E Model Partner possibility

[Mcstealth]

My Friend who just got his private, has been approached on his home field to partner in what I believe is an E model.  My 45 hour friend who has done his training in a 150, is unsure about about the transition and cost. What could he realistically expect in costs, airplane excluded? What start up, what insurance issues, what transition, etc.

Assuming the plane is okay, what will it take for him to get there?

The plane fits the mission to a T...

Thanks in advance,

McStealth

[DrBill]

I had about 100 hours when I got into my Sundowner.  The Insurance was the big thing.  No time in Make and model so the cost was $1500 for the first year. Then I was required to log 10 hours of dual and 10 hrs of solo before passengers. Over time the insurance dropped to $700 ($55k- constant) and 300 hrs in type. The biggest drop came when I got my Instrument rating the first year.  Had the plane 8 years.

In July I got my Mooney E model and same $55K, same $1500, same 10 hrs of dual and 10 hrs of solo.  I felt that the first 5-6 hrs of dual were well worth it. As I pass 100 hrs in model I expect it to drop $200-400.

Bill

[trey2398]

I bought my 201 with 120 hrs in a 152 and Cherokee 140.  The insurance was $1800 the first year with a 5/5hr requirement.  The 2nd year will be $1350, $1280 if I had completed my IFR.  I use Falcon Insurance there in Kerrville.

[PilotDerek]

I only had 70 hrs with 7 complex when I bought my M20F. Insurance is $2300 1st year and required only an additional 3 hrs dual. I could have gotten a lower rate but others wanted 10-15 dual as well as 10 solo. Transistion was a non issue.

[Hank]

McStealth--

Tell him to log some complex time ASAP! As a named insured and half-owner with 62 hours in my logbook, several companies wouldn't issue for me. The broker found someone willing in 2007 for $3100; with 100 hours the first year, it fell to $1600; the Instrument Rating dropped it to $1100. I figured the money was better spent on insurance than on renting to build time.

EDIT:  Dual required was 15 hours including 5 hours IMC. Mooneys are seen as traveling machines, and the insurance co. wanted to make sure I would be a "safe" traveler. These were Mooney CFI hours; otherwise they wanted more time. Other companies wanted 15-20 dual plus 10 solo before carrying passengers.

Key points to another newbie:  log some retract time first. Fly at least 100 hours the first year. Start on Instrument Rating once comfortable in the Mooney. Note that the last year or two, rates in general have been coming down. ALL insurance rates are affected by insured value and deductable--lower the first, or raise the second, and it will be cheaper. Mine was at the MAPA LOG value, zero deductible.

[gregwatts]

In addition to insurance costs, are aquisition costs as well as maintenance costs. I would have him, first, do an extensive pre-buy on the airplane. The insurance will be the least of his worries if there are maintenance issues. Then I would have him do a serious "meeting of the minds" with the potential partner, regarding maintenance, upgrades, hangar vs tiedown, scheduling, etc. If he is not going to fly at least 50-60 hrs per year, it may not be cost effective to own. I would strongly urge your friend to get his instrument rating....for several reasons.

Transition should be a non-issue....especially if he begins IFR training in the airplane right away.

Good Luck!

[Mcstealth]

Thank you all for your advice. I will forward the comments and do my best to assist my friend in any way I can.

I caught him looking at Cherokee's in the classifieds. I yelled at him NO! Won't fit your mission. I hope he listens.

 

[Mcstealth]

Thank you all for your advice. I will forward the comments and do my best to assist my friend in any way I can.

I caught him looking at Cherokee's in the classifieds. I yelled at him NO! Won't fit your mission. I hope he listens.