Buying Plane

[ElyJs]

First off I would like to introduce myself to the board. I am student at the University of Colorado, Boulder with 10 credits left to completing my degree in economics and business administration. So far I have breezed through high school and will be graduating college in 3 years. What’s next for me? My childhood passion, flying!!!. I am fortunate enough to be completing my degree at the age of twenty-one and the blessing of my family to begin flight training.

I have been lurking on this and few other websites gathering as much information as possible about creating a career out of something that I feel passionate about. I have zero flying experience and am still trying to gather as much info and to learn as much as possible. I have been chatting up a few family friends that have made careers as pilots, whom have been excellent resources. My plan of attack is to get my PPL at my local FBO in Colorado while finishing a few online classes (all of my major reqs are already completed) and working fulltime. After logging some hours attend the Aviator down in Fort Pierce to gain certs and hours as instructor.

This path seems like one taken by many out there, but there is quite a bit of money being thrown into training. Like I said before, I am lucky enough to have the blessing of my family who is willing to spend some of their hard earned saving to finance my education. I have been thinking how I can make this training more affordable and flexible and think I may have found a solution.

What if instead of financing a $50,000 education to become a pilot at some flight academy, I finance an inexpensive twin engine aircraft. Better yet, find 2-4 people willing to work full time on their pilot career to split the airplane. One thing I have learned in my research is that newly minted CFI’s aren’t too expensive. I am not saying I am gonna pull a Gulfstream, but I could surely find a CFI for 10-15 an hour to bring me through all of my training.

For all the research I have done I haven’t found a lot of information on people doing this in such an early stage of their career, but seems like it could make a lot of sense. I may have way underestimated what an airplane costs to purchase and maintain, but I was under the impression a twin engine plane could be bought for ~$100,000. Set up a corp, plane is an asset, pay all variable costs out of pocket and sell all assets after training. A lot of money could be saved. Hell keep the plane and contract yourself out once completed with training.

What do you guys here at the JC think about this idea? What are the holdups that could prevent me from doing this? I feel like there is a lot of potential for this idea to be successful. One more random question, if I decide to head down to Ari-Ben what is the policy on pets? I have a 2 year old dog that I could never leave with someone. If that means sucking it up and finding my own place to rent down there, then that’s the way it has to be. (Anyone interesting in finding a place down in Fort Pierce starting in Jan?) Thanks to Doug and JC for being an excellent resource.


Thanks
Jason

[meritflyer]

Briefly, I own an airplane and its actually almost cheaper for me to rent once I factor in costs of engine overhauls, prop overhauls, avionics, annuals, fuel, oil changes, and other various form of maintenance and repairs. Dont forget insurance. With no flight time, your premiums will most likely be absurd. Especially in a complex, twin engine aircraft. My airplane is fixed gear, turbocharged, and reasonably cheaper than most airplanes in it's class and it still cost me an estimated $130 an hour to run (including maintenance, fuel, and repairs).

With regards to setting up a company to own the aircraft - be careful. I own a company which actually requires the use of my airplane and I write off only fuel and basic trip expenses on the advice of my accountant, who is a pilot himself. It can be a major red flag for audits through the IRS. Hundreds of audits have proven the expenses not deductable even for traveling salesman working in several states. The AOPA has several case studies on this. I'd read them. They'll blow your mind when you see what the IRS wont allow even in the face of legitimate use.

Repairs can be very costly - I had a heading indicator fail and the cost of a re-build was nearly $1000.

So, my suggestion is to rent until you are established in your training and you are sure you want to do this for a living. I still to this day, rent on multiple occasions for various reasons.

Good luck.

[frog_flyer]

talk to timbuff!!! he cfis around thereish and he's a buff alum (i think he graduated? )

[DE727UPS]

I know a guy who bought an old Apache and trained in it to build multi time (while going to college). He went to Mesa, became a checkairman, went to Delta, got furloughed, and is now doing quite well in corporate.

Anyhow, he was pretty agressive but it worked for him. I'm a firm believer in aircraft ownership for building time/experience/ratings. I'd stick with a Cessna 150/152, though. Most bang for your buck and easy to get rid of.