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RV10 cost per hour

 
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amekler



Joined: 07 Oct 2010
Posts: 158

PostPosted: Thu May 17, 2018 4:36 am    Post subject: RV10 cost per hour Reply with quote

Guys,
A friend wants to rent my rv10
What do you think a cost per hour is reasonable ?
Dry vs wet
Regards,
Alan
Ps
He is already on my insurance /cf I/
ATP

Sent from my iPhone


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cooprv7(at)yahoo.com
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PostPosted: Thu May 17, 2018 6:15 am    Post subject: RV10 cost per hour Reply with quote

Alan,
This is a delicate topic since we cannot use the airplanes for hire which includes both charging someone more than expenses for a flight or renting the airplane. Others will weigh in, but at most it seems you could charge an easily justifiable rate that would only cover reasonable expenses.

If he’s already on the insurance and this is something you want to make available to him long term, you might want to consider bringing him on as a partner to alleviate all of the other issues.

I’m curious how this turns out for you as I also know someone who has wanted to buy into my airplane but I’ve held off for a few reasons. Hopefully someone will offer another solution.

Marcus

Quote:
On May 17, 2018, at 8:33 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:




Guys,
A friend wants to rent my rv10
What do you think a cost per hour is reasonable ?
Dry vs wet
Regards,
Alan
Ps
He is already on my insurance /cf I/
ATP

Sent from my iPhone





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amekler



Joined: 07 Oct 2010
Posts: 158

PostPosted: Thu May 17, 2018 6:48 am    Post subject: RV10 cost per hour Reply with quote

Yes
I just want to cover expenses
Alan

Sent from my iPhone

Quote:
On May 17, 2018, at 10:12 AM, Marcus Cooper <cooprv7(at)yahoo.com> wrote:



Alan,
This is a delicate topic since we cannot use the airplanes for hire which includes both charging someone more than expenses for a flight or renting the airplane. Others will weigh in, but at most it seems you could charge an easily justifiable rate that would only cover reasonable expenses.

If he’s already on the insurance and this is something you want to make available to him long term, you might want to consider bringing him on as a partner to alleviate all of the other issues.

I’m curious how this turns out for you as I also know someone who has wanted to buy into my airplane but I’ve held off for a few reasons. Hopefully someone will offer another solution.

Marcus

> On May 17, 2018, at 8:33 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:
>
>
>
>
> Guys,
> A friend wants to rent my rv10
> What do you think a cost per hour is reasonable ?
> Dry vs wet
> Regards,
> Alan
> Ps
> He is already on my insurance /cf I/
> ATP
>
> Sent from my iPhone
>
>
>







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cooprv7(at)yahoo.com
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PostPosted: Thu May 17, 2018 7:29 am    Post subject: RV10 cost per hour Reply with quote

I would recommend taking all of your expenses annually: insurance, hangar, oil, maintenance, etc, and divide by annual hours flown. I wouldn’t think anyone could fault that logic. It would be difficult to rely on anyone else’s numbers as there are too many personal variables.

Marcus.

Quote:
On May 17, 2018, at 10:45 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:



Yes
I just want to cover expenses
Alan

Sent from my iPhone

> On May 17, 2018, at 10:12 AM, Marcus Cooper <cooprv7(at)yahoo.com> wrote:
>
>
>
> Alan,
> This is a delicate topic since we cannot use the airplanes for hire which includes both charging someone more than expenses for a flight or renting the airplane. Others will weigh in, but at most it seems you could charge an easily justifiable rate that would only cover reasonable expenses.
>
> If he’s already on the insurance and this is something you want to make available to him long term, you might want to consider bringing him on as a partner to alleviate all of the other issues.
>
> I’m curious how this turns out for you as I also know someone who has wanted to buy into my airplane but I’ve held off for a few reasons. Hopefully someone will offer another solution.
>
> Marcus
>
>> On May 17, 2018, at 8:33 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:
>>
>>
>>
>>
>> Guys,
>> A friend wants to rent my rv10
>> What do you think a cost per hour is reasonable ?
>> Dry vs wet
>> Regards,
>> Alan
>> Ps
>> He is already on my insurance /cf I/
>> ATP
>>
>> Sent from my iPhone
>>
>>
>>
>
>
>
>
>







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Tim Olson



Joined: 25 Jan 2007
Posts: 2743

PostPosted: Thu May 17, 2018 10:05 am    Post subject: RV10 cost per hour Reply with quote

Personally, I would take it a step further.
It would be VERY easy to run afoul with the FAA and have a very
bad experience, in renting him the plane. I would tell him he
needs to give you $5000 to get an ownership stake in the airplane,
and have him sign something that you prepare that gives him
a small percentage of ownership in it. At least then you have
some written proof and a copy of the bank deposit to show that
he is indeed part owner. There is still the issue that with
the FAA and registration you would not have him listed as an
owner, but you would at least have SOME paper trail. The real
way to do it I think, but I do not have any knowledge of the
process, is to create an LLC to be the owner and then sell the
shares to the partners. Once you are partners in the plane,
expense sharing won't cause any issues.
Tim

On 05/17/2018 10:26 AM, Marcus Cooper wrote:
Quote:


I would recommend taking all of your expenses annually: insurance, hangar, oil, maintenance, etc, and divide by annual hours flown. I wouldn’t think anyone could fault that logic. It would be difficult to rely on anyone else’s numbers as there are too many personal variables.

Marcus.

> On May 17, 2018, at 10:45 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:
>
>
>
> Yes
> I just want to cover expenses
> Alan
>
> Sent from my iPhone
>
>> On May 17, 2018, at 10:12 AM, Marcus Cooper <cooprv7(at)yahoo.com> wrote:
>>
>>
>>
>> Alan,
>> This is a delicate topic since we cannot use the airplanes for hire which includes both charging someone more than expenses for a flight or renting the airplane. Others will weigh in, but at most it seems you could charge an easily justifiable rate that would only cover reasonable expenses.
>>
>> If he’s already on the insurance and this is something you want to make available to him long term, you might want to consider bringing him on as a partner to alleviate all of the other issues.
>>
>> I’m curious how this turns out for you as I also know someone who has wanted to buy into my airplane but I’ve held off for a few reasons. Hopefully someone will offer another solution.
>>
>> Marcus
>>
>>> On May 17, 2018, at 8:33 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:
>>>
>>>
>>>
>>>
>>> Guys,
>>> A friend wants to rent my rv10
>>> What do you think a cost per hour is reasonable ?
>>> Dry vs wet
>>> Regards,
>>> Alan
>>> Ps
>>> He is already on my insurance /cf I/
>>> ATP
>>>
>>> Sent from my iPhone
>>>
>>>
>>>


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amekler



Joined: 07 Oct 2010
Posts: 158

PostPosted: Thu May 17, 2018 10:45 am    Post subject: RV10 cost per hour Reply with quote

Tim,
Thanks for the advice
Will tell me I can’t rent it
Alan

Sent from my iPhone

Quote:
On May 17, 2018, at 2:02 PM, Tim Olson <Tim(at)MyRV10.com> wrote:



Personally, I would take it a step further.
It would be VERY easy to run afoul with the FAA and have a very
bad experience, in renting him the plane. I would tell him he
needs to give you $5000 to get an ownership stake in the airplane,
and have him sign something that you prepare that gives him
a small percentage of ownership in it. At least then you have
some written proof and a copy of the bank deposit to show that
he is indeed part owner. There is still the issue that with
the FAA and registration you would not have him listed as an
owner, but you would at least have SOME paper trail. The real
way to do it I think, but I do not have any knowledge of the
process, is to create an LLC to be the owner and then sell the
shares to the partners. Once you are partners in the plane,
expense sharing won't cause any issues.
Tim



> On 05/17/2018 10:26 AM, Marcus Cooper wrote:
>
> I would recommend taking all of your expenses annually: insurance, hangar, oil, maintenance, etc, and divide by annual hours flown. I wouldn’t think anyone could fault that logic. It would be difficult to rely on anyone else’s numbers as there are too many personal variables.
> Marcus.
>> On May 17, 2018, at 10:45 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:
>>
>>
>>
>> Yes
>> I just want to cover expenses
>> Alan
>>
>> Sent from my iPhone
>>
>>> On May 17, 2018, at 10:12 AM, Marcus Cooper <cooprv7(at)yahoo.com> wrote:
>>>
>>>
>>>
>>> Alan,
>>> This is a delicate topic since we cannot use the airplanes for hire which includes both charging someone more than expenses for a flight or renting the airplane. Others will weigh in, but at most it seems you could charge an easily justifiable rate that would only cover reasonable expenses.
>>>
>>> If he’s already on the insurance and this is something you want to make available to him long term, you might want to consider bringing him on as a partner to alleviate all of the other issues.
>>>
>>> I’m curious how this turns out for you as I also know someone who has wanted to buy into my airplane but I’ve held off for a few reasons. Hopefully someone will offer another solution.
>>>
>>> Marcus
>>>
>>>> On May 17, 2018, at 8:33 AM, Alan Mekler MD <amekler(at)metrocast.net> wrote:
>>>>
>>>>
>>>>
>>>>
>>>> Guys,
>>>> A friend wants to rent my rv10
>>>> What do you think a cost per hour is reasonable ?
>>>> Dry vs wet
>>>> Regards,
>>>> Alan
>>>> Ps
>>>> He is already on my insurance /cf I/
>>>> ATP
>>>>
>>>> Sent from my iPhone
>>>>
>>>>
>>>>





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Bob Turner



Joined: 03 Jan 2009
Posts: 820
Location: Castro Valley, CA

PostPosted: Thu May 17, 2018 11:27 am    Post subject: Re: RV10 cost per hour Reply with quote

Tim is right on here. An EAB airplane may not be used for compensation or hire. It doesn’t say “profit”; you may not receive anything from others for the use of your airplane.

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_________________
Bob Turner
RV-10 QB
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