Leasing an airplane to build time?

[A35plt]

has anyone ever leased an airplane for a year or two to build time?
there are alot of folks out there with ratings but are not employable due to low total times.
just curious...

 

[TWA]

I don't think there are too many places that lease aircraft that would be affordable to build time in.

 

[A35plt]

theres a 172N for a 1 year lease at $1200.00 per month, 600 hours allowed during the life of the lease and owner pays/performs annual inspection.

won't work for occasional flying but for serious time building the #'s seem to work.

Comments everyone?

 

[TWA]

Who pays for any other mx outside the annual (oil changes, 100hr (if you decide to do them), incidentals)? How about the aircraft insurance? If you're just paying the lease and fuel (no insurance, no maintenance), that's a pretty good deal, about $60/hr depending on what fuel runs in your neck of the woods. 600 hours is a lot of time for a 172 in a year, so expect some stuff to break.

 

[propsarebest]

Good luck getting insured too...

 

[LivestockTony]

If you're just wanting a plane to fly a lot and build time, aren't you better off buying a C-150 for $20k or so? (Which seems a reasonable price looking at barnstormers ads)

$20k, 9%, 5yr ... $415/mo
$20k, 9%, 10yr ... $253/mo

(9% is a made up number- I don't know what airplanes loans run, I used loan calculator at http://finance.yahoo.com/calculator/career-work/det03 )

If you were budgeted for $1.2k/mo plus fuel... you'd have $800/mo to put towards insurance and a mx reserve, and you'd be burning less fuel and oil as well...

A 172 certainly has more utility-- but if you're just trying to build time by flying solo xc, why not make each leg take as long as possible and do it as cheaply as possible?

-TF

 

[A35plt]

All other Mx 100 hours etc would be my responsibility as is insurance. those are @200 -300 bucks per. reason for my being responsible for that mx is because I will be basing the plane in another state. there is another plane available in case the one I lease breaks, I just transfer the lease to the other.
the insurance is as "named insured", it is not a part 141/ for hire type policy and so should be alot cheaper. Somebody who doesn't have at least a ppl and insurable in the plane is not the guys market.
this is a new business someone at my airport is trying after buying the assets of a out of business flight school.
again, the idea is to build time/fly my ass off for a year and then walk away with no worries about having to sell a plane, etc...

 

[A35plt]

BTW I have had no luck getting an airplane loan, it seems there is just nobody lending at the moment.