How not to get screwed?

[ceo_of_the_sofa]

How would you set up a time building arrangement with another pilot using borrowed funds?

I paid for all of my certs and ratings using cash I've earned so I am rather new at this

I am planning to take out enough money to cover my share of 100 hours multi under a 50/50 arrangement. I am not sure how the other party is going to pay for their share. Should I just notify the flight school that we should be billed 50/50 for every hour?

Will the financial institution disburse to me, or will it go straight to the school? I would hate to loose all of my money if they were to go under like so many have in the past.

Thanks,
ceo.

 

[Cutlass1287]

DONT allow them to disburse YOUR money to the school!

 

[Dangerkitty]

How would you set up a time building arrangement with another pilot using borrowed funds?

I paid for all of my certs and ratings using cash I've earned so I am rather new at this

I am planning to take out enough money to cover my share of 100 hours multi under a 50/50 arrangement. I am not sure how the other party is going to pay for their share. Should I just notify the flight school that we should be billed 50/50 for every hour?

Will the financial institution disburse to me, or will it go straight to the school? I would hate to loose all of my money if they were to go under like so many have in the past.

Thanks,
ceo.

How much Multi-time do you have?

If I were you I would use that CFI and more importantly your MEI ticket to network and get the Multi-time without having to pay for it. If people start seeing your face frequently enough then you might be able to hop in the right seat of that King Air or Baron.

Regionals are hiring applicants with not much Multi-time right now. I think you can have as little as 100 hours at some places. Key is how much multi-time do you lack.

I persoonally would do whatever I could to not pay for any multi-time.

 

[User546]

Should I just notify the flight school that we should be billed 50/50 for every hour?

A lot of the FBO's or flight schools that I've flown at don't break up the flight 50/50, but something you could do was just alternate paying for flights. He pays for one, you pay for the next.

Worse case scenario, he bails and stiffs you for one flight max.

Is AllATP's still doing their multi time building program?

 

[viper548]

Where I went they let us split the time

 

[ceo_of_the_sofa]

I've got 25 hours total multi, and believe me, I've researched every contact and venue locally. There are no twins to fly, especially with today's gas prices. Plus, all of my time is in a Seminole and I would have to pony up for five hours PIC before I could log dual given in anything else.
ATP has a program where for $25K they'll let you log 100 hours multi PIC and 50 hours in a Diamond. I can get 100 hours locally, in a very rough looking Seminole for about a third of that....

Alternating flights is a good idea, but what about the flight school going belly up and taking all the cash? Does SM or Key disburse in periods?

 

[viper548]

The 5hr PIC rule is only for giving DUAL towards a certificate or rating. You could hop in a C-421 and do a BFR

 

[MFRskyknight]

Alternating flights is a good idea, but what about the flight school going belly up and taking all the cash? Does SM or Key disburse in periods?

Personally, I will never do business with Key again. Sallie Mae, from what I understand, does offer some protection (they forgave their loans for Airman students). Whichever bank you decide to go with, I would call them and ask about this, making your concerns known. If they disburse to you, only pay in small increments, regardless of any discounts you may receive "buying in bulk." From my experience, it's not worth risking a 100% loss to shave off that extra 5-10% from your training costs.

MFR

 

[LearLove]

I've got 25 hours total multi, and believe me, I've researched every contact and venue locally. There are no twins to fly, especially with today's gas prices. Plus, all of my time is in a Seminole and I would have to pony up for five hours PIC before I could log dual given in anything else.
ATP has a program where for $25K they'll let you log 100 hours multi PIC and 50 hours in a Diamond. I can get 100 hours locally, in a very rough looking Seminole for about a third of that....

Alternating flights is a good idea, but what about the flight school going belly up and taking all the cash? Does SM or Key disburse in periods?

Please don't do this. Unless your made of money or your last name is Hilton or Kennedy. Keep at it. Places like , Colgan and others are hiring with little multi time. Keep on instructing you'll eventualy move on to 135 or 121. I know its easy for me to say this but we've been there before. Your going to add much hart ache down the road if you go into debt now.

If you are going to do this do not give a school your $$ upfront. Pay as you go. If they won't do 50/50 for each flight have you and your partner make a deal to pay everyother flight, e.i. you pay for first flight then he pays the second time then you pay next and on and on until your in debt up to your eyeballs.

Anyway just my advice and good luck, because in the end thats what it boils down to.