Pinch me, I must be dreaming...

[JimNtexas]

Your Dad certainly does not want anything but a simple fixed gear single like a C-172 or PA-28.

It's not really possible to make a dime, let alone 'break even' on it and still have a nice plane for personal use.

You might find a leaseback that doesn't cost you your shirt, but the renters will certainly tear up your airplane.

And of course if Dad has enough assets to afford a plane he probably should think five or ten times about the liabilty exposure of renting it to others.

 

[pilotyip]

How to make a small fortune in Avaition, start with a large fortune and buy an airplane. (Old Joke)

 

[atpcliff]

Hi!

U could also look into a share agreement for the airplane, with, for example, your dad and 2 other guys owning the airplane together. If you're not flying that many hours, and u want to own a plan, a shared ownership thing usually makes sense.

I also know a guy with a Warrior, who put in a $20K moving map gps and now it is being rented A LOT! I think he actually makes money.

cliff
GRB

 

[siucavflight]

go and talk to Ellis at Windy City Flyers @ PWK in the CES builiding 2nd floor.

Be careful and read the fine print first. WCF is a fantastic place to be a club member at, and when I was instructing at PWK I would recommend that once my students finished to join WCF(we did not rent our aircraft). But I do know quite a few people who have been burned by WCF, but now that Skip is gone I dont think that it will be as much of a problem, Dean seems much more honest.

 

[JimNtexas]

atpcliff is correct. Consider a partnership. That's by far the best way to reduce the large fixed costs of having an airplane.

 

[414Flyer]

atpcliff is correct. Consider a partnership. That's by far the best way to reduce the large fixed costs of having an airplane.

I have also heard an aircraft partnership is a great way to lose friends.

 

[JimNtexas]

I have also heard an aircraft partnership is a great way to lose friends.

It works great for me and a bunch of other people I know.

 

[siucavflight]

I have also heard an aircraft partnership is a great way to lose friends.

Depends on the friends, I have seen it go both ways, but it usually seems to work out for the best.

 

[pilotyip]

Make sure you have well defined rules in your partnership in writing.

 

[JimG]

I have also heard an aircraft partnership is a great way to lose friends.

Two things I don't share:

My wife and my airplane.

UNintentionally shared my first wife once....

Couldn't been happier about that one now.

But if somebody does the same thing with my airplane, they're going to have "grand theft airplane" charges filed against them....

I'd be pissed.

 

[AC560]

atpcliff is correct. Consider a partnership. That's by far the best way to reduce the large fixed costs of having an airplane.

Provided you know something about aircraft ownership in the first place. Buying a plane isn't like buying a car.

I would really recommend joining a club to get any idea about what is involved in owning a plane. It would also give you an opportunity to meet some people who might be interested in being partners on a plane with you.

 

[JimNtexas]

Provided you know something about aircraft ownership in the first place. Buying a plane isn't like buying a car.

I would really recommend joining a club to get any idea about what is involved in owning a plane. It would also give you an opportunity to meet some people who might be interested in being partners on a plane with you.

I agree. He could also buy into an existing partnership.

The thing I've seen a number of times to watch out for in partnership is to be 100% sure that the existing partners really intend to share on an equal basis.

I've twice run into the case where a couple of guys want someone to pay for an overhaul, but they don't really want to share the airplane equally. For example, I looked at Mooney where they were selling a third share, but one of the 'shares' was 'co-owned' by a father and son, who each would have equal access to the airplane as me. So they wanted me to pay 1/3 of the value of the partnership, but only get 1/4 of the use of the airplane.

I have a couple of friends in another partnership who are happy, but their arrangement seems crazy to me. The partners pay for their own gas, and they split the hangar and insurance every month. But they charge themselves zero dollars per hour for maintenace. Whenever anything breaks they expect each partner to chip in 1/3 of the cost.

In an extreme case, if one of them flies 2000 hours in one year then that partner will have the full use of an engine, but only have to pay 1/3 of the cost. They are happy with it, but I wouldn't be. YMMV.