Rykymus
Line Up and Wait
I have a 98 Archer, 6600 TT/1850 SNEW, that I bought in 2014 to finish my PPL, get my IR, and build some hours. All that behind me now, I'm gearing up to get my ME and then buy a twin in a few years. My plan is to rent a twin locally to train and build hours in, so that when I finally buy my own twin, I have some hours behind me. (Both for my own piece of mind and for the insurance company's.) Since we moved to the DFW area, I haven't been flying anywhere near enough to justify owning a plane, especially since it isn't the plane for my future missions. (Which will be long-haul travel with 2 to 5 people and medium baggage.)
We hadn't planned on buying a house here just yet, as we spent a LOT of money moving ourselves, and our business from CA to TX, and wanted to build up our reserves again. But a great house on a full-acre lot IN the city, minutes from everything we need came on the market and we had to make an offer. Problem is, we're going to have to come up with about $65k in 3 weeks to close, (assuming our offer is accepted) and we only have about $20k in liquid assets at the moment. So, I'm hoping to sell the plane on the cheap to move it quick. I paid $80 for it, and spent another $10k bringing it up to what I thought was airworthy. (Not what the previous AP/IA thought, which was pretty bad.) I've replaced quite a few things over the few years I've had her, but I don't expect to get any of that back. I have all the logs, but the ones that are prior to the current engine are disorganized. (My AP get all logs from the beginning of the new engine nice and orderly, including all AD status.)
It has a few things that I planned to fix at the next annual (which was to be in June), and I would discount the price to cover those repairs, and a few thousand toward the cost of getting it ADSB compliant. On top of that, I would discount it by another $10k. So, I'm hoping that if I sell it for $60k, on the condition that the buyer can finish the deal within a couple weeks (so that I have the money by close) that the discounts would make the buyer feel a little more comfortable about having to move quickly. I have no problem if they want to get it inspected first, as long as they can get it done in my time frame.
Am I attempting the impossible?
We hadn't planned on buying a house here just yet, as we spent a LOT of money moving ourselves, and our business from CA to TX, and wanted to build up our reserves again. But a great house on a full-acre lot IN the city, minutes from everything we need came on the market and we had to make an offer. Problem is, we're going to have to come up with about $65k in 3 weeks to close, (assuming our offer is accepted) and we only have about $20k in liquid assets at the moment. So, I'm hoping to sell the plane on the cheap to move it quick. I paid $80 for it, and spent another $10k bringing it up to what I thought was airworthy. (Not what the previous AP/IA thought, which was pretty bad.) I've replaced quite a few things over the few years I've had her, but I don't expect to get any of that back. I have all the logs, but the ones that are prior to the current engine are disorganized. (My AP get all logs from the beginning of the new engine nice and orderly, including all AD status.)
It has a few things that I planned to fix at the next annual (which was to be in June), and I would discount the price to cover those repairs, and a few thousand toward the cost of getting it ADSB compliant. On top of that, I would discount it by another $10k. So, I'm hoping that if I sell it for $60k, on the condition that the buyer can finish the deal within a couple weeks (so that I have the money by close) that the discounts would make the buyer feel a little more comfortable about having to move quickly. I have no problem if they want to get it inspected first, as long as they can get it done in my time frame.
Am I attempting the impossible?
