Pinch me, I must be dreaming...

[Publishers]

Try and find a limited number of users. Secondly, get some other aircraft like a Saratoga, something with simple systems like the people above are indicating. You buy it and they rent it but to very few people. Come up wiht a number where you are getting some cash for ownership and operating but taking the depreciation.

 

[Alamanach]

I'm not familiar with the Saratoga; what advantages does it have?

 

[pilotyip]

The Saratoga has a lot of disadvantages, it is big, burns a lot of gas, and has higher insurance and maintenance costs. It is not an entry level airplane except for someone who has a lot of spare cash sitting around, read Doctor, lawyer.

 

[AC560]

Most people I know who have done leasebacks ended up with higher expenses then what they took in. It is also really rough on the airplane all those touch and goes, quick power cuts/throttle ups, etc. The plane just gets beat to pieces (they call it a rental power setting for a reason).

There is a lot of things to lean that come with owning an airplane it isn't like buying a car and there aren't a lot of manuals to read on how to best do it. Best thing as others have suggested is to join a flying club initially. This will give you the best bang for your buck and you can learn through the club some of the ins and outs of plane ownership.

 

[Junkflyer]

Don't expect to make money on an airplane and don't buy anything but a slow fixed gear single (172 is perfect) Too many people with a few bucks buy more airplane than they can handle. Gain experience then trade up if that's the idea-it wil also save on insurance.

 

[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.