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pevanscfi

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    Atlanta GA
  • Interests
    Sailing, Aviation, and Computer Science

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  1. The biggest reason for me considering a partnership in order or importance are: 1. I have not owned an aircraft before (besides a quicksilver ultralight I bought/rebuilt back in high school.) The ideal partner for me, would be someone that I can learn the ins and outs of aircraft ownership from. Honestly, I am a little concerned about jumping into ownership headfirst, and I think a partnership could be a good way get my feet wet. 2. It is very difficult to find hanger space around my area. 3. Although I could afford the aircraft, fixed costs, and operating costs on my own, it would be nice to be able to reduce those costs if possible. My wife and I have our first child on the way, and any large budget items are a negotiation. I could probably justify spending a little more up front on a nicer/better equipped aircraft if my costs where shared. Additionally, I don't think the con's of a partnership are that big of a downside for me right now. I don't have a need to take the aircraft on short notice, so scheduling conflicts are less of an issue for me. My use case for the aircraft would be to fly enough hours to maintain currency and proficiency, and to make a few cross country trips per year to visit family or go on a vacation. I make my own work schedule, and can work from pretty much anywhere with an internet connection.
  2. I am trying to get my ducks in a line quickly enough that I may be able to make an offer. I have a lead on hanger space that may be available in a few months. It will probably take me that long to get current enough again to meet insurance requirements, and likely a good bit longer to talk the wife into letting me buy without ending up with a divorce. I was originally considering a purchase maybe sometime early next year, but I might be able to be flexible. If you are still looking for a buyer in September that would probably be the earliest timing I could pull off. PS: If anyone in Northern Metro Atlanta area is looking at this beautiful bird and thinking it is just a little bit out of reach, I am strongly considering a partnership or some similar arrangement.
  3. After doing a little more research into this, I am considering structuring a partnership (maybe not the right term) a little like Diamondshare does. I would own the aircraft and cover all fixed costs, and the other members of the partnership would pay per flight hour with some minimum time per year with commitments on a yearly basis. Pros: 1. No worries about partners not being able to cover unexpected repairs. 2. Much easier to accommodate partners coming and going if/when they have to. 3. Don't have to worry about being forced to sell the aircraft due to a partners death or illness. Cons: 1. On the hook completely for scheduled and unscheduled maintenance. 2. Still have to share the plane. 3. Uncertainty with potentially more partner turn over. I think this could work out well for me given that I could afford to own the aircraft on my own and have enough on hand for an unexpected engine overhaul/replacement, but for now would not be able to fly it enough for it to really make sense to own. Running some quick numbers, it looks like I could buy for ~$100k and I could set aside a $30k maint reserve. I am looking to fly about 50 hours a year. If I can get 150 hours a year out of 1 or more partners, I could offer something like $165/hour wet and only end up ~$3k out of pocket each year for my 50 hours. (before any unexpected maint). That is assuming a $20/hour engine and prop reserve, $20/hour maint reserve, and about 1000 hours before overhaul. Do you think this kind of partnership would be appealing to anyone? Numbers are very preliminary, but attached the work sheet I was using to account for costs. Edit: Calculated price per hour as wet, just because it was easier to work out. As mentioned below, would probably just subtract the fuel costs and make that an equivalent dry rate. aircraft-ownership.pdf
  4. If you have an example agreement that would be helpful I am sure. Any tips on how to find potential partners?
  5. I am wondering if anyone has any success or horror stories about co-owning a early model Mooney. I am a lapsed pilot, thinking about getting recurrent with the goal of taking our family of three on cross country trips for vacations and to visit extended family which are spread all over the US. Early model M20E-G's seem like they are a great fit for the mission. Weighing the costs of renting vs owning, I think I could more easily hit the break even point if I was not the only one putting hours on between annuals. It would probably also make it easier to justify the hanger cost at the airport only 5 min down the road from me, rather than keeping it at some of the cheaper fields that are +45 min out of town. This would also be the first aircraft I would own, and I think there would be value in a partner with more experience in managing ownership. If anyone is open to considering co-ownership BTW, I am looking in the Metro ATL area, preferably out of KRYY.
  6. This seems like an incredible deal... I have just started planning to buy a cross country plane for our small family of 3, and this seems to check all of the boxes for what I was looking for. Unfortunately, I don't think this will still be on the market by the time I am actually ready to pull the trigger. I have just started to work on budgeting, market research, etc. Out of curiosity, what kind of cruise numbers do you get with all of the mods? Good luck selling. PS: I am pretty sure that I saw this plane at Oshkosh last year, and if this is the one I remember, it was even more impressive in person.
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