Quote:
Originally Posted by nolimitfiend
I didn't see your reply to this question regarding fractional ownership
Quote:
Originally Posted by nolimitfiend
How does the group of owners divvy up usage? Holidays and weekends would probably be of greater value. Do you pull your proportionate days of the year out of a hat?
Does the Johnny-come-lately get what the previous fractional owner had?
I remember typing out a very detailed response to this one, but I can't find it anywhere itt now. I know what happened (and I've done it more than once): I never hit
Submit Reply. I probably previewed it (as is my wont) and then never took that important last step.
So here goes again...
When I joined the club, I was sold a 1/5 share by the 4 existing owners (they split the $9000 I paid). We split up the remainder of the year by going around the table and each picking a week, Friday to Friday, until all the weeks were accounted for. (We went Friday to Friday using the logic that many getaways with the plane would include the entire weekend.)
The odd weeks (N mod 5, where N=# weeks selected) were left open to account for maintenance. If any maintenance came up during the year, the guy whose week it was would simply take one of those odd, leftover weeks in trade.
On the Thursday prior to each member's week, that member would leave a recorded message on a voicemail service we paid for. This message would say what plans that member had for the week, e.g. "This is Bill. I'll be using the plane all day Saturday and again on Tuesday from 9 am to 5 pm". Now, any other member could call and leave a message on the service to reserve any unclaimed time. Any unclaimed maintenance weeks were a free-for-all...first come, first served.
This system worked very well in those pre-internet days. Now, there are much better scheduling services available on-line.
Each holiday season we sat down and repeated the ritual of picking weeks for the coming year. The club had the same 5 owners for the duration of my ownership and I sold my share for the same price I bought in for 3 years after buying in.