Money?

[usafthndrbrds]

If you own your own plane how did you come up with the money to buy it besides taking out loans on your house or car?

[bdk]

If you own your own plane how did you come up with the money to buy it besides taking out loans on your house or car?

Luscombe = Bank signature loan
L5 project = cash from sale of Luscombe
Culver Cadet = traded for L5 project + cash
Curtiss Robin project = cash, then resold
Stearman = Bank loan against Stearman
T-6 project = Partial trade for Stearman and then took out a bank loan against the T-6 project, then paid the T-6 off by taking loan out on my car, then finally paid off the car. This minimized the interest I was paying.

The bottom line is that I would have had a flying T-6 much sooner if I had just saved my money and bought one with cash. The interest from the loans added to the hangar rent (the big $$$$$$ over the years) to restore the various projects was upon reflection not a financially sensible approach.

I haven't learned anything though and would probably be drawn into the same scenario all over again... Anyone have a really cheap (unrestorable) Mustang project? My wife would kill me!

[Ollie]

Top secret.

[Cvairwerks]

Paid cash for all of mine. At the time that I started to acquire them, I was single and working significant amounts of overtime....so much that the company accounting office called me on the carpet for not cashing paychecks. The day I had to go down to their office, I still had 9 uncashed paychecks in my billfold. The kinda understood when I explained that I was working essentially from 2pm until 4 am virtually 7 days a week. We got access to direct deposit about two months later and have been doing it since. The Commander and all of the ancillary expenses with it have been paid for soley by unexpected ovetime and a couple of ferry cell babysitting nights.

[Rob Mears]

A common formula IMO would be to channel extreme amounts of ambition and energy into a thoroughly thought out business venture - one for which you have an unbridled passion. Beg, borrow, and inspire your way into a position where you can direct that vision into a workable and successful enterprise. Then, after many years of risks and toiling to elevate yourself into a position authority and experience, route some of your hard won earnings toward purchasing the aircraft of your choice and pray to God that you still have time enought to enjoy it!

[tom d. friedman]

i wonder about this topic every day!!!!

[Tulio]

Cash.

I have been blessed enough that I have had been able to have the money, or most of it, available whenever the opportunity arose.

A long time ago, I posed a similar question here, and one of the answers given and that made me think a lot, was one where the WIXer said that he builds RV airplanes, and sells them, and with every project gains more experience and also more money, and his ultimate goal is or was, a warbird.

Another -sound for young people- is to get a degree in a competitive field, and work your tail off. Save, save, save, and keep on saving, and eventually you will have enough for your airplane.

Or, start buying parts, whatever you can afford on a regular basis, and then too, eventually, you will have enough parts for a good project.

Saludos,


Tulio

[tom d. friedman]

i've got tons of parts of numerous birds..... just missing a fuselage!!!!

[Tulio]

i've got tons of parts of numerous birds..... just missing a fuselage!!!!

Flight of the Phoenix . . . III? : )


Saludos!


Tulio

[tom d. friedman]

i couldn't do any worse than that lame re-make

[Tulio]

Kinda knew that the re-make would be bad, so I have not gone to see it, and don't plan on seeing it at all.

Saludos!


Tulio

[oscardeuce]

I took out a bank loan for the O2-A. A relatively inexpensive warbird to own and operate.I found my plane at the right time. Our Hueys were purchased at auction for pennies on the dollar.