Good first partnership or not? 1/6th Cherokee 140 Share in CA

It would be interesting to know the history of this partnership. Do they
just sell another share whenever a big maintenance item is coming up?


"FUji" wrote in message
...
"noah" wrote in message
om...
Hi r.a.o guys,
Thru a local ad I found a 1/6th share in a 1969 Cherokee 140
(hershey bar wing). I've done some minimal due diligance on it and it
looks, well, like an old 1969 rental. The nose-wheel cowling is pretty
worn (looks like it's been glued several times) and the paint is
original & drab. The avionics are basic: 2 working VORs, 1 with
glideslope, but it is IFR (certified the correct term?)
The engine has a few hundred hours left and there is approx $6K
saved towards maintenance (the club intentionally doesn't charge
hourly for overhaul).

Here's the cost breakdown:
Buy-In $5,500
Hourly Tach (dry) $10
Fixed Costs - collected quarterly, average $150/owner/qtr +
eventual overhaul

Scheduling is done online, and I hear that only 3/6 partners fly
often and the other 2/6 hardly ever fly. That leaves me:

I want to save money & fly as much as possible, building XC time
before starting IFR training (eventually) and just have fun. The local
"popular" club is west valley www.wvfc.org, and their rates are around
$50/mo fixed + $90-$110/hr for a cherokee/c172. I've only flown
cessna's until now, but really liked the low-wing feel of the diamond
katana.

The plane seems like a near ideal match. I want to fly from
PAO/SQL to places like San Diego, Santa Barbara, Monterey, Mendocino,
Las Vegas - i.e. the west coast mostly... and only then after I build
up some shorter XC confidence... It seems like a good deal, but how
much could a Cherokee 140 overhaul *burn* my pocket? We're going for a
test flight this weekend & that will also help the decision...

Thanks for your advice,
Noah

Lemme see if I got this straight.

There's a group of six people (minus 1) that owns a well worn Cherokee
with
parts that been glued several times, old drab paint and basic radios.
These
same six people save $3600/yr for repairs, annuals and overhauls. There is
only a "few hundred hours left" on the motor and only $6000 in the kitty.

At this rate, it would take another 5 or 6 years to be able to afford an
overhaul. That's ok if these six people only fly about 50 hours a year
combined. Unless of course these six people want to pay out of their own
pocket to get it ovehauled quicker. Then again, these same six people
didn't want to cough up the cash for paint or other upgrades to stop it
from
looking like an "old 1969 rental".

First thing I would do is talk to the 1/6 that is no longer a partner and
ask him why he wanted out. If there wasn't a sixth person I'd ask why
five
people need another one to afford a Cherokee. Then, regardless of their
answers, I'd walk away and look for something else.

Two people could afford to own a Cherokee 140 and keep it going. Three
people gets you top notch maintenence and repairs. Four gets you a like
new
plane. Five or more gets you bickering and a hangar queen. Or an old 1969
rental. :-)

New rule: An airplane should never have more partners than seats.