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tuffenuff
01-27-2008, 02:48 AM
I recently came across a local ad from a guy wanting to rent a ski boat for him and his family for a 7 day vacation on a private lake that they have rented (lake is about an hour from my place) for the last week of July. Being curious and thinking that I could spare a week, help out a family in need, and the $$$ would definitely help me, I answered the ad cautiously. E-mails back and forth have been positive, and he has been very open with details as have I.
I have not done anything like this before, but had a situation last year with a friend using my boat for a couple of days, so I already have the insurance coverage issues figured out with my agent. What I don't have is the legal verbage/documents that when signed, I would feel comfortable with to let a stranger take my boat out without me being with it.
This guy does not sound like a scammer, he has not been e-mailing me non stop with bad grammer and "I'll give you a check and you give me the leftover $$" stuff. After I offered, he wants to come by and see my boat and talk with me and the wife when it's convienent for me and work on details. I have always been a giver, and look at this as being a win/win situation for both parties.
Has anyone on this board done this, or does anyone have any advise that might help to make this work for both parties to come out happy? Thanks for any and all advise.:confused:

TMCNo1
01-27-2008, 08:45 AM
Check out this thread, http://www.tmcowners.com/teamtalk/showthread.php?t=7570&highlight=rent

JohnE
01-27-2008, 09:30 AM
I would never rent mine out to a stranger unless the money was the difference between me being able to keep the boat or not.

trickskier
01-27-2008, 09:51 AM
Tough decision, personally I would not do it.

JohnnyB
01-27-2008, 10:11 AM
I'm very meticulous. There are only a few people that I would trust with my boat when I'm not present. There are also a few people (family members) who have lost that trust. Letting a stranger take it would be gut-wrenching.

TMCNo1
01-27-2008, 10:26 AM
Anyone rented out their wife? Same difference, I would imagine! Never done either!

suedv
01-27-2008, 10:38 AM
Anyone rented out their wife? Same difference, I would imagine! Never done either!

Harold you make me laugh.

ShamrockIV
01-27-2008, 10:41 AM
Anyone rented out their wife? Same difference, I would imagine! Never done either!

What's the going rate for a wife?

I think it would be d@mn near impossible to find someone i would let rent my boat!! I got some people that i would let use it without me, but they are like my family and i would never expect them to pay me for it!! it would take alot of trust and respect for me to let someone use one my families prize/most used possesions!!!

coz
01-27-2008, 11:10 AM
I recently came across a local ad from a guy wanting to rent a ski boat for him and his family for a 7 day vacation on a private lake that they have rented (lake is about an hour from my place) for the last week of July. Being curious and thinking that I could spare a week, help out a family in need, and the $$$ would definitely help me, I answered the ad cautiously. E-mails back and forth have been positive, and he has been very open with details as have I.
I have not done anything like this before, but had a situation last year with a friend using my boat for a couple of days, so I already have the insurance coverage issues figured out with my agent. What I don't have is the legal verbage/documents that when signed, I would feel comfortable with to let a stranger take my boat out without me being with it.
This guy does not sound like a scammer, he has not been e-mailing me non stop with bad grammer and "I'll give you a check and you give me the leftover $$" stuff. After I offered, he wants to come by and see my boat and talk with me and the wife when it's convienent for me and work on details. I have always been a giver, and look at this as being a win/win situation for both parties.
Has anyone on this board done this, or does anyone have any advise that might help to make this work for both parties to come out happy? Thanks for any and all advise.:confused:

This guy had the same question on his message board! :(
http://photos.surfline.com/albums/userpics/10102/normal_323P3822Anchored.jpg
:cool:

JohnnyB
01-27-2008, 12:46 PM
Anyone rented out their wife? Same difference, I would imagine! Never done either!

Good analogy....

ShamrockIV
01-27-2008, 01:02 PM
Good analogy....

i agree!!!
once you did would you want it/her back?

wakolman
01-27-2008, 01:10 PM
It might not be a bad deal if you don't have anything to lose.

Something I thought of to consider, and I know there are some insurance professionals on this board who can add more, is that if you are renting out your boat, then your personal insurance might not cover it. Since you are making money off of the boat, it might be considered a business asset (even if you only do it once) and require a different policy. Why open yourself to the liability? If some type of lawsuit would arise out of the use of your boat, would you have an LLC or some other type of business organization to be the other "party" of the suit, and to protect your personal assets?

Check into it.

yippikaiyay
01-27-2008, 03:20 PM
I can see where someone who has a highly desirable MC, that might just be sitting on the trailer for a few weeks, think - why not take in some cash.....but IMO you're setting yourself up for some bad situations should anything go wrong.

Jerseydave
01-27-2008, 05:44 PM
Maybe an old CC, but never a MC! :D

Seriously, even if something bad happened and you had to make an insurance claim would it be denied because you rented your boat out for a fee? (you would need a boat rental policy I would think)

There's some people I wouldn't trust to rent them a wheelbarrow, much less a ski boat! :D

Jerseydave
01-27-2008, 05:48 PM
Oops, just re-read your post about having the insurance figured out.
Still in all, a perfect stranger renting my boat, car, motorhome, etc. would be out of the question for me. If something happens to the boat, you're without it for maybe some valuable summer weekends.

Just my opinion.

ShamrockIV
01-27-2008, 06:02 PM
i agree i would not want a stranger doing the things in my boat that i do!! well when my wife lets me do them lol

JohnE
01-27-2008, 06:12 PM
Are you sure you have the insurance figured out? From what I understand, in general your insurance will cover anyone you let use your boat, but it is a different story for renting your boat.

mbeach
01-27-2008, 06:44 PM
one thing you have not mentioned is does he have any hrs behind the steering in an mc not to mention pulling someone? also, be sure it is understood that he or whomever else you designate are the only drivers. be sure to launch and take out yourself. i personally would not do it, especially with someone i do not know.

wakolman
01-27-2008, 07:09 PM
I have not done anything like this before, but had a situation last year with a friend using my boat for a couple of days, so I already have the insurance coverage issues figured out with my agent.


A friend using your boat is probably looked at differently than a someone paying you to use your boat.

flipper
01-27-2008, 08:21 PM
I don't even let my friends take my boat out with out me in it. The wife knows better than to ask, so don't have to worry about that.:D

stuartmcnair
01-27-2008, 10:35 PM
the only people that drive my boat are me and the wife...We had an old runabout that we let someone borrow...took five of us to push it off the dock he drove it up on...

put a 2x6 right through the hull....and he had been around boats all his life. Just not worth it.

TRBenj
01-27-2008, 10:41 PM
Maybe an old CC, but never a MC! :D
Nope, not in that case either.

tuffenuff
01-27-2008, 10:51 PM
Wow! I mean really Wow! I wasn't expecting this much response. Thanx for all the opinions and insight. I am only considering this as a possibility and not something that I will do all season long providing I'm not using my boat. Between now and July, if I'm not comfortable with it, it won't happen.
On the insurance issue, since I never went thru with it last year I'm only going off of what my ins. guy informed me. He stated that it was an add-on to my policy (and not much more $$), and I would need to be the one to transport the boat from my house to the lake. The potential renter does not know this fact, however he has stated that he can pick it up, but would rather pay a little more $$ to have me bring it to the lake.
As to the issue of experience and driving a ski boat. He has owned 3 ski boats prior (still to be verified by me) and plans to be the driver for his family. My main concern is that if anything was to happen to people and/or property that it will be covered just like if I was driving. Like stated prior, the difference between friends and stranger. Well, I can say that I have friends that will never drive my boat, but an experienced driver (the stranger) could take care of my boat better than family and friends. Some of you might agree?
My boat is definitely of value to me, and has/is treating me well. But mine is not as nice and as expensive as maybe some of yours. It's my first boat! A paid for '88 Prostar, and not an X-Star,etc; that I'm still paying for. If it sinks, it gets replaced. If it gets damaged, it gets fixed. This is my first boat, but definitely not my last. I'm looking to cover all my angles and wishing someone can enjoy my boat and it comes out of the water to ski another day.
Special note to TMC. I did read the attached link you provided and it helped out as well. I thank you for that. I am however concerned about your comparison of boats and wives. If you ever offered my a ride on your boat, I would gladly climb aboard. But as for your wife? I think I would have to pass, out of consideration LOL. I'm sure she is a sweet lady, and I hope she treats you well. :D
Thanx again for all

stuartmcnair
01-27-2008, 10:56 PM
oh, well since it is an '88 then it is no big deal...none of those are worth anything any more.

:) :D

that makes it worse. Anybody can buy a new one. Takes something special to run one over 15 years old.

tuffenuff
01-27-2008, 11:01 PM
Ouch! That cut deep........... but point well taken

stuartmcnair
01-27-2008, 11:19 PM
sorry...twas a joke as mine is an '89...

tuffenuff
01-27-2008, 11:54 PM
And a fine lookin one it is!

sand2snow22
01-28-2008, 12:47 AM
Some would be glad to share their wives! :rolleyes:

How does that song go? "I won't cheat, but I'll stray!"

tuffenuff
01-28-2008, 01:22 AM
Tread Carefully My Friend!!

sand2snow22
01-28-2008, 01:37 AM
Yeah, I wouldn't loan my boat out or my wife! Simply for liability alone. You are the registered owner, it's your insurance, if there is an accident and your insurance gets eaten up, they come after you. I have $500k of liability on my boat policy, if that gets eaten up, I have more coverage with a $2 million umbrella policy.

If I wanted to loan my boat out, it would probably cost me half the amount your boat is worth for my lawyer to drop up a legal document for the other person to assume all liability and me none.

Kind of paranoid, but treading carefully!! :D

tuffenuff
01-28-2008, 01:54 AM
Shamrock, did you ever find out what the going rate was? Thanx s2s. I'm absorbing it all.

Chas
01-28-2008, 02:28 AM
I think I see one thing in common with all the responses - "I would never do that." So does that mean that all of you are saying you have not done it?

I have all the same feelings, and my boat is a beater. But there is a guy nearby who advertises on Craigslist to rent out his BU. I have spoken with some friends who have rented it from him, and they say it is in perfect condition, and they have never contributed to it being anything else.

I'm suggesting you talk with some folks who have actually rented their boats out to get the picture. This guy is not currently listed - but I bet he will be in the Spring - Craigslist Ventura, CA

tuffenuff
01-28-2008, 02:40 AM
Thanx Chas. That is exactly the people I want to get input from. People who have done this or are familiar with the process. Not that some of the advise has not also been good , but the post does say "Anyone ever rented out your boat?". I'm looking for more than the legals and what if's (although they are also helpful). Experiences.

sand2snow22
01-28-2008, 02:51 AM
Thanx Chas. That is exactly the people I want to get input from. People who have done this or are familiar with the process. Not that some of the advise has not also been good , but the post does say "Anyone ever rented out your boat?". I'm looking for more than the legals and what if's (although they are also helpful). Experiences.

Tuff, I've rented my boat out. For one day, $500 dollars for product development. I was even the driver. I ended up with scratches on the port side gel coat from rubbing up with another boat. (Something I didn't catch before it was too late.) And a tar stain on my sunpad, which to this day is still slightly there. Plus, these guys had sand in their wetsuits which got all over the carpet. The people renting paid an extra $500 to fix the gel coat and have the boat detailed. I ended up thinking I was being taken advantage of and I haven't rented her out since.

tuffenuff
01-28-2008, 03:22 AM
s2s, I'm confused so please role with me and please don't take this poorly. You were the driver, (nothing different that being out with friends, except that they were strangers to you, on your boat) and these things still happened. I have these same issues when I'm out with my kidz and friends. Sometimes even scuffs and scratches on the swim step and all over the back from dragging skis and/or boards across. Food and sand all over the interior. Even if I'm on the boat I can only emphasize the rules and only catch some of these things from happening before it happens. What was different in your situation to make you feel this way?

sand2snow22
01-28-2008, 03:52 AM
Sometimes even scuffs and scratches on the swim step and all over the back from dragging skis and/or boards across. Food and sand all over the interior. Even if I'm on the boat I can only emphasize the rules and only catch some of these things from happening before it happens. What was different in your situation to make you feel this way?

Scuffs and scratches on the swim step are easy. Cleaning up sand and food is easy. Even a small scratch from where a board or ski hits the back of the boat doesn't bother me. But wet sanding and polishing gel coat where two boats rubbed together is difficult. (Sorry, I didn't explain that very well. I didn't hit another boat!! We were floating, talking to part of their crew in an Air Nautique, people were instructed to keep the boats apart. Before I realized it, the back of the boats rubbed together, I reacted and separated the boats, but the damage was done by the other boats rub rail. No pun intended.) I've tried wet sanding, but for some reason it never turns out as good as the guy at my dealer can make it look. I had my dealer fix the gel coat and attempt to remove the stain on my vinyl.

It wasn't a good experience for me, maybe you will have better luck.

JohnE
01-28-2008, 08:02 AM
tuffenuff,

It seems you are convinced that renting your boat is the right thing to do. If so then do it. You came here for opinions, but didn't get what you were looking for. Go ask somewhere else and you might get a different view. In the end, what does it matter? Your opinion is all that matters. Chances are that all will go well. Many of us look at worst case and whether it will be worth it if that happens.

Jet
01-28-2008, 01:47 PM
tuffenuff,

All I can say is that I would never rent mine or have it driven by anyone else than my wife and I. Would rent my car, but not the boat.

Before I bought one, I did try for many years to rent one as you are setting out to do, and I was never able to, unless for a monstrous price, and for a very short period of time, i.e. could go riding for half an hour for about 500$.

Do think that there is a lot of demand out there for boat rentals. I am sure you can get a good price out of it, and if you feel that you are well covered, then go for it.

This thread has started me thinking that there must be a market for this !!

If the deal happens, can you let me know what the conditions were, price and all ?

Good luck !

sand2snow22
01-28-2008, 02:26 PM
You can find pricing at the end of this thread. Sorry, but IMO your prices aren't tuffenuff. You have a MASTERCRAFT, not a Bayliner. $1000/week is a great deal for a Bayliner. If you're a "giver" and want the warm fuzzy feeling, why don't you just let him borrow the boat from Sunday to Sunday?

http://www.wakeworld.com/MB/Discus/messages/3183/538623.html?1201503050

djhuff
01-28-2008, 02:55 PM
I let the dealer "borrow" my boat for a few tournaments that they were the primary sponsor. I got nothing out of it cash wise, but I did get many things taken care of, full detail, trans and oil change, I bring it to them empty of gas and it gets returned full.

Not to mention, when there is a 2 week backlog in their service department and I hit something and bend a shaft, I'm back on the water within a few days.

That's about the only person that would be using my boat, and even then, I am there for the majority of the time.

chudson
01-28-2008, 03:07 PM
one thing you have not mentioned is does he have any hrs behind the steering in an mc not to mention pulling someone? also, be sure it is understood that he or whomever else you designate are the only drivers. be sure to launch and take out yourself. i personally would not do it, especially with someone i do not know.
Really, has he driven an inboard? There's a definate difference as we all know between diving an inboard and I/O's especially in tight spots, just sayin!!!
I wouldn't do it!!!:twocents:

ShamrockIV
01-28-2008, 03:09 PM
Have we discussed liability at all??
Like if they hurt someone with your boat.
BUI Laws. i know in TN if i loan u my car and u get a DUI, I get one too!!

Leroy
01-28-2008, 03:59 PM
Sounds like a scammer to me :)

I don't understand he will give you a check and you give him leftover $$? Like I said I don't understand but would never take check and return cash....


This guy does not sound like a scammer, he has not been e-mailing me non stop with bad grammer and "I'll give you a check and you give me the leftover $$" stuff.

Monte
01-28-2008, 04:24 PM
Just FYI
As soon as you rent it out. You are no longer covered correctly. You have put in nowhere near the premium that a boat rental would require. If he wrecks the boat under a rental contract (commercial). Your (personnal) insurance will probably not cover it.. I think you are taking a HUGE risk.. Think of it this way. Say he kills a child and you are sued... If THAT liability is not covered b/c the insurance contract is wrong.. Not only is your ins carrier not going to pay to defend you, But your house could be taken, wages garnished, liens placed.. You name it the courts can do it.... If you decide to rent your boat out get a commercial insurance policy.. I would bet you big $$$$ that premium will be higher than your income for the rental..

Sodar
01-28-2008, 04:48 PM
I would imagine that insurance is much like when we rent a motorhome from a private individual. He requires that we pull out an additional binder and list him as being co-insured on our policy. Can you do something like this on boat Monte??

Lennyp04
01-28-2008, 04:51 PM
Couldn't imagine renting out the MC. Myself I have a tough enough time trying to dock it when its windy...im not gonna let somebody thats just renting a boat go and try and take a crack at it

JohnE
01-28-2008, 04:56 PM
I let the dealer "borrow" my boat for a few tournaments that they were the primary sponsor. I got nothing out of it cash wise, but I did get many things taken care of, full detail, trans and oil change, I bring it to them empty of gas and it gets returned full.



I would have no problem if a dealer wanted to use my boat. I would just wonder why a dealer wouldn't have one of his own to use.:confused:

Monte
01-28-2008, 05:04 PM
I would imagine that insurance is much like when we rent a motorhome from a private individual. He requires that we pull out an additional binder and list him as being co-insured on our policy. Can you do something like this on boat Monte??

Possibly, but motorhomes are by nature (size) written on a business auto policy. So the policy language is written a little differently (commercial risk). I can see where you would take out a non-owners BAP (or maybe your dads business has a regular one) to cover your liability, and make the owner an additional insured on that BAP to cover the property (motorhome)...

JohnE
01-28-2008, 05:12 PM
Just FYI
..

I've been waiting for you to chime in Monte.;)

djhuff
01-28-2008, 05:16 PM
I would have no problem if a dealer wanted to use my boat. I would just wonder why a dealer wouldn't have one of his own to use.:confused:
Because they didn't have any. The first year, they used mine for the Open division and an X1 for everyone else, but last year they were good and sold out.

Monte
01-28-2008, 05:26 PM
I've been waiting for you to chime in Monte.;)

It took a while.. I tried not to.. I just don't get it.. Yes the money would be good, but the risk for loss is just way to high for me to think it is a good idea.. Even if he is the best boat driver ever, people still have accidents. What happens if he rents it, tears it up, blows the moter, (whatever) and then says it was that way already or due to the owners negligence (tight steering, low oil.. etc).. Then you have a torn up boat and very little recourse for action againt him if he refuses to pay..

JohnE
01-28-2008, 06:00 PM
Because they didn't have any. The first year, they used mine for the Open division and an X1 for everyone else, but last year they were good and sold out.

I guess they were doing well if they didn't have any of their own to use. Again, I would have no problem letting a dealer use mine.

wakolman
01-28-2008, 09:55 PM
Just FYI
As soon as you rent it out. You are no longer covered correctly. You have put in nowhere near the premium that a boat rental would require. If he wrecks the boat under a rental contract (commercial). Your (personnal) insurance will probably not cover it.. I think you are taking a HUGE risk.. Think of it this way. Say he kills a child and you are sued... If THAT liability is not covered b/c the insurance contract is wrong.. Not only is your ins carrier not going to pay to defend you, But your house could be taken, wages garnished, liens placed.. You name it the courts can do it.... If you decide to rent your boat out get a commercial insurance policy.. I would bet you big $$$$ that premium will be higher than your income for the rental..


This is what I was talkin' about. Way too much exposure to offset any gain or altruistic motive. The U.S. has seventy percent of the world’s lawyers but only five percent of the world’s population. Right Eastie?

jdl xstar
02-16-2010, 04:18 PM
Has anyone rented out their boat? I was approached by someone who is willing to pay me some good money to use the X2 i have for sale for 7 months ending in Sept. They proposed $1000/month.

I initially declined but the thought is intriguing. My reservations... wear and tear by a non owner. The depreciation of another summer and getting a year older may make the rental income a wash. Liabilities if there is an accident.

piper_chuck
02-16-2010, 04:34 PM
I've always been very protective of my boats. Only those I trust get to drive them and it would be unlikely that I'd let someone actually borrow it. Since you've already got it for sale, this is a different case.

As part of the analysis, consider the damage they could do and the cost to repair. Factor in the additional wear and tear on the boat and how much the value will go down. Also consider that we're heading into the prime buying season and you'll get the boat back when it's over. You also defer access to whatever equity you have in the boat (that you won't gain until you sell it) and will spend the next 7 months wondering how they're treating it, worrying about possible damage, and knowing that you're going to have to put it back on the market in Sept, the wrong end of the season...

jdl xstar
02-16-2010, 04:42 PM
All good points. I told the person that was my reason for not renting it- so i could sell it while buyers are buying which is now. I do know the person and they have experience with MCs, but it goes back to wanting to move it in the spring.

russlars
02-16-2010, 04:48 PM
Have you considered telling him that you will rent it to him, but still actively try and sell it? That way, if the right buyer comes along you can sell, but if not still continue to pick up the rental income? If you do rent I would make sure that you have a good contract that includes who pays for damage, maintenance, etc.

Miss Rita
02-16-2010, 05:05 PM
$1000/month = $33/day. A good deal for them, not for you. Heck, Avis won't rent a POS Chevy Aveo for that price.

jdl xstar
02-16-2010, 05:14 PM
True, but I would figure it as they would likely only use it on the weekends. So if they average 5 days a month, that would put it at $1000/5 days usage = $200/day.

Thrall
02-16-2010, 05:14 PM
I'd have a cap on how many hrs they could put on it. Doesn't make sense, someone is going to fork over $7k for a season's use of the boat. In order to get their money out of it they would have to use it ALOT!
Seems you could buy a boat, use it for a year and get out for less than $7k depreciation.
Could get real sticky with insurance too. Who's insuring it?
First blush it seems like an attractive offer, but I've seen year old boats with less than 100hrs that were beat uuuup.
Be very careful, it could easily end up costing you money in the end.
Personally I'd never rent out something that expensive. Let a very close friend who treats there stuff the same way I do borrow it? Yes...maybe.
Shared ownership. Maybe.
Depends how well you know the people I suppose.

sand2snow22
02-16-2010, 05:15 PM
Has anyone rented out their boat? I was approached by someone who is willing to pay me some good money to use the X2 i have for sale for 7 months ending in Sept. They proposed $1000/month.

I initially declined but the thought is intriguing. My reservations... wear and tear by a non owner. The depreciation of another summer and getting a year older may make the rental income a wash. Liabilities if there is an accident.

Good concerns. I might add besides the wear and tear, you will fight the extra hours on your 'depreciating' boat. Meaning it will only depreciate faster with more hours. Your $45k boat could be worth $30k by September. This is what I would tell the guy:

"If I were you I would buy my boat, pay the bank $500/month and sell it in September."

Thrall
02-16-2010, 05:17 PM
True, but I would figure it as they would likely only use it on the weekends. So if they average 5 days a month, that would put it at $1000/5 days usage = $200/day.

Looking at it that way, they're getting a steal! Snowmobiles rent for $200+ a day here and people are offering their boats for rent (wakeboats) for $350-400/day.

35days x say 5hrs/day is 175 hrs. That's a couple or three thousand depreciation just on hrs, IMO.

jdl xstar
02-16-2010, 05:18 PM
I'd have a cap on how many hrs they could put on it. Doesn't make sense, someone is going to fork over $7k for a season's use of the boat. In order to get their money out of it they would have to use it ALOT!
Seems you could buy a boat, use it for a year and get out for less than $7k depreciation.
Could get real sticky with insurance too. Who's insuring it?
First blush it seems like an attractive offer, but I've seen year old boats with less than 100hrs that were beat uuuup.
Be very careful, it could easily end up costing you money in the end.
Personally I'd never rent out something that expensive. Let a very close friend who treats there stuff the same way I do borrow it? Yes...maybe.
Shared ownership. Maybe.
Depends how well you know the people I suppose.

I'd certainly put a cap on the hours and make agreements for scratch repairs and end of term detailing.

The person needs to keep their debt to equity ratio down since they are applying for a 2nd home loan soon which is why theu don't want to outright buy.

I'm not sure who would insure it. I was thinking i would continue insuring it but maybe thats not correct.

Jim@BAWS
02-16-2010, 05:21 PM
$1000 a MONTH Each month UP FRONT, insured with an agreement of limited hours
+ damage repairs

If it is someone you know...that is one thing a TOTAL Stranger HELL NO !!!


Jim@BAWS

piper_chuck
02-16-2010, 05:28 PM
I'm not sure who would insure it. I was thinking i would continue insuring it but maybe thats not correct.
If they damage it, or something with it, the claim would be filed under your name. If you do this, they should provide the insurance.

Hrkdrivr
02-16-2010, 05:33 PM
I can almost GUARANTEE your current insurance won't cover it, since, in essence, you'll be turning it into a commercial-use boat. This question has come up before and I know some insurance adjusters chimed in...

Not to be mean, but if he's trying to keep his debt load down so he can get a second mortgage and buying a boat will prevent that, it sounds like he can't afford to play on a boat this summer.

jdl xstar
02-16-2010, 05:34 PM
$1000 a MONTH Each month UP FRONT, insured with an agreement of limited hours
+ damage repairs

If it is someone you know...that is one thing a TOTAL Stranger HELL NO !!!


Jim@BAWS

Now this is the way to do it!

If they damage it, or something with it, the claim would be filed under your name. If you do this, they should provide the insurance.

Good point. The more i think about it, the more I am convincing myself not to rent it. Too much hassle, not enough reward. And I could do without the anxiety of knowing i've got a big asset zooming around a lake in another person's hands.

mctc
02-16-2010, 05:48 PM
I rent my boat for $1,250 a week for 3 weeks in the summer. I take the risk but I know the people I rent too. They have always fixed any scratches they have created, and have been very good renters. It's definitely risky, and i've been approached by other and have not done it.

phickman
02-16-2010, 05:49 PM
No way, this has train wreck with dock rash written all over it. Kinda like sharing underwear and kissing your sister, you just don't do that. Somebody will end up mad and disappointed and it will be the boat owner. Mess up a prop, strut, fins, gash in seats, unknown stains, dock rash, trailer in too shallow when coming out. Too much at stake vs no personal owner ownership or attachment. You can't reasonably rent it for enough to cover the potential screw ups.

Maybe folks are different where you live, I could not take the chance.

sand2snow22
02-16-2010, 06:04 PM
I would not do it for the liability alone. You are on title, you are the registered owner. When your 'renter' gets drunk and runs over a little girl, no matter who has insurance, it will get eaten up quickly, the renter will be sued and you will be sued as well. Good bye X-Star........

sand2snow22
02-16-2010, 06:06 PM
I would not do it for the liability alone. You are on title, you are the registered owner. When your 'renter' gets drunk and runs over a little girl, no matter who has insurance, it will get eaten up quickly, the renter will be sued and you will be sued as well. Good bye X-Star........

Honestly it would be less painful to give me both of your boats right now :D

bobx1
02-16-2010, 06:24 PM
If you decide to do this and in order to cover your butt, it seems you would need a whole new insurance policy and set up an LLC (which would also be taxable income). Taking cash would keep Obama at bay but also nullify any written agreement you have. I did not stay in a Holiday Inn last night so you better check with an attorney and insurance guy before you get into this.

And BTW, I would never rent my boat to anyone....

ski/hunt
02-16-2010, 06:26 PM
Rental not a good idea if your at all particular about your property. I'd look into selling a 1/2 share in the boat. Alot of aircraft are co-owned by 2 or more people. This way they have invested in the item and share in the cost of all maint. storage upgrades ect. In my experiance "most" people take care of things if they have money invested.(that's most). If contracted right you both may benifit from it, you get some money, he gets to play as well as you, and you share in depreciation along the way. Could work if the parties involved get alone well and trust each other.

bigmac
02-16-2010, 06:41 PM
Has anyone rented out their boat? I was approached by someone who is willing to pay me some good money to use the X2 i have for sale for 7 months ending in Sept. They proposed $1000/month.

I initially declined but the thought is intriguing. My reservations... wear and tear by a non owner. The depreciation of another summer and getting a year older may make the rental income a wash. Liabilities if there is an accident.

IMHO, your reservations display a lack of imagination...:)

I would only do that if the money was enough to offset all of the potential hassles involved for all of the possible scenarios. In other words, never. Not in a million years.

coz
02-16-2010, 07:20 PM
Anyone rented out their wife? Same difference, I would imagine! Never done either!

Is there a service for this? I'd rent her before the boat :D

Skipper
02-16-2010, 08:01 PM
Asking for opinion? Now way would I rent my boat to anybody, especially if you don't know them. Nobody treats your stuff the way you treat it. (the wife analogy fits good here too). They made be really good folks who will treat the boat just fine, but you really don't know.

YTW
02-16-2010, 08:25 PM
I would rent my boat out for $300 a day plus fuel with the understanding that I would go along as the designated driver and ski instructor. I would also have a short class on boating etiquette before anyone boarded the vessel.

JohnE
02-17-2010, 10:01 AM
I flat out wouldn't do it. Tell them to buy it and then they can sell it in September and it probably won't cost them $7K. (Though it probably will)

ShawnG
06-21-2011, 12:58 PM
This is an interesting topic...and to put the issue to rest. There is a site that is launching in California that will make it possible for private owners to rent out their boat or waverunner. The company insures the renter for the time during the rental period for comprehensive, collision and liability. Check it out http://www.fun2rent.com/

BROUSSARD
06-21-2011, 01:02 PM
What's the going rate for a wife?

Less than a boat!

nickespi
06-21-2011, 06:02 PM
Less than a boat!

Especially for my wife!

Iskidaily
06-21-2011, 07:05 PM
Never. The liability issues aside (and they are big) this board is full of guys who really care about their boats and still have issues with their boats. You'd never forgive yourself if you got a phone call or found out later that something normal had happened and you were not there... If the impeller went, they hit a rock, they ran out of gas and blew your fuel pump (the fuel cools the pump on my xstar) or they wrapped a rope around the prop.

I love to have friends and family on the boat, but very few people get to drive and even fewer do so without me.

Iskidaily
06-21-2011, 07:06 PM
...now if someone wanted to rent my ex - wife, that would require a deposit and a guarantee of NO return!

ahhudgins
06-21-2011, 07:15 PM
...now if someone wanted to rent my ex - wife, that would require a deposit and a guarantee of NO return!


Any pictures? She would have to be returned if it was a rental!!


I haven't even allowed my 22 year old son to leave the dock with my boat. I just can't turn the keys over to anyone (yet).

nickespi
06-21-2011, 07:20 PM
Chartering your boat is where it's at. You get to spend time on the water and still make money.

pmkkdx
06-21-2011, 07:28 PM
Renting my boat out without me (or my direct family members) being captain would be out of the question for any amount of money mainly due to liability issues. Even with one of my family members at the helm would still require some serious soul searching and legal fees along with massive insurance policies. I checked into this (providing boat, crew & supplies for fee) a few years back with my lawyer & ins agent and just wasn't in my gut check range. I see ads on the Austin area Craigslist frequently for this type of activity and could be some really good income ... if nothing bad happens with the wrong clientele.

Likewise, I just checked today about potentially renting a boat for a day on Lake Powell since we will be in the area on vacation this summer, but the cost is mind boggling to me ... in case you think the $1000 / month is a good amount of money for income, check out these prices and then re-consider monthly fee. http://www.boatrentalslakepowell.com/lake-powell-boat-rental-pricing/

73blue
06-21-2011, 09:56 PM
Renting my boat out without me (or my direct family members) being captain would be out of the question for any amount of money mainly due to liability issues. Even with one of my family members at the helm would still require some serious soul searching and legal fees along with massive insurance policies. I checked into this (providing boat, crew & supplies for fee) a few years back with my lawyer & ins agent and just wasn't in my gut check range. I see ads on the Austin area Craigslist frequently for this type of activity and could be some really good income ... if nothing bad happens with the wrong clientele.

Likewise, I just checked today about potentially renting a boat for a day on Lake Powell since we will be in the area on vacation this summer, but the cost is mind boggling to me ... in case you think the $1000 / month is a good amount of money for income, check out these prices and then re-consider monthly fee. http://www.boatrentalslakepowell.com/lake-powell-boat-rental-pricing/


Holy Crap! Wish I could command prices like that where I am. I would love to have a couple MCs in the rental fleet

ahhudgins
06-21-2011, 11:14 PM
Holy Crap! Wish I could command prices like that where I am. I would love to have a couple MCs in the rental fleet

You have to charge prices like that to cover the huge insurance liability. I see that it costs around $2K a day for a X-45. You never know when some idiot may rent it and stuff 12 people in the bow.

Gabe63
06-22-2011, 02:14 AM
I rented my first mastercraft on Lake Shasta. A 1988 prostar with 4000 hours for $300 a day. This made me feel good about buying a used 2000 with 280 hours.

This is an old thread, did he rent it out. I would not.

timvan
06-22-2011, 08:34 AM
...now if someone wanted to rent my ex - wife, that would require a deposit and a guarantee of NO return!

Id have to pay someone a deposit to take mine

Hope she likes reading this since she stalks me on this board :)

timvan
06-22-2011, 08:35 AM
Chartering your boat is where it's at. You get to spend time on the water and still make money.

Wouldnt you have to be a licenced captain to do this legally?

TayMC197
06-22-2011, 09:36 AM
Wouldnt you have to be a licenced captain to do this legally?

I just bought a 197 pro tournament team from a guy in Allatoona,Ga...