Partnership vs. Sole Ownership?

bma · Post by **bma** » Wed Dec 12, 2012 11:37 pm

Was wondering if people have ever joined together in a business deal where they could afford a better boat. The weeks would be split by calendar year, as well as other costs.

Taking a boat out every weekend would be close to impossible with family and other obligations, so why is it not a common practice to partner up?

If you had a choice what would you do? (please vote) Please be ideal with your choice. I would really like to hear from those with families and have professional occupations. Not kids living at home on mommy money, no job, etc. Not trying to offend anyone, just being realistic.

Comments welcomed.

Thanks.

Admin. Is this in the right forum?

mrbassin0614 · Post by **mrbassin0614** » Thu Dec 13, 2012 6:37 am

If I was to partner up it would be on a used boat paied in cash so if i needed to get out of the deal its much easier, that way you dont have to deal with the loan etc.

dwise · Post by **dwise** » Thu Dec 13, 2012 6:32 pm

NEVER enter into partnership in a boat deal. It may sound like a win-win deal, but believe me, later on you will regret it. A friend of mine recently bought a 40 ft sail boat with a partner. Three months later, they are arguing over who is going to buy who out because there can't be 2 Captains of one boat.

If you want a better boat, it's better for you to save up enough for a good down payment, and finance one yourself. If you don't want payments, then find a good deal on a good used boat and pay cash. That's what I did.

Many years ago I bought a new bass boat on payments. Things happened as they always do in life, and I ended up losing my boat, along with my house and everything else I owned. When I finally got to the point I could afford another boat, I decided I did not want monthly payments. I swore I would never ever have my dreams ripped away from me again because I lost my job and couldn't afford to pay. I bought my used Yukon cash as well. Now no one can take them away from me!

Before you buy any boat, ask yourself what you want to do with your boat. If you're just planning to fish club tournaments, an occasional local tournament, or even just fun fishing, you don't need a boat with a 225+ hp engine, nor do you need a 20'+ long boat. Think about which lakes you'll be fishing on a regular basis. Find out what the speed limits are on those lakes. What's the point in having a 225+hp engine if you're only allowed to run 35-45mph? All boats have minimum/maximum hp ratings. An 18-1/2' usually has a minimum hp rating of 150hp. That's plenty enough to get on plane and cruise at 60-65mph. Think a lot before you buy. Take your time, look at the online ads, check the NADA websites, and make notes of what boats of a certain year model are selling for. And when you find a boat that fits your needs, make sure you get the engine checked out before you buy! I screwed up and bought the boat, not the engine. It cost me an extra $2500 to get the engine working right. Don't get me wrong, I love my boat, but I look back and wish I had waited for a boat with a Mercury engine.

kane-o · Post by **kane-o** » Thu Dec 13, 2012 7:30 pm

x 1000 darlene... perfectly said..

Dom · Post by **Dom** » Sun Dec 16, 2012 8:18 pm

Naw no partnerships , If you handy you can buy a used boat for cheap and do all the carpet add electronic ,etc... as you go I bought a 1990 Champion 184 (I love Champs this is my second , 1st was a 206) Had a 1995 Mariner EFi 175 on it that ran perfect however the carpet and seats were trashed as well as some some of the electronics like trolling motor and the bow fishfinder and the windshields were broke . Point is it was mostly all cosmetic the hull was solid and the motor was strong and I stole it I talked the guy down $2,500 bucks pointing all this out. I spent alittle over a few months time and did all the work myself (well wife did the carpet job )now my boat is like new and did I mention the gel coat was in great shape

point is you dont have to wait to get on the water you can buy a fixer upper and add to it as you go .

basscattrent · Post by **basscattrent** » Sun Dec 16, 2012 9:36 pm

Stay away from a partnership, otherwise you will regret it later.

calfisher71 · Post by **calfisher71** » Sun Dec 16, 2012 9:46 pm

I have been down this road before. Was not good. I cleaned fixed and cared for the boat. By buddy would use the boat and never clean or repair anything. Causes problems. Not worth it in my opinion.