Some very sound advice so far.
I personally couldn't stand having to wait when I wanted the airplane. When
the sky is clear on the weekend, everybody wants to fly.

"Ed Haywood" wrote in message
news
Sounds like a good first partnership. An inexpensive plane, and risk is
split among six people. You aren't risking very much money, so the worst
that could happen is you lose your initial investment, or sell at a loss
because it turns out to be a hunk of junk. That would still be a
relatively
cheap introduction into the school of airplane hard knocks. More likely,
you do some good flying, learn about maintenance bills, and eventually
outgrow the plane or get ****ed off at competing for air time and sell out
at darn near what you paid into it.

Six partners is good because when you do get that huge overhaul bill, it
will taste a lot less bitter split 6 ways. An $18K major engine overhaul
is
a kick in the balls. But paying $3K to know you are flying an airplane
with
a nice new engine is a bargain.

Don't assume you're going to get those few hundred hours. The engine
could
start making metal or fail a compression test at any time. TBO is just a
prediction. The good news is, with 6 partners you can afford a top-notch
rebuild instead of a backyard job. The other poster gave you good advice
to make sure the partners agree and are prepared to foot the bill when the
time comes.

The one thing I would worry about is maintenance. An old clunker like
that
may be solid and just look dowdy, or it could have some serious problems
that have been deferred. I'd get an unbiased A&P to inspect it carefully.
Not for valuation purposes, but to assure you that you are flying a
mechanically sound aircraft.

"noah" wrote in message
om...
Hi r.a.o guys,
Thru a local ad I found a 1/6th share in a 1969 Cherokee 140
(hershey bar wing). I've done some minimal due diligance on it and it
looks, well, like an old 1969 rental. The nose-wheel cowling is pretty
worn (looks like it's been glued several times) and the paint is
original & drab. The avionics are basic: 2 working VORs, 1 with
glideslope, but it is IFR (certified the correct term?)
The engine has a few hundred hours left and there is approx $6K
saved towards maintenance (the club intentionally doesn't charge
hourly for overhaul).

Here's the cost breakdown:
Buy-In $5,500
Hourly Tach (dry) $10
Fixed Costs - collected quarterly, average $150/owner/qtr +
eventual overhaul

Scheduling is done online, and I hear that only 3/6 partners fly
often and the other 2/6 hardly ever fly. That leaves me:

I want to save money & fly as much as possible, building XC time
before starting IFR training (eventually) and just have fun. The local
"popular" club is west valley www.wvfc.org, and their rates are around
$50/mo fixed + $90-$110/hr for a cherokee/c172. I've only flown
cessna's until now, but really liked the low-wing feel of the diamond
katana.

The plane seems like a near ideal match. I want to fly from
PAO/SQL to places like San Diego, Santa Barbara, Monterey, Mendocino,
Las Vegas - i.e. the west coast mostly... and only then after I build
up some shorter XC confidence... It seems like a good deal, but how
much could a Cherokee 140 overhaul *burn* my pocket? We're going for a
test flight this weekend & that will also help the decision...

Thanks for your advice,
Noah