First Time Buyer. Help!

On Sat, 3 Apr 2004 20:23:49 -0500, "Bill" wrote:

Establish the partnership agreement IN WRITING !.

Even if just between the 2 of you, in WRITING determine how expenses will be
handled, maintainence, what happens when things BREAK when YOU and they are
using it. There are 2 basic methods.

1: You estimate all costs ahead of time, divide by XX hrs of planned annual
use then charge an hourly rate accordingly. Most partnerships are done this
way. You determine that GAS will be always left to the tabs (or full). Any
more left in, is free for the next flyer. If expenses are more than what's
"in the bank", then you have one time assessments to meet the expenses.

2: You split everything 50/50. (My partnership is this way). All expenses
are split 50/50 each month EXCEPT GAS. When returning you leave the gas at
the tabs. The more you fly, the better for you. My partner and I get along
great and the plane is always in tip top shape. if something breaks when I'm
flying. I take it to the mechanic and we split the cost. Same for my
partner.


Yes, absolutely! All this needs to be worked out in advance in writing
so that friends stay friends. What would be your opinion of a hybrid
here? I think some variable expenses should be prorated, but fixed
expenses should be split evenly. I mean, the hangar fee and annual
inspection for example, will need to be done regardless of who flies
more.

For the purchase contract, there is a good boiler plate in the AOPA website.
If youre not a member.. join. Use the title search service (cheap check to
be sure the seller is the ONLY owenr of the plane). I got insurance through
them too. Frist year was 1500, second 1000 (I got my instrument, partner has
ATP and 27000 hrs !).

I didn't know that AOPA offered a purchase contract. What a great
resource, one I'll look into more. Thanks!

Don't think the pre-buy will find EVERYTHNG. We had a good prebuy but
found some things later but we were happy with our purchase and still are.
If you can find it, buy it with the radios you want in it OR it has to be
such a good deal that you will put the radios in and have $ left over.
radio installation is not cheap. We put a GPS , NAV COM and audio panel.
The INSTALL bill alone was $3000. This was added to an IFR cert airplane !

Plan on 2-3000 each for unexpected repairs the first year.

Good advice. We had thought of setting funds aside for maintenance
and for an eventual overhaul, but not a cushion for first year
squawks.

GOOD LUCK.

Thanks!!

--
Kay
Student Pilot
email: remove "ns" from "aviationns"









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