What's a good resource for finding pilots to rent to/share?

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Gordon Freeman

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I'm interesting in acquiring a used C-162 (or a similar 2-seater) for affordable time building. With a home-based business and four children, I probably won't get to fly it more than 2-3 times a month. With all that tarmac time, it would only be reasonable to rent the aircraft to 2 additional pilots. I would legally structure the aircraft ownership under an LLC and operate it as a separate business.

LSAs like C-162 have the advantage of low fuel consumption and low maintenance. There are plenty of places to rent C-172s (and similar 4-seaters) in the NYC area, but practically no LSAs. My math is working out to about $95/month for member dues and $95/hr wet. Most 172s in the NYC area rent for $150/hr wet so the fees are reasonable.

I know the C-162 isn't a popular choice with everyone. I'm also all-ears for suggestions on other 2-seaters that would appeal to the average PPL looking to build time. Nothing home-built/kit.

Can anyone recommend an online resource that would be a good place to find pilots that would be good prospects? Thanks everyone.
 
Where are you going to keep the plane? I'm up in Hopewell Jct, near Dutchess and Sky Acres and might be interested.
 
Undecided. Either HPN or 4N1. 4N1 would be a cheaper option for parking but it's a windy airport (I'm training there). HPN generally sees better conditions throughout the year and offers large runways, though it's a class D airport with scheduled commercial traffic and a busy flight school.
 
There is a really nice Grumman AA1 for sale in Sacramento, for a very reasonable price. That is a real airplane, unlike the 162, and you can actually go places in it thanks to the speed.
 
You may be better served looking for partners rather than renters. Both insurance and 100 hour inspection costs come to mind.

I found my partners on Craigslist.
 
I agree wholeheartedly that partners is a better way to go. Fewer surprises. Choose carefully and have a written agreement covering all contingencies. How to find a partner? Ask around at the FBO and maintenance shops. Post something on the bulletin board (if there is one). I had incredible response selling a boat on Craigslist----I'd try that too.
 
Van Johnston said:
You may be better served looking for partners rather than renters.
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100% agree. I set up my LLC and it's far simpler keeping it as partners. Be careful about advertising for partners. You could run afowl with the SEC. You're entering the territory of marketing securities to investors. Seems slightly far fetched, but you can get hit. As for me, well, I'm fortunate enough to have friends who have been stricken by the bite of the aviation bug.
 
DoubleD said:
I agree wholeheartedly that partners is a better way to go. Fewer surprises. Choose carefully and have a written agreement covering all contingencies.
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DoubleD brings up an excellent point - start drafting your LLC's operating agreement today. A written operating agreement is a requirement for LLCs in my state and I would assume the same would be true for most states. Start with an outline - how do you want the business run? How do you want the aircraft operated and maintained? Think up as many scenarios as you can and write equitable solutions into your operating agreement. All of my partners read through the various revisions of our operating agreement and it took us 4 months to hammer everything out. There will always be something that you didn't account for. How do you cover maintenance costs? Do you have a per-hour reserve fund? How is the bill divvied up if the reserve is depleted?

LLCs are a fantastically flexible arrangement. Whereas with most business structures, the state dictates how you have your business setup. With LLCs, you tell the state how you set yours up. I'm probably preaching to the choir and I'm digressing, so I'll get back on point and leave it at this - start drafting your operating agreement :)
 
Gordon Freeman said:
Undecided. Either HPN or 4N1. 4N1 would be a cheaper option for parking but it's a windy airport (I'm training there). HPN generally sees better conditions throughout the year and offers large runways, though it's a class D airport with scheduled commercial traffic and a busy flight school.
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You don't need "large runways" for a 162. 4N1 is OK, you might also consider N72 which is a really nice little airport. Driving time is about the same from the TZB, better if you take the Bear Mountain bridge to avoid I-287 traffic.

A group of guys at my home field just bought an Aeronca Champ for a flying club, about a half dozen guys I think. Another option is to buy the plane and lease it to the FBO, though there are risks... another guy here had a Kappa K-5 LSA which he leased to the FBO, an instructor and student wrecked it practicing soft field takeoffs.
 
Nathan Miller said:
100% agree. I set up my LLC and it's far simpler keeping it as partners. Be careful about advertising for partners. You could run afowl with the SEC. You're entering the territory of marketing securities to investors. Seems slightly far fetched, but you can get hit. As for me, well, I'm fortunate enough to have friends who have been stricken by the bite of the aviation bug.
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Marketing securities? Really? Can you name ANYONE that was nailed for this? I mean, theoretically a meteorite could come down from the sky and go through my skull at anytime too...
 
Laws are laws and we live in a litigious society. Maybe don't offer membership in your LLCs to lawyers
 
Van Johnston said:
You may be better served looking for partners rather than renters. Both insurance and 100 hour inspection costs come to mind.

I found my partners on Craigslist.
Click to expand...

Why would a 100hr be necessary?
 
Good point - it's not like he's offering flight instruction

Had to look up 91.409(b) to be sure...
 
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