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

6 partners is a lot, even of you are the ONLY one actually flying the plane.
I would be very suspicious unless the agreement covers almost any possible
decision. If there is not enough for overhaul, what will happen if the guys
who are not flying much want to go cheap or sell the plane to avoid the
expense?

Also, it will get tougher to sell your share as it gets closer to overhaul.
Just about the time you want to move up, you may be stuck waiting for the
group to get the overhaul done. It could take a while as folks argue and
drag feet.


"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