Hello,
First time poster here. I have an opportunity to buy a 1/8th share of a J-3(65HP). It is a $4000 share and the monthly expenses are $60/mo.
Of the 8 partners, about 3 fly regularly(an hour every other week) and the others maybe twice a year. It's a good opportunity to get into an airplane that is not used much. Partners and partnership as a whole has existed for 15+ years.
It seems like a great way to get into a J3 at a very reasonable price but I have some concerns I'd like to share and get some feedback.
1.) The aircraft has hangar rash. Like a lot of it(see pics).
2.) The aircraft is registered to an LLC, but over time no one has any idea who has the physical paperwork for it, so I'm essentially buying this guys word. The guy selling the share has been in it for 12 years and has partnered with some other's on a 90HP cub(this partnership wasn't interested in selling or upgrading). I figure worst case scenario, the plane could be sold out from under me and I'm out 4G's but I'm more concerned with liability if someone crashes it, etc or if someone has loans out against it. I guess a title search could help?
3.) There is a thumb width puncture in fabric on elevator. A friend has told me that it is a simple patch job.
4.) The maintenance is kept up by a partner who is an A&P. I flew it today and it flew nice but these items are holding me back a bit.
I really would love a piece of a J3 and this may be the most reasonable way in, but I'm seeing there is a reason for that.
Just wondering what people's thoughts are.
Thanks!
First time poster here. I have an opportunity to buy a 1/8th share of a J-3(65HP). It is a $4000 share and the monthly expenses are $60/mo.
Of the 8 partners, about 3 fly regularly(an hour every other week) and the others maybe twice a year. It's a good opportunity to get into an airplane that is not used much. Partners and partnership as a whole has existed for 15+ years.
It seems like a great way to get into a J3 at a very reasonable price but I have some concerns I'd like to share and get some feedback.
1.) The aircraft has hangar rash. Like a lot of it(see pics).
2.) The aircraft is registered to an LLC, but over time no one has any idea who has the physical paperwork for it, so I'm essentially buying this guys word. The guy selling the share has been in it for 12 years and has partnered with some other's on a 90HP cub(this partnership wasn't interested in selling or upgrading). I figure worst case scenario, the plane could be sold out from under me and I'm out 4G's but I'm more concerned with liability if someone crashes it, etc or if someone has loans out against it. I guess a title search could help?
3.) There is a thumb width puncture in fabric on elevator. A friend has told me that it is a simple patch job.
4.) The maintenance is kept up by a partner who is an A&P. I flew it today and it flew nice but these items are holding me back a bit.
I really would love a piece of a J3 and this may be the most reasonable way in, but I'm seeing there is a reason for that.
Just wondering what people's thoughts are.
Thanks!
