Sounds like a fast way to end a good friendship if you ask me.
If it were me, and finances aren't really an issue, I'd buy the boat myself and invite your friend and his family to come along on your boat.
You might look into agreements people have entered into that spell's out co-ownership of a depreciating asset like a boat. Splitting the upkeep, storage costs. Whichever user has to fill the tank back up after using it.
Here are some of the hang ups I foresee.
--One partner wants out after 3 years. What is the procedure, how do we calculate the depreciation, what is a fair price for the boat after 3 years of use, etc.
--You use it x4 more than me, so you should pay more for that mechanical problem that just sprang up.
--Who's name is the boat insured under....You damaged it last weekend, now our insurance is going up. You pay the deductible, and the incremental amount our insurance has gone up by.
--One of your kids friends got hurt on the boat last weekend, it's not my liability, but I'm getting sued for it?
--I don't want to rent a slip from XYZ anymore, it's too far from our house but just down the street from yours.
--We don't want to use the boat on this lake anymore, we like this lake better.
--Do you both have a car that can pull the boat? Who stores/keeps the trailer?
--We don't need a new motor, old one works fine.
--Uhh Jim, say, you haven't paid us for your share of slip fees for 3 months now, kindof getting tired of having to ask every month.
I view boats like swimming pools, better to be friends with a neighbor that has one than own one yourself.
Good luck.
This is a toy, not a life commitment.
If one guy wants out the other has an option to buy out. If not the boat is sold.
Neither of us are fishermen and we are talking about weekend use only. If he wants it exclusively for a weekend he can take it and visa versa. There's always next weekend. It is simply not possible for one of us to use it 4 times than the other.
Insurance will be in both of our names, jointly and severally.
We don't have huge silly lawsuits at the drop of a hat here. Accidents are considered accidents and there are no punitive damage awards in our courts.
We don't rent slips here. The boat will be moored about 30 feet from the dock at my father's place (as said), which is incidentally about a 2 minute drive from Mike's house. I live a bit further away. My father is letting us use it (the mooring) at no cost, other than the inspections and maintenance which we will cover obviously.
There's only one "lake" around here, it is called the Atlantic Ocean.
Pull the boat where...and why? If the boat has to come out of the water our mechanic will deal with it.
The engines are the biggest consideration for the choice of which boat to buy. Older boat with newer engines (with as little hours as possible) is just fine and dandy. We aren't in any sort of rush either, so we can wait and get what we want.
His name is Mike, not Jim
and if you knew him you'd know he's never try and "stiff" anyone for any sort of small "fees". There's only one anyway...the mooring inspection twice a year. Total cost $500. Slip fees and trailering boats only apply when the mechanic is involved.
...and that is the key.
Our mechanic will be the son of my business partner who has a well established Marine mechanics business. I happen to be the trustee of trusts set up for his benefit. Great guy and someone with no desire or motivation to rip me off. He only works on outboard engines and won't touch anything else. That is why I only wanted outboard engines for any boat I buy or buy into.
While it was kind of a snap decision made last weekend to buy a boat all of these factors have been mulled over and discussed in detail with Mike. Numerous times. We have lunch at least once a week and play a lot of golf together.
Don't be trying to rain on my parade.
lol
