CFI, MEI, 135 etc... just want to talk this out

[JCOiii]

Hi Diamond Aviators,

I'm JC, and I'm really just wanting to type some thoughts out, talk about possible dreams and paths ahead, and have other pilots kick these ideas around with me. Please bear with me, as this thread will be kind of stream of consciousness and all over the place.

Intro:
I'm IFR certified with 161 hours. Just finished my instrument last October. I don't own a plane. I train out of KTRI in 172s. I'm about to get with my CFI and add my complex and TAA. I have zero desire to go to the airlines. I'm 43. I just like to fly. But, I'd like to get a plane and have it pay for itself and maybe earn a little extra. My wife is onboard especially if I can own a plane at break even (or close) each year. I had no desire to CFI until I learned that I could do that on my own without being 135 certified. Just own a plane and instruct whenever I want. I just didn't want to work for the flight school where I'm learning. it's poorly run and still amazingly profitable for the owner. such a shame. If I had the money, and a touch more ambition, I'd buy him out and take it over. But alas, I'm lazy (and don't have near enough money).

So, that leads me to this post/thread.

I could:
1. buy a da20, finish out my CFI requirements, and teach. seems the easiest path
2. keep renting the 172s, finish out CFI, get own plane (da20/40) and then teach
3. i get everything i ever wanted, buy a 42, go CFI, MEI, double I, teach twins only (nearest guy is KDKX) out of my beautiful 42, get a part 135 so I can be a glorified air taxi whenever I want, and take my family wherever we want to go

so that's why I'm starting this thread. just to hash this all out.

[Boatguy]

Setting up a Part 135 operation is not simple, would require at least a commercial rating, and probably not be worth the overhead and expense for a single airplane air tax service.

The middle ground here is to buy an IFR certified, WAAS equipped airplane. This being a Diamond forum, the lowest cost of entry is probably a 2008 or later DA40 with a Lycoming engine. The DA40 is certainly more fun to fly and a lot more intuitive than a C172. Then find partners and/or do some CFI and CFI-I teaching.

If you get partners, they could participate through a dry lease program, similar to Diamond Share, but setup and operated by you at lower cost than Diamond Share. That gives you a lot more flexibility than if you co-own the plane with others. There are threads here about dry leasing. You'll still want to setup an LLC or Sub-S corporation for a liability shield.

Having partners and teaching are not mutually exclusive, though the scheduling will become more challenging.

[JCOiii]

Yeah I keep reading how annoying it would be to basically hold out my own plane.

I’ve considered the diamondshare idea. I wouldn’t prefer a shared ownership just as you say.

Thanks!

[michael.g.miller]

I'm in a similar boat. Early 30s, have a job in software, fly for fun. I have ~2300 hours, my ATP multi and MEI. I've thought about lots of avenues.. contract pilot, airline pilot (captains now making $400+ an hour is tempting....), instructor on the side.

Here are some pros / cons of each avenue at least from my perspective. Hopefully it helps.

Contract Pilot:
Pros:
- Set own hours
- Decide what types you want to fly
- Pick interesting jobs (can fly to fun places instead of to middle-of-nowhere, USA)
Cons:
- Unless you are regularly available, people won't call you
- Pay is not the best ($1-2k a day sounds great.. but then you figure you have to pay for type ratings, aren't booked regularly like an airline, have to manage your own schedule, lots of unpaid dispatch work, etc.)

Airline pilot:
Pros
- Insane salaries.. cannot believe the latest pay packages from American / United / Delta. Gives Software Engineering a serious run for its money.. not something many professions can say!
- Can focus on just "flying the plane" - no need to load up catering, haul bags, or anything like that. Dispatcher already has looked at the weather and will file flight plans for you.
- Professional work ethic. The safety record of 121 speaks for itself. These guys know how to fly safely.
Cons:
- Spend lots of time in hotels
- Have to go through commercial airline terminals
- Hard to stay healthy living on the road
- Little time to spend exploring destinations. After a 12 hour rest, you're up in the air again

MEI:
Pros:
- Get to pick your clients
- Get to be home every night
- Get to really master flying by teaching it
Cons:
- Would get repetitive (how many VMC demos can you do before you get tired of it?)
- Low pay
- Not much opportunity for advancement. If you move up into the turbine instructor world, you're probably not home most nights, it becomes a traveling gig.
- Huge liability. If one of your students were to get into an accident, you're gonna get sued!
- Don't really save money on your plane, your students will beat the !@#$ out of it. Austro engines aren't really designed to be operated at > 70% routinely (auto application is 130 hp.. and Austro boosted them to 168hp with no other changes to the engine...). VMC demos will kill your engine.

I know that the last option (MEI) is really all you're considering, but I hope that comparison gives you a framework to think about. In your shoes, I would choose a partnership if economics were an issue. Being an MEI would cost you significant wear and tear on your plane, and wouldn't guarantee you availability for fun trips (your student might need to solo, or have a checkride coming up).

I wouldn't start a 135 personally. 135 certs are incredibly hard to get. Once you get the cert, you're in an incredibly cutthroat industry. Lots of shady 134.5 operators willing to undercut you. Worse yet, people are out to find any excuse to stick the FSDO on your to eliminate competition. And then the maintenance. TBR? Yup, you're replacing them, no on condition. An MSB comes out? You gotta do it. Want to change your own oil? No way! Unless you have an inside edge, 135 is really not a business you want to be in.

[JCOiii]

I "know" i don't want to do a 135. All I really want to do is be able to be an uber whenever I feel like it. Can we get the lobby group who gets all the basic med stuff approved to work on air taxi legislation?

I guess another way to "fly for free" is something like diamondshare. does anyone actually have that work for them? either the actual diamondshare or a similar setup?

To further give you all an idea of my mindset, a little more about me:
I "retired" from law enforcement after 12 years. My wife is our breadwinner and I'm the soccer mom/trophy husband now. It's a charmed life for sure. I do some work from home starting up a crypto business for fun. Whether I make anything doing my work will allow my wife to retire earlier if I succeed but it's not necessary. I want to keep flying. I am pretty good as a teacher. I think I could easily break even owning a plane and being a CFI/MEI. I might even eventually roll up enough time to get that sweet DPE gig that my instrument examiner has. He just flies his plane to wherever he's doing the exam, charges $900, goes up with someone who's just testing and he doesn't have to teach for 6 months. Then he flies home for the evening. I suppose if something happened to my wife's work, I could have enough time in the logbook to call the airlines and support our family, but that'd just be a contingency.

[CFIDave]

Buy a DA40 (Lycoming 2007-2008 or newer with WAAS and GFC700 autopilot):
- will let you avoid the maintenance issues associated with Austro engines of DA40NG
- you can fly it to get your CFI and CFI-I ratings, since you'd like to instruct
- is an ideal plane to offer flight instruction, since you can conduct PPL, IR, and Commercial instruction in it; not like a twin really limited to multi-engine rating instruction.
- find 1-2 other pilots to dry lease hours on the plane to defray costs
- is arguably the most fun Diamond to fly, and advanced enough for personal trips.

Stay away from Part 135 operation.

[JCOiii]

Ok. message received and confirmed. part 135, being an air taxi for people whenever i want, is just not realistic unfortunately.

[Charles]

The middle ground here is to buy an IFR certified, WAAS equipped airplane. This being a Diamond forum, the lowest cost of entry is probably a 2008 or later DA40 with a Lycoming engine.

Don't discount early DA40s. They offer the most bang for the buck in my opinion and are highly upgradeable.

-- 2002 WAAS-enabled DA40 owner with over 1200 hours IFR

[JCOiii]

so perusing ads for DA40s, often times, WAAS is not listed either way. Is there a way to tell besides asking? Is there an avionics package that everyone knows includes WAAS?

[arksat]

so perusing ads for DA40s, often times, WAAS is not listed either way. Is there a way to tell besides asking? Is there an avionics package that everyone knows includes WAAS?

See avionics details on GIA63. "W" means WAAS.
GIA63 (no WAAS)
GIA63W (with WAAS)

Nonetheless, better to ask because the seller might have forgotten to mention "W".