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Not sure if you are familiar with a HELOC but how it works is the first 10 years you use whatever you need up to the maximum ($50K) and pay only interest. You can of course pay more if you want. After those 10 years you then pay the loan for the next 20 years, for however much you had borrowed...

Thank you for the reply! I tried to keep my first post brief but I can tell you guys like details so let me go into more detail. Timeline Today - Pre purchase inspection completed, nothing major to worry about we got a green flag Tomorrow- I am doing another class 1 medical to make sure...

This plan will start when I finish my IFR training in late spring, by which time I anticipate having just under 100 hours. Objective: The goal is to get to a Certified Flight Instructor (CFI) and then to the airlines as quickly as possible. Financing: HELOC of $50,000 at a 7.5% interest rate...

How does that work? It's $900 a year and they manage the pre-buy, does that mean I still need to pay for the pre-buy separately?

No probably not. It's a 1964 PA28-140 it wouldn't really be worth it to install autopilot. The electronic gauges are really just to make IFR flying safer/easier.

Price breakdown Aspen Evolution E5 (Dual screens) $5,895 Dual G5 $6,440 Dual GI 275 $7,989 None of those include install but I would assume install is a similar cost for them all. Upgrading a IFR certified 6 pack cherokee 140, no autopilot. Has a 430W we will be keeping regardless...

I trust the seller for the most part, I mean if your spending $27K on maintenance for an annual your probably not skipping anything minor to save a few bucks. My concern is if I use the local mechanic it seems kind of like a conflict of interest as the seller knows them and I don't. I don't...

I would have to ask why they were reskinned, I don't know. It is subject to the wing spar inspection, when it was last done an inspection door was added so the wings would not need to be removed to do the inspection every time. He has no money set aside for overhaul, however the engine is at...

He actually has a partner but they want out of the partnership because they want to upgrade airplanes so he is looking for someone to replace them.

That would mean it should be good now and the next annual should be pretty standard?

Looked at the paperwork he sent over. There are a lot of line items obviously but the ones that stand out are Aileron Rigging, was not hitting full stops Reskin Rudder & both flaps upper Paint (presumably for the reskins, not a full paint job) Muffler Replaced Alternator Replaced Carb...

We would be looking for a new shop anyways, so the new A&P would be a neutral party. I'll look into his videos though.

I have not looked at the log books. From what I remember he said the shop is overpriced, it needed an alternator but obviously that's not the only thing. I didn't pry any further I plan to look at the logbooks in the coming weeks. I'll shoot him a text and ask

Considering partnering with someone on a plane he already owns. Is a PA28-140 a 1968 Cherokee 140. He said the last annual in October was almost $30K . It's IFR certified and he values it around $70K. I looked into pre-purchase inspections and it seems like they cost about 80% of an annual...

Yes my dad is still around. He bought the plane to get his ppl but never quite got there. Although he never told me directly, I believe he also bought it for me, he knew I always wanted to be a pilot. He took it apart because he didn't want to pay tie down fees any more, probably with the...

When you say basic trainer, do you mean something like an IFR equipped Cessna 150? Or just VFR? I don't really know if vfr only would really be worth it unless it is significantly cheaper.

That is because those calculations were for personal use only. When I use it for commercial operations I will recalculate operating costs and charge people accordingly.

New plan: I'll just go to a local fbo and instructor and pay as I go. Spending only as much money as I am making, which would come out to about 5 hours a month so I would be done in 10 months. That way my training is still done in a timely manner and I am not dipping into the $30k at all...

Well yeah, but like flights from Miami to the carribean for instance wouldn't be allowed or flights around the islands

I mean anything is possible with enough money right? Maybe I could look into some cargo operations in the carribean. As I don't think I would be allowed to carry passengers for hire with just a commercial, or would I?