Re: What would you buy with a 50k budget?

<Kirk Ellis> wrote ...
> Hmmmm.....without my wife I would not be in a position to
> even entertain the thought of owning an airplane. Even the
> idea of searching online to gain insight into the financial
> feasibility of such an endeavor would have been ludicrous.
> But the information I've gleamed recently has shown what
> options are available and what path to take. For now, she
> comes first because it's all about compromise. Thanks for
> your wisdom and for the advice, opinions and the sharing of
> experience by all of those who have posted in response to
> my question.

OK Kirk, reality check time: The owner of Pilots Haven (Academy of
Aviation 
dot com) KFRG recently told me that not a single "middle class person" who

was a recreational pilot or pilot wannabe has walked thru his doors in the

last eight months. Yet he's busier than ever renting G1000 Skyhawks to
upper 
crusties and major airline pilot wannabes working thru to the comm ticket
in 
TAAs. No matter how much people rationalize that "in real dollars against 
inflation it's no more expensive to fly blah blah blah", the truth is it
has 
gotten pretty tough for Joe Average!

So what'dya wanna do, take a timeout or fly?

If you have 150hr in 10 years, and you probably spent half that in the
first 
two years getting your ticket, you spend less than 10 hours a year flying.

If most of that was $100 burger flights, you are probably so out of
practice 
on the basics that it scares you to think "what if?". So here you are.

Now here forward are the options:
1. Run
2. Rent
3. Buy needs (as in meets), not want.

If you Run you'll never return, that's just the stats.
If you Rent you'll continue on the 10hr/yr road which leads to Run.
If you decide you're not a commie pinko thru the fence looking wannabe;
then 
here's your road to happy financially manageable owner****p:
a. Get together with your partner (wife, not flying partner) and tell her 
you really really really need to do this. If you can't get at least a 
reluctant buyin, go back to option #1. If you get the green light, from
that 
moment on NEVER NEVER NEVER mention aviation costs in her presence again 
EVER!
b. Now go have a beer with your real partner (flying partner) and agree
that 
a simple 2 seater like a Tomahawk or C150/2 would probably meet 90% of
your 
NEEDS, and a Cherokee 140 would be the limit (you can always rent if you 
need more). If after 20 minutes the discussion has moved on to Bonanzas or

Mooneys, go back to option #1.
c. You've now reached a magic moment, here's where you agree with your 
partner to visit an accountant to form a Del Corp, establish a Corp
checking 
acct with $20000 ($10K each), and spend the next 3 months renting a plane
to 
go kick some airplane tires.
d. You both agressively research everything AOPA has about partner****p 
agreements, perspective owner info, and the purchasing process on their 
website.
e. Then go and ask every airplane owner you meet who his A&P is (write
down 
the name and number), then visit that guy and tell him you are looking for

an entry level plane for around 20 to 25K (he will add another 10k in his 
head, so stay low. No one knows why this happens, but it works the same
way 
with weddings). Even if the A&P route comes up dry (which it almost never 
does), you'll probably use one of these guys for your PreBuy inspection.
If 
the distance is too far for him, he'll probably know an A&P nearby where
you 
find your plane.
f. Look in ASO and Controller and Trade-a-Plane and AOPA and the half
dozen 
other free classified sites on the net.
g. Use the $20K as a starting number, remember that nobody pays ASKING 
price, and plan on using a Bank Loan to finance about half the plane. The 
bank will tend to slow the process a bit (a day or two), but they are your

friend in this process to make sure you get a clean title. AOPA is kind of
a 
one stop shop for both insur and loan, and since your numbers are low end 
you don't really need to shop around.
h. Any more advice and you'll have to pay me.

Mike Spera's post was a bit pessimistic, but his numbers were dead on for
a 
single owner 180hp 4-seat plane. Re read my post in this thread that 
mentions "ego driven mission creep" and stick with a 2-seater that from 
Northern FL will easily make the trip to Key West (with a fuel stop of 
course). Then plan on using some of the money I saved you (from the $50K) 
and get some hours in the plane, it's back to basics time!!!

Good Luck.