multiple owner/operators for TLB around homestead....Good Bad or Ugly?

[Ritothebull]

I have a couple of neighbors that I share a gravel road with and I have been maintaining the road for so long that they act like it's my job. They chip in on material for the road when we need it but they allways ***** about that, and they have never offered me a nickle for doing it. If I had some neighbors with deep pockets that offered to fund part of my tractor for a bit of work from time to time I would probably jump all over it because if your the only one with a tractor you'll probably be helping them out anyway. The only thing I would say is that since these guys are well off squeeze some more cash out of them while you can, two grand won't go very far when hiring a man with a machine these days.

 

[GirlWhoWantsTractor]

As a business person, I say "no no no" to partners in any undertaking. Even among rich, experienced business folks, most partnerships end in lawsuits.

I mentor entrepreneurs, and I've observed something. People think they need a "partner" when starting a business or some other undertaking for one reason: Fear. They may lack the self-confidence to do it by themselves. Or they're worried about the financial or time commitment involved and they think a partner will spread the $$ risk, lessen the work, and double the chance of success. When in fact the opposite of all that is true.

So first thought is, your desire for a partner really means you're not sure buying this machine is such a great idea, so you want to spread the "risk" around.

If you're sure buying this machine is such a great idea, find a way to do it on your own.

 

[newbury]

<snip> Maybe even borrow it from them so long as you sign a promissory note at a fair rate and make your payments religiously.<snip>

Best answer in my book. Since it's friends a fair rate would be say half of what a bank would charge. And pay it off as soon as possible. With the understanding that if THEY want you to use it on their projects you first get a quick quote from a local contractor and then deduct say half of it from whatever you owe the party getting the work done..

For simplified math
It reads like your getting it for $20K.
You'll owe NeighborA and NeighborB $2K each.
NeighborA wants a 4 hour job done.
Contractor Edward Stroller bids $400.
You do the job and NeighborA deducts $200 from what you owe.

Maintenance costs, insurance etc. would be on you.

After you get both neighbors fully paid off then your on your own.

And make sure nobody violates property lines

/edit
Better to have well off friendly neighbors than disgruntled neighbors

 

[gwstang]

The problem with multiple ownership is that one of the "Other" guys will have a family member or good friend that will want to "borrow it" for something. I've seen this happen and it will cause problems.

 

[Industrial Toys]

OR the father tells his screenage son to get off his device and hop on THE tractor. One of my concerns at thirteen was to see just how fast the tractor will go. AND, will it possibly go just a bit faster, by adjusting that wired off screw on the pump?

 

[BoylermanCT]

Buy the tractor yourself, and offer to do the neighbor's earth moving jobs for a set price in advance, so you have a commitment from them for some money but it is your machine.

 

[4570Man]

Buy the tractor yourself, and offer to do the neighbor's earth moving jobs for a set price in advance, so you have a commitment from them for some money but it is your machine.

That seems like a better plan. I’d recommend the neighbors get a quote from an excavating company and the OP base his number about 2/3 of that. Otherwise unless he’s already an experienced operator he won’t know how much to charge.

 

[bdog]

Don’t do it. Bad idea. Lots to go wrong. You don’t want to end up at odds with your neighbors forever over something like this. No matter how peachy it sounds up front something will come up that will leave someone with a bad taste in their mouth.

 

[rScotty]

I'm afraid I'm with the others. Old machinery needs a single owner.
You now have about 20+ posts all saying the same thing.
If these neighbors were really all that great, I'd think that at least one of them would sit down and explain these things to you exactly as your forum neighbors have just done.
That your neighbors haven't haven't done so makes me think that at best they are not mechanically knowledgeable about old machines. And that is a recipe for problems.
Just buy it yourself. Somehow. You sound innovative, but that isn't the way.
rScotty

 

[Bird]

Before I bought my first Kubota, one of my brothers suggested us buying one together. Like the others have said; just no way I go for such deals. I bought the tractor and let him use it, but it was always mine alone.