At the time you have now (listed at under 389 hours) it would be a waste of time and money. With the current market I think you would need a bare minimum of 1500 hours with some good 121/135 experience just to be looked at by a regional airline. Perhaps a lot more. Your best bet would be to get your CFI and try and find a job instructing. While you are doing that try and poke around for some side jobs flying a twin or some turbine equipment. As tempting as it is right now, don't waste the money, you'll need it more when you are in your first year at a regional.
As stated in the post above, I wouldn't do it now. Try to get some hardcore experience instructing and once you rech 135 mins, go fly cargo or something. Having 500 hrs and 150 hrs of SIC turbine won't get you anywhere. If it gets to the point where you have good total time and not enough multi, maybe see if you can get some block time in a piston twin. 150 hrs of PIC flying IFR in a twin may be more valuable, and better experience. I'm not real familiar with those turbine time deals though and how much it would help. I do know a guy though that bought 300 hrs in a B-99 from one of those places and it got him nowhere. He had about 1200 hrs.
I agree with the above since your TT would still be very low and would leave you with very few options once you completed that program. For that much money I can't see how it would help you at this point in your career. I am sure these are NOT the responses that you wanted to hear however they are pretty factual more so than ever in this day and age where surplus definately is exceeding demand. Pre-911 Great Lakes would take quite a few people who completed this program however since Pomeroy has left for Alaska I believe things have changed within that flight department. You may still want to inquire about your option of going to GLA once you complete the program B U T I would probably stay away from this especially now post-911.
125 hours in a 99 really isn't going to make you any better than obtaining your MEI and instructing in a light twin and "networking" and getting yourself on with some 135 operator as a SIC.
Alpine is next door to where I fly at PVU. I know of numerous people who have done their FO program. Any number of things have happened, including-
1-a low time guy like you goes to them and does the FO program. He finishes, then leaves to find out that low time is low time and ends up instructing to build his hours/experience.
2-a slightly higher time guy (500TT) does the FO gig and get picked up by GLA or...well I guess there is no other. Depends on their needs and hiring.
3-either of the guys above find themselves finishing the FO program just a Alpine is hurting for pilots and get hired to remain on. This is certainly the exception and I've only heard of it happening a few times. Now, make almost nothing but build good time and go to a regional.
I would wait to do it when you have more hours, if at all. That price tage is going to be with you a long time if you borrow the money, and you could probably make better use of it getting your MEI.
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