Practicality of Part Ownership

[joeparrilla]

Joe, when you are ready to look into a partnership deal I could definately see myself beig interessted. I know we both fly out of KISP and I'd be interessted in getting a group together too if we find the right deal.

For sure! We can stay in touch

 

[joeparrilla]

Partners or a Club are viable methods to lower the cost of flying.

Let me also opine that were I put in charge of your paycheck I'm willing to wager you would be able to afford a plane. (this is not directed at you personally)
I cannot count the times a patient has said to me 'gee doc, I always wanted to fly but I can't afford it.' As the conversation unfolds it turns up the: 3 bowling leagues/vacation timeshare/hot boat/skidoo/cottage up north/his and her snowmobiles/corvette or Porsche/Rolex/and on and on.
At the end I say, 'you are right, you can't afford flying lessons'

Oh trust me I know. Last year I was convinced that I couldnt afford it, and never would. When I actually sat down with the math and realized I was paying insurance and maintainence on a car I never drove, signed up for a gym I never went to, and spending close to $100 a week eating lunch with my co-workers, I realized that if I just made the right moves it was easily achievable.

I think the idea of flying to me was always just a rich person thing. It never occurred to me that a middle class guy right out of college could be in the demographic. Its really just about priorities and sacrifice for me. I can blow money on a ton of small unneccessary things, or I can fly.

 

[numl0ck]

I joined a 3-person partnership right after I finished my PPL. For me it's an awesome deal: we split everything 4 ways (except fuel) and I do 90% of the flying. It has worked out really well; we are very honest about the plane and maintenance and get issues resolved/fixed quickly. I respect my fellow partners and trust them.

Having been in a club and not seen eye-to-eye with some of the members I like this partnership better. Like someone else said, pick your partners well. Would you fly with them? Would you let your wife fly with them? Questions like that will tell you if the partnership will work or not.

 

[DrMack]

We have four co-owners in an LLC with a 2007 DA40XL. We each pay $300/month for fix costs (hangar, insurance, and calendar-based maintenance) and $30/tach-hr dry for variable cost (engine overhaul reserve, non-sched maintenance, and tach-based maintenance). We all paid $60K cash and purchased the airplane with no financing. We manage the schedule and track maintenance with the free website Sharezen from Sporty's. Each owner is designated as "priority" pilot for scheduling each week (Tue - Mon) on a rotating basis. Holidays are doled out equitably. Going into our second year and never had a scheduling conflict. We're all instrument rated and fly 75-100 hrs/yr each. Our articles of incorporation include an article that puts the airplane on the market after three years unless there is unanimous agreement to renew for another year. It took us three years to find the right partners for this deal and it has proven to be totally worth it.

We feel like we hit the sweet spot in today's GA space. We get to fly one of the most advanced airplane designs in GA that still smells like new and when non-sched items come up we each only pay 25% of the cost. An airplane is never a financial investment but most will hold their value well enough to ease the anxiety of the opportunity costs in exchange for the amazing lifestyle that it enables. My only regret is that I didn't do this much earlier in life.

 

[onwards]

I own 1/3 of a 182 (fixed gear) with a p-ponk engine. Lovely plane, and part ownership is what makes it work financially, as I fly 80-100 hrs a year. With that said, one of the partners barely flies, so the partnership, and more importantly the plane, would definitely benefit from 1-2 more owners. We "pay" $25/hr into a joint overhaul/upgrade fund, so there is money available if we do want to do something ever so often.