So this is how much it costs to own an old jet. What's going on guys, it's Ricky here with techbook Solutions And just like we talked about in my previous video, I Recently just purchased a Citation 501 a super old jet. It's literally like a Honda Civic a 1987 Honda Civic for planes. Um, it's very old but again, it's my first Jet and I wanted to share it with you guys on what it cost to actually own it. So first things first, I don't have any monthly payments for the actual jet I bought it outright so that's an incentive. The second thing that I want to talk about is, well, how much does it cost to insure I have ground insurance and that costs a little bit over five thousand dollars a year. A question you might have is, well, how much does it cost to actually have it in this hanger? Let me go ahead and show you around very quickly so we have some of our cars out here. We're having a nice little office day with the team, but to actually be in this Hangar on a monthly basis? It's a little bit over fifteen hundred dollars a month. Not too bad, right? I Got an amazing deal knowing a friend of a friend. Uh, and now we're here in this hangar. but it can actually be cheaper, right? You know what? We're always focused on getting something for a good deal. If you wanted to be a little bit more risky, you can actually park it outside of a hanger. uh, which is kind of just like inside the airport which is still private. but it's outside so it is exposed to rain to the sunlight to potential damage and that's right under 500 a month. I Don't know about you guys, but that's a lot less expensive than I would have thought of. What it would have cost to actually be able to, you know Park your jet outside in a airport. Now one of the things that I want to talk about is, well, how much does it cost to fly this? What do I pay a pilot? So one of the things that I wanted to share with you guys is I bought this plane myself I'm the only one that funded it but I have two other partners for it. One that found the deal. the Jr Garage Brothers. that's their equity in finding the deal right. They found the deal I paid for it and then we have Owen Owen is a pilot and he's the one that actually flies it. So I have no actual expenses when it comes down to needing to fly this jet because that is part of the partnership for some people. Again, it might not make sense for me. It's just a fun way for me and my friends to be able to work together and make money when it comes down to actually reselling it. Now one of the last things that I wanted to share with you is, well, what does it cost to actually fly This jet fuel costs, right? That's something to take into consideration. The fuel cost is actually pretty inexpensive. When we originally flew it from the east coast and flew it back to Arizona the average fuel cost was right over four dollars and 30 cents. Four dollars and fifty cents if you think about it. at least for me, jet fuel I thought was going to be super super expensive. Four dollars and thirty cents or four dollars and fifty cents. I Mean pump gas is literally almost that cheap at least to me. Uh, it was a big surprise in Arizona especially in Falcon Field where we're parked. it's right over five dollars and 40 cents on average and that's considered to be a good deal. So what does that mean? Exactly What? Well, the burn rate for this one is around 166 gallons per hour, which is equivalent to around a thousand twenty seven dollars per hour when it comes down to Flying somewhere. So let's say that I want to fly to California If it's about a 40 minute flight, it's probably going to cost me around 700 to 800 to fly to. California You know, 700 to 800 to fly to Las Vegas again I'm I'm I always do this I've done it from a very early stage I Break it down, right? Well, you know people love to comment Um about like, well why am I breaking down what it would cost per person if I own a jet? You know, obviously maybe I shouldn't own one if I'm thinking that deep into it, it's just how I'm art. I've always wanted to break things down on a on a per person basis and the way that I view it is, there's a pilot I always like to sit in the front so that's me. And then there's five other seats. So I can take my business partners and five other individuals, right? The really cool thing about that is, well, that's a total of seven people. Really? Six people not including the pilot. Six people divided by, you know, the potential thousand dollars the price per person. It's actually not that expensive and we get to fly anytime. Uh, the really cool thing that I've learned. Uh, there's a lot of cool things that I've learned about having a jet and it's really just being able to take off any time and from anywhere. And uh, it's something that I'm very excited to share with all of you guys, especially as we intend to explore the idea of investing in other states. Uh, my business partner Nick Paladino is actually behind the camera and we're excited not only to be investing in real estate in the Arizona Market but potentially in California and neighboring states as well. So if there's any other questions that you guys might have about what it costs to own a jet, feel free to let me know down in the comment section. One thing that we always get asked is what about the overhaul right? This is something that I'm still learning more about, but to my understanding we're nowhere close to needing an overhaul. That's kind of like saying for my Ferrari Well what happens when you blow the engine? Well why talk about blowing the engine when you know it only has 5000 on my fry? That's the way that I view it for the job. But again, I have a lot to learn. If you're someone that's in the you know airspace or the Aviation Space Um, feel free to message me again. All my information is going to be linked down below and if you have any questions, you guys know exactly where to reach out to me so everything's going to be linked down below I Hope that we're in a thumbs up. Please consider subscribing and like always, let's make sure that we're in the year on our green. now. take it easy.