Considering a co-ownership purchase of a m201J...Follow the same rules?

[FlyAU]

I'm considering a co-ownership purchase of an 1981 M201J... Should I follow the same rules as I have read here on the site?  Do a PPI and read through the log books?

I wanted to ask as I didnt find this in my search of the site...

 

Thanks

 

FlyAU

 

[Houman]

Well I did the same when I got into my partnership. There will be 2 that are going to pay for issues, but still, you don't want to fall on someone else's problems, one who is looking to share his nightmare if there is seriously something wrong with the plane. That would make for a very bad start of a partnership.

I woulld say at least to the following :

1 : Make sure aircraft is not out of annual.

2 : Have a visual inspection, if you don't like what you see, walk away, if you do, go to #3.

3 : Review all the log files, and again, walk away if there are serious stuff.

4 : Do a PPI with the mechanic you have choosen, tell him to give you all the reasons why you should'nt get into this venture, don't let you or him fall in love with the aircraft.

5 : Make sure you can talk and get a good feel from your future partner, ask around the airport what kind of person and pilot he is.

6 : Get a purchase agreement that is reviewed by a lawyer, the couple hundered dollars of costs can save you plenty later.

7 : Make sure to have a signed partner agreement, for engine overhaul costs, repairs, what is permitted or not to both partner, how insurance will be paid and all...

Good luck and enjoy...

[rbridges]

agreed.  it's your money, so make sure you're spending it wisely.  In addition to the above advice, make sure your personalities mesh well together.  You don't want to partner with a slob if you're major OCD.  It would also be a good if you have similar future plans about the plane i.e. upgrades and maintenance.  Wanting to spend 30k on a panel when your other partners don't, for example.

[chrisk]

I think finding a good partner may be as difficult as finding a good wife.

[Houman]

and as costly to get rid of a bad partner lol

[flyboy0681]

All excellent recommendations. When I bought into my partnership four years ago I had an inspection conducted and she passed with flying colors. Since that time we haven't had a single major repair bill, so I'm confident that the inspection was thorough.

 

The part about being on the same page as your partner is vitally important. If your partner wants to improve the panel you must be willing to compromise. If your partner doesn't like the way you do "this or that", then you'll have problems. 

 

I lucked out with my partners as we get along great and agree that maintenance is always our first priority. 

[Danb]

Yep it seems like they both end up in divorce court, also make provisions should one of the Ptrs die, I had a client who's partner was a good and trusted friend , he got cancer and went fast, and his wife wanted 50% of all the money expended over their 5 yrs. of partnership, it does get ugly,that makes Houman suggestions very useful .

[flyboy0681]

Yep it seems like they both end up in divorce court, also make provisions should one of the Ptrs die, I had a client who's partner was a good and trusted friend , he got cancer and went fast, and his wife wanted 50% of all the money expended over their 5 yrs. of partnership, it does get ugly,that makes Houman suggestions very useful .

 

This one piqued my curiosity. What was she trying to recover, his use of the plane?

[Guest]

Yep it seems like they both end up in divorce court, also make provisions should one of the Ptrs die, I had a client who's partner was a good and trusted friend , he got cancer and went fast, and his wife wanted 50% of all the money expended over their 5 yrs. of partnership, it does get ugly,that makes Houman suggestions very useful .

Good point about death of one partner, something I'd never thought of.

Clarence