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Yacht Syndication - Fractional and Boat Co-ownership - Ep 95 Sailing Luckyfish for SALE? - YouTube
Channel: Sailing Luckyfish
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Hello viewers.
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So we're selling three quarters of Luckyfish and
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keeping a quarter of her for ourselves.
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What is it about share ownership that made us
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think of selling the boat this way.
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I know some of you are quite skeptical about share
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ownership but by the end of this video I think you
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will have changed your mind.
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I'm Stewart and this is Zaya.
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Normally we are sailing our reasonably priced
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catamaran Luckyfish across an ocean or around the
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islands.
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But this year we stayed in Mongolia to have this
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little guy.
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Subscribe and join our journey.
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Let's be clear about one common misconception
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right from the start.
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Yacht syndication or fractional ownership is not
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timeshare or sailtime or some of the other schemes
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you might have heard about.
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This is co-ownership of the actual asset with your
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name on the title.
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You're free to sell your share at any time and
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recover the cost and in fact the whole process of
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selling a share is made a lot easier due to the
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lower cost of entry for a buyer.
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The fact that no survey is required and as shares
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are scarce they don't last long on the market.
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In this video I'm going to share with you
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everything we've learned about what makes this
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such a good deal for anyone who can't or doesn't
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want to live aboard and cruise full time.
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Perhaps you are still working or semi retired or
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even fully retired but have other activities you
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also want to do apart from sailing.
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The point being why not share the boat with other
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owners who save you the costs when you're not
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using it.
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Who wouldn't want to multiply their buying power
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by four or even 10 times and then only pay a
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quarter or a tenth of the maintenance and running
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costs.
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Just think for a minute what a different kind of
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boat that can get you or looking at it another
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way.
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If you're on a small budget co-ownership can get
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you on the water a lot sooner while you continue
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to save up for outright ownership.
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And here's another advantage.
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We all know that boats start to deteriorate when
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they're not being used.
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Mold starts electrical switches start to corrode
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fluids and oils begin to stagnate greases harden
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and moving parts begin to seize up by utilizing
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the boat more with other co-owners.
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The boat is kept moving and in a state of
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readiness for when it becomes your time to go
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cruising.
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No one wants to turn up to go sailing especially
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if there's the crew there waiting for you only to
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end up on the phone calling for parts and looking
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for service people to come and help you get the
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boat going.
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Visit any Marina and you'll find that story time
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and time again.
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Ahhh but what about wear and tear.
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I hear you say doesn't it cost more if more people
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are using the boat.
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Well yes a bit but surprisingly most of the wear
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and tear on a boat comes from things like UV
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sunlight salt and humidity.
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These things are constant whether the boats being
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used or not.
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But for us here's the real kicker.
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Running costs insurance mooring fees regular and
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scheduled maintenance costs they all add up.
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These are fixed overhead whether you use the boat
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for one month or 12 months a year by splitting the
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budget for these costs among several owners.
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There's simply more money available for replacing
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parts when needed or outsourcing repairs to
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professional contractors.
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This means the boat is maintained to a very high
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standard and I would venture to say to even higher
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standards than privately owned boats under sole
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ownership.
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So what makes a successful syndicate clearly a
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certain level of sailing experience is required
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for the mutual assurance of all co-owners while
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the existing co-owners will be more than happy to
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give a new co-owner a boat and area briefing
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before they head out to sail for the first time
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being in a sailing syndicate is not a place to
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learn to sail.
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Secondly the right blend of owners is important
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for the syndicate to work.
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You wouldn't want for example to have two teachers
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from Canada in the same syndicate both wanting the
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school holidays at the same time but a
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schoolteacher from Canada with say some parents of
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school aged children from the UK could work.
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Also important is the ability for each co-owner to
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fund the annual maintenance and running costs
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which are generally about 10 per cent of the total
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value of the boat.
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Given that these are split amongst all the co-
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owners this cost couldn't really be made more
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affordable.
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Finally a sound written syndicate agreement is
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essential.
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This is a legal document that all the co-owners
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within the syndicate agree to.
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It covers every eventuality including changing the
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base port for the boat handling disputes sale of
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shares maintenance schedule owner usage calendar
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and so on.
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So what's the deal with Luckyfish?
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Well you can tour the boat here and here and also
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visit the website here and there's a link in the
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video description that'll take you straight to all
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the details of the deal.
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We decided to sell the boat in quarters for 30000
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dollars each.
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That entitles each co-owner to 12 weeks use of the
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boat per year.
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It's almost sold out now with just one spot left.
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But don't let that deter you from expressing your
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interest.
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We're keeping a list and it's not necessarily
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prioritized in the order in which we receive
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inquiries but for the factors that I previously
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mentioned.
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Share ownership is quite dynamic.
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and shares come on the market quite frequently we
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know of one catamaran where all of the existing
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owners are none of the original owners and in fact
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the shares on that boat are now being sold at a
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premium to what the original price was.
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In fact the cumulative value of all of those
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shares it's a production catamaran value the boat
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at a higher price than equivalent sole ownership
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boats that are currently on the market.
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Zaya, Leo and I will be back on the boat in
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December.
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It's not easy is it? That's right, arms out...
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we're going to spend the month preparing the boat
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for what's going to be a solid year of cruising in
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2020.
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During January and February we're going to give
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the new owners a area and boat briefing and spend
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as much time as is required with them to get them
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comfortable onboard the boat.
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During that time we're going to be filming the
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whole time and also finishing off the 10 Ways
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Wharrams are Wonderful series.
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So drop me an email if you'd like to join us and
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help make the syndicate a great success next week
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for a complete change Zaya wants to do a video
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called 10 Things You Didn't Know About Us that's
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bound to be full of surprises so make sure you
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subscribe and don't miss it.
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In the meantime let us know what you think about
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shared ownership in the comments below.
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Perhaps you've been in the syndicate yourself or
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know someone who has.
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Thanks very much as always to our patrons who help
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make these videos possible and who are also in for
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some great surprises next year.
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Cheers all,
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See you next week.
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Don't forget to subscribe to our channel if you
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haven't already.
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And thank you for watching.
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