How to rent out my airplane

Isaac McDonald wrote:
I am thinking of buying an airplane....I want to rent it when it is not in
use to recoup some of the cost of buying the plane. How hard is it to do
this? What are the insurance costs? How often do I need to get it checked
out by an aviation mechanic? How much is the maintenece? Do I have to go
through an FBO? Or can I just place a classified ad....eg. "plane for
rent...$50 an hour".

Hi Isaac, based on some of your questions, I'd guess you're inexperienced at
this, so I'd stick with arrangements with people you trust.

If there's an FBO owner whom you trust you can work out a contract (sometimes
called a leaseback) with him. The contract spells out who is responsible for
maintenance and inspections, who is responsible for collections, who checks out
the renters, who pays for the insurance, what the acceptable uses of the
airplane are, etc.

Check out nearby flying clubs to see whether they're interested in leasing an
airplane. The contract with the flying club will be similar to the leaseback
contract mentioned above.

You could also start your own flying club. That limits the field of renters and
might give you more control.

This area of aircraft ownership is a minefield. There are some success stories,
and a lot of horror stories. I'm sure you'll get some "don't do it" responses to
your questions.

Based on what I perceive as your inexperience, I'd suggest you start out by
renting someone else's airplane or joining a club. Observe how the business
arrangements are handled, then take a baby step into ownership. For example, you
could partner with someone who already has experience in owning a leased aircraft.

Look through the archives of this newsgroup at http://groups.google.com and
you'll find lots of information about the cost of inspections, maintenance, and
insurance.

AOPA has some information about leasing. Check their web site or give them a
call. If you're not a member, join.

You're on the right track. Sole ownership of an airplane can be problematic, if
you can't fly it enough to spread the fixed cost over a number of hours. A
simple partnership with one or two friends you trust would be another way to
solve that problem.

Good luck, and welcome!

Dave