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I may have missed it, but I don't see any mention of a buy-in amount. From this I assume that for my $550 per month I pickup 1/3 of whatever equity is already in the boat today? Is that right?
I don't have to come up with a lump sum to cover the 1/3 of the equity that previous partner would have been owed?
I may have missed it, but I don't see any mention of a buy-in amount. From this I assume that for my $550 per month I pickup 1/3 of whatever equity is already in the boat today? Is that right?
I don't have to come up with a lump sum to cover the 1/3 of the equity that previous partner would have been owed?
You are correct. You don't have to come up with anything else.
This is one heck of deal. You'd pay that practically just for slip fees and are getting a free boat. I would jump all over it if I was closer. I live in Tampa (3 hrs away), but go to Sanibel (for the last 15 yrs), 2X's per year (10 days total) and was almost tempted to do it. Realistically I would only be using the boat 5 days a year so I decided against it, but if you were closer you simply can't beat this deal.
I used to bring my Pathfinder and before that my 32 express down to Sanibel, but sold both. Now I am forced to rent a 20' CC for like $250 for 6 hrs when I go to Sanibel ir use my brothers little boat in Bonita Bay.
Ken, I have a brother that just bought a condo 1 yr ago (in Bonita Bay). He lives in the Mid West and goes down for occasional weekends in the winter (maybe 8 weekends/yr). He met some friends in his building at Bonita Bay who bought into his boat just like you are doing. My brother sold 1/3 share of his 24 Regal 2007 bowrider (a $50K boat new) for $500/mo! Everyone is happy, my bro wants the boat used more since he's never there, the other guys now have a boat at their vacation home for $500/mo-- it works well and everyones happy. Ken' has 5 times the boat and its the same price! The Regal was bought for cruising/skiing lakes in Indy and is not even a good GOM/Sanibel boat.
Ken, I would recommend advertising at the Bonita Bay Marina or moving it there if you could, because there are a lot of wealthy guys who rarely come down and this arangement would be perfect for them and you. I think you'd sell 4 shares quickly there.
Ken if you were closer to Naples I would be in on this but getting to Sanibel in season with traffic is a haul. Best of luck...and a great deal for sure!
This is one heck of deal. You'd pay that practically just for slip fees and are getting a free boat. I would jump all over it if I was closer. I live in Tampa (3 hrs away), but go to Sanibel (for the last 15 yrs), 2X's per year (10 days total) and was almost tempted to do it. Realistically I would only be using the boat 5 days a year so I decided against it, but if you were closer you simply can't beat this deal.
I used to bring my Pathfinder and before that my 32 express down to Sanibel, but sold both. Now I am forced to rent a 20' CC for like $250 for 6 hrs when I go to Sanibel ir use my brothers little boat in Bonita Bay.
Ken, I have a brother that just bought a condo 1 yr ago (in Bonita Bay). He lives in the Mid West and goes down for occasional weekends in the winter (maybe 8 weekends/yr). He met some friends in his building at Bonita Bay who bought into his boat just like you are doing. My brother sold 1/3 share of his 24 Regal 2007 bowrider (a $50K boat new) for $500/mo! Everyone is happy, my bro wants the boat used more since he's never there, the other guys now have a boat at their vacation home for $500/mo-- it works well and everyones happy. Ken' has 5 times the boat and its the same price! The Regal was bought for cruising/skiing lakes in Indy and is not even a good GOM/Sanibel boat.
Ken, I would recommend advertising at the Bonita Bay Marina or moving it there if you could, because there are a lot of wealthy guys who rarely come down and this arangement would be perfect for them and you. I think you'd sell 4 shares quickly there.
Good luck!
Alan
Alan.. Thanks for the tip- Bonita Bay Marina is a great idea for sure and I'll make sure I get the word out there.
I know it's a great deal, I would expect to have tons of takers... and I'm just looking for ONE GUY to partner up with us (so we'll have 3 of us total).
Tight lines,
-Ken
__________________ Marlago FS-35
Last edited by Ft Myers Ken; 02-28-2010 at 04:30 PM.
We just sold three distressed condos in the neighboring condo building to the marina so there are some good buys right there, you could buy a condo on the cheap and have a great boat next door!
__________________ In the hunt for another...Intrepid....
2005 Intrepid 30 Center Console twin 275 Mercury Verados - SOLD
2000 Intrepid 32 Center Console single Yanmar Diesel - SOLD
2003 Baja Outlaw 25' - SOLD
1998 Hydra-Sports 27' CC - SOLD USCG Captain 6 pack w/ 50 ton master
Naples, Florida
My wife and I love to dig those groupers. Partners on a boat make a lot of sense. I really like that Marina and have only visited it. Right now I have a 28 ft 2006 Southport I may need to sell. We currently keep it behind the house, but it is now for sale too.
My wife and I love to dig those groupers. Partners on a boat make a lot of sense. I really like that Marina and have only visited it. Right now I have a 28 ft 2006 Southport I may need to sell. We currently keep it behind the house, but it is now for sale too.
Yes, partnering in a boat (for me) is the only way to go! When you think about how often you actually use a boat... it just makes so much more sense. It's easily shared by 3 families, with everybody still getting all the boating they ever want or need.
Keep the arrangment in mind for the future... it could work out very nicely for you. Remember- $550 covers the boat payment, insurance, tax, tags. You get the benefits of the yacht club for free!
I understand the rotational usage. My schedule is somewhat flexible..... what if I want to go out on a friday? or 3 days a week? or whenever? Do you guys just coordinate when you want to use it and work around each other?\
Say John uses it sat, Dan uses it Sun. Neither of you want to use it til the next sunday(back to johns rotational day) and Bill wants to go to the keys on wed and come back by sunday?
Basically, have you had any scheduling conflicts on usage "days" of longer than........ a day?
Weekdays:
We leave the weekdays open, and we just notify the other if we intend to use it. For Dan and I, if either one of us are going out on a weekday it's to fish... and generally the other man is invited to come along anyway if he can duck away from the office.
For example: If I was sitting here on Wednesday evening and decided I wanted to fish tomorrow- then I'd text you (and Dan) and say "Hey, I'm going out Thursday morning for a few hours, wanna go?" or "I'm gonna fish tomorrow morning" or "Gonna take my girl to Useppa for dinner tomorrow night". Since I spoke up first- I would have use of the boat tomorrow.
Obviously, if you had already reserved it for tomorrow (and I'd know cause you would have texted me) then I wouldnt be sitting here tonite planning a trip anyway cause you've got the boat already tomorrow.
Rotate Weekend Days:
We consider weekend days are when we take our kids, wives, family etc out on the water. And all three of us should know what days those are. Since theres only 2 of us right now- I take Saturdays and Dan takes Sundays. When you join, we'll add you in like this...
WEEK 1
Andy has Saturday
Dan has Sunday
then
WEEK 2
Ken has Saturday
Andy has Sunday
then
WEEK 3
Dan has Saturday
Ken has Sunday
repeat....Andy - Dan - Ken and so on.
Out of town trips:
To use your example, lets pretend it's a week like WEEK 1 and you (Andy) want to take the boat to the keys on Wednesday and be back by Sunday. So, text us and tell us you want to take the boat to the Keys (cause it's open during the weekdays anyhow) and it's only due back / promised on Sunday for Dan.
Now, if you want to do it on a weekend that you don't have Saturday... then call someone and switch. No big deal.
We'll switch with you most anytime we can, because we want the same treatment in return. If your planning something important to you... then I won't stand in the way because I would want you to treat me the same way when I'm planning something important to me.
Golden Rule. Just treat me how you want to be treated.
I'll give you a good example of two weeks ago. Remember, I take Saturdays and Dan has Sundays.
I had friends coming in from Texas for the weekend. I wanted to be able to take them out for a day on the water while they were here. Never knowing what the weather would be... I called Dan and asked if he would let me take Sunday if it was rainy or crappy on Saturday. He said sure because he didn't have any special plans. He gave me his Sunday just in case it rained on my Saturday.
We do this kind of stuff because.... why not?
What do you think?
-Ken
PS... if you take it to the Keys, we'll tell you to leave it and we'll each make plans to fly down and use it.. and the last man has to bring it back!
PS... if you take it to the Keys, we'll tell you to leave it and we'll each make plans to fly down and use it.. and the last man has to bring it back!
Ken this is starting to sound really good.
Ken...what if one or both partners decide they are done? Would the remaining partner be left with the boat? Who holds the loan for the boat?
__________________ In the hunt for another...Intrepid....
2005 Intrepid 30 Center Console twin 275 Mercury Verados - SOLD
2000 Intrepid 32 Center Console single Yanmar Diesel - SOLD
2003 Baja Outlaw 25' - SOLD
1998 Hydra-Sports 27' CC - SOLD USCG Captain 6 pack w/ 50 ton master
Naples, Florida
Ken...what if one or both partners decide they are done? Would the remaining partner be left with the boat? Who holds the loan for the boat?
Hi arctic_f250,
I'm glad you asked that question. Just like when you own a boat by yourself- none of us can just decide to be "done". You (and me, and Dan) have to make our 1/3rd payment until we find a suitable replacement to take over our responsibility which could be somebody new, or an exiting partner could ask, encourage or negotiate an arrangement by which the other partners absorb your share.
It's a boat- so nobody's gonna make any money And, nobody can walk away from it's loss or depreciation either.... The boat's not upside down today (I think we only owe $90k), but inevitably- it will be upside down one day and as we get closer to that day that's when we decide if we wanna keep it, or sell it and decide what boat to buy next...how bout a 3 year old Nor-tech 39 or a Yellowfin 36? Maybe a 32-38 Express ?
It's pretty awesome to boat shop when you're only paying 1/3!
So don't worry, I cannot walk away and leave you and Dan holding the bag. I'm financially and contractually obligated to make my 1/3 payment until you say I'm out (or I've brought you a suitable replacement).
We can't bail on you just because the boat value goes down. Boats are boats... and almost always a losing proposition. This is the same except you only lose 1/3 of what you normally would.
This ain't the "Freedom Boat Club"... This is actually BUYING A BOAT with 2 other guys who will share the time and repair expenses with you.
Make sense?
Good Luck on your Southport 28, it's beautiful!
-Ken
__________________ Marlago FS-35
Last edited by Ft Myers Ken; 04-22-2010 at 04:09 PM.
And, nobody can walk away from it's loss or depreciation either.... The boat's not upside down today (I think we only owe $90k), but inevitably- it will be upside down one day and as we get closer to that day that's when we decide if we wanna keep it, or sell it and decide what boat to buy next...how bout a 3 year old Nor-tech 39 
?
