The Shocking Costs of Private Jets | How Much it Costs to Fly on a Private Jet.
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- Опубликовано: 16 июн 2024
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00:00 HouseHack Bill for Jet.
01:32 Chartered Jet Costs.
05:42 Private Jet Ownership: Fixed Costs.
09:30 Private Jet Ownership: Variable Costs.
13:58 Private Jet vs Commercial per Passenger.
18:02 FREE First Year for Owning a Jet: Tax Benefits.
20:00 Total Costs of Private Ownership.
📝Contact Information for Kevin & Liability Disclaimer: meetkevin.com/disclaimer
This is not a solicitation or financial advice. See the PPM at Househack.com for more on HouseHack.
Videos are not financial advice.
Great video, honestly after getting to shadow for the day and seeing the quality of the jet as well as what it is enabling you to build in your team, the cost mentioned here seem like an absolute deal. Very few will be able to understand the impact this is having on the team it self. To me that is the real win & the real value in this. Obviously if you told RUclips that, you'd get crushed but it's the truth. How does a company put a number on employee retention, relationships, motivation, and camaraderie idk, but I do know from my experience this is going to give HouseHack a whole other life of it's own. Not to mention the limitless content it will allow for also. +++ the value it provides by giving you the ability to travel a lot while also being able to lay your head in your own bed at the same time. ABSOLUTELY A1 PURCHASE!
I pity you
In before Kevin’s, “why I’m selling my jet” video later in 2023
comments always so supportive
Keep in mind, selling would lead to massive tax recapture. Would be very very stupid to sell (explained in video).
@@MeetKevin I support your content, not this purchase. Love the content
@@CurieBohr I encourage you to do a shadow day. If you saw the behind the scenes you'd quickly realize the jet allows for so much more than just the outward appearance of travel. This was a great purchase in my eyes.
@@brandinghoward lol. I’m not paying any man to watch him for a day. And since my career has nothing to do with RUclips or real estate, hard pass. The only reason I’d have is to simp. I don’t simp.
Glad to see you don’t let the haters stop you from sharing any information!!
@@lukewalker1051 It's almost like there is this huge contingency of people who know he provides so much value so they don't tune out but seeing how hard he works and how successful he is makes them insecure about their own lives. So rather than look inwardly and go hustle to create their own dream they choose to hate on him and try to bring him down.
@@brandinghoward its also almost like his income depends on making videos so of course he continues to share information
160 gallons of fuel per HOUR? Dude just totally destroyed any and all environmental benefits from his Tesla ownership 😂👉🧠
Just admit it, you wanted a damn private jet.
600hr/year is around 12hr/week. They can probably use at least that for the business and make financial sense on the long therm.
Love the transparency content from you kevin! I honestly couldn’t say thank you enough for the unique perspective you have
What's more fascinating to me is how proficient Kevin is in using Numbers (or sheets)
Awesome video, learned alot. Would love to see an updated net worth video since the plane purchase! It's been a while.
It’s so cool to witness your growth Kevin , I appreciate videos like this.
Very interesting! Thanks for sharing the numbers!
dude is comparing his STARTUP HOUSEHACK vs. WALMART C-SUITES flying private. LMFAO
I recently watched a podcast of a Billionare yes with a B. Who said that the worst lifetime investment he did was to buy a private jet. You can find it, the guy's name is Paul Orfalea, he was the founder of Kinko's and made his billions when he sold it to Fedex. Let's see how this experiment for Kevin works out , time will tell at the end.
Thanks for the detailed breakdown! As a pilot I definitely understood the benefits of ownership, but now all the haters can see the math for themselves. Keep up the awesome work and the educational transparency!
Great video. I just learned that I helped pay a little for Kev’s jet. Meanwhile I’m over here breaking my back. Cheers Kev.
Is it bad really idolize you and want to follow your foot steps to become as successful as you? I just passed my Real estate exam thanks to you Kevin. 🎉
How long until the Meet Kevin Plane tracker
Interesting, thanks for the insight.
Cost $0 when can trick people on the internet to pay it for you
Let me translate this marketing speech: "Me travelling on a private plane doesn't actually provide that much value compared to using any other means of transportation, so I don't feel comfortable billing start up for it but I'll just say I am doing it from the goodness of my heart to make myself and investors feel better"
Just my two cents. If someone is consistently talking about how much a single private jet is and makes multiple videos about his private jet... they probably can't afford it. I think kevin needs to admit this was a terrible business idea and he doesn't quite have the capital at the moment to be a private jet owner
Or maybe he is just business oriented and is milking it as much as he can. By the time the first year tax rebate ends he probably got the second year already paid for. At the third year house hack will be full steam and the usage costs will go down considerably. Fourth year the thing is already paid for and after that is just a profit acceleration machine. The only question I have is, but I'm sure he will address it on future content, is when it does make sense to keep the plane and when it does make sense to replace it for a new or newer one.
🤔 this fly with Kevin was a pretty good hustle
Funny - you will become the next Coke Addict talking to horses in Malibu, CA
This video is soooo inspirational. I love how Kevin is just stepping his game up and scaling himself to be a bonafide mogul. Thanks for the inspiration brotha
I think with such good tabulation, it also helps kevin to keep track of your carbon footprint. I hope Kevin will work towards on projects that can offset these travels (by i.e insisting on solar panels on all of Househacks's houses)
I really think the point of getting a private jet is if you have over 1 bill and can somewhat easily acquire 10 or 15 million in cash somewhat easily if the need arises. If instead you have to offer people a option to fly in a jet with you for cash then I think a jet might not be a viable option for travel.
What you paid for that jet could have bought a nice sized subdivision
Great breakdown! I don't know any straight 91 pilots flying 400+ hours a year that aren't like Walmart pilots or something. You might be the guy crazy enough to fly that much! Interesting to see all the big youtubers with mega w2 income buying aircraft in the last few months, Cleetus, Roman Atwood, HeavyD.
The Hunt Brothers, billionaire oil tycoons, always flew commercial and never owned a jet. They could have bought Kevin out of their back pocket! LOL
Kevin motivating me to one day having my own private jet.
I woke up this morning and frantically was worried about Kevin’s jet and thought “how much does a private jet cost?!“ thank god I know now!! Close one!
I want to see it in a few years, content on when does it make sense to keep the plane or replace it for a new or newer one.
Thanx for the video.
Wondered how soon you would talk about cost of ownership..
Aircraft don't lose value like vehicles.
Its amazing how little depreciation there is in that market.
BTW
I really enjoy your you tube channel.
More of a middle of the road approach to all you cover... IMHO.
Keep it up.
The charter cost for your aircraft, with a minimum of two hours, is roughly $5,000 per hour round-trip or $6000 one way, not the $14,000 that you mentioned within your video. Also, you’ll have to “give back” the 100% appreciation in the first year, if you sell the airplane within five years. The break even for aircraft ownership, depending on the variable fuel expense and passengers on board, is between 350 and 500 hours per year.
That’s not the quote I got for the same plane
Thanks Kevin. Based on this, I think I'm just going to purchase my own plane.
Lol
🤣
After your media company pays off the plane you can rent or sell it to house hack for the deductions.
You touched on taxes…what are your thoughts on the abolish the IRS and the consumption tax.
Hey Kevin,
Can you do a video showing your last year earning ?
The 0 to millionaire is awesome btw
So market bottoms in 6 months. You start buying. 9 months later it starts to rebound. 12 months later it's back to today's levels. Do you still need a jet? I hope so because you own it
Make sure you buy title insurance when buying houses.
Some people are so jealous. Be happy for others! The math checks out and keeping the hard work the plane should be paid for sooner than later. After that it is just a profit accelerator machine.
Still a dumb investment too much for too little
I'm just laughing at your end scenario of going LA, to Hou, to Aus to Sat all in one day and visiting houses. Texan here... I can't even visit all the houses in one of those cities in a day. Now you're going to just need to get a hotel in each city. But on the upside, hotels can be much cheaper than 200 a night here.
You forgot about "new jet ownership honeymoon phase" which includes you researching and obsessing about your jet for HOURS and HOURS losing opportunities.
Kevin, as a aircraft owner and aircraft mechanic.......i believe that you are sorely mistaken on your overly optimistic expectations of owning a jet. Things are 10x more expensive to repair or replace and you will find that the best choice is a situation like flex jet where you buy hours of managed fleet. Dont say that many of us here who know......didnt warn you.
So if you own a plane and it breaks...what do you do? I’m assuming the hangar wherever it’s landed has mechanics you can pay to fix it? What about parts and such? Seems crazy expensive to own a jet and be responsible for 100% of the repair costs and such. And I’m guessing jet mechanics aren’t $70/ hr labor
@@iankennedy2592 I believe so, but not 100% sure. More plane crashed from small charger jets like his vs commercial planes who definitely are regulated by pretty strict maintenance schedules, not sure of that’s because lesser maintenance or something else.
I want to see how much you write off on your taxes per flight hour.
Warren Buffet flew coach until the 1990s. Now he flies with a jet sharing company which Berkshire bought
Also didn't simply marry someone rich. No RUclips ether. Studying a cheap book about Warren will save thousands spent on scamming influencers..
Hi Kevin! Do you happen to know anything about Muln EV stock? Any response in regards Muln appreciable!
Pretty cool and informative, thanks. Only question, since the cost still seems extreme, wouldn't it be cheaper to design your business around less travel need, or if you're understandably not wanting to buy in CA, just move? Yes, I understand family/weather attachment, but we are talking 8 figures here, not a small percentage of the money you control.
If House Hack was paying for the Jet it wouldn't be worth it. It would be more reasonable to start local and grow from there. Since he is paying for it himself, the jet gives and absurd leverage to the business and will help it to grow way faster.
Not likely you will ever fly 400 hours per year. Fractional ownership has a very high utilization in flight hours and it takes a toil on depreciated values. Everyone would have to depart and return to the same destinations. You need to fact check your assumptions with a jet management company. It's not in your best interest to operate under Part 91. You need to operate under Part 135 so that plane is maintained under this part, and can be sold at a later date. Trying to sell a plane that has been Part 91 operated might make it harder to sell, and need extensive maintenance to bring it back to Part 135. Play with the numbers all you want, but be prepared for financial shock when you need a new, set of brakes, replace a windshield, a starter generator, engine hot section inspection. bird strike, engine shutdown. It will take your breath away.
What is this 91/135? Taxes?
In short "If you have to ask, you can't afford it." LOL Thx Kevin.
Come to Detroit! Sooo much potential. You'd be surprised
Landing and take off fees? Hanger and parking fees? Overnight stays at other airports?
If you buy fuel, a lot of these fees are nominal or 0. So kinda built into the fuel price.
You start flying overseas you get into overflight permits for each country. Huge pain. You end up needing a full travel bureau with full time peeps to do overflight permits, get visas for all your pax, make arrangements for accommodations….etc…doable for a high end op…
One thing not considered is Net Jet gives you a G650 which is way bigger.
I compared their Phenom 300 price
G650 would cost 3-4x as much
@Meet Kevin Ah good! I underestimated u Kevin. Sorry bro😅. Great content!
You need to add in the lost opportunity cost of the money you used for the down-payment that could have been invested.
If I hadn’t bought the plane, $5.2 million would’ve gone to Texas. There is no lost opportunity cost
Guys.. don’t forget coupon code expiring!!
Well I want a plane to, so good to know the costs.
😊 Cool thanks for The info.👍👍
Hey Kevin you should start a @MeetJet account where your pilots recored your flights to all the cool places you plan to travel too. Love watching people like @CitationMax and think it would open your channel up to more people down the road !!! Keep doing what your doing love the content
Everyone leave him alone. It’s not his jet, he can’t afford one. Just let him feel like he owns it, there’s no harm in that.
You should look into Starlink for your plane. I think there rolling out a plane service soon
Hey Kevin let me know the city and state you are targeting so I can get you any wholesale deals that I get on contract
Hey Kevin I fly the Phenom 300 for Flexjet. Did you get a quote from them as well as NJ? Does fractional ownership equate to same cost/hour as chartering? Let me know if you need another pilot on your staff 😉
Hit me up - kp@meetkevin.com -- we're interviewing pilots right now
@@MeetKevin Will do!
Oh also on fractional: about a 2-year wait right now from the companies I got quotes on. It's insane - Embraer is quoting mid 2025 for deliveries right now. So backed up.
I'm sure Kevin will make money on his jet purchase he's no dummy!
Wow, after your fixed + variable costs to get to $14k per hour is only like 125 hours a YEAR. That’s wild.
Fly Meet-Kevin!
Jeezus this guy made it, Awesome Kev!!!
Also a perk for company employees to fly private.
*FIXED COSTS* : When comparing jet ownership to hiring a jet, fixed costs should include the financing cost, or an imputed opportunity cost of ownership. And it should include the fixed portion of depreciation. The jet will lose value due to age and improvements in new jets, just like cars. *VARIABLE COSTS* : Should include an amount for depreciation based on number of hours flying. A lightly used jet will command a higher price than one used a lot.
@@iankennedy2592 Hey, we can all make mistakes. As long as we're always learning. And in fairness, Kevin does a great job in providing free information here that can help everybody form a view. And I don't have a private plane, so he's doing something right ! Anyway, peace and love.
Look fellows, this video is about the saying:
If it flys, if it floats, if....., then rent it.
after all? One other thing. I believe it was in the 70's, or 80's when Koch Industries had a policy of not letting their highest executives fly together. Good thing, two of the brothers flew to the same place and one of the planes had an accident.
Ok, here's a question, with all of those costs, is it really viable to think you(and your investors) are going to make a profit from buying and selling real estate in multiple locations? To me that sounds like (at the very least) a logistical nightmare...
He is not buying AND selling. House Hack will be a buy and HOLD real estate investment company. You buy properties with cashflow in mind on the front end. So yes buying and RENTING in multiple areas is not only going to be seamless (especially with the addition of the jet) but it will be very profitable.
I think the cost of depreciation needs more attention. While there is a market for used planes, they depreciate like sports cars…. Add that to your costs pls
I feel a lot better about the purchase of my Tesla MY.
I wish HouseHack was a REIT, would love to invest in that!
The numbers are crazy…
Not sure if you saw my comment about building a framework around a specific audience or not. However content like this for most of your audience comes off as boosting, does not really add anything for most of those that watch your videos. I have been fortunate as well and I often pick up the tab when dinning out. One night a friend approached me and explained how he did not appreciate it as it made him feel like less of a person. Something I learned a long time ago as I accumulated wealth is to be considerate of those around you that are not as fortunate and how my wealth can intimidate others or put them off in regards to how I talk or my actions (like picking up a tab). My guess is most of your audience cannot afford a jet...Just some advice and something to be aware of. Its not hating, its more about being socially aware. Congrats on the Jet, just some food for thought.
Are you not allowed to write everything off on tax? E.g fuel, management, insurance etc making it very cheap?
Wonder what is the size of the Aircraft Netjets quote was on. Small cabin, mid cabin, super mid cabine ace.
Me too here.
Phenom 300 (same one)
@@MeetKevin Cheers, since when r u replying?
235k a year for 12 hours of actual flying per pilot. Not bad. Im sure they do more than the 12 hours but better than commercial.
Lol it's funny to see someone getting a very expensive vehicle for work and then saying I'm gonna use it more to not be so expensive... It's like the worker finishing the job in 3hours but because he has to justify the 8 hours work pay does more useless tasks to show he's justified for 8 hour pay...
Imagine his wife: baby why are you flying so much and I don't see you anymore?
Kevin: baby I have to fly even more to lower my costs
Wife: yes but do you actually have a job there to do?
Kevin: No, I need to lower my costs
😂
However he has the money to do it and more power to him his gonna make the money back 10x but dude this type of mental gymnastics is insulting our intelligence. Just say I want it, will make the money back and I can afford so f u guys.
Although I don't believe it. I can't stop imagining in some time from now a video with a title from Kevin: how I went broke from owning a jet
DAMN
I’m a pilot and found this interesting even tho I’ll never own or charter a private jet. If you’re annoyed with this video you can watch something else. I learned something after watching it. Thx Kevin
‘Dimebag’ Darrell is a pilot 😂
@@timtimbly2433 Yeah man. I quit guitar and moved on to master flying!
@@timtimbly2433 pilot could mean private pilot or anything above. Doesn’t mean he’s a first officer of a commercial airliner.
So amazing video ❤ own jet buy is so beter 👍👍👍👍👍👍
When r u taking Jermey from financial channel for a trip
abolish the IRS and income tax, tack on a 50% consumption tax for buying jets
*OPPORTUNITY INCOME* : If total costs per your example are c. $7000 per hour, and Net Jets hire these things out at $14000 per hour, you could make a case for leasing your jet to Net Jets. Let's say they pay you $9000 per hour, so you make a profit of $2000 per hour. If it flew 1000 hours a year, you make $2mm on your jet. What am I missing here ? What is the utilisation of a typical Net Jet ? 50% ? 80% ? How many chargeable hours does a typical Net Jet do per year ? 1500 ? 2000 ? Looks like you could use your jet when you wanted, and still make say $1mm lending it to Net Jets.
Lowes partnership not working anymore =c
I wonder how much CO2 emission he will accumulate by the end of the year?
Not sure if you had mentioned it in your calculations. Was the loan and cost of the plane being calculated with expenses vs a charter service? Also, it would be great to include the comparison with an average charter vs the top tier one. Just a thought.
Same plane used in comparison for charter service
yes loan cost used at end of video
Great question. And how much if any is the right off.
@meetkevin . Please be careful in whom you hire to fly your jet. Choose wisely and investigate the pilot and crew. Blessings
Why are you worrying about my boo boo forevermore sweetness sweet pea Pooh Bear guarding her cub alone always my love, I've got this baby girl, he's not yours anyway girlie!, leave my boo boo alone, and keep it moving girlie!
@@veronicadavidson4487 👀
Wait till the engines reach overhaul hours. The catch is you will make less on the plane than if you actually did the overhaul and sold.
It’s on a program built into hourly
Wouldn't starlink be available for planes. 60,000 for Internet sounds crazy
Soooo... Kevin should reserve Monday's through Wednesday's for himself and charter out the jet for the other 4 days.
million for engine rebuild. each. minimum
No way
I think that tax write offs need to change. Why should the rich be able to write off jets ect. Should be limited to essential business purchases. And a jet definitely isn’t essential. That’s just my opinion.
Always heard owning a jet was a great opportunity.
To what - lose money? Move illegal narcotics?
If you have a popular model you can offset most of your costs. My uncle owns a G4 from the 90’s and he only spends about 50k. He paid 3m and then another 350k to upgrade the plane. His plane rents at least 5-8 times a month with entertainment users mostly.
@@singed8853 Pablo benefited from plane ownership
Do they serve TTCF at NetJets? Will you serve it on PP Jet? if so, it is a buy (stock, not jet).
Treasuries paying 4% and inflation is at 8%. -4%
CHARTER IT OUT 👍👍👍
No TSA. priceless!