Hey guys - First post here.
I am a new pilot and have been solicited by a friend to join into a fractional agreement on a 64 PA28-140. The agreement would be for 1/4 ownership at a one time cost of $6k. In addition to my upfront fee I would be on the hook for 25% of the peripherals as well, i.e. hangar, next annual. The current owner wants to split MX costs based on pro-rated hobbs time. He flies 20 hrs, I fly 80, MX is needed I pay for 80% of the cost. As of now the plane is not full IFR, which I would prefer and he is considering the upgrade prior to my agreement beginning.
My concern is that I will pay this guy $6K, and basically assume all of the MX costs, however I will be flying in it as often as I can.
Can you please point out any pertinent questions or concerns I should have for this agreement as I do not know the airplane and or owner personally?
Thanks
I am a new pilot and have been solicited by a friend to join into a fractional agreement on a 64 PA28-140. The agreement would be for 1/4 ownership at a one time cost of $6k. In addition to my upfront fee I would be on the hook for 25% of the peripherals as well, i.e. hangar, next annual. The current owner wants to split MX costs based on pro-rated hobbs time. He flies 20 hrs, I fly 80, MX is needed I pay for 80% of the cost. As of now the plane is not full IFR, which I would prefer and he is considering the upgrade prior to my agreement beginning.
My concern is that I will pay this guy $6K, and basically assume all of the MX costs, however I will be flying in it as often as I can.
Can you please point out any pertinent questions or concerns I should have for this agreement as I do not know the airplane and or owner personally?
Thanks
