Roadblocks in purchasing a plane. What can I do?

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EchoKilo said:
Fair enough. I'm out.
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I like to think about "postponed" rather than out. One hopes that your situation will improve, and your financial stability will increase to the point where you can consider participation in aviation. Hey, I didn't get to start until I was in my forties, just didn't have the wherewithal. And I am far from alone.
 
Ben Sanford said:
I guess most of these aggressive responders here have never been in the service business or waited tables earlier in life. Sheesh
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Bzzzzt. Wrong. Thanks for playing. :)

steingar said:
When I was in my 20's I could barely afford pants.
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And we are all glad your time was before affordable digital cameras! :)
 
Salty said:
Not while thinking we could afford to own an airplane.
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I was mainly commenting about all the judging / moralizing going on about his reporting of income..
 
Ben Sanford said:
I guess most of these aggressive responders here have never been in the service business or waited tables earlier in life. Sheesh
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I've never waited tables, but did work retail and when I was 29, left the USA to go teach English, edit for a newspaper, do voice over for TV commercials and generally do anything I could, all while living with 4 hours of electricity each day in an impoverished post-Soviet Republic. I spent about 12 years overseas building a business and then came back to the US, learned to fly, and bought a plane.
 
ALL pilots should have to work as a ramprat at some point in their career... That might make Netjet pilots stop being such terrible people to those "below" them.
 
EchoKilo said:
What does cosigning actual entail? I know it works with regards to the credit score, but would it circumvent the income problem too?
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a co-signer is on the hook for the full amount should you fail to pay. I would not ask anyone I know to do that...I would hate to put them in that position. sounds to me like you can't afford the airplane. save up. and stop cheating on your taxes. saying 'that's just the way it is' is a feeble excuse.
 
steingar said:
When I was in my 20's I could barely afford pants.
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My twin brother and I bought a '69 7KCAB Citabria when we were 17, just after finishing high school. I took my first lesson in it. My brother had already been working with an instructor for a while in a 7AC Champ. We were still living at home with our parents, but we each had construction jobs. Got my PPL that same year. On the other hand, I drove a beater car then and didn't waste money (except on flying).
 
Ben Sanford said:
I was mainly commenting about all the judging / moralizing going on about his reporting of income..
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All I saw was people pointing out the facts: you can't hide income by committing tax fraud and then expect to use that same income to qualify for a loan. That street doesn't go both ways.
 
Mtns2Skies said:
ALL pilots should have to work as a ramprat at some point in their career... That might make Netjet pilots stop being such terrible people to those "below" them.
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Like dumping ice on a frozen ramp...
Or starting their engine as we are offloading a critical pt right next to them, sadly it's more than just netjets, more than a few of the corp guys do that crap.
 
To the original poster,

Don't listen to those people that say you can't afford to get into GA. At this time you are renting, (Just like me) so you are ALREADY in the game.
27 is young, you can do anything you want to. I started out as a security guard, That was my first job making minimum wage. I always had a dream of flying
and it must've been from birth because New York city is NOT very GA friendly in fact I didn't see or touch an actual GA airplane until my late 30's If your dream
is to own an airplane come up with a plan and then implement it and stick to it until fruition. There are going to be people that are going to try to shoot down your dream but don't listen to them
you will only regret the things that you DON'T do in life. Keep renting, save money, build your career and buy that dream airplane. I did the exact same thing and I will buy something nice in a few years,
but for me it took years of hard work to get there but you will if you stick to the plan.
 
Shoot, I am 42, and can totally attest that life screws you good every few years.. 09, lost my house because of the great recession, filed for BK. got divorced for the first time in '12.. Wiped me out financially (she walked with over 300K and managed to hide it from the courts) Got married again, that one lasted about as long as a fart in a windstorm. Have a great kid out of that marriage.. Got divorced again in '16-17. That divorce put me into a second BK.. Am just now getting my head above water thanks to the fact that I was able to score 2 jobs where I am able to work from home for both, and double my income. I am just now thinking about buying an airplane.. And sure as hell wouldn't finance it, or do it alone. Don't need financial ruin a third time..
 
sferguson524 said:
Shoot, I am 42, and can totally attest that life screws you good every few years.. 09, lost my house because of the great recession, filed for BK. got divorced for the first time in '12.. Wiped me out financially (she walked with over 300K and managed to hide it from the courts) Got married again, that one lasted about as long as a fart in a windstorm. Have a great kid out of that marriage.. Got divorced again in '16-17. That divorce put me into a second BK.. Am just now getting my head above water thanks to the fact that I was able to score 2 jobs where I am able to work from home for both, and double my income. I am just now thinking about buying an airplane.. And sure as hell wouldn't finance it, or do it alone. Don't need financial ruin a third time..
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STOP GETTING MARRIED!!!
 
DesertNomad said:
Please don't take this the wrong way, but you are underestimating the cost.

Your fuel cost only allows about 9 hours a month at $4.50/gal.
Your annual assumes nothing is wrong at all (that just won't happen) and is unlikely to cost nearly as little as you think.
You have not accounted for oil changes or analysis.
You have not accounted for taxes or state registration.
You have not accounted for random maintenance. This is a big one. I just spent $1200 on fixing a sticky valve. That sort of maintenance issue can come up at any time.
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H*ll, I just spent $700 on my car, forget about airplane costs!
 
Oooooh....Okaaay.....I think I figured it where all the confusion is. You all are looking at this from a married (or at least spoken for) perspective. There are no women in my life. Never have been, never will be. Therefore, I don't have that evil weighing me down. Therefore, I should be good to go!!
 
EchoKilo said:
Oooooh....Okaaay.....I think I figured it where all the confusion is. You all are looking at this from a married (or at least spoken for) perspective. There are no women in my life. Never have been, never will be. Therefore, I don't have that evil weighing me down. Therefore, I should be good to go!!
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wrong. not everyone on this board is married.

Go buy the airplane and come back here in a year and let us know how much you sold it for, and what a loss you took.
 
Buy or don't buy.. I think the resounding sentiment is carrying debt for a depreciating asset that can eat your lunch at a moment's notice is a bad idea. What's going to happen when your engine decides that it's tired and doesn't want to play nice anymore? Are you ready to write a 16,000 plus dollar check? Or are you going to try and finance that too? I'd think long and hard about buying with a loan with no cash reserves.
 
murphey said:
wrong. not everyone on this board is married.

Go buy the airplane and come back here in a year and let us know how much you sold it for, and what a loss you took.
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Joke.
 
EchoKilo said:
Oooooh....Okaaay.....I think I figured it where all the confusion is. You all are looking at this from a married (or at least spoken for) perspective. There are no women in my life. Never have been, never will be. Therefore, I don't have that evil weighing me down. Therefore, I should be good to go!!
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Probably still couldn't afford it as I still wouldn't qualify for financing
 
EchoKilo said:
Probably still couldn't afford it as I still wouldn't qualify for financing
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Your partner might. If you can find a partner who wants to do business with you.

They’ll at least know where you live to come break your kneecaps when you don’t pay your portion of the bill when the airplane they want to fly is grounded.

That’s all a bank is, by the way. Strangers who want or don’t want to do business with you.

They’re saying something about your financial state and ability to do business with them when they say no. Especially in a consumer debt laden society. They’ll loan to almost anyone.

Once you have that “post school” job, they’ll happily sell you twenty or thirty years of indentured servitude (slavery) to them.

They’ll take nice trips to the Hamptons on your interest payments if you refuse to save up and pay cash. They love people who refuse to do that. :)
 
paflyer said:
Mine keeps asking when I'm getting a bigger plane.
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My brother has an enviable income but does not like small planes. I am trying to change the latter part. Waiting for him to buy something nice so I can fly it for him. :)
 
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