Yep.... don't forget the tax! That one took me by surprise

Guess I'll have to talk to my tax guy when he's doing my taxes here next month to make sure I know what to expect!

Thanks for all the info guys! I appreciate it

Just in case this didn't come up before... This is a BUYERS MARKET.... Be patient.. This not the bar at college your freshman year.. The pretty,and GOOD one will show up, and if you wait for a long time , until you find her, and then buy her... More likely than not. A prettier one, for less money, will show up about 6 mos. later.
If you buy one... Never,never, never, keep looking at Barnstormers, Trade a Plane, Controller, Craigs List, Ebay.etc.... Only bad will happen

Hahaha, thanks for the tip Sully.. It sounds like the housing market. I absolutely avoid looking at homes now that I've got mine (and know full well I'm SUPER upside down.. thanks housing market!)

Sullyco is right!!! Quit looking at Barnstormers after you buy something because you will definitely see something else that 'tickles' your fansy! As soon as I purchased my last plane I saw something else that I wanted and with the market the way it is, prices are very tempting. I guess I should think more about selling instead of buying.

Another comment on a lein. I purchased a Mooney in 1992. When I did a title search I found out that the aircraft had a lein on it from two owners previous. I refused to purchase the aircraft until the lein was released. As it turned out the loan had been payed off 15 years previous but never formally released. When the seller confronted the bank they were happy to comply and the lein was released with minimum effort. But it needed to be done by the seller. I purchased the Mooney a few days later and flew it for the next 7 years no issues. Good Luck

I always try to get my customers/friends to base the sale on an annual. Spending a couple hundred on a prebuy is throwing the money away as far as I'm concerned. Let's just do an annual and if it's nothing out of the ordinary, be realistic and buy it. I've had alot of happy customers from that....going BOTH ways! I had one friend that bought a 310 once, that an A&P school had been maintaining for a bunch of years (yeah, I rolled my eyes too) and I couldn't talk him into going for the annual instead of a prebuy... when we dug into the thing at annual time a few months later, almost NONE of the AD's had actually been done if it required new parts...they'd just been signed off. Cost him a bunch of $$ and you can bet he learned a good lesson from it!
John

hardtailjohn wrote:I always try to get my customers/friends to base the sale on an annual. Spending a couple hundred on a prebuy is throwing the money away as far as I'm concerned. Let's just do an annual and if it's nothing out of the ordinary, be realistic and buy it. I've had alot of happy customers from that....going BOTH ways! I had one friend that bought a 310 once, that an A&P school had been maintaining for a bunch of years (yeah, I rolled my eyes too) and I couldn't talk him into going for the annual instead of a prebuy... when we dug into the thing at annual time a few months later, almost NONE of the AD's had actually been done if it required new parts...they'd just been signed off. Cost him a bunch of $$ and you can bet he learned a good lesson from it!
John

That sounds like a good plan, just make that part of the agreement? "I pay for annual, you pay for everything that has to be fixed" sort of thing? I like it.ß