Should I buy in?

[N201MKTurbo]

When I bought the current Mooney it was in a partnership. It is like a marriage without any benefits. It ended in an ugly divorce. We both think the other was wrong about a lot of things. Fortunately for me I had the partnership agreement on my side. I got my plane and my money but lost a friend.

[M20C_AV8R]

6 minutes ago, N201MKTurbo said:

When I bought the current Mooney it was in a partnership. It is like a marriage without any benefits. It ended in an ugly divorce. We both think the other was wrong about a lot of things. Fortunately for me I had the partnership agreement on my side. I got my plane and my money but lost a friend.

I experienced a very similar situation and fully understand. Partnerships are an additional risk, some pros, some cons and there are many that work out wonderfully and many that go ugly, time spent upfront to understand the plane, the partner, the legalities of buying in and getting out are important.

[flyboy0681]

2 hours ago, Mike Ropers said:

Did anyone else notice the oil stained carpet and the fact the nose wheel was sitting in an oil drip pan??? 

I'd do a PPI (pre partner inspection) before I bought in.

 

 

Not to mention oil running down the tire.

[jaylw314]

 

19 minutes ago, flyboy0681 said:

Not to mention oil running down the tire.

Could have just been a disastrous oil and filter change, ask me how I know  but obviously it's still something to check.

[KLRDMD]

1 hour ago, M20C_AV8R said:

Partnerships are an additional risk, some pros, some cons and there are many that work out wonderfully and many that go ugly, time spent upfront to understand the plane, the partner, the legalities of buying in and getting out are important.

If you're able, a non-equity partnership works really well. You own the airplane. Upgrade it or not, sell it if and when you want. The non-equity partner pays 50% of yearly expenses plus a small hourly rate for access to the airplane anytime you're not using it. Both have a 30 day notice to terminate. Win-Win in my book.

[Wayne Cease]

On 7/28/2018 at 1:34 PM, DavidA said:

Know issues

• fuel tanks will need a strip and seal soon
• no ADS/B

So the price for my quarter share would be $15,000. The plan is to have a flat fee per month for hanger, insurance, annual and data subscription of about $250 and a charge of $50 an hour to the MX fund.

The current owner no longer can fly alone (age) but doesn't want to give up his bird so he is offering 3 of us the quarter shares. We do have the right to buy his share when he no longer wants it.

So yes? No?

Comments? Any advice would be appreciated, I am currently renting a SR22 from a flying club at $249 and hour wet.

Thanks all,

DavidA

 

 

$249/hr wet for a SR22 and you're looking to buy?    The lowest cost place to rent a SR22 in Atlanta has them at over $300/hr; 2003 & 2004 models.  Is it not available enough or "rode hard and put up wet"?  After the fixed costs and reserves it's hard to get below that rate for a SR22.  You can get a little lower, but not a lot.  Sure, your incremental cost is a lot lower, but annual fixed costs added in bring it up.  And you can walk away at any time.

You're looking at several thousand dollars in the two listed items, possible over $10k total, but that would be divided by 4, so that helps.  What about the oil leak evidence mentioned in other posts?

How much is someone that doesn't want to fly alone going to spend on upgrades (ADS-B, ....)?

If $250/person covers your fixed costs you are in a great location for inexpensive hangars.  May need to check on insurance if the 3 of you don't have much Mooney time.

If you fly a lot or want to take longer trips a partnership can be great; daily minimums on a rental can be expensive.  I was in a partnership (non-equity) on a SR22 with four people and I think we only had 2 real scheduling conflicts in 4.5 years.  The rest were someone thinking about flying on a nice day only to find on the schedule that someone else had it on a trip; more "oh well, another day."

 

[DonMuncy]

As to the oil leak on the tire. When I bought my plane, it did the same thing. Looks horrible, but not necessarily dangerous. Finally found it was leaking at a through-bolt.

I should also add, it is easy to get the same problem when changing the oil/removing the oil filter. 

[N201MKTurbo]

Airplanes are like dogs, they like to mark their territory.

[INA201]

I was in a good partnership of four folks buuuut.  There are a lot of meetings about "decisions."   There is always a guy that doesn't want to upgrade this or that.  There's the guy that throws his or her headset on the glareshield and scratches the new window we just replaced.  There's the salt residue left on the plane after a beach trip.  Just like everything with multiple people involved 25% will do 90% of everything.  All in all if you want a really good upgrade from renting that is what a partnership is.  It is definitely more economical.