norman, Charlotte. I want a "blue water" boat and I''m interested in a partnership. My daughter lives in Charleston SC so that would be fine as a base for me. Drop me a mail and let me know any details you can. Thanks Joe Simpkins
Send me your email address and I will send you my sailing resume.

rakowski · #10 (**permalink**) 09-24-2003

Joe, you can reach me at rakowski@aol.com. There is currently one other actively working with me to develop this partnership idea. He also would prefer Charleston as a base. We are interested in a cruising not racing for our boat. We both would like some creayure comforts aboard so our families can enjoy their time with us. With 3 of us we might be looking at a 32-36'',$60-70k boat with a good reserve or some immediate shared cost improvements. Iws this in your ballpark of interest? Jeff