I’m in the LSA World due to a Class 3 Medical issue. Just flew a RV12is that I really enjoyed. Modern Dynon glass, auto pilot and 3.8-4.5 Gal per hour. Being retired and living in South Florida I want to be able to look outside and head to the airport when the mood strikes me. I also want to be able to fly long cross countries an not rush back. So in my case single owner is the way to go. Good luck. KAPF
Getting ready to enter into a partnership with a few people. The one thing that I already know will be frustrating is that I’m 20 miles from the airplanes home airport and only 1 mile from my local airport.
I would start taking with everybody possible at my local FBO. I found my partner sitting around the table at the FBO. Talk to people currently in flight school. It sounds crazy, but those are the people most likely excited about the chance to own an airplane!
Just came across your video. I bought a Mooney J a year and a half ago. My son and I fly a good bit. One of my friends who is a corporate pilot approached me about forming a partnership on the plane. We are still looking into the details. It sounds nice to split costs, but I like having it available whenever I want it. I need to look more at the numbers and make a list of pros and cons.
I am in a partnership in a 1973 Piper Arrow. The members are my wife, my son in law and me. It is working out well, I pay, wife flys, son in law does grunt work when not working on his farm. I bought the plane and paid for the upgrades. I want new seats so grunt work starts soon. We have a new engine now, next engine is on the next generation. Nice thing in our partnership is I pay, I make the decision. We are going to a glass panel soon. Right now the plan is for Dynon HXD.
With all due respect I didn’t learn much. You’re 6 minutes in and didn’t discuss anything about partnering on an airplane then you get into stuff you should discuss before even purchasing an aircraft. I learned nothing about specifically owning a Mooney in a partnership
You owe me no respect. If there’s anything I can answer, I will. I could certainly ramble on for hours about the inner workings of our partnership, every little detail, but few would watch something that boring overall.
I'm on paternity leave and was hoping to make a trip to see you. The plane has been out of annual and the shop has been super busy so I'm stuck at the moment. Started her up yesterday since last flight in mid September, ran her for some time, and only to find a lil oil on the cowling lip when I shut her down😔. Hope the annual is not that hectic. I stayed away from the partnership n I'm happy with the way things are at the moment. I Don't have to worry about a next person landing my Mooney rough and breaking stuff.
Man Jerome that would be awesome if you could make it out here. It’s super frustrating to have to wait on annual getting completed. Im glad your sole ownership has worked out well! You displayed a lot of patience as you searched for the right airplane…kudos to you for that.
Thanks a lot for sharing this video with us. Very instructive. I'm in the process to start a partnership on a M20E and your videos are a great help. One thing I'm struggling with right now is insurance, since we are both low hours pilots, quotes are very high - when the insurance respond. May I ask how you guys navigated that issue ? Did you build time in make & model before buying your Mooney ?
Thanks for being here man! We didn’t have much of a problem getting insurance, they just had a 10 hour instruction minimum for each owner. Our insurance has always been through Avemco, who has been great to deal with. We did actually back down to liability only coverage to bring the premiums down. The cost / benefit analysis of paying $2,000 more a year to insure a $40,000 airplane didn’t make much sense to us. How much are you being quoted? On how high of a hull value?
@@MyTimeToFly thanks for the quick response. We are both 50hrs pilots with 0hrs in lake & model and complex airplane. For 1M$ liability/5k$ medical/0$ deductible and 90k$ hull they are quoting us 5.5k$/year (1 quote and 4 instant denials)
Well, that is very low time so I do get it, we were each about 150 hours. Have you spoken with Avemco? They should be able talk through all the options. If you can stomach it financially, you could go without hull insurance like we did.
@@MyTimeToFly very good points - I'll get a quote with no hull value and will definitely contact Avemco. Thanks much for taking the time out of your busy life to help !
Nice overview of how it works. We have an10 member partnership or as we call it a club. We own 2 aircraft a 172 , 182 and very few problems with availability.
@@MyTimeToFly we have a higher rate for the 182 and it’s a wet rate. We also have a quarterly fee to cover both hangers and insurance. The 172 gets the majority of the use since most flying is fairly local.
Great to see your partnership has worked out well, but i guess no partnership will run smoothly all of the time. If only we could all afford to own our own plane on our own. Thanks
I’m in the LSA World due to a Class 3 Medical issue. Just flew a RV12is that I really enjoyed. Modern Dynon glass, auto pilot and 3.8-4.5 Gal per hour. Being retired and living in South Florida I want to be able to look outside and head to the airport when the mood strikes me. I also want to be able to fly long cross countries an not rush back. So in my case single owner is the way to go. Good luck. KAPF
Makes great sense to me. If the finances allowed it, I would be right there with you. That fuel flow is amazing!
I'm looking at a partnership right now and this was very helpful! Thank you for the insight!
Right on man, thanks for watching. Best of luck in your journey, don’t hesitate to reach out if you have questions!
Getting ready to enter into a partnership with a few people. The one thing that I already know will be frustrating is that I’m 20 miles from the airplanes home airport and only 1 mile from my local airport.
Yes, that will be frustrating. Perhaps you can find a hangar at your home airport that you can “borrow” from time to time?
In other cultures they said: share your car is like share your wife, I think it's not available for airplanes 😅
That's funny man, and so true. It's amazing how taboo changes from culture to culture.
If you were looking for a partner right now, where would you start looking?
I would start taking with everybody possible at my local FBO. I found my partner sitting around the table at the FBO. Talk to people currently in flight school. It sounds crazy, but those are the people most likely excited about the chance to own an airplane!
There are also a solid amount of airplane partnerships groups on Facebook. Just another option.
Good call. Likely people looking on Barnstormers as well. Immerse yourself in the community…you’ll find what you’re looking for!
Just came across your video. I bought a Mooney J a year and a half ago. My son and I fly a good bit. One of my friends who is a corporate pilot approached me about forming a partnership on the plane. We are still looking into the details. It sounds nice to split costs, but I like having it available whenever I want it. I need to look more at the numbers and make a list of pros and cons.
I am in a partnership in a 1973 Piper Arrow. The members are my wife, my son in law and me. It is working out well, I pay, wife flys, son in law does grunt work when not working on his farm.
I bought the plane and paid for the upgrades. I want new seats so grunt work starts soon. We have a new engine now, next engine is on the next generation.
Nice thing in our partnership is I pay, I make the decision. We are going to a glass panel soon. Right now the plan is for Dynon HXD.
Can I join the family? But seriously, sounds like a great arrangement.
With all due respect I didn’t learn much. You’re 6 minutes in and didn’t discuss anything about partnering on an airplane then you get into stuff you should discuss before even purchasing an aircraft. I learned nothing about specifically owning a Mooney in a partnership
You owe me no respect. If there’s anything I can answer, I will. I could certainly ramble on for hours about the inner workings of our partnership, every little detail, but few would watch something that boring overall.
I liked the way you edited in the plane video as you spoke. Thumbs up Sir!
Thanks a bunch!
I'm on paternity leave and was hoping to make a trip to see you. The plane has been out of annual and the shop has been super busy so I'm stuck at the moment. Started her up yesterday since last flight in mid September, ran her for some time, and only to find a lil oil on the cowling lip when I shut her down😔. Hope the annual is not that hectic. I stayed away from the partnership n I'm happy with the way things are at the moment. I Don't have to worry about a next person landing my Mooney rough and breaking stuff.
Man Jerome that would be awesome if you could make it out here. It’s super frustrating to have to wait on annual getting completed. Im glad your sole ownership has worked out well! You displayed a lot of patience as you searched for the right airplane…kudos to you for that.
Did you do a LLC or just a partnership contract?
We formed an LLC, it was pretty simple.
Thanks a lot for sharing this video with us. Very instructive. I'm in the process to start a partnership on a M20E and your videos are a great help. One thing I'm struggling with right now is insurance, since we are both low hours pilots, quotes are very high - when the insurance respond. May I ask how you guys navigated that issue ? Did you build time in make & model before buying your Mooney ?
Thanks for being here man! We didn’t have much of a problem getting insurance, they just had a 10 hour instruction minimum for each owner. Our insurance has always been through Avemco, who has been great to deal with. We did actually back down to liability only coverage to bring the premiums down. The cost / benefit analysis of paying $2,000 more a year to insure a $40,000 airplane didn’t make much sense to us.
How much are you being quoted? On how high of a hull value?
@@MyTimeToFly thanks for the quick response. We are both 50hrs pilots with 0hrs in lake & model and complex airplane. For 1M$ liability/5k$ medical/0$ deductible and 90k$ hull they are quoting us 5.5k$/year (1 quote and 4 instant denials)
Well, that is very low time so I do get it, we were each about 150 hours. Have you spoken with Avemco? They should be able talk through all the options. If you can stomach it financially, you could go without hull insurance like we did.
@@MyTimeToFly very good points - I'll get a quote with no hull value and will definitely contact Avemco. Thanks much for taking the time out of your busy life to help !
My absolute pleasure! Let me know how it works out.
Nice overview of how it works. We have an10 member partnership or as we call it a club. We own 2 aircraft a 172 , 182 and very few problems with availability.
That’s fantastic! Does one plane get more use than the other? If you don’t mind, do you charge wet rates or dry?
@@MyTimeToFly we have a higher rate for the 182 and it’s a wet rate. We also have a quarterly fee to cover both hangers and insurance. The 172 gets the majority of the use since most flying is fairly local.
Makes sense. I’d be all over that 182!
@@MyTimeToFly use it for cross country flights. Did a trip to mount pleasant last year.
Right on! I made too many trips there as an 18 year old pilot / casino regular!
Great to see your partnership has worked out well, but i guess no partnership will run smoothly all of the time. If only we could all afford to own our own plane on our own. Thanks
Truth! Maybe someday…but for now, the partnership is a net positive.