[Gringuito]

(02-14-2014 08:59 PM)CaliforniaSupreme Wrote:  

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?

That is where owning works out better. I've called while driving to the airport. Filing the flight plan is 15 minutes as long as it's national (1 hour for international) and they can fuel up the plane in 30 minutes as long as the fuel truck is available. There's normally fuel from the last flight still in the tanks. Picking the right hanger is important, if it's too full it can take an hour just to get your plane out.

With the NetJets jetcard I think they say 4 hours is the fastest but in reality you want to schedule a flight a day in advance. With a chartered flight it really depends on what's available.

[Gringuito]

(02-14-2014 08:48 PM)Hef Wrote:  

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

I would have to check with my accountants but I think the leasing LLC makes money and the maintenance LLC is at a slight loss. I could be wrong, my taxes are somewhat complex.

[Richiavelli]

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

(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.

Your attorney is pimping out your org structure hahah. I think both structures work, just as long as you don't hold the jet directly. Most states it's not really an issue, except for $$$ strapped ones like California - they ding you with an annual fee every year ($800) plus a gross receipts tax (taxing you for good weather and no water, Jerry Brown needs his money).

[Richiavelli]

(02-14-2014 11:11 PM)Gringuito Wrote:  

(02-14-2014 08:48 PM)Hef Wrote:  

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

I would have to check with my accountants but I think the leasing LLC makes money and the maintenance LLC is at a slight loss. I could be wrong, my taxes are somewhat complex.

Government is going after complex taxpayers this year, hope it doesn't suck for you bro.

[Gringuito]

(02-14-2014 11:21 PM)Richiavelli Wrote:  

Government is going after complex taxpayers this year, hope it doesn't suck for you bro.

I think the IRS has my picture hanging up on a wall somewhere. They send me flowers and a jar of Vaseline every year. Seriously, it's hard to complain about taxes in the US when the business environment is so good.

[Aliblahba]

(02-14-2014 08:59 PM)CaliforniaSupreme Wrote:  

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?

You watch too many rap videos.

[CaliforniaSupreme]

(02-12-2014 07:28 AM)el mechanico Wrote:  

So the future big baller that's so tight with cash he's faking his gold membership in his avatar over 7 dollars wants to dabble in the private luxury aviation arena?

I'll stop there for now.

(02-15-2014 09:27 AM)Aliblahba Wrote:  

(02-14-2014 08:59 PM)CaliforniaSupreme Wrote:  

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?

You watch too many rap videos.

I have a lifestyle goal which I want to attain. I will reach this goal one way or another. It doesn't matter what anyone says. I will make it happen. If you have something positive to tell me, or have some constructive criticism, I'm glad to hear it. If you're going to ridicule me, I would appreciate it if you could take your rude comments into another thread. I didn't post this with the intent of receiving stupid, degrading comments from people- I asked a simple question which could be answered with a simple, straightforward answer. Thank you to those who helped inform me.

[rekruler]

^^Dude, it seems like you have some pretty huge ambitions for your future, and that's definitely commendable. You only get this one life, why the fuk settle for anything but the max. With that said, you should have a realistic view of the financial firepower required to live that way. 300k is a laughably small income when you're discussing baller-dom. Your average orthodontist makes this much and the 20 orthopedic surgeons in every major hospital make twice that. Needles to say, none of those dudes are flying private jets, let alone owning them.

If you ever find yourself with a 300k annual income stream and your goal is to be a baller the question you should be pondering is how to bump that 300k an order of magnitude, not what you can spend it on. Cause really, 300k is just barely upper middle class, and if your socioeconomic status includes the phrase "middle class" in it then...well...probably private jets aren't what you should be thinking about.

[CaliforniaSupreme]

(02-16-2014 02:58 PM)rekruler Wrote:  

^^Dude, it seems like you have some pretty huge ambitions for your future, and that's definitely commendable. You only get this one life, why the fuk settle for anything but the max. With that said, you should have a realistic view of the financial firepower required to live that way. 300k is a laughably small income when you're discussing baller-dom. Your average orthodontist makes this much and the 20 orthopedic surgeons in every major hospital make twice that. Needles to say, none of those dudes are flying private jets, let alone owning them.

If you ever find yourself with a 300k annual income stream and your goal is to be a baller the question you should be pondering is how to bump that 300k an order of magnitude, not what you can spend it on. Cause really, 300k is just barely upper middle class, and if your socioeconomic status includes the phrase "middle class" in it then...well...probably private jets aren't what you should be thinking about.

I'm shooting for the 1% of the 1%. Thank you for the advice man.

[DaveR]

An annual income of about $400k gets you in the 1%: http://www.forbes.com/sites/phildemuth/2...ong-the-1/

To answer the question in the OP, I would say you need an annual income of about $5mil before you consider leasing or buying a jet. You could afford to charter a couple of domestic flights per year if you had an income of $1mil. You can check out charter rates here: http://www.privatefly.com

One more question for Gringuito, if you don't mind: Do you ever have problems with Customs? For example, in Russia.

[UrbanNerd]

I get the "Departures" magazine from Amex and there are NetJet deals that require an 80K to 100K deposit. That is way out of my league but for some reason Amex sends that magazine to us Platinum card members as well as the Black Card members when 95% of what is in that magazine is realistically for Black Card members.

....but hey, something to shoot for.

[lavidaloca]

(02-16-2014 03:52 PM)UrbanNerd Wrote:  

I get the "Departures" magazine from Amex and there are NetJet deals that require an 80K to 100K deposit. That is way out of my league but for some reason Amex sends that magazine to us Platinum card members as well as the Black Card members when 95% of what is in that magazine is realistically for Black Card members.

....but hey, something to shoot for.

Lots of Platinum members are very high income as well, they just don't feel the need to upgrade to black card. (Don't see the advantage to the added cost.)

[Ensam]

(02-16-2014 03:52 PM)UrbanNerd Wrote:  

I get the "Departures" magazine from Amex and there are NetJet deals that require an 80K to 100K deposit. That is way out of my league but for some reason Amex sends that magazine to us Platinum card members as well as the Black Card members when 95% of what is in that magazine is realistically for Black Card members.

....but hey, something to shoot for.

I think that's the idea. They need to plant the idea that you need a NetJet account in order to consider yourself successful early. That way the first thing someone does when they're income goes from $500k/year to 1 mil/year is put down that deposit.

[Gringuito]

(02-16-2014 03:29 PM)DaveR Wrote:  

One more question for Gringuito, if you don't mind: Do you ever have problems with Customs? For example, in Russia.

The way customs works for private flights is that you can leave the US without having to visit customs. On occasion they will ramp check you as you are taxiing to leave. Basically they tell your pilots to pull over and they inspect the plane and passengers. This has happened to me only twice in quite a few years but they have the right to do it when they want.

When you land in the US from overseas you need to land at an airport that is close to where you enter the US airspace (without getting an exemption). So if you are flying from Jamaica to Boston you'll need to stop in Miami for 20 minutes to go to customs and continue on to Boston. Customs for private flights is normally a small building on the airport. You pull your plane up front and go in. No lines or hassles.

I've flown in Eastern Europe private but always chartered. The problem is my pilots are trained for how the airspace in North/South America is handled but they're different rules in Europe. It's safer to use a local flight crew that knows the rules. But customs and immigration were handled the same way as in the US.

[Gringuito]

(02-16-2014 03:57 PM)lavidaloca Wrote:  

Lots of Platinum members are very high income as well, they just don't feel the need to upgrade to black card. (Don't see the advantage to the added cost.)

That's me. The features of the Platinum card are almost identical to the Black but you pay quite a more for the Black. I'm back to Platinum and happy.

[hun73r]

I have a friend that took a ride with one of her friends from NYC to Paris on a Gulfstream. The owner said it cost 50-60k in fuel alone (doesn't include the pilots, landing fees, maintenance, hangar fees, plane, etc)

[CaliforniaSupreme]

(02-16-2014 09:28 PM)hun73r Wrote:  

I have a friend that took a ride with one of her friends from NYC to Paris on a Gulfstream. The owner said it cost 50-60k in fuel alone (doesn't include the pilots, landing fees, maintenance, hangar fees, plane, etc)

I'm going to need to make a LOT of money then...

[DaveR]

(02-16-2014 09:28 PM)hun73r Wrote:  

I have a friend that took a ride with one of her friends from NYC to Paris on a Gulfstream. The owner said it cost 50-60k in fuel alone (doesn't include the pilots, landing fees, maintenance, hangar fees, plane, etc)

Keep in mind that Gulfstreams are quite large as far as business jets go. Smaller jets can't cross the Atlantic non-stop, but with a refuel in the Azores or Greenland most Learjets have enough range to get there.

To put the difference in perspective... Gulfstream G550s suck around 350 gal./hour, and Learjet 45XRs - about 200.

[gfly]

jets are cool, so is already being where you want to be. If you aren't time constrained buy a plane ticket suck up the miserable experience. then relax for a month or more where you want to be.

[hun73r]

I know a guy that makes $20 mil a year (every year for about 15 years) and he said he can't justify the cost even though he flies internationally twice a month. I think you'd need a job like a touring rock band to really justify the expense.

How far do you want to go in one? Half-way across the country or internationally? You could also get your pilots license if the goal is to impress a chick. I got mine to become and airline pilot and got to the point of flying a King Air twin turbo. It's a prop but to girls it's the same as a jet. She may even be more impressed that you are the one flying it vs. a hired pilot. The cool thing about taking up girl in smaller planes is that you can let her fly it some.

If you don't want to fly it, I'd check out netjet or flexjets. They're around $2-3k per hour. Not cheap but way cheaper than owning one by yourself. If you do want to fly it, this Honda Jet looks sick http://planes.findthebest.com/l/67/Honda-HondaJet

I flew in a learjet once and those things are rockets. I was in the right seat so I wasn't the main pilot but got to fly it some. After takeoff, the pilot pitched to 25 degrees and climbed 7000' /minute.. felt vertical. It was like playing a new video game on expert mode.

[CaliforniaSupreme]

(02-17-2014 08:30 PM)hun73r Wrote:  

I know a guy that makes $20 mil a year (every year for about 15 years) and he said he can't justify the cost even though he flies internationally twice a month. I think you'd need a job like a touring rock band to really justify the expense.

How far do you want to go in one? Half-way across the country or internationally? You could also get your pilots license if the goal is to impress a chick. I got mine to become and airline pilot and got to the point of flying a King Air twin turbo. It's a prop but to girls it's the same as a jet. She may even be more impressed that you are the one flying it vs. a hired pilot. The cool thing about taking up girl in smaller planes is that you can let her fly it some.

If you don't want to fly it, I'd check out netjet or flexjets. They're around $2-3k per hour. Not cheap but way cheaper than owning one by yourself. If you do want to fly it, this Honda Jet looks sick http://planes.findthebest.com/l/67/Honda-HondaJet

I flew in a learjet once and those things are rockets. I was in the right seat so I wasn't the main pilot but got to fly it some. After takeoff, the pilot pitched to 25 degrees and climbed 7000' /minute.. felt vertical. It was like playing a new video game on expert mode.

I guess I'll look into chartering when I get to that level. Those HondaJets are pretty sick, but I prefer the 45XR.

[lavidaloca]

(02-17-2014 09:11 PM)CaliforniaSupreme Wrote:  

(02-17-2014 08:30 PM)hun73r Wrote:  

I know a guy that makes $20 mil a year (every year for about 15 years) and he said he can't justify the cost even though he flies internationally twice a month. I think you'd need a job like a touring rock band to really justify the expense.

How far do you want to go in one? Half-way across the country or internationally? You could also get your pilots license if the goal is to impress a chick. I got mine to become and airline pilot and got to the point of flying a King Air twin turbo. It's a prop but to girls it's the same as a jet. She may even be more impressed that you are the one flying it vs. a hired pilot. The cool thing about taking up girl in smaller planes is that you can let her fly it some.

If you don't want to fly it, I'd check out netjet or flexjets. They're around $2-3k per hour. Not cheap but way cheaper than owning one by yourself. If you do want to fly it, this Honda Jet looks sick http://planes.findthebest.com/l/67/Honda-HondaJet

I flew in a learjet once and those things are rockets. I was in the right seat so I wasn't the main pilot but got to fly it some. After takeoff, the pilot pitched to 25 degrees and climbed 7000' /minute.. felt vertical. It was like playing a new video game on expert mode.

I guess I'll look into chartering when I get to that level. Those HondaJets are pretty sick, but I prefer the 45XR.

Why do you desire to own a jet?

[hun73r]

^if that question is for me, I don't want to own any planes. Renting them is much easier and cheaper. And flying biz or first class using points is more my style than worrying about logistics.

[lavidaloca]

(02-17-2014 10:04 PM)hun73r Wrote:  

^if that question is for me, I don't want to own any planes. Renting them is much easier and cheaper. And flying biz or first class using points is more my style than worrying about logistics.

Nah, it was directed at CalforniaSupreme because he seems very set on his goal of owning a jet. Generally when I want something I ask myself why I want it to see whether it's rational.

[travolta]

(02-16-2014 03:01 PM)CaliforniaSupreme Wrote:  

(02-16-2014 02:58 PM)rekruler Wrote:  

^^Dude, it seems like you have some pretty huge ambitions for your future, and that's definitely commendable. You only get this one life, why the fuk settle for anything but the max. With that said, you should have a realistic view of the financial firepower required to live that way. 300k is a laughably small income when you're discussing baller-dom. Your average orthodontist makes this much and the 20 orthopedic surgeons in every major hospital make twice that. Needles to say, none of those dudes are flying private jets, let alone owning them.

If you ever find yourself with a 300k annual income stream and your goal is to be a baller the question you should be pondering is how to bump that 300k an order of magnitude, not what you can spend it on. Cause really, 300k is just barely upper middle class, and if your socioeconomic status includes the phrase "middle class" in it then...well...probably private jets aren't what you should be thinking about.

I'm shooting for the 1% of the 1%. Thank you for the advice man.

Not to sound like a troll or like I'm hating on this forum, but if these are your goals and you're asking how to own a jet, then you're probably posting this thread on the wrong forum...