DiamondShare

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Boatguy
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Re: DiamondShare

Post by Boatguy »

michael.g.miller wrote: Mon Jan 02, 2023 6:50 am Do you still have your plane on DiamondShare? If so, could you share what value you see them adding, over setting up a private bulk lease? Sounds like you have thought this through pretty thoroughly, so I'm curious to hear more about your experience.
My plane was not on DiamondShare. I think the value add from LifeStyle would be marketing; finding a block rental customer. I setup my own block rental system, agreement, etc., put up flyers at my airport and another nearby, and had no trouble finding a customer.
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Rich
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Re: DiamondShare

Post by Rich »

Boatguy wrote: Mon Jan 02, 2023 7:00 pm
My plane was not on DiamondShare. I think the value add from LifeStyle would be marketing; finding a block rental customer. I setup my own block rental system, agreement, etc., put up flyers at my airport and another nearby, and had no trouble finding a customer.
This is effectively what I did for years. It was a hybrid block rental (prepaid minimum hours per month) that I worked up. The plane was owned by my for-profit (Sub-S) corporation. Insurance was handled by adding the carefully vetted pilots as named insured on my regular personal and business policy at a nominal cost per pilot. The number of total pilots allowable on the policy is limited and the insurer (Avemco) would likely balk at frequently adding/deleting pilots. But neither of these limitations ever became a factor.

For the first 8 years or so I had a partner in the plane/corporation but he wound up selling out to me. Not long after that he wound up going through a divorce. I feel like I ducked that potential complication, but the possible ramifications of my being involved if the timing had been different is what prompted my prior admonition.
2002 DA40-180: MT, PowerFlow, 530W/430W, KAP140, ext. baggage, 1090 ES out, 2646 MTOW, 40gal., Surefly, Flightstream 210, Orion 600 LED, XeVision, Aspen E5
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