Partner Wanted Mooney M20F (KPAE)

[druidjaidan]

Exact plane is still TBD though a couple options are being looked at, but looking for an interested party for a partnership in a mid body Mooney.

 

PM for me information.

[kmcinc]

 I have a very nice M20F in Bremerton and might be receptive to a partnership.  However, Paine Field wouldn't work for me since I have a home on Bainbridge. 

[mpg]

 I have a very nice M20F in Bremerton and might be receptive to a partnership.  However, Paine Field wouldn't work for me since I have a home on Bainbridge. 

Wowwie!!         It is too bad I dont really want to partner in any plane, especially an M20F!

I live 7.5mi from Brem Nat and really do like those Mooneys.

 

Maybe some day you will PM me,,  I could buy you some gas and a fancy hamburger. 

Thats a hint...    I havent been in a Mooney since 1984!

[druidjaidan]

 I have a very nice M20F in Bremerton and might be receptive to a partnership.  However, Paine Field wouldn't work for me since I have a home on Bainbridge. 

 

That's the hard part about partnerships.  It's asking the stars to align with a community as small as the GA community =(.  Currently I have a potential partner if we can find the right plane (which is hard) and we're debating offering a third since his top end budget is on the low end of my budget range and a third would smooth that out a bit.

 

If it wasn't for that silly little body of water between us I'd totally take you up on Bremerton, it's just a bit too far.  I appreciate it though and if you even want to go flying let me know =)

[Bob - S50]

That's the hard part about partnerships.  It's asking the stars to align with a community as small as the GA community =(.  Currently I have a potential partner if we can find the right plane (which is hard) and we're debating offering a third since his top end budget is on the low end of my budget range and a third would smooth that out a bit.

 

If it wasn't for that silly little body of water between us I'd totally take you up on Bremerton, it's just a bit too far.  I appreciate it though and if you even want to go flying let me know =)

 

Don't know if it will work for you or not, but our partnership has four partners.  We did not all contribute the same amount toward purchase.  I actually own a bit over 44% of the plane (technically, the LLC) and the other three own just over 18% each.  We treat everything as if we all owned equal shares.  The only difference will be if/when we decide to sell the plane.  We will each get proceeds in proportion to what we own.

 

That let us combine different budgets to get a nicer airplane (we got a J).

 

Good luck,

 

Bob

[druidjaidan]

I'm curious, how do you handle maintenance and upgrades with that arrangement?  Do you pay a higher portion of that as well or split it equally?  With any upgrades especially that seems like an ugly spot for either you or them depending on how you structured it.

 

I've mentioned possibly buying in at 2/3 ownership with the intention to sell the extra third, but if I got stuck holding it for a prolonged time that could suck for one of us (depending on how we structure things).  I can afford to buy the planes we're looking at on my own, but would prefer not to so the 2/3 ownership thing could work out.  It might be simpler for us (though likely more stressful for him) if we stretch his budget and we both bought in a 50% and then turn around and issue an additional unit of the LLC for sale.  Nasty for him if we can't find an interested buyer though since he'd be in over what he can afford, so I don't know, but it gets us a really clean purchase.

 

Or we get lucky and find the right plane with the right compromises that we're willing to work with priced with his share in his budget =)

[rbridges]

have you posted on barnstormers?  they have a partnership section, and you can do a free basic listing.

[druidjaidan]

I might give that a try, I knew they listed partnerships.

 

I think I'll likely have better luck finding another partner if we have a currently flying in annual plane already bought.  Instead of a more vague "we're going to buy an F model.  /G with a lowish time engine...once we find it".

[Bob - S50]

I'm curious, how do you handle maintenance and upgrades with that arrangement?  Do you pay a higher portion of that as well or split it equally?  With any upgrades especially that seems like an ugly spot for either you or them depending on how you structured it.

 

For upgrades:

 

If we can pay for an improvement out of funds collected through monthly dues and hourly charges then nothing changes.

 

If we need a special assessment then everybody contributes in proportion to their ownership.

 

If someone does not want to or cannot afford to contribute but the others are willing to cover the cost, we recalculate ownership.  Say we start with one person having $40k and two having $20k each.  That's 50%, 25% and 25% ownership.  Now we want to upgrade to ADS-B out at a cost of $6k but one of the 25% partners can't afford it.  Let's further assume the other two agree to contribute $3k each.  New percentages become $43k/$86k = 50%, $23k/$86k = 26.7%, and $20k/$86k = 23.3%.

 

This only applies to improvements.  It does not apply to maintenance including engine overhauls.  Those are all paid for equally.

 

You, of course, can work out any arrangement you like as long as all the partners agree to it and you put it in writing.

 

Bob

[Bob - S50]

I might give that a try, I knew they listed partnerships.

 

I think I'll likely have better luck finding another partner if we have a currently flying in annual plane already bought.  Instead of a more vague "we're going to buy an F model.  /G with a lowish time engine...once we find it".

We actually put the group together, figured out how much money we had, then went plane shopping.  We considered installed equipment vs what we wanted as a minimum when shopping.  If you do that, figure it will cost as much to install a piece of equipment as it does to buy it.  We also planned our budget to have the plane in the shape we wanted with about $4k left over in the joint account to cover unexpected maintenance costs.

 

Bob

[druidjaidan]

We actually put the group together, figured out how much money we had, then went plane shopping.  We considered installed equipment vs what we wanted as a minimum when shopping.  If you do that, figure it will cost as much to install a piece of equipment as it does to buy it.  We also planned our budget to have the plane in the shape we wanted with about $4k left over in the joint account to cover unexpected maintenance costs.

 

Bob

 

That would be optimal for sure.  I'm curious how you found your partners? It's proving really hard to find a group of pilots with the similar enough requirements for the plane that don't conflict horribly on what would like to do with the plane (as an extreme example we had one person who said "I'm going to take the plane every weekend to visit friends and family in Portland, I currently do that drive every weekend").  Neither of us have very deep networks of pilot friends.  We only ran into each other because I happened to do a checkout flight in a Cherokee from the FBO he works as an instructor at as a hobby.

[Bob - S50]

That would be optimal for sure.  I'm curious how you found your partners? It's proving really hard to find a group of pilots with the similar enough requirements for the plane that don't conflict horribly on what would like to do with the plane (as an extreme example we had one person who said "I'm going to take the plane every weekend to visit friends and family in Portland, I currently do that drive every weekend").  Neither of us have very deep networks of pilot friends.  We only ran into each other because I happened to do a checkout flight in a Cherokee from the FBO he works as an instructor at as a hobby.

I found one of the partners through a AOPA program that has since disappeared.  I found a second one through a local forum, the "Pacific Northwest Flying" forum.  I found the third through flyers I left on the bulletin board at the bus stops at work (I was still employed by Delta and working out of SEATAC).

 

You could also post flyers at local airports.  Don't remember if I seen it or not, but you could also post on the BeechTalk forum.  Lots of non-Beech pilots there.

 

On the other hand, I'm pretty sure there is a group at PAE looking for a partner in a Mooney 231 and another looking for a partner in a Cessna T210.

 

Or you could do what you suggested.  You put in as much as you can, your partner does the same.  You buy an airplane and agree to split the costs equally.  You then try to find a third partner.  You can use that money to repay some of your cost or use if for panel upgrades.

 

Best of luck,

 

Bob

[koskito1]

Hi,

 

I sent you a private message.  Are you still looking for a partner?.  I live in Seattle and I fly out of KPAE.  

Please, contact me if you are still looking for a partner.

Thanks!!

[druidjaidan]

Hi,

 

I sent you a private message.  Are you still looking for a partner?.  I live in Seattle and I fly out of KPAE.  

Please, contact me if you are still looking for a partner.

Thanks!!

My partner and I are currently in the process of closing on a plane...if the seller can get the title cleared up.  I'm happy to talk a bit about it, maybe grab a beer or coffee and chat, but honestly we likely won't be looking to add a partner immediately.  We may be willing to consider a third partner for the right person, but it's not a hugely pressing need.