Thoughts on co-ownership

BQuad

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I just wondered what people thought about co-ownership of planes. I am thinking more and more about getting my pilots license and have to think about getting my own plane or co-owning two planes (float/skis and wheels) with a newly licensed member of the family.

Of course the ultimate goal is flying off airport, my gut says for off airport ops, one is better off owning their own plane, you know where it's been flown, how hard the last landing was, etc. Airport to airport flying seems a safer situation for co-ownership but would love to hear other opinions since I'm not even flying yet.

Thanks
 

Float Pilot

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I was once involved in a co-ownership. Both myself and the other party always thought the other guy owed more work or cash. Both of us always blamed any new scratch or ding on the other. And finally, since it really was the other guy who could not fly for squat, he dumped the plane on its nose and wrecked it....

A co-ownership is a good way to ruin a friendship or get in a fist fight with your relatives.

ACTUALLY Flying the crappiest Cessna 150 in the State from airport to airport , is always better than only dreaming about being a bush pilot while you wait for years to accumulate enough money for a super bush plane.
 

Troy Hamon

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I love having an airplane that I can go get into and go when I want. If I had a co-ownership situation that would work out well, I would be willing to entertain it in the right circumstance. But probably only for a second, larger and more capable, plane. My PA-22 is used off-airport, and I would not want a second owner doing that. My opinion only. I suppose with the right circumstance, but certainly I would be cautious.

And I wholeheartedly agree with FP that I would rather own a PA-22 than have a share of something other pilots feel is more desirable.

though after putting as many hours as I have on the Tri-Pacer, I have found that it is what I desire. Like putting on a good pair of shoes, goes where I tell it to.
 

pa12drvr

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Co-ownership? Don't do it.

What was the question? Oh yeah, co-ownership. Don't do it.

I had a colleague that setup a corporation to own a 170 with his BIL. Although cumbersome, they worked out a lot of details, including which airports/ strips could be landed at, how to schedule the a/c, how to pay, etc. One of the relevant strips was Willow. (How the H*11 does one get in trouble at Willow but I digress). "There's not too much snow there, I can land on wheels"....anyway, long story short, flipped the bird over, ended up with a lawsuit about insurance, whether or not there was a corporate shield, etc. Ended up costing far more in angst and attorney's fees than the then cost of a 170.

Entirely agree with the previous posters....It is worth flying from paved strip to paved strip in the worst C150 or the rattiest -12 in the state on your own schedule and timing rather than owning a tricked out 18 that you share.
 

algonquin

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Thought about it once but the wife said "you don't play well with others and don't like sharing your toys" She told me when I conquered the skills for 1st grade I could do it.
 

Mr. Pid

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It depends on you and how you view an airplane. Is it your pride and joy or just another tool in the shed? I wouldn't prefer a partnership in a lawnmower, let alone an airplane. I know guys that get along fine with airplane partnerships.
 

avidflyer

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It depends.. I have been in a co-ownership with a buddy of mine on 2 planes now.. one I wadded up 14 years ago and just paid him his half, no issues. We both have our own planes (he has a hangar full of planes but only 2 flying right now) but wanted a bigger faster plane for those times we want to range out or haul a load. We went in halves on a ramp mummy 180 and have been working on her to get it airworthy. We should have it in the air in a couple weeks with new engine, prop and control surfaces. In our case, we have both wadded up a plane over the years of flying, we both know the other has the potential to do so, and if one wads it up ( and lives) then ya buy the other guy out as you can.. For me its a win as its a way I can get into a 180 cheap with a lot of sweat equity. I would not do this with just anyone, but this works for us. No restrictions on where we fly or what we do with it, we both know we are going to do our best to bring it back in one piece yet if something does happen so be it we just pray the other can atleast limp away from the smoking hole... Material things can be replaced, lives can't..
 

BQuad

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Thanks for the thoughts. Best situation seems to be to get a small, affordable plane to start with and see how well it fits my needs.
Time to start looking for an instructor and a plane, just did a one day drive to Homer and back, sure was wishing I had my pilot license!
 

Float Pilot

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I would strongly recommend that you take at least two or three lessons from a good CFI in a rented plane before going any further.

I have worked with a few folks over the years who bought a plane that was far too much for them and they never finished obtaining their private license because they were overwhelmed.
And some folks just can't fly a plane....no matter how hard they try...
 

BQuad

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Thanks again, FloatPlane, the plan right now is to rent a 172 at least until I complete ground school and solo and then see what makes the most sense from there. Don't expect too much of a problem, but point taken.
 
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