At Chapter 73's web page (www.pra73.net), look under the link further down the page titled "Past Newsletters".
Click on the March 2002 issue, and go to page three. Paul Plack wrote an in depth report about owning a gyroplane with others. It contains details of how that went with Texas PRA Chapter 78 in the past.
I'm not a critic of a jointly-held gyro. In fact, I'm just the opposite. I participated in one in the 1990's, a Vancraft Rotor Lightning. I got to learn how to fly a gyro, and got 75 hours time with it, for a total of $1,000.
While prices are higher for gyros, parts, engines, and rotorblades 15 years later, it was mostly a positive experience, Financially, it was a steal. There were several reasons why it was a success, and there were some problems.
The buy in was $2K (and you could make payments on that amount), and since I was the first to buy in, I didn't have to pay for lessons from the owner, a former Army helicopter pilot and gyroplane owner and pilot.
Another of the co-owners received an inheritance a couple of years later from his parents passing away, and he decided he wanted to own the gyro outright, so he wouldn't have to receive permission to make changes to the machine.
He offered to buy the rest of us out for $1K each, making my total investment in it only the same amount.
The problems were: No one else was interested in paying into a kitty to provide a fund to draw from for repairs, updates, etc. Whomever damaged the gyro had to pay the first $500 of repairs, and the rest of us would divide up the balance when that happened.
I wanted to establish an emergency/savings fund to provide for those items so we didn't have to suddenly come up with the money when the gyro was damaged.
And, with enough savings in that fund, acquire another gyro for two to fly at the same time. If one gyro was damaged, then we would still have the other to fly until the second was repaired. And, then keep the fund growing.
I feel each member should have their own set of rotorblades to fly on. In that situation, if someone scuffed up, dinged, or destroyed their set, then the other owners would still be able to fly the machine, once the repairs were made to any other damage from the rotorblade incident, such as the rotor bearing, rotorhead, possible mast structure being bent, prop or tail damage, etc.
I don't know if others feel the same as I do. I look upon my gyro like I would a motorcycle, either a street bike or dirt bike. If I feel someone has experience riding a motorcycle, either version, and was responsible and careful, then I'd let them ride it.
My gyro was (slightly) used when I acquired it, so the price was much lower than new, about half.
When one considers the investment in a flying machine and tries to analyze the interest that amount of money would have earned otherwise, then it doesn't make sense.
Click on the March 2002 issue, and go to page three. Paul Plack wrote an in depth report about owning a gyroplane with others. It contains details of how that went with Texas PRA Chapter 78 in the past.
I'm not a critic of a jointly-held gyro. In fact, I'm just the opposite. I participated in one in the 1990's, a Vancraft Rotor Lightning. I got to learn how to fly a gyro, and got 75 hours time with it, for a total of $1,000.
While prices are higher for gyros, parts, engines, and rotorblades 15 years later, it was mostly a positive experience, Financially, it was a steal. There were several reasons why it was a success, and there were some problems.
The buy in was $2K (and you could make payments on that amount), and since I was the first to buy in, I didn't have to pay for lessons from the owner, a former Army helicopter pilot and gyroplane owner and pilot.
Another of the co-owners received an inheritance a couple of years later from his parents passing away, and he decided he wanted to own the gyro outright, so he wouldn't have to receive permission to make changes to the machine.
He offered to buy the rest of us out for $1K each, making my total investment in it only the same amount.
The problems were: No one else was interested in paying into a kitty to provide a fund to draw from for repairs, updates, etc. Whomever damaged the gyro had to pay the first $500 of repairs, and the rest of us would divide up the balance when that happened.
I wanted to establish an emergency/savings fund to provide for those items so we didn't have to suddenly come up with the money when the gyro was damaged.
And, with enough savings in that fund, acquire another gyro for two to fly at the same time. If one gyro was damaged, then we would still have the other to fly until the second was repaired. And, then keep the fund growing.
I feel each member should have their own set of rotorblades to fly on. In that situation, if someone scuffed up, dinged, or destroyed their set, then the other owners would still be able to fly the machine, once the repairs were made to any other damage from the rotorblade incident, such as the rotor bearing, rotorhead, possible mast structure being bent, prop or tail damage, etc.
I don't know if others feel the same as I do. I look upon my gyro like I would a motorcycle, either a street bike or dirt bike. If I feel someone has experience riding a motorcycle, either version, and was responsible and careful, then I'd let them ride it.
My gyro was (slightly) used when I acquired it, so the price was much lower than new, about half.
When one considers the investment in a flying machine and tries to analyze the interest that amount of money would have earned otherwise, then it doesn't make sense.
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