Flying Club Shares Available, Denton, TX

AggieMike88

AggieMike88

Touchdown! Greaser!
Joined
Jan 13, 2010
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20,804
Location
Denton, TX
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The original "I don't know it all" of aviation.
(Short version) Two members of Metro Flyers Club have announced they wish to sell their share. If you wish additional information about the club, you are welcome to contact me directly by email at mike dot farlow88 at gmail dot com. Provide me your name and phone number and a good time in the evening to talk and I'll call you. We are based at KDTO, Denton Enterprise, Denton, Texas.

www.metroflyersclub.com

(Longer version) Metro Flyers Club is an 16-member equity flying club that owns two aircraft, a 1966 Bonanza V35, N149G, and a 1975 Cessna 182P. The group has been around for over 30 years and is one of the best ownership values going. Monthly dues are just $300 per month, and includes all the usual fixed costs such as hangar, insurance, database updates, inspections, routine maintenance, and more. Information about the aircraft and additional benefits are below.

Club Benefits:
  • Own two aircraft for waaay less than it costs to own one.
  • We bill on the tach hour, not Hobbs!
  • Training for additional ratings permitted, such as your IFR, CPL, CFI, etc. And it's okay to use your own instructor (As long as we know of him and he provides proper proof of insurance)
  • No overnight charges.
  • Out of country flights permitted (N149G has been to the Bahamas... twice!)
  • Safety Seminars
  • and much more!!!

Aircraft Details:

1966 Bonanza V35, N149G

A Cadillac in the sky! Bonanza N149G has always been hangered, this aircraft is IFR certified, with an Garmin GTN 750 GPS/NAV/COM and autopilot. Other specs:
  • Continental IO-520-BB 285hp Engine
  • 74 Gallon Fuel Tanks
  • 3 blade Hartzel Prop
  • New Interior 2009
  • Exterior Painted in 2003
  • Rental: $130 / hour wet!! (one of the best deals in the local area)
Avionics​
  • Aspen Evolution EFD1000 Pro
  • Garmin GTN 750 GPS/NAV/COM
  • King KX155 NAV/COM
  • Garmin GTX327 Digital Transponder
  • STEC 50 2 Axis Autopilot
  • PS Engineering PMA8000BT Audio Panel
  • JPI EDM 700 Engine Monitor
  • EI FP-5L Fuel Computer
  • Stratus 2 ADS-B In.
N55WB 1975 Cessna 182P

We are proud owners of N55WB. Always hangared, this aircraft is IFR certified, with a Garmin CNX80 GPS Nav/Com and digital autopilot. Other specs:

  • Continental O-470-S 230hp Engine
  • 74 Gallon Fuel Tanks
  • 2 blade McCauley Prop
  • New Interior 2010
  • Exterior Painted in March 2016!
  • Rental: $110 / hour wet

Avionics
  • Garmin CNX80 Com/Nav/GPS (IFR Approach Certified)
  • Chelton digital AP with Nav Coupling and Electric Trim (it will fly the full approach!)
  • KX 155 Com/Nav
  • PS Eng PMA450 Audio Panel with Intelli 3D Audio and Bluetooth connection
  • Garmin GTX 327 Transponder
  • Stratus 2 ADS-B In


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So you fight 16 people to fly 2 airplanes??? How does that work?
Load 4 in each plane Saturday and 4 in each plane Sunday?
 
Fortunate, it's rarely that. As with many groups we also have a few dormant members who aren't actively flying.
 
Yah, we have 14 members in 2 planes and it's rarely an issue. Most of us have someone to rent from if the club planes are out for long trips, in maintenance, etc.

My primary plane is 2-seat, club membership gets me 4 or 6. My long trips usually go in my RV.
 
Oh my.....wish I was in the DFW area. I'd be your huckleberry.
 
eman1200 said:
seems like the $4800/month is more than what would be needed for the fixed costs you mention. how does that get divvied up, and wouldn't a portion of the wet rate also go towards fixed costs?
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Some of this surplus you're concerned about does help to keep the wet rate low. There are scant few places where you can rent a Bonanza V-tail and we might be the only one that offers it for $130/hr. And when fuel prices spiked to $5.00 and more per gallon, the club didn't raise the rate. You could say that the way the club runs the money is so it can keep flying affordable for the members.

Also keep in mind, that we have a monthly payment to the aircraft loan. And, yes, even after we pay the fuel bill, the wet rate also adds to the positive addition to the cash reserve account. We aren't ashamed that there is a decent amount of money left over once all the bills are paid.

But this does all go toward the benefit of the club. In the past 24 months, we had plenty of cash to pay for
  1. Annual inspections and the additional expensive items that get resolved at that time on both aircraft.
  2. Engine overhaul for 55WB
  3. Upgrade the comm panel for 55WB to the PMA450
  4. New fuel bladders and sending units for 55WB (replacing 17 year old ones)
  5. Complete strip and new paint for 55WB
And after all that, we still have plenty of funds in the cash reserve account that if another major big expensive event occurred, we can cover it and still be right side up.

The club runs as a for profit business. We reinvest those profits back into the club. Members benefit by having aircraft that are well kept, and all significant squawks are take care of.

My belief is that being a "for profit" equity club is what has helped in keeping Metro Flyers around for 30 years. And attracting quality members.
 
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AggieMike88 said:
Also keep in mind, that we have a monthly payment to the aircraft loan. And, yes, even after we pay the fuel bill, the wet rate also adds to the positive addition to the bank account. We aren't ashamed that there is a decent amount of money left over once all the bills are paid.

But this does all go toward the benefit of the club. In the past 24 months, we had plenty of cash to pay for
1) Annual inspections and the additional expensive items that get resolved at that time
2) Engine overhaul for 55WB
3) Upgrade the comm panel for 55WB to the PMA450
4) New fuel bladders and sending units for 55WB (replacing 17 year old ones)
5) Complete strip and new paint for 55WB

And after all that, we still have plenty of funds in the account that if another major big expensive event occurred, we can cover it and still be right side up.

The club runs as a for profit business. We reinvest those profits back into the club. Members benefit by having aircraft that are well kept, and all significant squawks are take care of.
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cool, thanks!
 
I was in the club for a relatively short duration. Some of the fondest memories in my logbook are in the Bo. I did all of my commercial training in it as well as an awesome trip to the Bahamas.
 
I am going to ask that from now on, please restrain responses and discussion to questions about the share opportunity and how the club would be of advantage to you.

If you wish to discuss the generalities of club membership, or criticize those that are members of clubs, then please start your own thread.

We have drifted into an area that's a bit of a grey zone in the rules for a classified posting. Yes I participated in the drift, but now I want to bring the focus back to the availability of the product (shares).
 
Mike are you flying the Bonanza yet? what are the minimum hours required to fly it?
 
tecprotb said:
Mike are you flying the Bonanza yet? what are the minimum hours required to fly it?
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Not yet. Now that my IFR is done, that's the next item on my list. Then work on getting IFR comfortable in both aircraft.

Insurance company set a minimum of 200 hrs PIC to be solo or carry passengers in the Bo. They will take individual consideration of a bit less if you complete the BPPP.

But if you're at like 180-ish hours PIC, I think you can still fly/train/transition with an instructor.

@pilottangocharlie and @texasag93 have lots and lots of hours in the Bo. So they are better equipped to answer questions of how well N149G flies. I have over 200hrs in N55WB and can answer any questions about her.
 
Is that 200 in the Bo or 200 in the book total?
 
200 hours PIC for the Bonanza only.

For the Skylane, we are fine with a low timer as long as they do some transition/familiarization work with a CFI and get the HP endorsement.

@texasag93 is in our club and started off with about 100 hrs TT. He flew the Skylane quite a bit until he got enough PIC that our underwriter okay'd him to transition train to the Bonanza. Now he is going all over the place in the Bo, including a planned trip to Baltimore.


Scheduling has never been that much of an issue for me with planning ahead by 4-6 weeks. And very frequently, one or both of the aircraft are available for some spontaneous aviation.

And we're a friendly enough bunch that if you really need the aircraft, you can call the member who had the time slot for a burger flight and explain your pressing need to get somewhere. Then the two of you work out the swap.
 
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I likey, likey that GTN750 in the Bo. We gotta GTN650 in the RV and love it!
 
And we do have discussions going about adding a GTN750 to the Skylane.
 
How much does a share generally sell for?
 
jimson said:
How much does a share generally sell for?
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Share price is set by the seller and then negotiated between buyer and seller. The two members who wish to sell did tell me their ask price. But if you are interested in talking with one of them, send me a private message with your name and contact information and I will forward that to them.
 
Let me just mention that I'm a club that runs exactly the same way as AggieMike's club. It's an excellent way to run a club, and to enjoy most of the advantages of individual ownership with far less expense and hassle than sole ownership.
 
An added item about the wet rate.

Some clubs freeze the per gallon price you are reimbursed at. The if you go somewhere and fuel where it is more, the difference in cost is your responsibility.

Not us. If you left Denton and had to stop somewhere that had a higher than average fuel price, you are reimbursed that full amount. The club doesn't want you getting wrapped around the axle or in a fuel emergency because you're seeking somewhere cheap.

If you fuel away from Denton, pay for it and get the receipt and send a photo of it to the treasurer, who will then put that amount on a your account as a credit.
 
AggieMike88 said:
Share price is set by the seller and then negotiated between buyer and seller. The two members who wish to sell did tell me their ask price. But if you are interested in talking with one of them, send me a private message with your name and contact information and I will forward that to them.
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Thanks. I'm actually nowhere near Texas and was just curious.
 
I am the treasurer for Metro Flyers.

I would add one thing, we are not filed as a non profit with the state of Texas nor are we a 501(c) alphabet with the feds. The IRS considers us a "Social Club", so we file as a corporate return. We do not issue K1s or any other tax documents to the club members (shareholders).

The money above the costs of running the club one year gets put into the airplane down the road. For just the 182, about $20k for an engine overhaul in 2015 and about $25k for a paint job, new bladders, and a new audio panel in 2016. Add annuals and things that pop up, we do not make money. We have not had an assessment since 1992.

I was a new PP when I joined. I am learning so much about how to keep an airplane going. $300 a month plus our wet charge is a lot cheaper than owning. It is a balancing act since the airplane is not always available when I want to fly (rare, but it does happen).

I did my IFR ticket in 2014, I spent 35 hours in the 182 over 6 weeks. $3850 plus CFI (25 hours at $50). $5000 plus lunches for the CFII.

I am learning what I need to do if I buy my own airplane. Where not to do annuals. Contacts at the airport that I would not normally get to meet. 15 other pilots that I would not have met (as many of them do not fly often or at all). We started a safety seminar that I would not have been part of as a single owner.

I fly with another member 2-4 times a month. We do currency and I go places that I would not have thought to have gone. It is a lot cheaper with us splitting the cost of those day trips. Flying so often makes me safer when flying with my family.
 
I'm considering a well equipped Archer II club that has a $1000 nonrefundable fee, $85 mo dues, $100/hr wet. Ran some scenarios, so if I flew it 100 hrs a year, it'd be around $120/hr. the first year and by year 5 it'd be around $112/hr. Seems very reasonable unless my math is off.
 
[monthly bump]

Shares still for sale by members
 
I'm not a Bo guy, but man that's a sweet machine! If I were to do a Bo that's about exactly how I'd build it.
 
Wish you were here...
 
Skylane is on the final weeks of new paint job. It's gonna look really nice when we get it back. We have also installed new fuel bladders, fuel senders, and some other needed small/important/good-time-to-get-it-done items.

Then plans are to re-grow the bank account back up to desired level and save up for a GTN750 for it, and whatever solution we select for ADS-B In/Out
 
One share was sold over the weekend.

Only one left!! Act now if you want in on a good deal!
 
[...fresh bump...]

A member has notified me he desires to sell his share. If you have general questions about the club and take a closer look at the aircraft, I will arrange a time to meet you at the hangar.

If you are interested in the purchase, provide me your contact information (real name, email, phone). Since this is a member selling his share, I am not aware of his asking price. Final amount to be negotiated between seller and buyer.
 
mscard88 said:
I'm considering a well equipped Archer II club that has a $1000 nonrefundable fee, $85 mo dues, $100/hr wet. Ran some scenarios, so if I flew it 100 hrs a year, it'd be around $120/hr. the first year and by year 5 it'd be around $112/hr. Seems very reasonable unless my math is off.
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You could own for less than that. Even a nice one, so why share?
 
mscard88 said:
I'm considering a well equipped Archer II club that has a $1000 nonrefundable fee, $85 mo dues, $100/hr wet. Ran some scenarios, so if I flew it 100 hrs a year, it'd be around $120/hr. the first year and by year 5 it'd be around $112/hr. Seems very reasonable unless my math is off.
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Consider the buy-in fee a sunk cost and be done with it.

You should consider the $85/mo fixed which is $1,020. On your 100hr/yr expectation you're looking at ~$110 wet.

Seems like a good first step towards ownership.
 
For the folks discussing items other than the share for sale, you're wandering further into the gray areas of the ROC for The Classifieds section, and I'd like to keep this on topic.

Feel free to start a new thread as desired and I'll join you over there....
 
AggieMike88 said:
For the folks discussing items other than the share for sale, you're wandering further into the gray areas of the ROC for The Classifieds section, and I'd like to keep this on topic.

Feel free to start a new thread as desired and I'll join you over there....
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Grey area? It's pretty black and white. The drift is not any ROC and nobody is bad mouthing the planee, your club or the price. Besides, it's keeping you on top. And besides, besides, you known this is POA where thread drift is all over the place and to be expected. At least some retarded post about male anatomy or some form of ridiculousness hasn't begun yet.
 
Sorry Mike. My discussion of the other co-ownership shouldn't have been included in your thread.
 
The member selling his share revealed his asking price on a Facebook post. So I'll take that as an approval to post in this public forum that he is asking $4,500.00

Interested parties can contact me and I'll provide you his contact details.
 
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