976 price

[Steve Gordon]

I ran the numbers for 5 years and 10 years financing.  It does not
significantly change the monthly dues.

 

Assuming it were only the seven of us, that would mean about $4,750 down,
$105/month, and $65/hr.  I would not be interested in that deal.

 

Assuming 15 members that's more like $2,200 down, $50/month, and $65/hr.
That's still a larger upfront cost than I would hope to spend on this deal,
but I might go for it.  However, with such a large upfront cost I doubt we
could recruit 15 members.  We could find out with a very directed survey.
Just one option and a yes/no.

 

With such large upfront costs we need to consider equity share.  If I were
to cough up $2,200 now and then decide in a month that I need to leave the
group, do I lose my entire $2,200?  What happens if a new member joins?  Do
they get the benefit of only paying $50 a month without having to pay a
$2,200 joining fee?  That would not be fair to the founding members.  I
really wanted to avoid the complexity of such large upfront costs.

 

-Steve

 

From: eefc-core-bounces at workingcode.com
[mailto:eefc-core-bounces at workingcode.com] On Behalf Of Bob Irving
Sent: Wednesday, April 15, 2009 10:16 AM
To: 'Eagle East Flying Club Core Team'
Subject: 976 price

 

Spoke to Tim this morning. The 50k price tag on 976 would require a down
payment from the club sufficient to pay off the note (about 18,000) plus the
cost of engine from Penn Yan (about 15,000) leaving a balance of 17,000 that
Eagle East will finance.  No details on rate and/or term.

 

So far only two of you have commented.  Please provide some input - we need
to arrive at a consensus on this.  Thanks.

 

Bob

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