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Old 08-13-2017, 04:40 AM   #21
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You came on here for an opinion...if the opinion isn't what you wanted to hear you had a rebuttal.

So now go split the house 4 ways and bring this thread back up in 2019 and tell us how it worked for you.

Next.
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Old 08-13-2017, 04:59 AM   #22
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The issue I would see is that people are different in their idea of cleanliness and repairs. I am by most accounts the most meticulous person any of my friends or family know so I could not do it because no one would take care of it the way I think it should be taken care of.
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Old 08-13-2017, 06:20 AM   #23
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Will be a partnership of sorts and similar to owning a business with a partner.

You will either have a equally shared amount of control or 1 partner will have a slightly higher percentage.

In other words, 4 people that agree all the time to their % of the liability of all aspects of ownership. Rare to make this happen.

Or, someone who still has ultimate control by owning the larger %. This will be the guy who will handle the day to day liabilities and decision making.

While I have not done this with a home I have been involved with it as a business.

It is hard enough to do 50/50. The more folks in the mix the tougher it gets.
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Old 08-13-2017, 06:47 AM   #24
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Quote:
Originally Posted by PalmBeachMarineFuel View Post
I'm not trying to be combative or come across as a tough guy, I'm just trying to have a discussion with other members who have experience with this setup.

It's so widely used in vacation homes, planes and and to some degree boats that I thought my question was specific and stated with a very pointed question.

Just frustrating when threads can't stay on point and comments made offer little value.

DP, triplenet and Toadmon thanks.
There you go again. "Comments made offer little value"

So... did you post to find three people that will agree with you or did you post to actually learn and get some input from people?

I have a partner in a property at this very moment. I do all the work, they do nothing. Does it work for me? Nope. Could it have worked with a better contract? Nope - because people don't honor contracts. Could there be something in the contract that could have protected me. Yes. Does that mean I would have to pay to enforce it? Yes.

But that's OK, Chief... you listen to what you want to listen to.

"Little Value" Man... that's pretty DB. Just sayin'
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Old 08-13-2017, 06:48 AM   #25
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Quote:
Originally Posted by Icatcher22 View Post
You came on here for an opinion...if the opinion isn't what you wanted to hear you had a rebuttal.

So now go split the house 4 ways and bring this thread back up in 2019 and tell us how it worked for you.

Next.
He's way too proud to ever do that. Maybe he'll start a third account for that one.

(Sorry man, but you struck a cord when people stop and try to help and you act like a DB - Sponsor or not... that's just DB.)
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Old 08-13-2017, 07:46 AM   #26
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I'll add some to the three cases that didn't go well of the four I know personally.

One was a three partner investment that was intended as a flip just before the 2008 crash. Thinking back on it, was really a case of selling as fast as we could on a downhill slope. We only lost $100k or so and I was a 20% stake. So this was more of a poor timing.

Second was also around the crash and the partner of a friend went bankrupt and left my friend holding 100%. The partner walked away but signed over his stake which was upside down.

Third was a partner that got divorced and needed to sell. Unfortunately they sold just before the price recovered.

Mine was great with my dad as mentioned but would really like to have bought him out. It has more than doubled in value and has a decent but not great full time rental income. Hoping it doesn't get complicated with my siblings down the road.

As you said, key is having solid partners that are not cash flow challenged and good mutual contract terms.
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Old 08-13-2017, 07:50 AM   #27
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Reminds me of sharing a boat with 2 friends.... no thanks.

Maybe 50/50 will work.
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Old 08-13-2017, 09:37 AM   #28
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Quote:
Originally Posted by lobsdiver1 View Post
I'll add some to the three cases that didn't go well of the four I know personally.

One was a three partner investment that was intended as a flip just before the 2008 crash. Thinking back on it, was really a case of selling as fast as we could on a downhill slope. We only lost $100k or so and I was a 20% stake. So this was more of a poor timing.

Second was also around the crash and the partner of a friend went bankrupt and left my friend holding 100%. The partner walked away but signed over his stake which was upside down.

Third was a partner that got divorced and needed to sell. Unfortunately they sold just before the price recovered.

Mine was great with my dad as mentioned but would really like to have bought him out. It has more than doubled in value and has a decent but not great full time rental income. Hoping it doesn't get complicated with my siblings down the road.

As you said, key is having solid partners that are not cash flow challenged and good mutual contract terms.
lobsdiver, thanks

oldpete, you're still filling this thread up with dribble and not little value but none. You have a partner in a real estate deal and i guess you didn't have an atty worth a damn. sorry to hear

firecat, yes i posted under 2 names, whats the issue, i was logged in to the pathfinder when i posted. It clearly states the affiliation with this acct and isn't hiding anything.

jose, i hear you on the sharing of a boat but i'm seeing a lot more of it here in SFL. a lot of guys with 36'-42 invincibles, bahamas, jupiters and contenders are doing it.

icatcher, reread the op, i didn't ask for an opinion, i asked if anyone had any experience .

I guess I'll just kill this thread cause guys like oldpete just have to comment or should i say opinionate on every thread.

Like children in a candy store, you want to taste everything.
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Old 08-13-2017, 10:06 AM   #29
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It is a viable option and can work out well for all as long as everyone has the same investment and everything down to toilet paper is addressed in the ownership agreement. I have seen some like yours where each owner gets one week a month, some want more in a particular month and they can give or trade away their week, you do not however want it as a rental with partners, then things can get real ugly real quick.
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Old 08-13-2017, 10:34 AM   #30
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I'm confused, Pathfinder11 started the post but palmbeachmarinefuel is the one upset with the opinions. Are they the same person?
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Old 08-13-2017, 10:46 AM   #31
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Quote:
Originally Posted by ALL OUT View Post
I'm confused, Pathfinder11 started the post but palmbeachmarinefuel is the one upset with the opinions. Are they the same person?
All out, yes, as I mentioned above I have two accounts . My original pathfinder and then pbmf which I started 2 yrs ago. The pathfinder acct has always had my logo in it as well. Not trying to hide anything. Thanks
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Old 08-13-2017, 12:41 PM   #32
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I have experience luckily for me when my partner couldn't pay any more I could afford to keep it myself. The thing you cannot control is your partners future. Keep that in mind good luck.
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Old 08-13-2017, 12:45 PM   #33
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I will leave my opinion in this post. The agreement might work if all partners have cash for purchase. Any financing options would cause problems. As discussed the time usage would not be a problem if spelled out in an agreement. The biggest problem that is missed is the emotional issue where someone is attached or the complete opposite where there I'd total disrespect for something.
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Old 08-13-2017, 12:53 PM   #34
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The biggest problem you'll run into is the exit strategy for any of the 4 partners. I had 2 partners on my Pine Island house and 1 needed out after about 6-7 years. In our contract it said if we couldn't agree on a price we would sell the house. We didn't want to sell so my partner and I bought him out but probably paid slightly more than his share was worth but not by much.
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Old 08-13-2017, 05:06 PM   #35
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Partner ships are leaky ships
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Old 08-14-2017, 05:11 AM   #36
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how much for a share of the place?
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Old 08-14-2017, 06:58 AM   #37
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Interested in price as well. What is the plan with the dock?
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Old 08-14-2017, 07:52 AM   #38
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I don't really have a price, I only thought of it this weekend and put the post up. There is a dock included with power but it's limited to 32'. I have a 3 dry slip condos at the boathouse in Marathon and keep a boat there and rent the other 2 out. Ive had a few PM's as well and will try to get back to everyone tonight. Thanks Phil
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Old 08-14-2017, 08:10 AM   #39
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Quote:
Originally Posted by PalmBeachMarineFuel View Post
I don't really have a price, I only thought of it this weekend and put the post up. There is a dock included with power but it's limited to 32'. I have a 3 dry slip condos at the boathouse in Marathon and keep a boat there and rent the other 2 out. Ive had a few PM's as well and will try to get back to everyone tonight. Thanks Phil
Per Forum Rules you have to state a price or take it to the discussion forum.
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Old 08-14-2017, 09:14 AM   #40
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I'm actually, in the process of entering into a house/boatstorage partnership with a couple other guys met here on THT. We are forming an LLC, and nearing completion of writing a comprehensive ownership agreement. We have been thoughtful to include specifics regarding finances/operating expenses/maint./improvements, use, and the need or desire to exit the partnership.
I think our partnership will be successful, and mutually beneficial.

The OP's situation seems a little different. I would in his case consider renting out the property, and blocking out dates he wanted to use. Or sell property, and he himself rent.
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