Seinfeld-Lyfe OP t1_itt0wb8 wrote on October 26, 2022 at 2:12 AM

Reply to comment by GMUcovidta in Buying a duplex…and an airplane by Seinfeld-Lyfe

Valid point! Especially if it were just for convenience or to try to travel cheaper.

So that number is based off of flying it about 200 hours a year. It’s not just to get me from point A to point B either. There are other reasons it’s the pick for now. It’s efficient for what it does, allows me to do aerobatics, and can vary another person and some baggage. The end goal jet would cost about 4x as much initially and yearly haha. But I may not be able to reach that ever so this is the one that seems most attainable. Aviation is a major passion of mine and I’ve always intended on buying an airplane so I can enjoy all of the work I’ve put into flying for years. It is for sure not a cheap passion haha

GMUcovidta t1_itt13pz wrote on October 26, 2022 at 2:13 AM

If you want to do that you better get a much better job- that's a very expensive hobby and doesn't include maintenance or a place to store the plane just fuel?

Seinfeld-Lyfe OP t1_itt25ki wrote on October 26, 2022 at 2:22 AM

Agreed! That’s where my reduction in living expenses and instructing on the side come in. I also do make more than that but knocked it down to that for the a little more cushion too. My after tax income is not much less than that. I am also looking for a higher paying position. Very valid point! I haven’t done any of these things. Just kind of airing out the whole concept.

Yeah! So those operating costs factor in fuel, maintenance, hangar, etc. And those expenses are based on a friend who owns the same aircraft.

GMUcovidta t1_itt3cp9 wrote on October 26, 2022 at 2:32 AM

Have you considered just paying the friend to rent his plane? It seems like you income would need to at least double for the purchase to make any sense

Seinfeld-Lyfe OP t1_itt647z wrote on October 26, 2022 at 2:55 AM

I definitely would if I could. He lives in a different part of the country and it’s also not legally allowed to rent this particular type of aircraft, unfortunately. Ya think double?

InteriorAttack t1_itt15fj wrote on October 26, 2022 at 2:14 AM

that doesn't adress how you are going to afford spring 1/3 your income on the plane alone

Seinfeld-Lyfe OP t1_itt318f wrote on October 26, 2022 at 2:29 AM

Well the airplane is the primary expense really. And 30k is on the high end. The duplex with capex, maintenance, would hopefully allow me to at least allow to reduce monthly expenditures on housing to about 900/mnth. Otherwise I’m very tight with the rest of my money. And my take home after taxes is quite close to 100k.