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Old 01-30-2015, 08:28 PM   #1
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RV co-ownership agreement

I am thinking of buying a RV together w/ a friend to share the cost and the upkeep and the usage.
Are there people who have done the same? Can you share your experiences and pitfalls to avoid? Can you also share your agreement and/ or contract between the co -owners? How can I get information about that? Please forward this to another link if you think I can get more answers. Thank you.
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Old 01-30-2015, 08:49 PM   #2
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Off hand there is the liability. What ever accident happens, you are both liable and both can be sued individualy for damages. Be sure you carry at least a $1 mill umbrella insurance policy.

You will have to decide who will share and pay for repairs and annual maintenance costs. Maybe establishing a corporation together and place the RV into it will resolve some problems.
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Old 01-30-2015, 09:08 PM   #3
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Sorry,
Personally I would never do it. It could cost a friendship and a lot more.
I suggest buying a older MH both of ya then you can go together but in separate MH's
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Old 01-30-2015, 09:28 PM   #4
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Buying a RV with a friend would not be suggested. Things just don't seem to work.

I'd suggest buying what you can afford on your own--even if smaller and older than you want.

As previously noted, you don't want to have legal liabilities for something you don't have complete control of.
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Old 01-30-2015, 09:44 PM   #5
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RVs and boats are often offered up to partnerships because of the reasons we're all aware of. If more bang for the buck wants to override the potential for "I told you so", then here are some suggestions:
1. Each of you go to the other person's home and into their vehicle and see how similar your living and cleaning habits are. If one is OCD and the other files everything on his floor, don't do it.
2. Check insurance in your state to learn whether a partnership can get insurance.
3. Get each other's credit score. If very different, don't do it.
4. Have FINITE period of time for the partnership, and a definite succession plan for either exiting the RV, or a buy-out at a price based on something you agree on up front. 2-3 years is good for the first time.
5. Are either of you single? Marriage or divorce wreak havoc on partnerships, so have a plan for a buy-out if either event occurs and liquidity becomes mandated by one or the other.
6. Can either party get a loan for the whole amount? That's important in case of a buy-out. If one or both can't, then the deal gets flaky.
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Old 01-30-2015, 09:55 PM   #6
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I would do it unless he was a friend I wanted to keep. I can almost guarantee you won't be friends long.
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Old 01-30-2015, 10:50 PM   #7
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I think you are getting good advice from some of the previous Posters. Have either of you ever had an RV. These things are not just like a car or even a boat for that matter. Whether it's a MH or TT these can be very complicated, and will always require good maintenance and their share of repairs even if driven cautiously.


I wouldn't do it just for the liability alone, you never know what someone else is going to do until they do it. And even when you say "I never thought they would do something like that" you are just as much on the hook civilly as the one who did it. And then you have all the other stuff previously mentioned. If you can do it by yourself you will money ahead in the long run.
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Old 01-30-2015, 10:55 PM   #8
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Dont do it. Benefit cost analysis says the costs will outweigh the benefits.
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Old 01-30-2015, 11:33 PM   #9
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the best place to get information on this is in the boating world. Its a common practice there and all the same issues apply. Maintenance and cleaning are the issues that seem to irritate folks the most. I'd consider it with an older unit, but that's about it.

the few occasions I've seen it successful are when each partner puts in a certain sum per month to build up a fund for maintenance, storage, repairs etc. If you try and collect from each on each occasion when something is needed, that could be a disaster.
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Old 01-31-2015, 12:57 AM   #10
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Rv Co-Ownership

Thanks for all your input and comments, they are all useful.
We are thinking of getting a used Class C 25' in the $50 K range.
We will pay cash for it. I am married and he is in a good relationship.
We are both retired.
We will use the RV separately at different times in the year.

Maybe establish a LLC partnership is good idea.
Definitely have ample insurance.
Maintenance allowance escrow should work.
I'll check w/ the boat owners community and see how they do it.
Buy out agreement is important.
I hope I can find someone who has done this in the irv2 community.
I hope there'll be more info coming on this thread.
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Old 01-31-2015, 01:14 AM   #11
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Thanks,
I thought your suggestions were very thoughtful and I will carefully considered all of them.
I can understand there maybe potential problems, but there must be a way to lessen the pain and aggravation later if both of us think it through carefully and accept a well written agreement. Its like a prenuptial of a marriage.
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Old 01-31-2015, 01:18 AM   #12
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Also look into corporations set up by flight clubs. You can see how they deal with lots of issues from fixed costs like storage, insurance, title and tax. They will also give you ideas on variable costs that need to be covered by some kind of maintenance escrow to cover both expected and unexpected expenses. They also cover the cost for use such as set aside funds for expenses directly related to miles driven like tires, and services directly related to miles driven like oil changes.
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Old 01-31-2015, 07:50 AM   #13
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NO<NO<NO
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Old 01-31-2015, 08:01 AM   #14
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Quote:
Originally Posted by gomango View Post
Thanks for all your input and comments, they are all useful.

I'll check w/ the boat owners community and see how they do it.
.
You'll get the same kinds of comments from boating forums. There will be better than 90% against the idea, too.

To clarify what's written in post 5, do both parties own and use tools? Are both of you tinkerers, or fixers, or does one (or both) buy new when something doesn't work? You both have to be on the same page on this.

Would both of you agree to attack a problem, or would one want to call a pro while the other wants to minimize repair costs? You both have to be on the same page on this or there will be friction.


You won't find a one-size-fits-all agreement for a partnership in something that neither person needs. It's your own, personal, pre-nup.
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