Community Forums

RodgerS · 01-31-2015, 07:18 AM

Well, best to get an attorney involved and be sure you have a very good legal contract. You must ignore your friendship as a factor as you will become legally bound together in some form that will drive the relationship in a different direction...down...down. down.

Both of you will need to qualify each other and should create a repair and maintenance cash fund. You should agree to specific dates of usage up front...similar to a divorce contract for custody of a child. In case of a disagreement, one person should be designated to make the final decision...so who gets control?

I once new four partners who broke up after three years as they agreed by contract that all decisions had to be unanimous and guess what, on nearly every decision there was at least one odd man out...so nothing could get done.

In business we say that business partners get all the detriments of marriage and none of the benefits. That's the nice version.

As to expectations, the person with the higher expectations will not be happy with the owner with the lower expectations and friction will build as one views the other as unreasonable, too cheap, to easy to part with their money, to demanding, to needy, too something that is simply different that the other person.

Best advice I have heard is to set a budget for what you want personally, then drop down the years until the rv fits into your budget, then buy your own personal motorhome.

By the way, don't assume the wives won't be involved...they will... and they will be the hardest to deal with and will consider themselves as "partners" despite not being on the contract.

kustom · 01-31-2015, 07:27 AM

hears my 2 cents dont do it friendship is priceless
hear is a true story i was offered a 40 sailboat at a steal of a price as to
the guy was going through a divorse i told my best friend about it as all
his family has had sailboats for the last 50 years and still do so we went
to see it he fell in love with it a few days later he wanted us to buy it
50 /50 i told him his friendship was gold and offered the sellers imfo to
him and best he buy it but he did not have the monny to buy
it so i bought it. moral he was ceo of a big comp. 5 weeks later there
was a nasty takeover by another comp . on friday they walked in to his
office ask for the keys to the comp. car and told him he was fired and
had 2 hours to pack his personal stuff and leave . went 10 months
before finding a new job. and sold many of his belonging.
so if we had bought the sailboat there would of been proublums as
he would of said sell at any price i need monny
dont mess up your friendship

danes-on-tour · 01-31-2015, 08:04 AM

Our motorhome is co-owned with a friend, and has been for 8 years now from when it was new. As is our tow car. A total investment of $200,000.

Both vehicles are insured in both names.

We drew up an agreement/contract that covers all the "what happens if/when.....". This is everything from when can you use the vehicles, what happens if there is an accident, who pays for what what, what if one party wants out etc etc.

There is also an agreement between the parties that disputes can not be taken to court. Instead we have appointed a mutual frind that will act as a judge if we end up seriously disagreeing. This is all in writing and signed by both parties.

The agreement is not in English, and for that reason it would be pointless for me to send it to you.

Today - 8 years down the road - the agreement is still in effect, and we have no regrets, and the bottom line is that we have been RVing for half price.

My advice would be that you can do this with a very good friend if you both are in the right mindset. If you are a person that wants everything "your way only" and are unable or unwilling to compromise to a certain extend, you should probably go with the advise of what most people in this thread gives you.

Best of luck to you whatever you may deside

gomango · 01-31-2015, 08:47 AM

Quote:

Originally Posted by Gordon Dewald

Dont do it. Benefit cost analysis says the costs will outweigh the benefits.

Is this based on your experience or there's actually a study to show that?

RodgerS · 01-31-2015, 09:00 AM

Every cost benefit analysis is only relevant to a particular situation. It is easy to find and read examples of cost benefit analysis that were done regarding rvs on the internet to learn how to do it.

The key is to learn how to research this stuff both on the internet and in this forum. As some have complained, way to few people seem to be willing to simply put in some search terms, hit the button, and read a bit. Example: "rv cost benefit analysis."

Personally, I think that many of "us" have heard and read plenty of horror stories on sharing boats, airplanes, rvs, whatever. My guess is that those horror stories come from owners who partnered up with about as much due diligence and research (and no written agreement), as the horror stories from rv owners who did not do or have a good pdi done for them when buying their new mh.

Not all costs and benefits are in dollars. Friendship, emotions, relationships can't be cranked into the analysis.

I doubt you can find a "study" that is specific enough to demonstrate what is probably sufficiently understood to be commonly fraught with pitfalls.

Danes gives you a starting roadmap of something that can work, so if one wants to do it, I think you focus on making it work and forget the studies and cost benefit analysis.

Many of us are very independent and with a better than 50% divorce rate stateside, that is something to think about when partnering. And no, love was not enough.

Tha_Rooster · 01-31-2015, 09:06 AM

If both have enough money and want need it back in hard times go for it. If both are either clean freaks or slobs not one or the other go for it. Just remember equal partners don't have a vote or choice what happens you just pay half of the bills.

Scottybdivin · 01-31-2015, 09:23 AM

Maybe not best for a friendship with just the two of you. I'm not sure if this is feasible for a MH or not, but I have a friend who owns a 1/10 share in a houseboat on Lake Powell. They have a board with an elected chair person and treasurer. They have a set of bylaws and all the expenses are split 10 ways, including dry dock, mooring, insurance, and maintainence. It has to be fueled and cleaned after each use to a specified standard. You have the option of cleaning it yourself or hiring a cleaning service. Each share gets 3 weeks per year and they draw numbers 1-10 for choice of weeks. The 2nd week is selected 10-1, and the 3rd week 1-10. So nobody gets stuck with all the worst or all the best choices. He has been doing this for 10+ years and swears that it it pays for itself in less than one year vs renting the same houseboat by the week. He lives in N. AZ and has a ski boat, wave runners, and kayaks, so it is a great deal for him. His only complaint is, he thinks the board is a little too cheap when it comes to upgrades. I have stayed with him on it and it is fabulous. RVing on the water.

gomango · 01-31-2015, 09:33 AM

Danes, I just send you a thank you note.
I just thought I should give you my direct email address : aptao55@gmail.com if you can send me your agreement. I can get it translated into English. I am really excited to look at it.
gomango

Mike and Cha · 01-31-2015, 09:54 AM

Quote:

Originally Posted by RodgerS

By the way, don't assume the wives won't be involved...they will... and they will be the hardest to deal with and will consider themselves as "partners" despite not being on the contract.

This will be the problem down the road. When two women occupy the same MH (even if you travel in it at separate times) they will see the level of cleanliness, how the interior is used/kept ect. in a totally different view then men usually do. We tend to worry more about outside appearance and mechanical issues, and can live with minor differences in how the interior is maintained. You say your friend has a girlfriend but it is a good relationship, that may change if the two women disagree on something or have to clean up one of the others mess.

When my friend went thru a divorce, his wife demanded her % payout of a family vacation home,which forced them to sell the house and ultimately affected the whole family not just him. On the houseboat deals you only own 10%, so the most you can lose is your original investment and it does not affect the other investors.

When you question Gordon as to the savings/loss issue I think he is referring to more than just money. There is not going to be any spread sheet to prove it, but in the end the likelihood of these type partnerships working out are few and far between. If you were really sure about it you wouldn't have asked for advice or how to draft up an agreement. You guys would have just gotten together, wrote down some rules and shook hands on it. So your 6th sense is creeping in here. You have been given honest insightful advice here, but you know your friends better than any of us.

doc · 01-31-2015, 06:57 PM

I think of the worst case scenario when you are tooling across the southern deserts and the engine on that pusher comes apart. Are you going to want to foot half the bill of several thousands of dollars to replace the engine, the towing and all that goes with it, when it was your partner that was using the MH that week or month? What happens when you blow a tire and have to replace it? He is sitting at work at his desk and you are having fun. He has to get off of 3 or hundred bucks for a new tire and the road service that goes with it. Likely he is not going to like this anymore than you did when you bought half a new engine. Not a good idea to partner.

danes-on-tour · 01-31-2015, 08:22 PM

Quote:

Originally Posted by doc

I think of the worst case scenario when you are tooling across the southern deserts and the engine on that pusher comes apart. Are you going to want to foot half the bill of several thousands of dollars to replace the engine, the towing and all that goes with it, when it was your partner that was using the MH that week or month? What happens when you blow a tire and have to replace it? He is sitting at work at his desk and you are having fun. He has to get off of 3 or hundred bucks for a new tire and the road service that goes with it. Likely he is not going to like this anymore than you did when you bought half a new engine. Not a good idea to partner.

Here is how this can be solved between good and true friends:

In both the suggested cases, it's a matter of accidentel damage that could well have happened both when you was driving or when your friend was driving. It is not down to either you or your friend being reckless or stupid, and because of this the bill is split 50/50.

If it happens when you are driving, wouldn't you be pleased that you now "only" have to cover 50% of the cost? Should it happen for my friend when he is driving, I will be pleased for him that he only have to pay 50% and then I will feel sorry for him that he has to deal with the effects of the accident while having everything fixed.

That is how a true friend could react. Think about it !

bamaboy473 · 02-01-2015, 06:44 AM

Quote:

Originally Posted by danes-on-tour

If it happens when you are driving, wouldn't you be pleased that you now "only" have to cover 50% of the cost? Should it happen for my friend when he is driving, I will be pleased for him that he only have to pay 50% and then I will feel sorry for him that he has to deal with the effects of the accident while having everything fixed.

That is how a true friend could react. Think about it !

A simple and businesslike way to handle R&M is to fund a R&M fund with $10,000, from which R&M is performed. Each anniversary date, the fund gets replenished.

Set a time frame for replenishment (like 60 days after the due date), and have a quit-claim purchase set up that provides full ownership to the party that paid up. As friends, allow an extra 60 days for the offending party to get back into the game; then it's a done deal.

If something happens that depletes the whole $10,000, then the 60-day scenario begins. That keeps a MH from being held ransom by a shop.

gomango · 02-01-2015, 07:27 AM

Quote:

Originally Posted by danes-on-tour

Here is how this can be solved between good and true friends:

In both the suggested cases, it's a matter of accidentel damage that could well have happened both when you was driving or when your friend was driving. It is not down to either you or your friend being reckless or stupid, and because of this the bill is split 50/50.

If it happens when you are driving, wouldn't you be pleased that you now "only" have to cover 50% of the cost? Should it happen for my friend when he is driving, I will be pleased for him that he only have to pay 50% and then I will feel sorry for him that he has to deal with the effects of the accident while having everything fixed.

That is how a true friend could react. Think about it !

Yes, I do think along the same line as you. Thank you.

By the way can you send me your agreement for me to use as a guide?
I can have it translated.

MRUSA14 · 02-01-2015, 07:31 AM

I've done it twice with airplanes. One time it was great, the other a disaster. It is just like a marriage. The two of you must be a good fit and work well with each other. If you don't have the same values or desires, it can be just as bad as a bad marriage.