Co-ownership? August 30, 2016, 01:04:05 pm OK, so here is a silly question, one that I mull around every time I think about the high cost of purchasing and maintaining a motorhome. Has anyone here ever done a co-ownership arrangement of their RV (LD or otherwise), splitting costs and usage?
Re: Co-ownership? Reply #1 – August 30, 2016, 03:33:19 pm Interesting idea. I think the difficulty would be finding one or more co-owners. In the past I've been a co-owner of an airplane. This is quite common due to the expense of owning a private aircraft and how expensive they are to rent. It worked well. Have you done a Google search for this? I'd be interested in what you find. Lisa
Re: Co-ownership? Reply #2 – August 30, 2016, 03:53:27 pm One thing to consider is the liability issues regarding co-ownership. Here is a pretty good summary. Financing the Purchase of and Insurance Costs for a Shared Car | Nolo.comThe real concern, in my view, is liability. You could ultimately find yourself on the hook for the liability anyone else in either family that might drive that vehicle incurs. So be sure you either have nothing to lose in the case of a lawsuit for injury/damage or get plenty of liability coverage.Jim
Re: Co-ownership? Reply #3 – August 30, 2016, 04:56:24 pm I think the key here is that if you don't already know and trust the party you're considering for co-ownership, then that kills the deal. The expense issue is minor compared to close compatibility. With whom would you buy a home to share? That's your RV partner.Steve 2 Likes
Re: Co-ownership? Reply #4 – August 30, 2016, 05:06:08 pm I agree that liability would be the primary concern in any shared ownership deal. Additionally, every responsibility of ownership, from owner numbers to payments to fueling to maintenance to cleaning to time sharing to use type to occupant limitations (how many and what kind), and a whole lot of other issues would have to be agreed to in a contract that also spelled out the consequences of non-compliance. And, who manages the "share", arranges for the servicing, maintenance, repairs, replacements of parts and components, and who enforces the contract when one of the "owners" breaks the agreement? And, how does one get out of his/her part should circumstances change? (Maybe this is all covered in the Nolo link that Jim posted?)Maybe some people can make this arrangement work for them; more power to them, but I would go back to an "all mine" tent and a porta-potty before I'd share ownership of an RV. 3 Likes
Re: Co-ownership? Reply #5 – August 30, 2016, 08:14:23 pm I've considered it and gone so far as to express my interest on a sharing site. Until we retire (which could be in 10-15 years), our camping season runs from Mid-June to Nov. For 6 months our rig sits in inside storage. People eat off the same plates in a restaurant, sleep in the same beds in a hotel, and drink water that at one point was run through a toilet. I think I could deal with sharing an RV. Maybe we could try it on a used rig (mine) and buy a new one together in 2-3 years. Buying new has been my plan, but at $110K, it's gonna be awhile.
Re: Co-ownership? Reply #6 – August 30, 2016, 11:21:11 pm I'd be hesitant to do something like that in any situation, but I'd be even more hesitant with a Lazy Daze. The simple fact is that it's not easy to replace the thing if something bad happens. We all know about the wait time for a new one AND the difficulty finding a used one that would be comparable to the one you had. Bottom line - when something happens, one person is going to spend a ton of time and effort to remedy the situation and it's hard to account fairly for that. Even with the best of intentions, it could be a year or more before you're back to where you started if you have to replace the rig for some reason. I know much of that applies to owning your own 100% as well, but it somehow feels different when you're the guy who got yourself into a pickle. If I didn't want to own one 100%, I'd consider renting and not being as picky about the brand. If I wanted to own but was hesitant about the cost, I'd probably settle for something cheaper before being a co-owner. Rich'03 MB in NC 1 Likes
Re: Co-ownership? Reply #7 – August 30, 2016, 11:46:24 pm Do you ever disagree with your current co-owner (spouse/partner) about how matters d'Lazy Daze should be handled? Taking on as a co-owner someone with whom you are not on a very personal basis with would seem to me to be a total nightmare. It would be like turning your precious rig over to a headstrong teenager and then letting them out of your sight! OY!"That bent fender? It was that way when I took it out. You probably did it on your last trip.""The refrigerator was squeaky clean when we turned the rig back over to you. I don't have any idea where all that mold came from.""I thought I had filled it with fuel before parking it. You'll just need to stop on your way out of town to fill it."That sort of thing. I'm sure everyone could add to that list.I'd rather rent prn, join Joan with a tent, or peruse the AirBnB listings. Virtual hugs, Judie•~•~•~•~•~•~•~•~•~•~•~•~• Quote from: rich - August 30, 2016, 11:21:11 pmI'd be hesitant to do something like that in any situation, but I'd be even more hesitant with a Lazy Daze. The simple fact is that it's not easy to replace the thing if something bad happens. We all know about the wait time for a new one AND the difficulty finding a used one that would be comparable to the one you had. Bottom line - when something happens, one person is going to spend a ton of time and effort to remedy the situation and it's hard to account fairly for that. Even with the best of intentions, it could be a year or more before you're back to where you started if you have to replace the rig for some reason. I know much of that applies to owning your own 100% as well, but it somehow feels different when you're the guy who got yourself into a pickle. If I didn't want to own one 100%, I'd consider renting and not being as picky about the brand. If I wanted to own but was hesitant about the cost, I'd probably settle for something cheaper before being a co-owner. Rich'03 MB in NC 2 Likes
Re: Co-ownership? Reply #8 – August 31, 2016, 08:40:53 am Coachshare is a company that tried fractional ownership -I'm not sure they're still in business.Yourboatclub.com is a Minnesota company that does boat sharing.The sharing economy is becoming relevant. Look at Air BNB! The first 3 venture capital firms probably turned down funding because they were sure it couldn't work. AirBNB is now a billion $ business operating around the globe. John Lennon could have written our song...Imagine a Lazy Daze Co- owner who...Leaves the rig cleaner than he found it.Tucks a bottle of your favorite wine in the cupboard.Loves to tighten the coach bolts annually.Likes to wash windows.Ahhhhh imagine! 1 Likes
Re: Co-ownership? Reply #9 – August 31, 2016, 09:59:55 am Well, I said it was a silly question, didn't I? I suppose in an ideal world such as Todd describes (imagine!) it would work but after reading the opinions and experiences here, and on other various internet forums, the general consensus seems to be that it is not a very good idea. Alas, I must agree. For me, there really isn't any other class C I'm interested in so I guess I just need to continue saving up my pennies and looking for that elusive good deal! 1 Likes
Re: Co-ownership? Reply #10 – August 31, 2016, 10:58:24 am "Well, I said it was a silly question, didn't I?"----I don't think it was a "silly question" at all; rig share apparently does work for some people, and if this question were asked in several forums, you might receive more positive answers. There seem to be several businesses involved in this venture, so it's obviously a viable commercial enterprise in the right market niche. (However, from what I understand, most of the "share" rigs seem to be large, high dollar RVs.) And, some people do rent out their personally owned RVs, thinking that they will be able to offset the assorted high costs of ownership with rental income. I'd sooner hit myself in the head (repeatedly) with a big hammer than farm out my LD - the liability issues alone are daunting - but some people seem to think it's a swell idea. I think there are good deals out there on LDs that you can make your very own; keep looking! 4 Likes
Re: Co-ownership? Reply #11 – September 01, 2016, 07:42:29 pm Hmmm,I know I won't be loaning or sharing my LD, but here's a few interesting rigs that could be fun to rent for the weekend...Photo Gallery ArchiveKent
Re: Co-ownership? Reply #12 – September 07, 2016, 08:28:19 am I just came across this:Ownership Reinvented for the Sharing EconomySomeone tried to use it to get a co-owner to share in the purchase of a new LD. I sent a message to ask how that went.
Re: Co-ownership? Reply #13 – September 07, 2016, 01:38:18 pm Ha. Ha. That was me. Posted it about a year ago. No responses, the site is dead.
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