Gary is brutally honest. I would NEVER lease a plane back/rent it out. No matter what restrictions you agree upon with the place you have it leased to, as soon as the plane is out of sight of the home airport ( downwind leg, actually) all bets are off. All you have to do is watch the crap on YouTube to see what people do to rental planes. You think all that acro is done in Aerobats? Another thing to consider is that any time YOU fly it, it's not making money...and it's possible they'll have it rented when you want to fly. Also, factor the weather- a couple of weeks of crappy weather and the plane sits on the ground, then when the weather is good you hope they fly the hell out of it to make up for the sitting on the ground half the month....
If you are an A&P you can work on the plane yourself to cut expenses, but you are just stacking more liability on your butt should someone screw the plane into the dirt....if you want to do the mx yourself, (or your own mechanic)..they might have their own maintenance shop, and perhaps need to keep them busy and won't allow outside maintenance ( they have liability, too).Also, if a radio dies, or the xpdr stops working, or anything else breaks, you have to fix it NOW, not wait until you have the money. Plan on changing tires very often as well. Ever see a new tire with a nice big flat spot on it because someone landed with their feet smashed on the top of the rudder pedals? Whatever you decide, crunch the numbers to see if leaseback is right for you. I've seen many airplanes owned by private individuals ruined on leaseback. Good luck, and welcome to the club.
Last edited by Brian_Anderson; 12/31/10 05:40 AM.
