Gut Check: Is it a good plan in my situation to buy a plane for training?

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Brendon

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brendon7358
This plan will start when I finish my IFR training in late spring, by which time I anticipate having just under 100 hours.

Objective: The goal is to get to a Certified Flight Instructor (CFI) and then to the airlines as quickly as possible.

Financing: HELOC of $50,000 at a 7.5% interest rate, with a 10-year term for interest-only payments and a total term of 30 years.

Aircraft Investment: I plan to purchase a 1/3 share in a Piper Cherokee 140, which has 950 hours since its last engine overhaul and is IFR certified with dual GI 275 and a 430W. The cost of the airplane share is $26,000.

Ownership Costs:
- Fixed monthly costs: $150
- Variable costs: $90 per hour

Fuel Savings: By using pump gas, the hourly operational cost can be reduced by $20.

Partnership: The co-owners of the airplane are also interested in building flight time. We plan to share flight hours to halve the variable costs.

Contingency Plan: If the plane is unavailable due to maintenance, I will rent a VFR-only Cessna 150 at $120 per hour I may or may not be able to find people to time split with in that situation.

Flight Training Plan:The immediate goal is to accumulate 150 hours for the commercial pilot license, focusing on long cross-country flights and maximizing flight time. I plan to reserve 10-20 hours for flying with an instructor to practice commercial maneuvers. Concurrently, I will prepare for the CFI, aiming to achieve it very shortly after obtaining my commercial license.

Post-CFI Plans: Upon becoming a CFI, I will work at a flight school, operate independently using the airplane, or both. If financially viable, I will continue flying the airplane to accumulate more hours.

I will sell my share in the airplane upon reaching the airlines, or if it is no longer financially viable while working as a CFI. The other partners have said they would probably not having an issue absorbing my share, but that is not guaranteed.


Some answers to questions I received via PM

1. I have my PPL and 60 hours + 20 sim hours as part of the IFR course. I have my associates. My plan is to work on bachelor's (if it's even necessary) while working as a CFI.
I have obtained a first class medical twice in the past. Currently it has reverted to a class 3. I am doing another class 1 physical in a couple of days to make sure everything is good to go before buying the airplane. I have never had any issues previously.

2. My plan is to keep my day job at first, just to make sure everything is going to plan. When either a. It significantly impedes my flying or b. I obtain a job as a CFI I will request a 6 month leave of absence so I can come back if I have to. This may or may not actually be approved but thats my plan.

3. I live in northern Florida and plan to knock out most of my flying in the summer
 
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Brendon said:
This plan will start when I finish my IFR training in late spring, by which time I anticipate having just under 100 hours.

Objective: The goal is to get to a Certified Flight Instructor (CFI) and then to the airlines as quickly as possible.

Financing: HELOC of $50,000 at a 7.5% interest rate, with a 10-year term for interest-only payments and a total term of 30 years.

Aircraft Investment: I plan to purchase a 1/3 share in a Piper Cherokee 140, which has 950 hours since its last engine overhaul and is IFR certified with dual GI 275 and a 430W. The cost of the airplane share is $26,000.

Ownership Costs:
- Fixed monthly costs: $150
- Variable costs: $90 per hour

Fuel Savings: By using pump gas, the hourly operational cost can be reduced by $20.

Partnership: The co-owners of the airplane are also interested in building flight time. We plan to share flight hours to halve the variable costs.

Contingency Plan: If the plane is unavailable due to maintenance, I will rent a VFR-only Cessna 150 at $120 per hour I may or may not be able to find people to time split with in that situation.

Flight Training Plan:The immediate goal is to accumulate 150 hours for the commercial pilot license, focusing on long cross-country flights and maximizing flight time. I plan to reserve 10-20 hours for flying with an instructor to practice commercial maneuvers. Concurrently, I will prepare for the CFI, aiming to achieve it very shortly after obtaining my commercial license.

Post-CFI Plans: Upon becoming a CFI, I will work at a flight school, operate independently using the airplane, or both. If financially viable, I will continue flying the airplane to accumulate more hours.

I will sell my share in the airplane upon reaching the airlines, or if it is no longer financially viable while working as a CFI. The other partners have said they would probably not having an issue absorbing my share, but that is not guaranteed.
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Big question: Is this 50k$ intended to help finance your aircraft partnership purchase + training? Or cover your living expenses too?

Take a look at the below. Here's your costs on a monthly basis based on how many hours you fly and how many hrs you get to split with another pilot. It uses the numbers you cited in your post.
I don't think it's realistic to assume 100% of your hours are with someone else (and if they are, you'd be flying fewer hours). Scheduling/personal minimums/life obligations/all that stuff can limit your time w/the other pilot. And you need to keep up a brisk flying pace with this plan.
1709708063262.png
(Also note: this assumes NO unexpected expenses occur with the plane... That may not be realistic especially if you guys are all building time and flying it a ton... Things in airplane-land are expensive and you need to be prepared to write your share of the mx check)

I'm just going to assume you're doing 50h/month and split HALF your time with another pilot.
If you're starting with 50k$, 26k$ of which goes immediately into an aircraft purchase... And then we assume you fly 50h/month, half the costs split with a pilot buddy, then your expenses look like this.
1709704649876.png

Any sort of downtime would hurt you a lot (e.g., if plane goes in for annual/mx downtime/etc). You'd really, really need to keep up an aggressive pace of flying to make sure you don't run out of money.
And unless your living costs are nil (or paid for by family or something) - you won't end this process with much money left. Note: This also doesn't include what it will cost to hire a CFI and DPE for your commercial/CFI training/checkouts.

Personally - I'd want a bit more buffer b/c there's no guarantee you get CFI at 250h and start making money again. Not to mention when this is finished you owe $50k to the bank and will be making interest-only payments, not chipping away at principal for 10y.
Now if you have a day job that you intend to keep during this training which can help defray some of the costs, or if you have another source of savings -- that could change the financial picture quite a bit.


EDIT: Corrected 1 small formula mess up.
 
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ArrowFlyer86 said:
Big question: Is this 50k$ intended to help finance your aircraft partnership purchase + training? Or cover your living expenses too?

Take a look at the below. Here's your costs on a monthly basis based on how many hours you fly and how many hrs you get to split with another pilot. It uses the numbers you cited in your post.
I don't think it's realistic to assume 100% of your hours are with someone else (and if they are, you'd be flying fewer hours). Scheduling/personal minimums/life obligations/all that stuff can limit your time w/the other pilot. And you need to keep up a brisk flying pace with this plan.
View attachment 126302
(Also note: this assumes NO unexpected expenses occur with the plane... That may not be realistic especially if you guys are all building time and flying it a ton... Things in airplane-land are expensive and you need to be prepared to write your share of the mx check)

I'm just going to assume you're doing 50h/month and split HALF your time with another pilot.
If you're starting with 50k$, 26k$ of which goes immediately into an aircraft purchase... And then we assume you fly 50h/month, half the costs split with a pilot buddy, then your expenses look like this.
View attachment 126300

Any sort of downtime would hurt you a lot (e.g., if plane goes in for annual/mx downtime/etc). You'd really, really need to keep up an aggressive pace of flying to make sure you don't run out of money.
And unless your living costs are nil (or paid for by family or something) - you won't end this process with much money left. Note: This also doesn't include what it will cost to hire a CFI and DPE for your commercial/CFI training/checkouts.

Personally - I'd want a bit more buffer b/c there's no guarantee you get CFI at 250h and start making money again. Not to mention when this is finished you owe $50k to the bank and will be making interest-only payments, not chipping away at principal for 10y.
Now if you have a day job that you intend to keep during this training which can help defray some of the costs, or if you have another source of savings -- that could change the financial picture quite a bit.


EDIT: Corrected 1 small formula mess up.
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Thank you for the reply! I tried to keep my first post brief but I can tell you guys like details so let me go into more detail.

Timeline
Today - Pre purchase inspection completed, nothing major to worry about we got a green flag

Tomorrow- I am doing another class 1 medical to make sure everything is still good to go

In the few weeks mid to late march - Airplane purchasing is finalized

Mid march to end of April- Aircraft goes in for avionics upgrades (included in purchase cost) as well as one AD discovered during pre buy

May - I finish instrument training and start building hours in the airplane. I'm still keeping my day job

June - July If everything is going well with the airplane and my job is significantly holding me back I will request a leave of absence. If this is not approved I will just have to quit and hope for the best, if quitting is the only option I may keep my job until CFI

July-August I should be nearing commercial minimums at this point and get that done as well as CFI

August-September If I haven't left my job yet I will do it now, start working as a CFI


Aircraft budgeting
1. Fixed Costs (Annually)
Annual: $2,000
Tie Down Fees: $1,140
Insurance: $1,400
LLC Legal Fees: $400
Garmin Subscription: $250

Total Annual Fixed Costs: $5,190
Monthly Cost (Total): $432.50
Cost per Person (Monthly): $141.16

2. Variable Costs (Per Flight Hour)
Maintenance: $20
Fuel: 8 gallons at $6.45/gallon = $51.60
Oil: $2.50
Engine Overhaul Reserve: $25,000/1,000 hours = $25

Total Variable Cost per Hour: $99.10

We plan to try to use pump gas, this would bring the cost per hour down to $77.50 I just averaged it out to $90 for the post. Also at 50% throttle the cherokee won't go very fast but should burn less than 7gph.


HELOC is used for training only, should not need to supplement living expenses (I'm married and my wife works) but if I do it should not exceed $1000 per month and that's only once I leave my job.

If HELOC is exhausted, I have credit cards with high limits, adding up to $40K+. This is not ideal, nor my plan. If it got to this point I would most likely sell the airplane share to recoup costs.

Your right, I did not specifically budget for CFI or DPE that is because those costs would be the same whether I bought a plane or took the alternative option of renting. I'm doing this either way the question is which makes most sense.

I do not plan on doing significant timebuilding in the airplane once I reach CFI. But if I can afford it I will do so to reach ATP mins faster. Therfore as far as the HELOC is concerned it should not exceed 150-200 hours.
 
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Brendon said:
Thank you for the reply! I tried to keep my first post brief but I can tell you guys like details so let me go into more detail.

Timeline
Today - Pre purchase inspection completed, nothing major to worry about we got a green flag

Tomorrow- I am doing another class 1 medical to make sure everything is still good to go

In the few weeks mid to late march - Airplane purchasing is finalized

Mid march to end of April- Aircraft goes in for avionics upgrades (included in purchase cost) as well as one AD discovered during pre buy

May - I finish instrument training and start building hours in the airplane. I'm still keeping my day job

June - July If everything is going well with the airplane and my job is significantly holding me back I will request a leave of absence. If this is not approved I will just have to quit and hope for the best, if quitting is the only option I may keep my job until CFI

July-August I should be nearing commercial minimums at this point and get that done as well as CFI

August-September If I haven't left my job yet I will do it now, start working as a CFI


Aircraft budgeting
1. Fixed Costs (Annually)
Annual: $2,000
Tie Down Fees: $1,140
Insurance: $1,400
LLC Legal Fees: $400
Garmin Subscription: $250

Total Annual Fixed Costs: $5,190
Monthly Cost (Total): $432.50
Cost per Person (Monthly): $141.16

2. Variable Costs (Per Flight Hour)
Maintenance: $20
Fuel: 8 gallons at $6.45/gallon = $51.60
Oil: $2.50
Engine Overhaul Reserve: $25,000/1,000 hours = $25

Total Variable Cost per Hour: $99.10

We plan to try to use pump gas, this would bring the cost per hour down to $77.50 I just averaged it out to $90 for the post. Also at 50% throttle the cherokee won't go very fast but should burn less than 7gph.


HELOC is used for training only, should not need to supplement living expenses (I'm married and my wife works) but if I do it should not exceed $1000 per month and that's only once I leave my job.

If HELOC is exhausted, I have credit cards with high limits, adding up to $40K+. This is not ideal, nor my plan. If it got to this point I would most likely sell the airplane share to recoup costs.

Your right, I did not specifically budget for CFI or DPE that is because those costs would be the same whether I bought a plane or took the alternative option of renting. I'm doing this either way the question is which makes most sense.
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Gotcha. If you're not using this for living expenses it makes the picture a lot better. Since you have a day job and support from a spouse it makes all the difference.

If you KNOW you're going to fly the **** out of the plane to get your hours knocked out and you are reasonably comfortable you could cash out of the partnership if needed, then I'd buy. Barring a major mx issue this will be cheaper than renting and you'll have better availability to get those hrs knocked out fast.
 
Your analysis is fine given happy path ownership. I'm not thrilled about the 10 year interest only loan because it means you'll have to pay back 50k that you don't have now, but that's about your finances. Partnerships can be hard to get out of, what if you can't sell by 10 years? What if you're unemployed too? Not my business, but I wouldn't take on that loan. You do you.

You're missing your ability to withstand issues, your risk of ownership. Are you prepared to incur a large charge as a part owner if something happens?

Owning a plane to build hours is great. Flying when you want is great. Not worrying about when you have to have the plane back is great. Having to drop 50 AMUs (Aviation Monetary Unit, aka $1,000) because you threw a rod and turned the entire engine into scrap metal just sucks. If you have a plan for that, if you're prepared, then I say go for it. If you're not and shocked at what that could cost, come to terms with it and come up a realistic plan that won't put your in the poorhouse.
 
bflynn said:
Your analysis is fine given happy path ownership. I'm not thrilled about the 10 year interest only loan because it means you'll have to pay back 50k that you don't have now, but that's about your finances. Partnerships can be hard to get out of, what if you can't sell by 10 years? What if you're unemployed too? Not my business, but I wouldn't take on that loan. You do you.

You're missing your ability to withstand issues, your risk of ownership. Are you prepared to incur a large charge as a part owner if something happens?

Owning a plane to build hours is great. Flying when you want is great. Not worrying about when you have to have the plane back is great. Having to drop 50 AMUs (Aviation Monetary Unit, aka $1,000) because you threw a rod and turned the entire engine into scrap metal just sucks. If you have a plan for that, if you're prepared, then I say go for it. If you're not and shocked at what that could cost, come to terms with it and come up a realistic plan that won't put your in the poorhouse.
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Not sure if you are familiar with a HELOC but how it works is the first 10 years you use whatever you need up to the maximum ($50K) and pay only interest. You can of course pay more if you want. After those 10 years you then pay the loan for the next 20 years, for however much you had borrowed at the 10 year mark. So you have 30 years to pay it and for the first 10 it is interest only. Say I used the full amount, I could pay off half the day I sell my share in the airplane and if I am eventually making decent money as an airline pilot the other $25K should not be too problematic to pay off. I mean people go into 6 figure debt for bachelor's degrees that pay way worse than being a pilot.

The way I see it, worst case scenario like you said the engine blows up. For a 140 the overhaul should not be more than $30K, split 3 ways that's $10K. Even if I do not timeshare at all that is 150 hours x $90 = $13,500 + $10,000 is $23,500 approx $160 an hour which isn't bad for a worst case scenario. Also a freshly overhauled engine would increase the value of the airplane so hopefully I would get back some of that when I sell. I know other maintenance issues come up, that is why I am setting aside $20/hr for maintenance and planning for a $2000 annual.
 
Familiar with HELOCs...although I don't use it much for work, one of my degrees is in finance. It's not a risk _I_ would take for a toy.
 
Not sure if this path I would recommend.

First, if 5k in unscheduled maintenance / repair costs would be an issue for you and your fellow LLC members - don‘t do it. The first year of ownership is usually expensive. A pre-buy is not an insurance policy, especially if was limited for cost reasons. Have always in mind: somebody unloaded this particular aircraft for a reason.

Second, serious avionic upgrades usually take waaaay longer than expected. For the average PPL just an inconvenience, here perhaps a little more serious concern.

Third, insurance seems to be pretty low for a low-time captain.
 
Also watch out for deadbeat partners.

There is this one partnership at my field that’s alway listing. The shares are super cheap but I understand they had issues with one partner who was a student who was late in payment.

Airplanes are expensive a bunch of people early I. Their careers might not have the means even together to deal with some maintenance costs.

The aircraft I am on the partners pairs 25k of repairs and fixes in their first year. I join In year 2 and I was spared the costs. This year isn’t cheap either we had a major exhaust repair and some new bits.
 
I’d never leverage my home to secure debt in an airplane. When I bought into my current partnership, it was all cash. Those debt payments steal from flying dollars.
 
I'm not seeing it vs. renting from a club.
1) You'll be renting whenever your plane is in for mx or repair. Your capital is still tied up in your plane, you're paying mx/repair expense, and you're paying C150 rental on top of all that.
2) Your target is ~150 additional hours. You say C150 rental is available at $120. That's $18k. If it were me, I'd leave my cash invested, avoid the HELOC risk, interest and fees (not included in your calculation) and budget the $18k as a sunk cost of the cert. If something goes wrong with the rental, it's not your problem, and you just find a different rental and let someone else deal with repairs.

Bottom line, it seems to me that your targets don't align with ownership. The costs of getting into and out of the deal, coupled with the risks and costs of debt just seem too high for the number of hours you are targeting.

Alternate thought: Once you get CFI, would your partners agree to let you use the plane to teach?
 
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You asked for a gut check.

You're getting a lot of reality that is suggesting probably not. Everybody's risk tolerance is difference. Past performance is not a predictor of future success. Invest wisely.
 
Nothing is worse than one partner laying down on his obligation because his financial situation has changed.

I’d be leery of being in a partnership without a mandatory hourly fund escrowed toward engine replacement. Cap the contribution at a worst case replacement. the money could be in an index fund, to build interest, accessible only with all 3 signatures.

On leaving the partnership, since the fund accrued hourly with your use, your contribution stays with the plane, unless sold by the remaining partners after you leave. Then you are due your proportional contribution back based on hours flown.
 
As suggested, consider 'what ifs' to mitigate financial risk.

For 150 hrs within 6 months …
- variable cost ($90/hr) + fixed cost (141/mo) + HELOC interest expense, appears less than:
- renting VFR-only Cessna ($120/hr)

If major mx expense crops up, yes, some of that might be recoverable when selling (if adds to value).
If funding that means using credit card debt with expensive interest, that could/would favor renting option.

Consider aircraft reliability/availability factors.
-With ownership there can be benefits with scheduling/availability and greater control over aircraft downtime (depending on aircraft partners).
-Renting from a Part 61 flight school can be challenging not only due to scheduling/availability, but if they’re lax/slow with addressing maintenance issues.

(a) If access to online scheduling system for Cessna 150, check for excessive downtime, or if typically reserved weeks/months in advance.
(b) Same questions with aircraft partner/owners’ readiness to promptly address maintenance/repairs, or major mx issue.
And as mentioned, check willingness/feasibility for you to sell/cash out promptly (if/when needed).

Health changes are unpredictable (yes, you could sell your share of aircraft), but even temporary injury can mean out-of-action for a period (when you don’t want to carry fixed and interest costs for ownership).

If rental Cessna is viable for meeting goal, consider the risk-adverse choice.
Rental options in FL are plentiful.
Gut check (specifically for 150 hrs goal): rent.
 
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Brendon said:
Say I used the full amount, I could pay off half the day I sell my share in the airplane and if I am eventually making decent money as an airline pilot the other $25K should not be too problematic to pay off.
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Suppose you have a medical issue pop up. Suppose airline jobs dry up again. Suppose you’re unable to get much money for your share of the plane. Suppose your wife becomes unable to work

There are lots of ways this could go south and you’d still be on the hook for the loan. And that debt could cost you your home.

Evaluation and mitigation of risks is a big part of being a pilot. Does this really look like a good risk to take?
 
Straight and direct answer, I think it’s a very bad idea. If you can’t afford to buy it with cash or pay as you go renting now then how will you cover your current expenses PLUS repayment if everything doesn’t work out exactly as your best layed plans predict? A 10 year interest only payment on a 30 year loan? Absolutely not. Maybe if it’s to save your home, but to risk it for an airplane that MIGHT get you a job in future? That ten years is literally just a drain on your long term financial interest. I can’t imagine even considering signing an interest only payment loan contract, unless it’s for an absolute slam dunk guaranteed investment with a higher return rate than the interest rate, and airplane ownership is about as far from that as you can get. It’s closer to a “tomorrow it’s going to cost you an unexpected $20,000” kinda thing. Work hard, budget your finances diligently and pay as you go,renting. Don’t tie a huge anchor on your neck right before you jump into the river of life, be patient, it might take an extra year to reach your goal, but if your determined you’ll get there and with a lot less stress and risk of disastrous outcomes that you’ll be paying for over the next three decades. Run the number on what your actually going to pay for that “$50,000” if you maxed it out today and followed the payment plan. Your total repayment amount is eye watering.
 
To be an outlier, it looks like a fair plan to me. Yeah sure, things could blow up...or not.

1/3 of a Cherokee 140 is a lot less than a new car. Keep your old car.

When you decide to quit your job, talk to the local flight school and maintenance shop. A part-time $15 per hour job with networking opportunities sounds good.

I'd do the math for opportunity cost, if you don't do it, what would you spend renting? Compare that to best and worst case scenarios. Make a risk decision based on your risk tolerance.
 
TCABM said:
I’d never leverage my home to secure debt in an airplane. When I bought into my current partnership, it was all cash. Those debt payments steal from flying dollars.
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THIS ^^^

A BIG risk. And what happens if there are no airline jobs? FO hiring is down right now.

A couple of other things, are the partners OK with MOGAS operations? Is the $90 including fuel or not?

Has the Cherokee spar inspection been done and passed?

Are the other partners as in as you are? You are expecting their availability to split costs to be the same as yours.
 
jbarrass said:
When you decide to quit your job, talk to the local flight school and maintenance shop. A part-time $15 per hour job with networking opportunities sounds good.
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?? Pulling $50,000 leveraged against your home on a thirty year note then quiting your job to work part time at MANY dollars per hour less than a high school drop out can make locally doing factory line work while also trying to establish a buisness (becoming an independent CFI is going to have costs,insurance a huge one, then hanger, buisness liscence fees, an accountant to keep the taxes in check and remember you don’t have an employer paying their share of your taxes so you have to come up with all..). Again a huge red flag.
 
Some fair points made against joining the partnership, enough where I think they've convinced me renting might be best.

But I gotta say... some are us are just way too financially conservative and risk-averse.

The notion that you shouldn't borrow money to accelerate your transition/training to a new career perplexes me. It totally ignores the fact that there's risks either way.

"Paying as you go" works great when you're OK with your current job, life is moving at a slow pace, there's no urgency to switch careers and you're generally content taking the scenic route. Ideal for when you're young. But this TOTALLY IGNORES the fact that a whole hell of a lot of life will occur over this scenic route, much of it that might derail your career dreams. And if you take that much, much slower path, cobbling together PIC 1 hour here and 2 hours there and all you get to show for it at the end is saying "well, at least I don't have a $400/mo loan payment and never risked having one!", that's a pretty shi**y trade.

Sure, something could blow up. You could lose your medical. Industry jobs dry up. etc... And if you're totally unequipped to pivot to another career that can cover your bills then you could be in a lot of trouble. But for a married, educated (MBA), gainfully employed homeowner OP with a working spouse -- I'm not worried about the person being financially destroyed by a $400/mth HELOC repay (worst case). To make it sound like he's committing financial suicide and risking the roof over his head is hyperbole IMHO.
 
ArrowFlyer86 said:
some are us are just way too financially conservative and risk-averse.
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Maybe.

OTOH, some of us have been reasonably successful financially and have seen others, including family members, crash and burn as a result of not truly understanding and addressing risks.

The OP asked for advice. We have advised based upon our own knowledge and experiences. He's free to follow or ignore as he pleases.
 
I hate to rain on dreams, but I would seriously reconsider this plan. I think you're seriously underestimating the insurance costs for the operation you describe. Also, may be wrong about this, but since you plan on instructing in the aircraft and renting it to students, it's now subject to 100 hr inspections. I also would never advocate aircraft ownership for anyone unless they can afford an engine overhaul the day after taking ownership.

You're really a long way from being eligible to apply for any airline job and I think the pilot demand is already beginning to slow. What will it look like when you finally have a competitive resume'?

But YOLO! If you want to pursue the dream I would definitely go the rental route. Good Luck and Blue Skies!
 
Fuel cost might be referring to full-service vs self-serv prices; ‘pump gas’ yourself.
 
I don’t think this is a good idea, couple issues.

The monthly costs barely cover your fixed costs, once a 60 hour pilot is added to the insurance policy, insurance will go up quite a bit. Then you have to consider that you’ll need to spend a couple thousand every year at minimum fixing something, even oil and filters are not cheap. Probably you’ll spend a lot more than that.

If you are renting at $120 per hour, I’d just pay the extra $30/hour and rent compared to $90/hour.

Also, I would think it would be more difficult to sell a share in an aircraft vs an airplane itself. But I do not know for sure.

BUT, I am for aircraft ownership. I’d recommend getting a 2 seater such as a Cessna 150/152 or PA28-140. You’ll need to spend some time to find a good one, mid time engine with low airframe hours. Hopefully you’d be able to find one in the 30s, get a good mechanic and prebuy done, and then you can fly that relatively cheap. C150/152’s were 25k pre covid and well equipped ones I’ve seen around 50k but that is expensive in my opinion. I think the C150s use about 5gph which is what $20-30/hour fuel costs which is considerable savings for you provided you’ll fly and use it.

Don’t get fixated on one airplane, take your time, getting into a partnership can save on costs but you really need to know the people and their financial situation, if they are cheap or overspending, etc. Lots of different personalities in pilots so you need to make sure you all line up, given situations do change, how will this affect you, etc.
 
Another option is Cessna 120/140.

Plenty of 150s for sale in the 30s.

172s were higher 50k+, I have seen them in the 40s before but maybe they’ve appreciated in value due to being desirable as trainers.

If you want to build hours and it’s going to be mostly you then a 2 seater could be a good option.
 
Or, if your goal is to just build hours quick and cheap look into a used experimental. A good flying condition peitenpol can be bought for $12,000 and if your handy you can do most the routine upkeep yourself with a yearly airworthy sign off. I’m probably in the minority on this, but I think hours spent in a realatively low powered, light wing loading airplane returns dividends on stick and rudder skills. Almost all but perfect days require you to be active at the controls or the air is going to toss you around. Heavy metal is much more forgiving to mild up/down drafts, rotors from topography/trees/buildings near runways etc. get good in a tail-dragging light low powered airplane and moving up makes each step seem easier than the one before it?
 
Flatiowa said:
?? Pulling $50,000 leveraged against your home on a thirty year note then quiting your job to work part time at MANY dollars per hour less than a high school drop out can make locally doing factory line work while also trying to establish a buisness (becoming an independent CFI is going to have costs,insurance a huge one, then hanger, buisness liscence fees, an accountant to keep the taxes in check and remember you don’t have an employer paying their share of your taxes so you have to come up with all..). Again a huge red flag.
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I dunno. I quit a well paying job wrenching on cars to go to college. Everyone I knew though I was nuts.

Later in life I quit a very well paying corporate job to start my own business, knowing full well 80%+ of small businesses fail. Fortunately, mine didn't.

I'm happy the way it worked out for me.

Appetite for risk is a pretty personal decision.
 
jbarrass said:
I dunno. I quit a well paying job wrenching on cars to go to college. Everyone I knew though I was nuts.

Later in life I quit a very well paying corporate job to start my own business, knowing full well 80%+ of small businesses fail. Fortunately, mine didn't.

I'm happy the way it worked out for me.

Appetite for risk is a pretty personal decision.
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Very true, and I’m not completely against taking risks, but I believe they should be evaluated thoroughly and the risk/potential benefits weighed according to there merit. Large life decisions should be taken after thoroughly evaluating all the variables in a particular situation, and just the premise of asking the op’s question to an essentially anonymous Internet forum for advise makes me feel that the op has not fully evaluated the weight of the decision nor the understanding of the long term obligations it would create. Just my unsolicited $0.02. I could be, and probably am, very wrong, but I really think it sounds like myself when I was young, and I had to work like hell for a decade to make up for my impatience causing myself to make poor decisions when I was in my early twenties
 
I'll spare you another round of warnings about taking out a loan for buying part of an aircraft and the unexpected financial drain it can turn into. I will say this however, I have yet to see a truly successful partnership that lasts for any real length of time.

The warning that I will offer is that I've seen far too many folks lose sight of their goal of being a professional pilot by getting consumed with time and money spent on unexpected aircraft issues. Some have given up and others have just taken a lot longer to get the time they were hoping to build quickly and cheaply. There are also success stories however, so buying an aircraft to build time is not a 100% failure guarantee, but of the people I know, the successful ones are in a far smaller group than the ones who weren't.

My advice would be to just rent airplanes if the goal is to build time as fast as possible. There will inevitably be times where an aircraft is down for maintenance or broke that can be avoided by renting from a place that has multiple aircraft available. When one goes down you can toss the keys back to the FBO or club and take another aircraft, which is a luxury you would likely not have if you own part of one aircraft. Depending on what is wrong with the aircraft, repairs can take days or weeks at best and sometimes months or years. That is not a good situation for someone who is looking to do something fast.
 
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