Boat for the Three Amigos

[Cowboy Sailer]

I have never owned a boat in partnership but I have had partners in airplane ownership. What works really well is to have a document (that may change and/or grow over time) that tries to explain how usage and expenses are to be split.
Also create a logbook for equipment breakdowns and maintenance done. We tried to create an hourly maintenance rate so that all evolved felt like they were paying their fair share.
For instance, I was the more experienced and did most of the maintenance. George felt like he should bear a little more of the expense. It worked real well. We also debited ourselves a per hour charge for future expenses. Of course if everybody always spends equal time working on the boat and equal time using the boat there is no problem sharing costs. We shared fixed expenses like hanger fees and insurance payments based on our individual monthly usage.
We also kept a calender on whose week it was to have total use of the plane. We did not say that the other partner could not use it that week, he just had to clear it with whomever had it that week. We sometime flew together and just assigned half time as pilot in command ( and therefore paying!) to each.
We also had a buy/sell clause where if one partner wanted out he could name an amount and the other partner could either sell his half for that amount or he could buy out the other partner. I don’t know how that will work with three owners.
You are friends now. You want to stay friends if you buy a boat. You want to stay friends when you sell the boat. Plan ahead now and keep your friendship.

[chad.lawie]

Originally Posted by AdamY

that privateer has a clipper bow sprit, doesnt have much deckhouse on her (nice seaworthiness feature but not so great for headroom) and doesnt look too beamy from that picture (another nice seaworthiness but not so commodius feature) so I am betting you wouldnt get your three staterooms ;-)

That said, you likely arent gonna find a Morgan Out Island for 30k that doesnt need a lot of work (money).

If you are a medical student and your friends are artists and journalists they would likely need to put all that aside to focus solely on getting the cruising kitty filled while prepping the boat.

Cruising is not an inexpensive way to see neat places, it is a very expensive way to see neat places. Yes on our leanest month we only spent $300 for the whole month

Headroom 6'5"
beam 10'
3 state rooms: Dream on!

Yeah I was just trying to say that deals are out there.

Cruising can be cheap. I think three guys could do it on 1000 a month if they kept to a budget.

Sounds like you guys would be a good cruising pair:
The artist can paint exotic landscapes,
the journalist and write about them,
and the med student keeps the crew alive.
Not to mention a doctor, or even a nurse can get work in a lot of places in the world.

I still agree with everyone that a few weeks on a "test" boat would be a really good idea.
I bet all three could even get a crew position.

[Ex-Calif]

Originally Posted by Cowboy Sailer

Also create a logbook for equipment breakdowns and maintenance done. We tried to create an hourly maintenance rate so that all evolved felt like they were paying their fair share.

For instance, I was the more experienced and did most of the maintenance. George felt like he should bear a little more of the expense.

I haved been in both sailboat and aircraft partnerships and I agree with Jerry that a good framing document is important. Our current document covers all the things Jerry talked about and more. I am happy to share it with anyone who send a PM.

The only thing that doesn't translate directly is the hourly maintenance fee. Aircraft generally deteriorate per flight hour, and the biggest maintenance reserve is the 12,000-20,000 bucks for an engine overhaul at 2,000 hours - That's pretty predictable. However, boats deteriorate just sitting there so you gotta throw in money whether you use it or not - LOL.

We throw in about $200 each per month and this covers minor maintenance and mooring fees. The balance grows for big ticket items. Our agreement states that if and when we ever get to $7,000 in the kitty we will stop adding but that doesn't seem likely anytime soon.

Regarding the boat, I'll have to weigh in with the others. A diligent search and a compromise on aesthetics may get you the space you want/need but a more realistic approach is that you will be hot bunking or sharing cabins/salons.

For three guys I think 35 feet is plenty but separate cabins is going to be a tough find.

[Divecoz]

Gentlemen you may need to either;
#1. raise the anti considerably $$$$$$$$$
#2 forget about the idea of all three of you, each having a hot babe on the boat all at the same time, and .. . . . in separate private quarters
*********
Not that those are not available but not on the KMart budget your looking at.

[Québec 1]

On your budget ...which is like my budget I would buy a Macgregor 26M brand new for 20,000K put 10K on it and trailer it all over America , do the Atlantic coast, the Pacific coast , the Bahamas all the Great Lakes , all of America's inland lakes , Mexico , Alaska and because its new...no work, just play and no marina fees(secure trailer sailor fenced in parking is 75$ a month). Then in a few years sell it ....buy a true blue water boat and go to Australia!
Thats what I am doing...2008 will see me of the coast of main, in the saint Lawrence seaway, Lake Champlain and whale watching in the fiords of the Saquenay river!

p.s.
I have full enclosure so in effect I have three private rooms, a salon and an enclosed head with transom hot water shower package. And I got it used (5 yrs old) for less than the price of a car.
Q1

[Randall]

if you want to own a boat togather there are some programs out there you also might want to look into .. look at sail-time. i was in this program and had to move but worked great.