hello and how is everyone today? my name is Jake and i am a private pilot looking to buy my first plane and need something fast. I have come to a point where the local flying club just doesnt fit my needs anymore and with my daughter now living several states away with her mom i need something with a high cruise speed. me and my girl have spent nearly a year selling off other toys and paying off debt to get to where we are ready to buy. so now i am just trying to find the right plane. i have always liked stuff that was different and stood out a bit. my plan is to buy either a mooney or a bonanza. i like the speed, looks, and fuel efficiencey of the mooneys. on the flip side i like the speed, looks and added elbow room of the bonanzas. and my girlfriend loves the V tail big time. after many hours of research and talking to friends that have owned both i am open to both but i know what ones i would like to avoid too. for bonanzas my main concern is FWF. i would like to aviod the older non standard engines and props and stick with any airframe with the IO470 in it whether factory or upgraded. I live in mid michigan and would like to find something within a reasonable distance since the weather can make it harder to get a plane home plus the added cost. i have a preapproval from a finance company and would like to stay around $50k or a little more with no damage history or the bank charges a higher percentage for down payment so would need to get it below $40k. hopefully you guys can help point me in the right direction and if it is not local enough for my mechanic to do the pre buy you guys can recommend one in the area of the plane.

Thanks in advance for your time and patience as i am still learning.

Jacob,

I will forgo the financial preference of paying cash for toys as it seems like you and your wife have worked hard and sacrificed to get to this point. There are lots of planes available in your price range - you need to be very particular and willing to walk away if the pre-buy turns up anything you are uncomfortable with.

I received the advice to have a contingency/emergency fund equal to 50% of my purchase price - that advice was invaluable as it gave peace of mind and allowed me to rectify some deferred maintenance that wasn't presented to me at my pre-buy. Just don't want your dream to become a nightmare...

Good Luck!

Peace,
Don

Just so happens my friend is selling his P model Bonanza, he bought a twin
call John @ 817-673-8919

does he have it listed anywhere with info and pics? what is his location?

Jacob,

Don't be in a hurry to buy. Patience and a lot of research will pay big dividends. Actually, the hunt for the "right one" can be the most fun and certainly the least expensive part of aviation.

I have been doing lots of research for quite awhile while I got to this point but i still spend several hours a day doing more looking over every plane I can find for sale and pros and cons to each one. I am trying to not be in too much of a hurry but after working so hard for so long to get to this point I am definitely ready for the big pay off. Also can't wait to get my own plane and start the next phase of my training and start working towards that all important instrument rating. I definitely appreciate every piece of advice and ask that you all keep it coming and pointing me in the right direction.

Hi Jake, welcome to BT!

Take your time by all means. Be sure you are finding the one that is the best fit for your situation.

Jacob,

Suggest a criteria checklist be drawn up for your search. Recommend a few line items be included; no damage history, < mid-time IO-470 series, always hangared. Perhaps other BTers can add line items.

Happy hunting!

Ruling out all planes that have had any damage will be tough. Most planes after several decades have a little damage in their past. If it's been repaired to professional standards and it didn't happen last week, there is little reason for concern.

Welcome Jacob, there are ABS Ambassadors and BT Mentors that would be happy to introduce you to Bonanza ownership.

List of ABS Ambassadors is located at:
http://www.bonanza.org/images/pdf/test% ... hcraft.pdf

Search for BT Mentors in your area at:
mentor.php

This is sound advice, especially for a first purchase. BUT, be advised that since you're watching the ads as they publish, when a good deal comes along you will want to move swiftly. Others like you are out there waiting too, and they're ready to pounce. The more you shop, the better you'll be at identifying the right one.

If you end up with a pre-201 Mooney (my admittedly biased and strong preference for your mission), make sure the pre-buy is done by a Mooney expert. Expect it to cost $800-$1000. Don't be afraid of the Johnson bar landing gear system, it's a beaut. The M20E is my recommendation but a carbureted M20C or M20G will be great too. If you can find an M20F, all the better, but it'll be tough in your price range.

Hi, Jacob,

From your post, it seems that you may be right on the financial edge of aircraft ownership. We've all been there at one time or another, that's how we recognize the symptoms. I've been in a club and the great advantage to me was that when the plane needed a $5000 fix, that sum was divided 10 ways, so my share was only $500. The only thing worse than paying a $5000 repair bill by yourself is not having the 5Gs and not being able to fly a plane into which you've already put money and on which you are still making payments + hangar or tie down, etc. if this is not an issue, great!

My first line of defense was an appraiser. First, there are certified appraisers everywhere, so it's easy to find one who is closer to your target than you are. This was valuable to me as I live in south Fla and I was interested in aircraft located in areas as scattered as New Mexico, California, Wisconsin, Maine, Arkansas and the Carolinas. For five to seven hundred dollars (less than the cost of airfare alone), I could get an "eyes on" appraisal including logs and not lose an hour of work. This was also less expensive than a prebuy and all of these planes had disqualifying deficiencies which didn't show up in photos posted on Controller or TAP. Each appraisal saved me the cost of a prebuy. If I had looked at these planes, I'd have had no idea what to look for and I wasn't too proud to admit it. My last appraiser helped me find exactly what I wanted with all features upon which I insisted and only one (radar altimeter) which I didn't require. For an additional fee, which I was happy to pay, he met me in Houston, handled all the paperwork, flew us home (me and the plane) while giving me insurance required dual instruction in the peculiarities of a complex, high performance aircraft.

I've saved the best til last. He saved me over $40,000 on another very appealing Bonanza whose logs were "lost". He found the records and determined that the plane had been exported, crashed and sold for scrap. It was reimported, rebuilt (beautifully) and sold without the logs containing the history prior to the rebuild. I swear, my guy's Dick Tracy and also a BTer.

The best additional hint I can give you is: if you have to work this deal down to the penny, stay in the club a while or join one with more suitable aircraft for your mission while you build your plane fund.

I'm curious. What kinds of things?

Your experience where the logs were supposedly "lost" -- that's FRAUD. Did you report to the Feds?

Don't understand why you haven't called the guy I told you about with the "P"

New Buyer comes on; tells us his plan & how he's worked on it for a while, and some of us STILL feel the need to give him "financial advice". Sad, to me, as Jacob is a grown up, and he didn't start off with "can I afford a plane?"

Jacob, you really won't find a plane that's 50 years or so old that has never been damaged in some way; while I appreciate your trying, it will remove a lot of planes from your search that are really well worth looking at.

On the IO-470+ engines, I understand your premise, BUT for the lower end of your price range you could probably find an E-Series engine that will run great, have low hours, use less fuel, AND use MOGAS that will save you $2-4K a year in expenses....some of the older ones get sold for a song, truly.

You'll find that planes are really divided into 2 categories, first, there's the ones that get loved by their owners, they'll generally always be in pretty good shape, flown regularly, etc, and then there's the rest, who don't fly much, have a lot of dust, and will come with many mechanical issues. Look for somebody that truly loves their plane, typically you'll find that the same amount of care you see in keeping the plane clean will be put into making sure the uplocks work right.