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Joining the Partnership and Upgrades

1:48
19:13
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At 1:48 in

GROUNDED! Airplane Partnership is DONE! | True Story of Greed v/s Friendship

What happens here

The speaker recounts meeting a fellow pilot, Mike, at the same airport who was part of an airplane partnership. Mike offered him a chance to join the partnership as a replacement for a departing partner. The initial buy-in for a 1/4 share of the airplane was $22,500. Upon joining, they undertook several upgrades to the plane, including recovering the front seats and installing new avionics, which cost approximately $18,000. The speaker also personally upgraded the rear seat with new upholstery and foam. These upgrades were intended to increase the value of the plane. Based on these investments ($90,000 total initial value for 4 partners + $18,000 in upgrades), the plane's estimated value increased to $108,000, making his 1/4 share worth $27,000.

Goal: Become a partner in the airplane and invest in its upgrades.

Tools and materials

  • Airplane Piper — The core asset of the partnership
  • Avionics — Modernizing the aircraft's electronic systems
  • Foam — Replacing seat cushions
  • Upholstery — Recovering the plane's seats
  • Cash Investment N/A — Initial buy-in for 1/4 share

What they say

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I uh ran across a guy that flies out of the same airport and his name was Mike. Very very nice fellow. I mountain bike with him. I've known him for years and years and he was partners on an airplane that I didn't even know about over there in the hangar at the same airport. Awesome. Awesome. Mike said, "Hey man, we just lost a partner. We're looking for another partner on our airplane. Do you want to join us?" Well, yeah, that would be awesome, man. That would be very very cool. Well, the plane's in the shop right now. If you join us, it's going to be $22,500 and the plane's got some upgrades going on. So, when you join us, we're going to upgrade the plane. So, we've recovered the front seats. Um and we're putting avionics in it. And the avionics were yeah, somewhere around $18,000 worth of avionics. And if you guys don't know, avionics are super expensive. You can spend $150,000 on a small plane that's not even worth that in avionics. All right. That being said, we've upgraded the plane about $20,000 at that point. Uh they bought a rear seat cover. I put a new cover on the rear seat, pulled out the old seat, cleaned it up, put it all back together, put new uh upholstery over top of it, new foam, new everything and dressed that up, bringing the value of the plane up again. The last time I flew the plane was August the 28th of 2025. End of August-ish um of 2025, it went into annual and what they have to do, you have to go through the plane and do an annual inspection. This annual inspection, depending on the complexity of your plane, is probably at a minimum of 2,000 bucks to get that annual inspection done. They take everything apart, look at everything, check it all out, make sure everything's within spec, engines are good, um compression, everything. We want this piece of equipment to be in tip-top shape all the time. Super cool. Spent the money, got the annual. Two of my partners went flying and this I do not blame them for this at all. Um although they probably should have overflown the runway, they hit a deer. Um so, they were doing some night landings, they went in for a landing at my local airport and got on the runway and there was a deer and it ran out and bam, hit it with the right wing. Hit the deer with the right wing, did not strike it with the prop, didn't hit it with the front of the plane, but damaged the plane significantly. It hit the right landing gear and it bent the wing. Probably did somewhere in the neighborhood of well, the…

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