DLrocket89
Well-Known Member
Hi everyone,
I had been planning on building a Mustang II, but I took a long, honest look at the cost and realized it's out of my league for now. That said, I want to get airborne sooner rather than later with the MII. I've been talking with a couple of friends and we're considering getting a build partnership going. I'm wondering, has anyone on here had any good or bad experiences, and what were they?
I've been doing some thinking on it, and what I've come up with so far is:
1) Everything expectations-wise gets written down and signed before starting, so that there isn't any question going forward
2) While building, we would each contribute $300/month or whatever to a "general fund" that parts would be bought out of (we're going to plans build, so this works well).
3) Because life situations arise and sometime someone might not be able to put in their $300, I would keep track of all of the finances and then the amount of the plane that each person owns would be ratioed based on how much money they put in.
4) The same ratio in 3) above would probably include a provision for construction time (and maintenence time) so that if someone does a lot of work, they would have a bigger piece of the "value pie"
5) Once the plane was flying, everyone would a) leave the plane with the tanks full, so you pay for the gas you've used an no more) and b) would put $10/hour or whatever into a fund for maintenence, hangar, insurance, etc. That way, the person doing the most flying pays the most for repair and whatnot.
Questions I still have, not quite sure how to answer them...
1) what if someone moves?
2) what if someone wants out of the partnership and wants to sell their portion?
3) any others I don't know that I don't know?
Of the people potentially building, there is me (26 years old, metallurgical engineer working in aerospace), a coworker (mid 30s, A&P and former air force mechanic, now engineer), and a neighbor (mid 50s, A&P and former air force mechanic, now gov't rep at a defense contractor). All three of us have adequate space to do the construction and between us we have every tool we need (except a pneumatic rivet puller).
The plane we're planning on building is a CH750, probably with a VW conversion with belt reduction and a moderate day-VFR panel (total cost probably in the $30-$35k range). I want the LSA as a cheaper way to get into flying (LSA), ditto with my coworker. My neighbor is having some back problems that could lead to him losing his medical, so he's considering just going LSA, hence the CH750.
There's the whole story, a bit jumbled up, but it's there. We're going to go have a beer or something next week and I'm trying to gather my thoughts in advance.
Any thoughts/comments would be appreciated. Thanks!
EDIT: Also, please don't say anything like "IT WILL NEVER WORK" or something similarily fatalistic. If you were in a partnership and had a bad experience, where did it go wrong and what would you have fixed? If you were in one that did work, why did it work?
Dustin
Rockford, IL
I had been planning on building a Mustang II, but I took a long, honest look at the cost and realized it's out of my league for now. That said, I want to get airborne sooner rather than later with the MII. I've been talking with a couple of friends and we're considering getting a build partnership going. I'm wondering, has anyone on here had any good or bad experiences, and what were they?
I've been doing some thinking on it, and what I've come up with so far is:
1) Everything expectations-wise gets written down and signed before starting, so that there isn't any question going forward
2) While building, we would each contribute $300/month or whatever to a "general fund" that parts would be bought out of (we're going to plans build, so this works well).
3) Because life situations arise and sometime someone might not be able to put in their $300, I would keep track of all of the finances and then the amount of the plane that each person owns would be ratioed based on how much money they put in.
4) The same ratio in 3) above would probably include a provision for construction time (and maintenence time) so that if someone does a lot of work, they would have a bigger piece of the "value pie"
5) Once the plane was flying, everyone would a) leave the plane with the tanks full, so you pay for the gas you've used an no more) and b) would put $10/hour or whatever into a fund for maintenence, hangar, insurance, etc. That way, the person doing the most flying pays the most for repair and whatnot.
Questions I still have, not quite sure how to answer them...
1) what if someone moves?
2) what if someone wants out of the partnership and wants to sell their portion?
3) any others I don't know that I don't know?
Of the people potentially building, there is me (26 years old, metallurgical engineer working in aerospace), a coworker (mid 30s, A&P and former air force mechanic, now engineer), and a neighbor (mid 50s, A&P and former air force mechanic, now gov't rep at a defense contractor). All three of us have adequate space to do the construction and between us we have every tool we need (except a pneumatic rivet puller).
The plane we're planning on building is a CH750, probably with a VW conversion with belt reduction and a moderate day-VFR panel (total cost probably in the $30-$35k range). I want the LSA as a cheaper way to get into flying (LSA), ditto with my coworker. My neighbor is having some back problems that could lead to him losing his medical, so he's considering just going LSA, hence the CH750.
There's the whole story, a bit jumbled up, but it's there. We're going to go have a beer or something next week and I'm trying to gather my thoughts in advance.
Any thoughts/comments would be appreciated. Thanks!
EDIT: Also, please don't say anything like "IT WILL NEVER WORK" or something similarily fatalistic. If you were in a partnership and had a bad experience, where did it go wrong and what would you have fixed? If you were in one that did work, why did it work?
Dustin
Rockford, IL
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