Steve Hughes

You might also list it on ShareMyAircraft.com. I think I've gotten a number of inquiries from that. Also, if your airport puts out a newsletter, they may be happy to put an article in it (especially if you write it for them) about the club in formation.

Well, it's taken a lot longer than I had hoped, but we have some members and we are closing on a new-to-us M20E! We still have some memberships available so it you want a great deal on a mighty fine plane, come join us. www.BlueSkiesFlying.Club (updated just this month).

Just an update on the club. We are established with the state and feds and are getting some good "very interested" responses. With lots of new input and information, I did an overhaul of our website which I hope will generate even more interest to get to our total of 10 members. Check it out: www.BlueSkiesFlying.Club

Just an update on the financials as we get more and more accurate information. We have the insurance companies agreeing to finance the insurance with 40% down, and got a quote from an on-field A&P for the basic annual of $3,162. One interested pilot called me and recommend we seriously look at upping the budget to also consider the J model. And I also have watched a number of videos from the great Mike Busch who strongly recommends a thorough pre-buy and then maintaining the plane to extend TBOs as much as 250%. So we're considering dropping the overhaul reserves and plan on a special assessment for eventual overhauls, which would be roughly $2.5 - $3k, and several years down the road. With this revised budget the pro forma numbers look like: Buy-in -- $5,500, Monthly dues -- $153 and hourly rate at $51. (All of these numbers will get further dialed in once we all get closer to securing the plane and bringing it home). We've gotten our state license as a non-profit corporation and are listed in the AOPA Flying Club Roster. We currently have six folks who have expressed strong interest in joining. Hoping to get the club off the ground by this spring! If you're interested don't hesitate to check out our website and send me a message with your contact info.

The budgetary insurance quote I got from the nice folks at AOPA (checking with their affiliate) was for $7,950/year, which I know is high compared to a single pilot-owned plane. For the hourly rate, I included a 100 hour inspection at $1,100, three oil changes at 50 hours at $150 each per year, oil consumption at $1.20 per hour, $25/hour engine overhaul reserve (assuming we get a plane with <1000 SMOH), $10/hour prop overhaul reserve and $10/hour general maintenance. So total hourly rate rounds up to $57/hour; so you and I are pretty close, although I have the 100 hour inspection and you have the mag inspections. AOPA also has a great spreadsheet calculator that helps take the amortized dues and hourly rate and with fuel added (we're currently down to ~$5.50/gallon), I'm coming up with a cost per hour of $125.25 plus state tax including fuel flying 8 hours per month. More hours lowers the rate, less increases it. I was paying $182/hour to rent a C172 trainer at an airport where I'd be on the ground in the queue to take off for at least 30 minutes and downwind in the pattern was frequently extended as much as 5 miles before turning base. I appreciate everyone's insight!

Thanks UteM20F. I did contact AOPA's insurance contact and they did say that "while we're not thrilled about this", they then gave me some requirements they would require for experience in type and make and model and a budgetary cost (which was almost double what I've heard most folks pay) so I was able to work up a feasibility pro forma based on that. I would hope it would come down after members can show more experience over time. In AOPA's "Guide to Starting a Flying Club" they bring up this insurance issue and do say that over 5 insureds can be problematic until you get up to 10. And they recommend a club size at 10:1 (members:plane) ratio. And great point on getting a reserve up front to cover the unforeseen glitches that would come up at annual inspections. I'm budgeting for 100 hour inspections as well; does your club have this done or just the annual?

I'm looking to start a flying club this year and ultimately buying a vintage Mooney. The club would start out with five members who would form the club and purchase the plane, and then we'd add an additional five members bringing the total to 10 members. If you're interested in joining or for just more information, please PM or email me. Based on a pro forma I've developed so far, it looks like the buy-in for a 1/10th share would be $4,600, monthly dues of $150, and hourly rate of $57 (dry). Interested parties will be provided the detailed financial and other information. I've done a lot of reading about forming a club, including the lengthy but informative guide published by AOPA, but any advice from the members here would also be very valuable. Wish me luck! Flyer.pdf