Archer II:
1/5 Partnership for
My share of an N44979, an excellent
Piper Archer II, is for sale.
When considering
buying into an aircraft partnership, there are two things which you must
consider: the aircraft, and the
partnership. The first part of this
information sheet will provide the standard information about N44979, a 1978
Archer II while the second part will describe the partnership and how it works.
Before going any further, I must mention that the insurance policy requires at least 125 PIC hours with 10 hours in type. If you cannot meet this requirement, you can stop reading now.
The
Aircraft:
N44979 is a 1978 Archer II based at Cobb Co. McCollum field (KRYY) which has received lots of care and maintenance. All 4 major components have been upgraded: exterior, interior, engine, and avionics.
Exterior: The exterior has just been refurbished (Sept, 2007) with a high quality Alumagrip paint in the same style as current production Archer III aircraft. With this enhancement, N44979 truly looks like a brand new aircraft.. This year Archer II has the low-drag wheel fairings. Performance is excellent. I flight plan 120 knots and generally see about 125 knots true at typical cruise altitudes.
Interior: The interior was
completely refurbished in early 2005.
All seats were rebuilt, all interior panels reupholstered, and all
plastic pieces refurbished. All window
panels (front and sides) were replaced and seat belt webbing replaced. We took the opportunity to replace the
windshield mounted OAT gauge with an electronic OAT/Voltmeter/timer. The interior is truly better than new. Even the baggage compartment and it’s door
were completely refinished Because the
aircraft sits out in the sun (with a cover) we used a high quality fabric and
vinyl combination rather than leather, which would tend to dry and crack more.
Avionics: Early in 2003 we completely revamped the
avionics, installing a Garmin GNS-430 with Garmin GI-106A indicator, Garmin
GMA-340 audio panel, 
King
KX-155 COM+NAV, King KI -208 Indicator, and King K-388 coupler. This combination provides complete and
redundant IFR capability with excellent situational awareness. The coupler ties the single-axis autopilot to
either the DG heading bug, VOR indicator, or GPS indicator, providing coupled
cross-country and approaches (heading only).
We have an avionics master switch and full 4-place intercom, with wired
outlets at each seat. The partnership
maintains a full “
Engine: The engine has about 300 hours on a major overhaul done by Devine Airmotive with the new Millenium cylinders. The propeller was overhauled in 2006 and it really looks and feels like brand new. Total airframe time is about 4200 hours. We only put an average of 125 – 150 hours per year on the aircraft. All compression tests are good and the engine uses almost no oil between changes.
The partnership:
The partnership takes the form or a Subchapter S corporation
(Archer II Corporation). We have (at
least) annual meetings and elected officers.
The corporation attempts to “break even” and files income tax returns
each year and provides the members (shareholders) with IRS 1120s Schedule K
forms. We schedule the aircraft via an
on-line calendar (on Yahoo) and there are restrictions in the charter to
prevent any one partner from monopolizing the aircraft (although with our light
usage, we have never had to invoke these restrictions). There is a monthly fee and a per-hour
fee. Both are intentionally kept
artificially low to encourage members to fly more. When the fees do not cover expenses (which
typically happens twice a year) we have a member assessment to cover the
shortfall. Likewise, no 
funds
are set aside for overhaul or other such expenses. Members will be assessed as such expenses
arise. Most major expenses (insurance,
annual inspection, overhauls) can be forecast well in advance, but members should
be financially prepared for some unexpected expenses. In effect, non-flying members help to
subsidize the flight time of the flying members. Statements are generated and mailed monthly
covering the previous month. Pilots are
responsible for recording their use (and any squawks) in a log book. Members take turns washing the aircraft (or
having it washed).
For insurance purposes the aircraft is valued at $72,000 and the corporation uses that value for its’ corporate purposes.
If interested in purchasing my share, or if you want more information, contact me at:
Email mhammoc@bellsouth.net or mike@hammocktree.us
Phone 404 643 3258
More and larger pictures of 44979 are available by clicking here.