Joint Ownership??

[swillmerchant]

Hello Tugnuts!
We're a young family considering buying our first tug. We can marginally afford a new R25SC (or a used model), but research into yearly operational costs (mooring/slip, haulout, insurance, etc.) make affording one even more marginal for us at this time. Our 5-year old loved the tug he got to explore at the NE Boat Show this weekend, so we want to capitalize on that and get one while he's still young.

We jointly own a 23' Sea Sprite with 2 other families. We bought shares and split the yearly operational costs. Between the 3 families, the boat is well used. However, it's an old and small sailboat with minimal storage/living space, making it less than ideal for a long day on the water with a young family. Has anyone considered or tried jointly owning a more expensive cruising boat like a Ranger Tug? What are your thoughts or suggestions regarding the possibility of joint ownership? Any input would be greatly appreciated, as well as advice/input on realistic yearly operational costs and how to keep them as low as possible.

Thanks very much in advance!
Doug

 

[Crewdog]

We absolutely love our R-27 and all the people we've met cruising.

I don't know much about boat parterships, but I know that aircraft parterships are widely used and shares come open all the time in various makes and models of airplanes.

I'd refer you to this link:
http://www.mooneyevents.com/partnerships.html
for info on setting up a partnership and the issues involved. I'm sure the same cautions and legal requirements would apply for a boat.

Good Luck!

Bill

 

[walldog]

Nate Martin, the founder of Gateway Yachts, keeps his fractional ownership Aspen Cat next to our slip in Anacortes. He maybe a good contact for setting something up with a Ranger Tug. At least checking out his website may give you some pointers or ideas.

http://gatewayyachts.com/usa/?page_id=2293

http://gatewayyachts.com/usa/

Maybe a franchise on your coast using a Ranger Tug could give you a side business...while you are still young.

 

[knotflying]

Joint ownership works based on the people involved. As mentioned in the post above aircraft joint ownerships are common and I was involved in one that I put together and it worked well because of the people involved. The biggest and most important part is the procedure to get out if you want to and then of course the operating agreement. If your current arrangement is working with the sailboat why not see if your current partners want to get into the Ranger Tug.

 

[swillmerchant]

Hello again all,
Thank you Bill, Herb, and knotflying for your replies. My current partners are sailors, and so are not as inclined as I am to enter into the cruising world. I'll still try to persuade them over a few beers, but am not confident that they'll join me in my endeavor. The link to partnerships is helpful too, as we just drew up an informal document before.

Herb, I really appreciate the link to Gateway Yachts. The Aspen boats are well configured with all the amenities of a Ranger Tug. The "timeshare/fractional ownership" concept is brilliant, and would be a great way for someone in a situation like us to enter the cruising world. Comparing the costs and residual value of the shares to that of buying a Ranger Tug over 15 years, the residual value of the share is nearly identical to that of owning a tug over the life of the term, assuming no depreciation of the vessel (I believe the conclusions would be the same factoring that in though). The only difference that I could detect after a quick evaluation is the travel costs out west, and higher costs if I wanted to have the flexibility to operate the vessel out of a different port. Therefore, your suggestion to see if Mr. Martin would be inclined to start up a Ranger Tug franchise on the East Coast is a great idea. I might just do that!

Once again, I really appreciate your input so far. I look forward to continuing the discussion and learning from you all.
Best,
Doug

 

[Bill Uffelman]

I just got an email the Gratitude in Rock Hall Maryland is closing. They maintained a charter fleet that at one time had a Ranger 25. Boat owners in effect leased the vessel back to Gratitude but could retain certain time periods for their own use. Obviously cut Gratitude's capital costs. They also offered fractional ownerships of some $500,000+ yachts.

Might want to look for a similar situation in your area.

Let me know when your sailboat share goes on the market. Our son moved to Boston first of the year so lost access to the Alexandria VA wooden boat school where he volunteeered -- told me he is having withdrawal symptoms!

Bill Uffelman
Ocean View DE and Carson City NV

 

[Major4ever]

Hello,
I was at the NE boat show today. Have you investigated Freedom Boat Club? $5k or so to join plus $300/mo gets you choice of boats at multiple sites in NE and FL. You pay for fuel use and the club does the rest. Check it out. http://freedomboatclub.com/
The Major

Ps. We are close to pulling the trigger on a R21 or R27.....stay tuned....

 

[Levitation]

Ps. We are close to pulling the trigger on a R21 or R27.....stay tuned....
*********************************************************************************

There are two choices you normally don't see paired up :mrgreen:

 

[walldog]

Ps. We are close to pulling the trigger on a R21 or R27.....stay tuned....
*********************************************************************************

There are two choices you normally don't see paired up :mrgreen:

I can understand his choices. I have had both and each boat has its place. Sometimes I wish I had kept my 21. :?:

 

[Major4ever]

Hello all,
It comes down to $$$$$. We can buy a fully loaded R-21 for about $70k vs $150k for R-25 and $187k for R-27. $37k difference over 120 or 240 months is small so why even consider R-25? As we have never owned a boat before, I think the R-21 makes the most sense to see if we will enjoy the boating lifestyle as much as we hope.
Regards,
The Major

 

[steveandtina]

HEY MAJOR, THERE ARE A LOT OF USED 21'S ON THE MARKET ..YOU MIGHT LET SOMEONE ELSE TAKE THAT NEW BOAT DEPRECIATION BEATING. CHECK OUT RANGERTUGS FOR SALE BY OWNER.. HEY HERB, THE HOUSE IS REALLY COMING ALONG .. GIMME A CALL SOMETIME. WE HOPE TO BE BACK IN THE GREAT NW FOR AT LEAST A VISIT THIS SEPT.. OUR BEST TO ALL THE TUGNUTS WE HAVE SHARED SO MANY MEMORIES WITH... STEVEANDTINA..... HOPE TO HAVE OUR NEW TRAWLER [NEW TO US] BY NO LATER THAN SEPT 2014... SEE YOU ON THE WATER 😀 😀

 

[Major4ever]

Hello,
We are going with a fully loaded 2013 R21. Hopefully it'll be fully fitted by the end of the month. Thanks for the comments.
R/,
Patrick

 

[swillmerchant]

Congratulations, Patrick! I'm looking forward to hearing the name you pick out and where you end up cruising. Hopefully, we'll make a trip up to Portsmouth, NH this year or next for a rendezvous. It was nice to meet you at WIYY during the demo days.
Best,
Doug

 

[condywynn]

Hello Enthusiasts

We are looking to for a 50% partner to jointly purchase and share a not very old {2018-2022} R27 luxury edition,
preferably with trailer, or buy new trailer for the boat. Have life long friend {lawyer} to help set-up LLC to make the
usage/ownership work nicely as a sharing partnership. Hopeful time frame is in 60-90 days from now. Feeling "out-there"
if there is any interest in sharing ownership 50-50?? Seriously thinking about this for over a year now. We are in SE Pa.
Jeff cell 484 369 3492. { this is my first attempt at posting}