For Sale: Partnership Cirrus SR22 Atlanta PDK - partnership

Discussion in 'Aircraft, Clubs, and Partnerships - Buy & Sell' started by wayne, Mar 22, 2017.

  1. wayne

    wayne Line Up and Wait

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    We are working on putting together a 3 person co-ownership in a Cirrus SR22. Right now looking at G1 models and trying to keep the initial cost to ~$50k per person to buy it. Preferred airport is KPDK Peachtree Dekalb in Atlanta.

    Looking for a third partner.
     
  2. Dave Theisen

    Dave Theisen Pattern Altitude

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  3. wayne

    wayne Line Up and Wait

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    You are correct!
     
  4. Art VanDelay

    Art VanDelay Pattern Altitude

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    Too bad you're not a little further south. I'd be interested in something like that. As a CSIP I know all too well that Cirrus owners from time to time have to write some pretty big checks. Splitting it up three ways certainly would help the digestion.
     
  5. wayne

    wayne Line Up and Wait

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    Yep, divide the capital and fixed costs by three makes it much more manageable. And availability is very high. I'm in my second non-equity partnership and schedule conflicts are rare and both have had open calendars.
     
  6. wayne

    wayne Line Up and Wait

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    We found another person, but with zero SR22 time and no IR there was a low limit on the insurance we could get with him. So, we're still looking for another partner or two.
     
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  7. citizen5000

    citizen5000 Ejection Handle Pulled

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    We just had a first annual on a SR22T. $2050 with oil change. The owner of the shop says they do 50 Cirrus annuals a year and says Cirrus is one of the easiest and cheapest planes to maintain. He works on them all from Bonanzas to turboprops to everything Piper and Cessna makes.
     
  8. Art VanDelay

    Art VanDelay Pattern Altitude

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    Ahhhhh yeah - be sure to put something aside to have that chute re-packed too ! What's that like 12k ish ?
     
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  9. wayne

    wayne Line Up and Wait

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    12k-15k. I believe the newer models (forget when it changed) are cheaper. Cirrus made it easier to change the chute. Basically plan $1,500/year to save up for it.
     
  10. wayne

    wayne Line Up and Wait

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    Or if you were just a little further north.... ;)
     
  11. StevenT

    StevenT Filing Flight Plan

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    Hi Wayne...I'm interested in an SR22 partnership. I live near Roswell and I have about 500 hrs in the SR22 through a fractional ownership program. Are you still looking? E mail is the best way to communicate... mine is Steve.touchton@gmail.com
     
  12. EdCorkran

    EdCorkran Filing Flight Plan

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    Wayne,
    I'm starting to look around again. Previous owner C182L and Turbo C210-M for 20 years. I have no Cirrus time but >2000 hrs high performance. +IFR and Multi.
    Any interest in 4 way. I live in Stone Mountain.
     
  13. wayne

    wayne Line Up and Wait

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    Yep, we have 3 now. Had a couple other guys with some interest, but not quite the right fit for them. Four would work out great.

    wayne@ceasehome.com
     
  14. asgcpa

    asgcpa En-Route

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    We had it done. It was $14,500. $1,500/yr is a good target number. Also you have to factor in line cutter maintenance.
     
  15. wayne

    wayne Line Up and Wait

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    Thanks for that. We have $14,200 for both, so we may need to bump them up. Or just recognize we're a little low and will have to kick some more in when those need to be done.
     
  16. asgcpa

    asgcpa En-Route

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    I have the numbers down pretty well. Been operating the LLC for two years. If you have questions pm me.
     
  17. asgcpa

    asgcpa En-Route

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    Youre maybe $1,500 low so no biggie.
     
  18. wayne

    wayne Line Up and Wait

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    Shifted to looking for a 4th to get the purchase price up to around $200k; $50k per person. We now have three solidly interested people. The $50k/partner is just for the purchase price.

    Some details. Looking at a purchase price of ~$200k with 4 partners. That puts it around $65k per partner after purchase, sales tax, 1st year insurance, and other possible start-up things (406 ELT, ADS-B out transponder, ...).

    Monthly cost around $450/month.
    Dry hourly cost estimated $50/hr

    That puts the total monthly/hourly/fuel spend for a partner flying 90 hours per year at ~$200/hr; depending upon fuel costs and no assessment for large maintenance not covered by reserves.

    I was in a non-equity partnership (i.e. renting) on a SR22 for 4.5 years and that's in the range we were spending. That owner moved. I'd like to get back into a SR22 partnership again. I'm flying a Baron now and the fuel burn... :eek:
     
  19. Blackfin

    Blackfin Filing Flight Plan

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    Looking for a partner or 2 for 3 max on Cirrus SR22T G5. Price range around 600k. Must have ability to secure financing with all partners. LZU or PDK preferred. Instrument Rated..
     
  20. AggieMike88

    AggieMike88 Touchdown! Greaser! PoA Supporter

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    Now offering reverse discounts.
    Howdy Blackfin and welcome to PoA!

    A clarification question if you don’t mind. Are you wanting each partner to bring their share of the buy in with them? Or you seek 2 or 3 others that, once the group is formed, the group qualifies for the financing required?
     
  21. Blackfin

    Blackfin Filing Flight Plan

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    Hey AggieMike—
    I guess i shouldn’t be typing or flying that late cause I see the confusion in my message :). Looking to purchase a SR22T G5 once the partners are secured. Partners should have the Capacity to put down 20% with good credit to quality for best financing terms.

    Prefer 1 partner but will live with 2.

    Partner(s) should be instrument rated to get best insurance rates and financing terms.

    We will use a LLC to own the plane and the owners of the LLC will be the partners or their holding corporations.
     
  22. Skepilot

    Skepilot Pre-Flight

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    Blackfin, do you really need a SR22T G5? The OP has a couple of guys already ready to commit on an earlier model SR22 NA in PDK. Seems like you might be able to partner up with them. The turbo only really gets you extra speed in the altitudes where you need oxygen, really not much of an advantage east of the Rockies.
     
  23. Blackfin

    Blackfin Filing Flight Plan

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    Skepilot, thanks for the suggestion! I've done most of my cirrus flying in a sr22T with the Ascension Program. I've done flights 15-25000, i do enjoy the solid climb rates..I will consider a NA but will want to stay at least with the Perspective system which I believe is offered from the G3 onward.
     
  24. Skepilot

    Skepilot Pre-Flight

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    Gotcha. I just know Wayne has been trying to put together a partnership for quite some time now, and it's proving to be difficult to find people who have the qualifications, money, and will to commit. So, I'd hate to see you both trying (and maybe failing) to start up two seperate partnerships when maybe you could join up and get it done!

    Regarding the Garmin system, sometimes you can find some G1s that have been refurbished and had their old 6-packs replaced with Garmin, like this: https://www.facebook.com/groups/6699077266/permalink/10154943272612267/ Not quite the same as a G5, but damn near as nice for a fraction of the cost! Anyway, just a thought.