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Old 05-11-2014, 01:01 PM   #15
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Like the others, I would not do it for the stated reasons. I would not partner with my kids or have any partner on the co-ownership. When there is a breakdown or repair needed, who pays? If they are using it and it happens are you expected to pay half the repair?
The only way I see this having a chance, and likely there will be hurt feelings if not family strife, is to form a corporation and when either party uses it they pay a per-day use and a fee per mile to the corporation. Fill the tank at the end of each trip and record mileage. They are family, but I promise you things will become less friendly when money is involved. Good luck
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Old 05-11-2014, 05:31 PM   #16
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What happens when one of you wants out to get your own. Is it one you could live with if you get stuck with it? Can they? what will you or them have ton pay the other? how much time will you or they have to pay up? Gee, I could go on and on. Seems to me that it's a good way to make things get ugly in a hurry, but that's just me.
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Old 05-11-2014, 07:37 PM   #17
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Buying an RV as partners with my parents?

There are 2 parties: you and them.

One party will use it more than the other. That is the primary party who should own it.

The other party should rent from the primary party at agreed upon values of loan payment, maintenance, and all other pertinents values that would be pro-rated on a per-day basis.

That should start enough of a battle by itself, scheduling conflicts and critter hair not withstanding, and not a good thing for family folks.

Just sayin.......
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Old 05-14-2014, 04:56 PM   #18
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Just like borrowing the family car after you got your license. All eyes in the family will be on you. Are you willing to accept and share the responsibility, cost, storage, insurance, service, tires, license renewal, storage, repairs even though they are not a result of your actions? If so then go for it!!
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Old 05-15-2014, 08:30 AM   #19
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Are you in to extremely high risk ventures?
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Old 05-17-2014, 07:14 PM   #20
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Quote:
Originally Posted by vraines View Post
Are you in to extremely high risk ventures?

X 2
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Old 05-18-2014, 03:18 PM   #21
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I had two good friends partner in a nice bass boat it wasn't long they weren't friends. If you share ownership you have no power or rights over the other guy.
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Old 05-19-2014, 02:49 PM   #22
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Your first chore is to make two sheets of ideas, one positive one negative. Your replies in this thread are ALL negative, that should get you started on that list. Start the positive list, beginning with reduced initial outlay, don't have any further suggestions.
A friend partnered with 3 other guys and bought a MH. They sat down and brainstormed until they all reached an agreement, in writing. It covered all normal maintenance shared equally, breakdowns shared by percentage of use compared to the other 3, modifications and normal wear N tear replacement, etc. That lasted 2 years, until something major failed and the using party refused to acknowledge it was during his use. They sold the MH and then could not decide on an equitable distribution of the money realized (after paying for the repairs). None of them ever mention the others now.

BTW, I don't lend money, it causes Amnesia.
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Old 05-19-2014, 03:07 PM   #23
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All good points even if they are negative. However I have a story to tell about a positive partnership I had with two partners in a 34' boat.

We were all three casual friends, before, during and remained so afterward . We were all into boating before buying the boat. The partnership lasted about 10 years. We started with a partnership agreement that covered how we would handle everything we could think of that might come up. It included usage scheduling and how a partner leaving would be handled. And it worked very well. Sure, there were occasional differences of option but none ever threatened the partnership in any way.

Besides the operating agreement I think the thing that made it work was that we all realized it was first and foremost a business arrangement.

It would be wrong to say any partnership would work with an agreement. It still does depend on the partners.

I'm just saying it can work.
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Old 05-19-2014, 03:19 PM   #24
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If it woks out--great; if it doenst, now you have to sit across the table from each other at Thankgiving--not good!
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Old 05-20-2014, 10:37 PM   #25
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I think it depends purely on the dynamics of your family. My husband and I are extremely close to my parents and through the years have rented houses from each other and gone into other small ventures with each other.

My husband and I own the RV and it is titled in our name. My parents would like to have had an RV of their own but with my moms health were not sure how much they would use one. So instead of them buying an RV they pay for a portion of our loan payment each month. If for some reason they can no longer travel they will no longer contribute to the monthly payments. This is the agreement we made with them. Originally we were just going to let them use the RV whenever they wanted but dad insisted on contributing to the payments.

When it comes down to using the RV we get first dibs - it is in our name, we put down the big down payment, etc. That said, we have asked my parents to let us know what travel plans they would like to make so we can arrange things to fit everyone's schedules.

My parents would love to bring their cats with them when they travel but won't; my husband and one of our son's are allergic to cats. My parents respect the fact that their allergies are serious and no amount of cleaning can truly get rid of cat dander. Instead the kitties will stay home and I will take care of them at their house. (Something I often did anyway when they are on vacation).

If you have a very good relationship with your parents it may work for you also. Only you can determine that. No one here will have that insight.
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Old 05-21-2014, 03:00 AM   #26
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Let them buy it and then rent it from time to time until you are ready to get your own. Cheaper for you, puts some money in their pockets and there are no issues as to who is responsible for maintenance. Just be sure you have some rock solid agreement on who is responsible for what if it gets damaged while in your care.
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