share my boat help

[HamptonMorgan22]

I want to moor my sailboat in charleston sc. On a mooring out in the river. Its free.

I put an add on craigslist for someone to share my boat, for the price of a monthly underwater hull clean and topside clean. I got an amazingly overwhelming response. That I was not expecting. I would like to share it and have someone look after it, I live quite a ways away, and would not be able to use it that much. It would really be a favor for me. However I do not want to just pick a number from the 75 and growing responses to find that person. I Was thinking I would get a couple responses.(Its a 71 22ft morgan, not an 08 HR,) but I got 75 and growing. So now what? Its more of a favor to me to do this. But with so many responses what do you guys think would be a fair price/trade? If my main goal was to have someone to look after it and get some maintenance done, Should I cancel the rest of my life for a bit and start holding interviews or up the price/maintenance trade?

It is a nice looking solid boat I just refurbished. 1971 morgan 22. All the responders have seen pictures and an explanation of its features and lack there of.

I am very new to sailing, I have no clue what would be fair or what is the norm for something like this. Just could use some advise. Just on the above mentioned process, not on the legal part once I find some one to share, think I can handle that.

Thanks

[sailingfool]

There is no norm for a practice like this. I think that you should forget about it.

If you want your own boat and to leave it in the water, then hire someone in the area to look after it and pay them as needed. Use the boat when you can. Remember the boat is supposed to be an endless pit of mis-spent money, think of it as part of the fun. If you can't go it alone, change one of the freeloarders into a boat partner. Sell him half the boat, get a shared use contract, and if he'll do the care and monitoring you want, adjust the operating costs so you pay more or even all. But get his name on the title and the insurance.

I don't think a stranger will end up taking good care of your boat for nothing, even if they can use it. Ditto for cleaning the bottom. If you have an insurance company, they will have a fit, and tell you you can't do this. Sorting out the legal risks would keep your lawyer busy for a week or so.

If you really want your own boat, it would seem like you would be better off with a trailerable...hmmm...does that Morgan have a centerboard?

[sailingdog]

SF has some good points... I don't think your insurance would like having a bunch of strangers having free reign over your boat. Also, if they're out sailing the boat and hit something/someone, guess who is legally responsible for making good the damage—in most cases, that'd be you.

[HamptonMorgan22]

thanks
I guess I thought it was more common. I share a fishing boat and thought it would be about the same. My insurance company told me its basically like a car. If my friend is driving my car they cause damage to property, yes my insurance company and I are liable. The insurance on my boat covers multiple operators. Or for about $30 extra a month I could get a modified charter insurance.
I would have the maintenance contracted through the marina the user would simply pay me that fee. I guess It is different when sharing a 90K fishing boat that has a definite value by its owners vs my morgan. I bought the boat to learn to sail on and learn to fix up etc. It has taught me I defiantly love sailing, and probably want to buy a larger more weekend friendly boat in the near future. Maybe I am to optimistic about people, I thought maybe there are good responsible people who may not be financially able to have there own boat but would love the opportunity to enjoy some days out on the water. That is why I put it out here for those who know more than me. It is trailerable but I fly to Charleston couple times a month, just looking at all my options. Thanks again.

[sailingdog]

Hampton-

Part of the problem is that if they are paying you to use the boat, even indirectly, you're in a situation that is probably considered commercial, and would require you to have a USCG captain's license as well as commercial charter insurance. If they are a part owner of the vessel, and paying you their share of costs, for whatever reason, then it is a different story entirely.

[Sasha_V]

I have seen variations of this arraingement encted about eight times...I have seen it work exactly once.... And that was because it was me that was "sharing" the boat. I decided to go into it knowing that I would basically get somewhat screwed and that I was not only after the experience of sailing but of doing maintenance and getting a feel for the ugly side of boat ownership. Did that fr a year and then went and bought my own boat. Owner of the boat I had been "sharing" had a moderately polite fit that I was no longer going to be available for his boat or that I did not make him an offer on buying his before going elsewhere (His boat was about 4 times the price I was willing to consider and had certain factors that wents I would not have wanted to own it regardless of price). In short, if you do this, it will likely be a short term arrangement, you are likely to get screwed around and the boat is going to go through periods where it gets worse instead of better then just having it alone....And a lot of grumbles, headaches and worries.

you are much better off doing the boat syndicate thing with three or four of you. Co-ownership, in writing. It does not have to be a superboat to do this, you can do it with a $10000 boat as easily as a million dollar one. Lay out the ownership obligations, maintenance goals and schedules, desicion making process etc...and then make it work.

I do applaud you for trying to find a way around the under-utilised boat dilema...I merely advise that this may not be the best path to get there.

Sasha

[CalebD]

I have a friend that set up a boat 'syndicate' as mentioned with 4 parties in the syndicate. They used to have a Hunter 25 and recently got an Endeavor 32'. When I was talking to him about buying a boat with some friends as partners he warned me that it would not be a partnership of equals.
I think that their syndicate has probably worked out a little better than my surviving parnter(ship). They all pay a fixed (budgeted) amount per year that includes slip, 1/4 usage during the season (negotiable as they are friendly), insurance and a minor amount for maintenance by outside workers. They allow each other a credit of $30/hr for doing maintenance on the boat and largely hire 'professionals' to do most of the work they don't want to do (or don't know how). Boats cost money and that is the bottom line.
You could achieve the same effect by installing a shredder outside your shower so that you could turn on the cold water and slip hundred dollar bills into the shredder. If you dropped any bills in the shower they would just go down the drain. You would have to spend a lot of time maintaining and emptying the shredder.
As others have said, if it is your boat then you decide who works on what and gets paid for said work. If it is a partnership then you have to account for who does what and how much is fair compensation (credit).
I am not sure I would want to interview all the replies you got from craigslist. Even taking a friend on as a partner has its darker side.

[sevent]

I know this is an old thread, but I was wondering if you can share how things turned out (if you even see this). I am also optomistic r these types of arrangements. But as one reply mentioned, it works out best when you expect to get less than you are technically entitled to. If you, or ideally everyone in the partnership, is flexible enough and financially sound enough, these work out well and optimize the boat's life. One suggestion, albeit a year late perhaps, is to narrow down your list with their willingness to provide a deposit (perhaps equal to your insurance deductible, or more). If some of your audience is anything like me, they are interested in sharing more for the lack of available time and lack of spouse interest (and therefore lack of consensus on discretionary spending), than lack of funds. I would much rather share with someone who could afford a mishap.