Turtlesfly
Well-Known Member
- Joined
- Nov 18, 2017
- Messages
- 224
- Reaction score
- 95
Yes, I searched before posting . . . and I read (what I thought was) the definitive thread on shared ownership in the thread "Would you share your plane?" But, it seems like that was more stories about retaining ownership, but letting a buddy fly it for the cost of gas. That's not what I was looking for.
I was looking more for a thread where you can give advice or stories about co-owning/partnership/fractional/shares, whatever you call it. The scene in my story would be: I have the money to purchase the larger twin outright, but I am looking for a partner who also doesn't fly that much, in order for both of us to offset the recurring expenses. Therefore, this is not a flight school lease-back situation, nor a situation to try and get the airplane loan amounts reduced which otherwise I couldn't afford. I am more looking for stories and advice like:
Your liability in the event your partner bends the metal or hurts somebody. Or,
How unequal flying time between the partners gets worked out for expenses. Or,
Who has "priority" for scheduling. Or,
Who decides when the engines need overhaul? Or,
Who decides who does the annuals? Or,
Who decides when the carpet gets replaced, or any other upgrades happen? Or,
How to arrange in getting the other owner to cut you a check when you get the landing fee bill in the mail from their flight? Or,
(any other issues)...
To avoid these issues, do the relationships exist like in a 51/49 sense, where there is a "majority" partner (who has controlling decision-making ability -- probably the person who originally bought the plane), and the "minority" partner (who was added on) who basically just has the privilege of flying it for an otherwise-reduced amount of money, along with having an asset to eventually sell?
Even if I understand some of these answers in theory, I'd love some real-world examples that I hadn't thought of. I don't know, like, "The other guy never takes his headset out of the plane and I like mine better, so I have to spend time going out to my car before a trip and I throw it in my trunk, but then I forgot to put it back, and then he called me at 5:00am the next time he went flying wondering where his headset went...then I had to drive an hour back to the airport..."
I am considering it, and want to avoid any pitfalls.
Thanks community,
TF
I was looking more for a thread where you can give advice or stories about co-owning/partnership/fractional/shares, whatever you call it. The scene in my story would be: I have the money to purchase the larger twin outright, but I am looking for a partner who also doesn't fly that much, in order for both of us to offset the recurring expenses. Therefore, this is not a flight school lease-back situation, nor a situation to try and get the airplane loan amounts reduced which otherwise I couldn't afford. I am more looking for stories and advice like:
Your liability in the event your partner bends the metal or hurts somebody. Or,
How unequal flying time between the partners gets worked out for expenses. Or,
Who has "priority" for scheduling. Or,
Who decides when the engines need overhaul? Or,
Who decides who does the annuals? Or,
Who decides when the carpet gets replaced, or any other upgrades happen? Or,
How to arrange in getting the other owner to cut you a check when you get the landing fee bill in the mail from their flight? Or,
(any other issues)...
To avoid these issues, do the relationships exist like in a 51/49 sense, where there is a "majority" partner (who has controlling decision-making ability -- probably the person who originally bought the plane), and the "minority" partner (who was added on) who basically just has the privilege of flying it for an otherwise-reduced amount of money, along with having an asset to eventually sell?
Even if I understand some of these answers in theory, I'd love some real-world examples that I hadn't thought of. I don't know, like, "The other guy never takes his headset out of the plane and I like mine better, so I have to spend time going out to my car before a trip and I throw it in my trunk, but then I forgot to put it back, and then he called me at 5:00am the next time he went flying wondering where his headset went...then I had to drive an hour back to the airport..."
I am considering it, and want to avoid any pitfalls.
Thanks community,
TF
