[Gringuito]

Being a pilot is more of a lifestyle, it's not something to play around with. They call the SR-22 the doctor killer for a reason.

[AntiTrace]

(02-12-2014 01:08 PM)Gringuito Wrote:  

Being a pilot is more of a lifestyle, it's not something to play around with. They call the SR-22 the doctor killer for a reason.

Agree if your flying hard IFR (bad weather, can't see outside the cockpit, flying off instruments). But a competent person with a flexible schedule (i.e. only fly in decent weather) will have no problem.

When you get into shitty weather and congested airspace it can make you sweat even when you know what your doing. Add in a flashing fuel low light and a missed approach and youll kiss the ground once you land

[Gringuito]

(02-12-2014 01:13 PM)AntiTrace Wrote:  

But a competent person with a flexible schedule (i.e. only fly in decent weather) will have no problem.

Hard to disagree with that. But I would say that flying a Cessna 172 is really easy compared to a twin engine turbo like the King Air 350. You don't want a situation to get ahead of you. For that reason I have two professional pilots.

[AntiTrace]

(02-12-2014 01:25 PM)Gringuito Wrote:  

(02-12-2014 01:13 PM)AntiTrace Wrote:  

But a competent person with a flexible schedule (i.e. only fly in decent weather) will have no problem.

Hard to disagree with that. But I would say that flying a Cessna 172 is really easy compared to a twin engine turbo like the King Air 350. You don't want a situation to get ahead of you. For that reason I have two professional pilots.

Yep. Always stay one step ahead of the aircraft. Plan for what you are doing, and what are going to do if that doesn't work.

hell that applies to everything in life. But I hear ya on flying the complex aircraft. Two pilots are always better than one.

However if the OP really wanted the lifestyle he could get his commercial ratings (or even private), rent a 4-6 seater simple aircraft, and cruise around anywhere in the states in good weather easily. Once you start crossing borders (or oceans) it gets a lot more tricky.

You don't need to own a private jet to have the jetsetting lifestyle.

@Gring. Out of curiosity what made you purchase the jet as opposed to some type of charter/fractional ownership (netjets)?

[Gringuito]

(02-12-2014 01:54 PM)AntiTrace Wrote:  

@Gring. Out of curiosity what made you purchase the jet as opposed to some type of charter/fractional ownership (netjets)?

I used to charter quite a bit. Once I was flying over 150 hours per year it made more sense to own/fractional. I first looked at NetJets but I really didn't like how hard it could be to sell your fractional shares at the time. Also I didn't like that I couldn't control how the planes were maintained and how the pilots were trained. Don't get me wrong, NetJets is a great company with an awesome track record. But since it's me and mine flying on my plane, I can go a step further.

I really like owning. I have complete control. The downside to owning is the downtime. From minor inconveniences like yearly recurrent training for the pilots (about 4-5 days) to sometimes large downtime for scheduled maintenance (up to a month every few years).

[travolta]

(02-12-2014 01:46 AM)CaliforniaSupreme Wrote:  

Would it be possible/sane with a $300k USD yearly income?

You think too small. With that mindset you'll never own anything. People who own jets don't have fixed incomes. They're probably a bit closer to $300k in a month

[DaveR]

Gringuito, based on your other posts, I don't think you're the kind of guy who would fly privately just to show off... So, I guess you must see a lot of practical advantages in travelling that way. Do you prefer it because you fly obscure routes, or is it more to do with the inconvenience of airports and scheduling?

I ask because I know a couple of guys who could definitely afford it, but they still choose to fly commercially. They also spend around 150h/year as you do.

[Gringuito]

(02-12-2014 03:18 PM)DaveR Wrote:  

Gringuito, based on your other posts, I don't think you're the kind of guy who would fly privately just to show off... So, I guess you must see a lot of practical advantages in travelling that way. Do you prefer it because you fly obscure routes, or is it more to do with the inconvenience of airports and scheduling?

I ask because I know a couple of guys who could definitely afford it, but they still choose to fly commercially. They also spend around 150h/year as you do.

It's really both. I have a place in Miami so flying commercial here isn't bad. But I also have places near my family (they are spread out) where the closest commercial airport is a 1 1/2 hour away. Add to that the security lines and getting in/out and you can waste quite a bit of a day just getting where you want. Also, it works out great for family gatherings. When it's cold up north I fly them down to me here in SoFL for long weekends.

I still fly commercial when the plane is down for maintenance or the pilots have time off. It doesn't bother me at all.

[el mechanico]

I hate flying but maybe if I bought one of those basket case Cessnas from the police auction and fixed it up myself I can fly it to the DR to one of those jungle airstrips to overcome my hate of flying?

I know pilots, worked for the airlines and know many inspectors and mechanics and trust me I do NOT like to fly.

Or

Maybe Gringuito can invite me to meet his crew to help my fears in exchange I will life coach him.

[AntiTrace]

ill fly ya to the DR mech. you pay for the plane.

and no need to be scared of flying. I'm a great pilot. Got taking off down pat. Still working on the landing part.

[el mechanico]

(02-12-2014 05:05 PM)AntiTrace Wrote:  

ill fly ya to the DR mech. you pay for the plane.

and no need to be scared of flying. I'm a great pilot. Got taking off down pat. Still working on the landing part.

Thank you but I'm kinda a bad influence maybe it's better to take the slow boat.

Serious question though.. Lets say I run into some cash and buy one of those retired Russian migs or whatever. Can we fly it wherever we want? If I did have the cash I would go that route not the Learjet route but.. I like to party so would probably modify the rear cockpit to mix drinks and whatnot.. I really could care less about impressing women by invite on my plane but rather haul balls to where the new ones are if you know what I'm sayin.

[CaliforniaSupreme]

$7 I could spend on gold could go in the jet fund

Reason I was thinking about this was because my entire life I've wanted a private jet, and I've been trying to see how I can attain a lIlifestyle which will allow me to reach that goal. Chartering seems good enough. With 300k annually you can afford to carter a jet a couple times a year right?

Thank you all!

[Gringuito]

(02-12-2014 07:56 PM)CaliforniaSupreme Wrote:  

Chartering seems good enough. With 300k annually you can afford to carter a jet a couple times a year right?

Yes, with $300k you could easily charter or buy one of the jet cards like Marquis. The cost of a charter is based on hours in the air (wheels up to wheels down) and the type of aircraft you're using. You'll also pay more for one way trips and pay overnight fees if you keep the plane waiting for you at your destination. You could do a quick day flight from Florida to the Bahamas in a very small jet for about $7k. Overseas flights on a Challenger or Gulfstream would be over $100k.

[AntiTrace]

(02-12-2014 05:23 PM)el mechanico Wrote:  

(02-12-2014 05:05 PM)AntiTrace Wrote:  

ill fly ya to the DR mech. you pay for the plane.

and no need to be scared of flying. I'm a great pilot. Got taking off down pat. Still working on the landing part.

Thank you but I'm kinda a bad influence maybe it's better to take the slow boat.

Serious question though.. Lets say I run into some cash and buy one of those retired Russian migs or whatever. Can we fly it wherever we want? If I did have the cash I would go that route not the Learjet route but.. I like to party so would probably modify the rear cockpit to mix drinks and whatnot.. I really could care less about impressing women by invite on my plane but rather haul balls to where the new ones are if you know what I'm sayin.

horrible idea. they are retired for a reason. you are going to need some serious maintenance on them to get them safe to fly.

you could pick up an old cargo plane. strip the back out, install a bar and some custom seating. turn it into a party plane. a soul plane.

[Veloce]

(02-12-2014 05:23 PM)el mechanico Wrote:  

Serious question though.. Lets say I run into some cash and buy one of those retired Russian migs or whatever. Can we fly it wherever we want? If I did have the cash I would go that route not the Learjet route but.. I like to party so would probably modify the rear cockpit to mix drinks and whatnot.. I really could care less about impressing women by invite on my plane but rather haul balls to where the new ones are if you know what I'm sayin.

Haha El Mech flying into Santo Domingo:

[blkgatsby]

If you earn that much, you're likely only taking home half after taxes. $10k a month won't even cover a helicopter, let alone a jet.

Unless you are the head of a major global firm there's no way you can even consider a jet, and most of those guys have jets out of business needs. Hangar, crew, and insurance expenses will probably total 300k, and that's before you even take off. At 300k, I'd doubt you could even afford to buy and maintain a Ferrari, let alone a jet.

[DaveR]

(02-12-2014 08:27 PM)AntiTrace Wrote:  

horrible idea. they are retired for a reason. you are going to need some serious maintenance on them to get them safe to fly.

Russians clap after every safe landing, and they're applauding God, not the pilot.

[lavidaloca]

(02-13-2014 12:53 AM)blkgatsby Wrote:  

If you earn that much, you're likely only taking home half after taxes. $10k a month won't even cover a helicopter, let alone a jet.

Unless you are the head of a major global firm there's no way you can even consider a jet, and most of those guys have jets out of business needs. Hangar, crew, and insurance expenses will probably total 300k, and that's before you even take off. At 300k, I'd doubt you could even afford to buy and maintain a Ferrari, let alone a jet.

Most guys pulling 300k+ have their own business. They aren't paying half their money in taxes as they have many deferred tax opportunities.

But beyond that...on 300k I wouldn't even consider buying an exotic car USED.

[Menace]

(02-13-2014 01:34 AM)lavidaloca Wrote:  

Most guys pulling 300k+ have their own business. They aren't paying half their money in taxes as they have many deferred tax opportunities.

I think most guys (>50%) pulling 300k+ are on W2 or K1 (doctors, lawyers, wall street guys). However I have no data to support this, just a hunch.

[Aliblahba]

(02-12-2014 01:01 PM)Gringuito Wrote:  

I own a private jet 7 seater. You can PM me for a cost breakdown. It can be 600-1.2M a year to maintain a jet (with pilots, DOM, costs included).

I need a private jet this summer. Need a ride from ATL to LAX to pickup McQueen, then onto LGA. Probably gonna a bunch of stops in between. We can pay in rep points.

[Richiavelli]

Actually owning a jet is pretty expensive. The fallacy is that you can give it to a charter and make money on the side, but in reality there's a surplus of jets doing this. You need to pay pilots and some of the fixed costs are pretty annoying. I'd recommend a jetcard - I had clients where you could literally see the difference in his financials when he sold his jet and moved to a prepaid plan.

If you do buy a jet, I recommend keeping the asset in an LLC for liability purposes. I don't think that 300k could sustain maintenance of a jet...

[Jackreacher]

(02-14-2014 01:39 AM)Richiavelli Wrote:  

Actually owning a jet is pretty expensive. The fallacy is that you can give it to a charter and make money on the side, but in reality there's a surplus of jets doing this. You need to pay pilots and some of the fixed costs are pretty annoying. I'd recommend a jetcard - I had clients where you could literally see the difference in his financials when he sold his jet and moved to a prepaid plan.

If you do buy a jet, I recommend keeping the asset in an LLC for liability purposes. I don't think that 300k could sustain maintenance of a jet...

Jetcards actually look pretty cheap https://www.facebook.com/JetSuiteAir I saw prices there going for $560 for some flights. Not bad.

[Gringuito]

(02-14-2014 01:39 AM)Richiavelli Wrote:  

Actually owning a jet is pretty expensive. The fallacy is that you can give it to a charter and make money on the side, but in reality there's a surplus of jets doing this. You need to pay pilots and some of the fixed costs are pretty annoying. I'd recommend a jetcard - I had clients where you could literally see the difference in his financials when he sold his jet and moved to a prepaid plan.

If you do buy a jet, I recommend keeping the asset in an LLC for liability purposes. I don't think that 300k could sustain maintenance of a jet...

I've never charted mine out. I run under part 91 which is quite a bit more flexible. I agree about the LLC. I have two, one that owns the aircraft and leases it to the other one that manages it.

The jet cards are a good idea, just be sure you use a reputable one. The cheaper ones are basically just a charter service that you prepay. You don't want to be stuck with an older plane and an inexperienced flight crew.

[Hef]

(02-14-2014 02:18 PM)Gringuito Wrote:  

I agree about the LLC. I have two, one that owns the aircraft and leases it to the other one that manages it.

Good structure. With the lease, do you have the second one breaking even or operating at a slight loss?

[CaliforniaSupreme]

I want to be able to call someone up while on my way to the airport and have it fueled up and ready to taxi by the time I get there, is this possible with a jet card?