Mooney partnership in 81 Rocket - Austin Tx

[JohnL]

1/4 81 Rocket partnership available. Plane is based at Austin Executive (EDC).

$13k and $385/mo. $35/hr dry. Financing possible. Fly 200 kts

[Mcstealth]

Well. I can think about it at least. Yes it is too far from Kerrville, and insurance for me would be prohibitive......etc, etc.

Oh well. Good luck

David

[gsxrpilot]

I'm interested.  I'm relocating back to Austin after 4 years in Sydney Australia.  And I'm definitely in the market for a Mooney.  I'm new to this forum, can I post my email address here?  Or do you send me a private message?  Anyway, I'd love to discuss this further.

 

Cheers,

Paul

[David Mazer]

I just can't get my head around these numbers.  For starters, an airworthy Rocket for $52,000?  Seems too good to be true (or too bad to be true for us current owners).  Second, $35/hr dry is extremely low from my experience for variable costs.  Third, $385/month x 4 x 12 is $18480 and this seems about $6,000 high (8000 for hangar at a significant airport, 3000 for annual, 2000 for insurance).  Even with a higher than I would have expected monthly cost, the cost per hour is very low.

 

What am I missing about this deal?

 

Airplane value  52,000.00         Monthly  385.00         hourly  35.00         $/gal  5.00         gal/hr 20        

Hrs/year 50                   75            100             125            150

$/yr       11,370.00  14,745.00  18,120.00  21,495.00  24,870.00

$/hr        227.40         196.60       181.20       171.96        165.80

[chrisk]

I just can't get my head around these numbers.  For starters, an airworthy Rocket for $52,000?  Seems too good to be true (or too bad to be true for us current owners).  Second, $35/hr dry is extremely low from my experience for variable costs.  Third, $385/month x 4 x 12 is $18480 and this seems about $6,000 high (8000 for hangar at a significant airport, 3000 for annual, 2000 for insurance).  Even with a higher than I would have expected monthly cost, the cost per hour is very low.

 

What am I missing about this deal?

 

Airplane value  52,000.00         Monthly  385.00         hourly  35.00         $/gal  5.00         gal/hr 20        

Hrs/year 50                   75            100             125            150

$/yr       11,370.00  14,745.00  18,120.00  21,495.00  24,870.00

$/hr        227.40         196.60       181.20       171.96        165.80

 

First off, I have not seen this plane, but I believe I spoke with John a little about it. And if it is the plane I am thinking of, it's been to Maxwell and checked out fine.   As for the numbers, I was wondering myself.   I came to the conclusion that the plane is probably financed.  --So maybe the extra $550 to $600 goes for the loan? 

[Bob - S50]

Each group does their own costs differently.  Our plane is paid for.  We charge a fixed monthly fee to cover fixed costs that will not change regardless of how much or how little we fly the plane (hangar, insurance, annual, GPS database updates, registration, etc.).  We then charge a dry hourly rate that we feel with cover costs that are related to operating hours (oil changes, engine overhaul, mag inspections, tires, prop, etc.).  Each person buys their own fuel.

 

The purchase cost could also be because they may be using a system like us.  We do not each own equal shares of the plane (LLC in our case).  We invested as best we could to get the best plane we could.  We each get equal voting rights and access though.  The only time it will make a difference is when we go to sell it.  We'll each get back in proportion to what we have invested.

[JohnL]

chrisk is correct. Note is $627/mo. The plane is in a T hanger at KEDC. The FBO will pull the plane from the hanger, fuel and have it waiting for you under the covered ramp. Just preflight and fly.  Currently I have the airplane by myself, so a 50-50 partnership is possible too.

[David Mazer]

I see.  So the $13,000 covers just a quarter of the current equity and the new partners sign on to the note.  That makes more sense but I don't think one is really buying a quarter share for $13,000.

[JohnL]

The partnership is an LLC, so the $13,000 is really buying 1/4 of a company. The company owns the airplane as well as the note. Assets owned by the company (equity) are valued at $52,000. This is my second partnership to setup this way, the first being a A-36TC Bonanza 3 way partnership which I was in for many years. I sold that back to my other partners about a year before getting this Rocket.

 

I did perform a PPI inspection with Don Maxwell and purchased N1158N at his recommendation.

[JohnL]

Airplane is just back from it's annual at Don Maxwell.

[wallacelundgren]

Wallace Lundgren 5129175206

[carusoam]

Wallace,

Try sending a PM directly...

Start by clicking on the OP's icon.

Best regards,

-a-

[azm1000]

John - I'm interested.  Just sent you a PM. 

[Mcstealth]

Wallace

Welcome Mr Wallace.

[Mcstealth]

John - I'm interested.  Just sent you a PM.

Welcome also Mr 1000

Damn John. Buy a Rocket, and you get friends. Like winning a lottery I guess?

[JohnL]

The plane is back from annual now and back in operation. 

[JohnL]

Update: We have 2 in the airplane now and are still looking for 2 more.

[N9405V]

Sending you a pm.

[golfpilot]

If you wanted to move to Northern California, I'd partner with you 50/50

[Zwaustin]

John,

Any shares available for purchase?

[JohnL]

As of yesterday, we have sold all the available shares in the partnership.

I'm excited to have a great group of guys moving forward.

 

Thanks to everyone that inquired and who passed along information and recommendations!

 

Happy flying....  

[Mcstealth]

congratulations. How long did that take? Two years to put the whole team together?

[Mcstealth]

Right?!