How to make some money???

[guidoverduci]

Hello all-

I recently came into some extra cash and was thinking of buying myself a twin engine airplane. Most likely a seneca or something of that caliber. I have a couple questions..... besides leaseback- do you got any suggestions on how to earn a little cash to help pay for gas? I was eventually looking to start up a flight school. But that's after I build a little bit of clientel and maybe purchase a couple single engine planes. I'm majoring in business and I have a few good contacts. But for now I was really interested in some kind of contract flying- maybe mail or something of that nature. I'd love to have some kind of service like that. Is there somewhere you can bid for jobs? Anybody no how or who to contact to get something like that going? Any thoughts, or ideas would be much appreciated! P.S.... Please don't say the only way to make a million in aviation is to start with two million! If I had a penny for everytime someone said that to me- I'd already be a millionaire I know it's a tough business to make a buck in, im just looking for some ideas and thoughts!

 

[sky37d]

Hmmm,
Most flight schools I know eak by, making money as FBO's, selling gas. For the others, they have rigid schedules, all kinds of clientele, etc.

Only other way I can think of is hauling drugs, however I suspect that it isn't a long term career move.

 

[vossdr1]

$$

Your ideas about a direction are somewhat vague. If you haven't already, I suggest you reference 14CFR FAR 119.1(e) and 91 subpart K to see what you might be able to do.

You might be able to develop a fractional ownership with your light twin (there are some out there). I would contact National Business Aviation Association to help. They are very friendly and could point you in the right direction for insurance, operating costs, etc.

It's very difficult to start a 135 operation.

Good luck

 

[guidoverduci]

Yeah- sorry about that. My ideas are a little vague cause i'm open for all sorts of suggestions. I know the FAR's on what I can and can't do. I was just wondering if anyone knew about how to get some contract services or some way of making a few bucks with a twin engine seneca. The flight school thing will come with time- but I figure with such a low overhead- I can get by pretty good with a few students. Well thanks for the replies and i'm looking foward to hearing some more-

 

[WrightAvia]

Guido, I flew a piston twin I was part owners of for a company, but I was working inside that company as a field service technician. They reimbursed me 200.00 per hour for the use of the plane and while I flew company trips for them, they were paying me on the time clock as an employee. Time and a half for overtime and double time on Sundays.

I flew trips where me an an employee or several, would go out and service or install equipement. Some trips included heads of the install and training departments. Those trips really paid off for the company, as we would be handling a problem with the production line, the installation head and the training head would be in working new sales with that company.

Some of the companies that we got service calls from, were really impressed that we could be there in two hours, smacking down problems with the equipment. It was also nice from the point of view that we could be home...much sooner or had the flexibility to stay longer, with less travel time.

On the trips where I went by myself or another employee and couldn't justify the cost of the twin cessna, I rented a real awsome Cherokee Six and just turned the bill in on my expense report. Lots of great flying there. One Cherokee six trip allowed me the ability to go service a machine and still make it home in time for a large family get together on friday night. Had I driven, I would have been driving 8 hours on friday, working all friday night, probably some on saturday and then driving home 8 hours to get home saturday evening. For all the overtime I saved them on this trip, I should have used the twin. Funny part about the trip, was it was totally an "ass buttering" trip. There was nothing wrong with their machine and all I had to do to prove it was put a mag base runout indicator on a steel frame and show them that these shafts weren't out of round. I spent the rest of the day helping their maint staff resolve some smaller non related issues, then it was back to the plane and home for the weekend!

The trip back was beautifull, I had the auto pilot on and was listening to an am radio station that was running a quiz...quess the name of this song...I spent the next twenty minutes wishing I could use my cell phone and listing to a bunch of callers missidentifing the song, going "no dumbass...It's the Commadore's...MACHINE GUN!"

I would have stayed on with that type of scenario, had they took that brochure for the PC-12 and wrote a check, but I got a good offer from a 135 company and moved on.

I would definitely look up a good aviation attorney and have him guide you on how to properly structure your situation, so you don't run afowl of the FAA or have problems with liability.

There are ways for you to get it done...legally, and you'd be foolish not to retain an aviation attorney to properly structure it for you.

 

[bart]

If you like the idea of taking your extra cash and spending it all and having bills over that to boot, by all means buy an airplane and try to make money with it.

If you would like to make money, I suggest you look at real estate.

 

[guidoverduci]

thanks for the advice bart- I think I will buy an airplane and make money with it!!!

 

[vclean]

Search this forum for '135', and you might get an idea on how to start a Part 135 operation. Additionally the Atlanta FSDO has a webpage with a 'cookbook' on starting a 135 business.

I would talk to other flight schools/FBOs to see how they conduct their business. Learn what to do from the successful ones and what not to do from the others. In the last two years insurance rates have skyrocketed, much more so with flight schools and individuals who use their aircraft for instruction. It is not uncommon for rates to approach $5,000/year for a C172 used for flight instruction. It is easy to see an aircraft would need to fly quite a bit to offset this expense. If you are a member of AOPA, they have information on budgeting aircraft ownership.

Good luck,

 

[Flic1]

I tell you what.....pay me $5000, I'll talk you out of it, and you'll still come out on top!

 

[bart]

thanks for the advice bart- I think I will buy an airplane and make money with it!!!

You just might... but not near as much as you would with real estate or other investments with less risk and higher return. Aviation is a business where experience pays and experience can be very expensive to acquire (as in buying a lemon aircraft, or misunderstanding record keeping requirements). As someone that has owned several aircraft for both business and pleasure, I speak with some perspective on the subject. So buy a 172 or what not and have fun and don't be surprised if your cash disappears.

I actually will be very surprised if you ever do actually buy an airplane. If you do, best of luck with it, since that is probably what you are counting on to make it work in a financial sense.

 

[AAflyer]

Yea, realestate is good! Nobody has ever been burned by real estate.

AA

 

[bobbysamd]

Multi instruction

thanks for the advice bart- I think I will buy an airplane and make money with it!!!

I got my multi and MEI ratings from a guy who was at least a part-owner of his Baron. You could do the same thing and instruct in your airplane. As times improve, you should have some customers. Of course, you would need 100-hour inspections along with annuals, which would set you back.

 

[crxpilot]

have you seen this?

http://www.alpineairaviation.com/seminar information packet.pdf

Guido,
I am not affiliated at all with this but I have seen the ads before for owner/operator for cargo beech 1900, it could be interesting:

Owner/Operator Seminar
Our owner/operator program is the newest and greatest opportunity since the advent of the FAR part 135
Air Carrier certification program! This program will allow anybody to start a new operation or upgrade
their present service to turboprop aircraft. This new concept opens the doors for Pilots, FAR part 135
operators, FBO’s and investors to cost effectively support their own cargo operation. Alpine Air, in
conjunction with our leasing companies have formulated this great opportunity. The management
personnel at Alpine are seasoned aviation veterans who are available to help you make your investment
succeed. This program allows you to;

Start up or upgrade to your own all cargo Beech 99 or Beech 1900 airplane.

Operate under Alpine Air’s FAA part 135 cargo only certificate.
Our unique (only one in America) and proprietary Owner/Operator program provides you a turn-key
operation which includes:

Aircraft financing:
8% down payment at prime plus 1 _ %.
No fees, no points, no closing costs, no credit checks!

Insurance:
For your airplane at below market fleet rates.

Fuel purchase agreements:
National fuel purchase contracts included.

Engine overhaul (TBO):
Extension times (proprietary to Alpine’s FAA approved Aircraft Inspection Program
(AAIP) included.)

Back-up aircraft and crews:
Available for immediate support. (eliminates the need for a spare airplane.)

Aircraft return policy:
30-day return policy for any reason, or for no reason.

Aircraft upgrade policy:
Guaranteed no-loss aircraft upgrade policy.
We offer monthly seminars to familiarize you with this BRAND NEW revolutionary program. Seminar
attendance limited to four (4) persons. To register for the seminar, call Jon Barrie at 1-800-540-4647.

 

[Crizz]

Guido

I own a 172. I would be happy to talk with you about getting things started. Shoot me an e-mail or PM and we can chat.