Possible Partnership Option

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swodog6289

Filing Flight Plan
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swodog6289
Would like some seasoned folks coach me in whether this is a good deal.

Here's the details:
1981 Piper Warrior II
The partnership is a long running and established, which means partners have come and gone, this would be for 1/4 partnership (no more than 4 are allowed).

Older group of guys, 2 fly regularly, 1 doesn't.

About 500hrs since MOH

IFR certified, Dual VOR with Glideslope, XM wx, Foreflight, backup GPS ADF, L-3 Avionics LYNX NGT 9000 ADS-B Out.

Exterior 7, Interior 5

Cost:
$140 month covers hangar, insurance, Foreflight Maps, XM wx subscription.
Hourly rate at $63
Buy in $10,800

My purpose: about 4 times a year weekend trips about 500 miles and, get my IFR certification in this aircraft.

Thoughts?
 
$63 wet or dry?

Take it she's not a /G
 
I think it's a decent deal, but ask about how fixed costs, like hangar/tie down, insurance, etc... and maintenance costs are split. $63 wet isn't covering them all.
 
Sac Arrow said:
I think it's a decent deal, but ask about how fixed costs, like hangar/tie down, insurance, etc... and maintenance costs are split. $63 wet isn't covering them all.
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There is $140 a month that covers hangar, insurance, Foreflight, XM.
 
Not shabby. As long as you plan on flying it enough to get your $$ worth, also are the other partners ideas regarding the plane inline with yours?
 
So it was emphasized to me that everyone who joins needs to cooperate, keep the plane clean, etc. I'm still evaluating on fit, my question is more geared to whether the fixed/wet cost was a good deal. I'm going to fly weekly for my Instrument rating and then the 4 or so 600 mile trips yearly.
 
I'd also ask about future plans for the plane, upgrades, their thoughts on TBO, insurance limits and company, funds of the other members, etc
 
I think the costs are in line. My partership is with one other guy. We rarely have scheduling conflicts but we do have them. With two other active fliers and a third infrequent, scheduling might be problematic.
 
Price isn't bad,as long as major upgrades or a paint job isn't planed.
 
Once you get the instrument rating and start taking more trips, are you going to get an itching for an IFR certified GPS for approaches? How about an autopilot?

I'll also mention that 500nm weekend trips are exhausting at Piper Warrior speeds. That could be more than six hours each way when you factor in winds and fuel stops.
 
140 a month and 63 an hour is a good price if you fly. 4 hours a month and your getting it for 98 an hour, less if you fly more. I'm going to guess they don't have much of a reserve fund built up. How do they handle it when "surprises" happen?
 
I'll +1 that it doesn't look bad based on what you have shared. And that you need to ask how future improvements are handled as well as unexpected big ticket items. 2-ish years ago, our Skylane are its oil pump, and other damage happened, causing the need to dismount engine and send it to repair shop. Big bucks. Fortunately, we had a very healthy cash reserve to cover that. But what about your group if similar happens?

Also ask about how long trips are handled. Can you take it for 2 weeks and not raise the ire of the partners?

$63 wet includes buying fuel anywhere? Including the expensive $6+ places?

If written agreement, and/or bylaws, and/or SOPs exist, read it all carefully and ask questions as needed. Years ago I came across a partnership that looked good on surface, but when I did my due diligence, it quickly soured.
 
That is inline with the costs for our PA-28R partnership. Of the $63, $30 or so per hour should be split between maintenance and overhaul reserve funds, and at 500 SMOH the overhaul fund should be no less than $5k right now. Don't be surprised if you occasionally have to contribute $500 - $1000 for unexpected maintenance or annual items. Look carefully at how upgrade and major costs decisions are handled, with four you don't have a tie breaker (we have five). Also need a rock solid but fair clause on booting an uncooperative member.
 
Brad Z said:
I'll also mention that 500nm weekend trips are exhausting at Piper Warrior speeds. That could be more than six hours each way when you factor in winds and fuel stops.
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Nah, 500nm maybe 4.5 to 5 hours, unless ya gotta stop to pee. :D
 
Sac Arrow said:
My partership is with one other guy. We rarely have scheduling conflicts but we do have them. With two other active fliers and a third infrequent, scheduling might be problematic.
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I was in a 4 pilot partnership with a SR22 for over about 4 years; dropped to 3 pilots near the end. Often one wasn't flying as much. We only had 2 or 3 real conflicts. The rest were "it's a nice day I think I'll go flying. Darn, X has the plane. Oh well, another day."

At least two of us would fly 80+ hrs a year. I flew 90 hrs or so a year and had no scheduling issues.

All depends upon how it is used. We typically travelled in the plane.
 
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