What to do?

Seggy

Seggy

Well-Known Member
A former flight instructor who is now an FO at a regional aquired a share in a kick A$$ Seneca to build his multi time in. Now that he is flying at a regional he has no need for this share of the plane.

Being the great guy that he is he offered to give me his share in the Seneca for NOTHING. Sounds great doesn't it? Well it is an extremely kind offer from him but I am on the fence whether to do it. I would need to take over the month payments of $750 a month. That includes MX, hangering, etc. But my concern is what happens if an engine needs to be overhauled. No way can I afford that expense. Furthermore once I get my multi time up go to a regional I will want to unload on my share. He is having a difficult time doing so.

My point is to take the risk of owning a quarter in the airplane to aquire as much mulit time as I can to get to a regional quickly? Is it worth the risk? Ideas, comments, suggestions.
 
Mark, that's one hell of a deal. I'm very tempted to say "take it" . . .

TAKE IT!

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...give me his share in the Seneca for NOTHING. Sounds great doesn't it?.... [ QUOTE ]
I would need to take over the month payments of $750 a month.

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That doesn't sound like nothing. I am sure the cost of the "share" is a good chunk, but you'll still have to come up with $750. Will you also have to pay a usage fee (per hour charge) for the plane? That will add up as well...just punching numbers for a year.

750 * 12 = $9000
50 * 20 * 12 = $12000 (20 hours a month/12 months/$50 hr)

$21,000 - That's alot of money to spend for nothing. Those may be inflated, but you get the idea.

That being said, if you can get him to continue to "Own the share" while you pay the fees, you may free yourself of having to unload the share when you are done with it. Now if you're only going to do it for a few months it may be better. Either way, it won't be for nothing. Have you thought about spending the $$$ to do some time building somewhere? That would seem to be a less expensive option.
 
A lot of people that I have spoken to in this area just go and buy a block of time in an aircraft. Basically just paying in advance for a big chunk of "rental time". The only ones doing this are the ones that are not an MEI. So basically I would get my MEI and instruct to build the time, or just go rent a plane so you wouldnt have to mess with paying for shares or maintenance of the plane.
 
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The only ones doing this are the ones that are not an MEI. So basically I would get my MEI and instruct to build the time

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Easier said than done. I have an MEI and never found a place willing to let me get in one without 100hrs already. If you want to use that MEI you usually have to instruct somewhere for a looooong time before they'll let you. Just my experience.

On the subject of a share or renting, I would say go somewhere and get a block of 100hrs for $6500-7500. It will be a lot less headache and worry than actually having the share of the plane. Might also come out to be a little bit cheaper.
 
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Easier said than done. I have an MEI and never found a place willing to let me get in one without 100hrs already. If you want to use that MEI you usually have to instruct somewhere for a looooong time before they'll let you. Just my experience.


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Double
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I'm finding that out the hard way.
 
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I'm finding that out the hard way.

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You guys need to find better schools...or just bite the bullet and buy the time like I should have a year and a half ago.

~wheelsup
 
Matt, what were the reqs for MEI at Air Orlando? If I remember correctly it wasn't something insane, it was like 200 dual given.
 
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Matt, what were the reqs for MEI at Air Orlando? If I remember correctly it wasn't something insane, it was like 200 dual given.

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Yep! Exactly. 200 dual given - could be in katanas for all they cared.

At MAPD, I signed a guy off for his MEI checkride and he was teaching in the plane the next week - after being here for 3 months (that's the chief's requirement). He had a sum total of like 30 multi maybe, and about 8 in the baron...

~wheelsup
 
I'm sitting right at 50 ME right now, so I need to find out what the MEI insurance mins are for Skymates.
 
I wouldn't do it. That's too much of a commitment and too much $$$ to say 'yes'. It is not for 'nothing' it is for 750/month, don't fool yourself. Just MHO.
 
Here's the way I look at it, how much ME could you rent for somewhere for $750/mo PLUS fuel and oil? When you're done, you also have to be able to find someone to pick up the payments from you as well. I wouldn't want to be on a 1st year FO salary paying $750/mo in addition to everything else b/c I couldn't get out of a contract share.
 
any chance on buying half this guys share so you can fly it until he finds someone to buy the whole share???? That way you could both half the monthly payment then find someone (see texasspilot) to split the hourly with and you'd be golden.
 
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I'm finding that out the hard way.

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You guys need to find better schools...or just bite the bullet and buy the time like I should have a year and a half ago.

~wheelsup

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Easier said than done. If I had 100hrs multi and 20 type at the school I'm at now, I could probably get all the multi time I would need and want. It's a trade-off. Average a hundreds hours a month in single or average 25 to 30 hours a month in single and multi. I mind you bills still have to get paid also.

I have a SE private student who wants to get his multi add on in his dads Aztec later. His dad also wants some instruments refresher training but I don't think that I'm going to meet there insurance requirements. And I still have to talk them into letting me get the 5hrs PIC in it also.
 
"At MAPD, I signed a guy off for his MEI checkride and he was teaching in the plane the next week - after being here for 3 months (that's the chief's requirement). He had a sum total of like 30 multi maybe, and about 8 in the baron..."

A guy with 30 mutli and 8 in type is considered qualified to teach other MAPDer's in a Baron? Am I reading this right? Do you really think this is a sign that the MAPD program is providing quality F/O's into Mesa jets at 300 hours total time? Holy freaking Cow....
 
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A guy with 30 mutli and 8 in type is considered qualified to teach other MAPDer's in a Baron? Am I reading this right? Do you really think this is a sign that the MAPD program is providing quality F/O's into Mesa jets at 300 hours total time? Holy freaking Cow....

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I had 5 hours in type (to satisfy the PIC requirement) - and about 80 multi when I started teaching in the baron.

The instructors are strictly teaching for PTS for the private, instrument, commercial, and multi guys. That's our job. W're not supposed to provide other instruction, such as CRM, high speed aerodyamics, or other areas applicable to a jet. I'm not sure what you're looking for in this "quality instruction". To answer your question, if I think we're providiing quality instruction, I will answer yes as the students don't fail out of training (at MAG), and we had an instructor that was hired fail out a few months ago...and he had 2500 TT, 450 multi.


~wheelsup

P.S. I didn't have lasik done, atleast not right now. My cornea was thin as well, and they said I might have a better chance at PRK, but the recovery was too long for me, as I'm searching for jobs right now. Maybe later...
 
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Easier said than done. If I had 100hrs multi and 20 type at the school I'm at now, I could probably get all the multi time I would need and want. It's a trade-off. Average a hundreds hours a month in single or average 25 to 30 hours a month in single and multi. I mind you bills still have to get paid also.

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To give you a background, had I just bit the bullet and bought some time (on the order of 20-30 hours, so we're talking about $2k) I would be at a commuter right now. Instead, I was hardheaded about it, and refused to buy time, and so I extended my instructing days another year. Not a bad year, I made some good $$, built some good time, but still, it's instructing. I would recommend you get the multi time early on in your CFI career so you can start applying to places. As of now, I'm at 1900 TT and 300 multi and most of the better regionals want 135 or 121 time I'm finding. Places like CHQ (my #1 goal) hasn't interviewed CFI's in awhile, (looking at aviationinterviews.com). So what I'm saying, is I would've been better off going to a smaller commuter instead of instructing another year.

IMO.

~wheelsup
 
Thank you for the words of advice. I crunched some numbers and this is what I came up with. To put 200 hours of multi-time in my logbook would be about $15,200 if I bought the plane. Get a top notch platform for the same price as any time building program. Of course there are drawbacks. Still not sure what to do! Any more advice is appreciated
 
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Thank you for the words of advice. I crunched some numbers and this is what I came up with. To put 200 hours of multi-time in my logbook would be about $15,200 if I bought the plane. Get a top notch platform for the same price as any time building program. Of course there are drawbacks. Still not sure what to do! Any more advice is appreciated

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$15,200/$200 = $76.00 per hour

That is indeed a good price, but the trouble I would see is the same trouble your friend is having now......

Getting rid of that share.
 
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