Buying a 172RG in Korea

[sbronson]

I'm purchasing a 1982 172RG from a US military aero club in South Korea this month and have many questions as a first time owner:

1. Any recommendations on an insurance agency for hull/liability at an overseas location?
2. The aircraft has sat in the hangar for 8 years due to the high cost of AVGAS in Korea...all other aero club aircraft have an STC for MOGAS...besides the engine/prop/prop governor/gyro instrument overhauls that the local mechanic has told me that I need....any recommendations on what to watch for since it has sat for so many years?
3. Recommended company in the USA for the overhaul of the Lycoming O-360-F1A6 engine?
4. I'd like to purchase a Garmin GNS-530W and Garmin's audio panel and Mode S transponder. Good Avionics Shop to order from?
5. The interior needs a lot of work, but I don't have the luxery of flying it to a 'shop' in the USA....alternatives?
6. In several years I will want to ship her back to the USA.....has anyone had experience with international shipping of their aircraft? Recommended companies? Lessons learned?
7. I will most likely be doing a Lease Back. What are the things I should expect/demand with a LB to the club?

I hope this was a good decision on my part....

Thanks in advance.

 

[SCCutler]

Good gracious me. You have found you a mountain for climbing, haven't you?

If you are ordering radios, suggest you contact JA Air in Illinois. Ask for Brad Zeman. http://www.jaair.com/

For the interior, you can get excellent-quality, pre-sized interior refurb elements from AirTex. Generally good quality, minimal cutting and fitting required.
http://www.airtexinteriors.com/catalogue.htm

I have to presume that whatever it was that made the 100LL out of reach has been resolved? Or, is there such a demand for an aircraft such as yours that you are convinced it can be operated with the costly gas, and still pay its way? As for leasebacks, they rarely make money, but never forget that, like any other business deal, every element is negotiable; you do not have to go with someone's "standard" leaseback contract (which almost always favors the flight school/FBO leasing the plane).

Engine, I'll leave to others; ditto, the shipping.

Let us know more about who you are, what you're doing and all that sort of thing; I'm betting it is fascinating!

Welcome to PoA!

 

[SCCutler]

Here's the best collected leaseback advice around (plus, a fun avatar for this old fart to look at):

http://www.pilotsofamerica.com/forum/showthread.php?t=15708&highlight=jason's+leaseback+advice

 

[AdamZ]

Wow that is a huge order. I'd imagine that the price of doing all of this is going to be through the roof. Can you get the 530 installed in Korea? Anyway I expect that you have considered the costs so to answer your question Zyperhills Engines run by Charlie Melot has a very good reputation. I think this is his site http://www.zephyrengines.com/homepage.htmls

I'm sure others will chime in with Pen Yan and Mattituck. Ironically both Lycoming and Conti are having some good deals on now for factory rebuilds ( I don't think they call it rebuild anymore but you get the idea.

As for avionics shops I'm guessing that your going to have the 530 installed in Korea beucase shipping the plane to the US for the install and back is nuts. There are some good sources just to buy the equipment you can find a bunch on the net but West Coast Avionics and Gulf Coast Avionics usually have pretty good deals.

 

[Trapper John]

That's a big, ambitious project.

If I were thinking about doing such a thing, I would look at what 172 RGs are worth in the U.S. right now (maybe $40k) and subtract the cost of the engine and prop OH ($20-25k), other work it needs ($??) and shipping (guesstimate $5k) to see what it's worth paying for. So unless you're getting the plane for $5k you're probably in a losing situation. There's probably a reason it's been sitting for 8 years and the skeptic in me thinks there's more to it than avgas cost...

 

[Henning]

Why would you put it on leaseback to a club there that won't be able to afford to operate it? The less hours a plane on leaseback flies, the worse it is for you.

 

[Doggtyred]

If its not flying in the club now, dont expect it to get much use on LB with you as the owner (outside of you using it).. the same economics apply.

 

[Dan Thomas]

All the rubber seals in the landing gear retraction system should be replaced. Cessna recommends a five-year interval, but many of these R172/R182/210s don't get that attention until something blows and leaks and the gear won't come down, and at that point the rubber bits start to look pretty cheap.

Dan

 

[sbronson]

Thanks for the links and information.

The lease back will end up helping me more than anything...it's a way for the gov to allow me to use/pay for their hangar, their A&P mechanic, their parts shop, maybe their aircraft insurance, etc. Working those details now.

INeedUnguent was right on target with all of his $$ figures. That was the only way I would buy this. I'll fly her for several years over here and then ship her back when I return to the USA. That way I have a low time engine and avioincs and interior that I want. Seems like a good project for now....I'll let you all know in a few months how I feel.

Thanks for the comments......

 

[flyersfan31]

Just make sure you don't think you're saving any money doing this. An unflown Cutlass in a faraway land without significant GA presence sounds like a money black hole to me. If it were me, I'd just wait to get home and buy a plane then.

 

[steingar]

Or purchase a functional aircraft here and ship it there.

 

[schmookeeg]

I know leasebacks are viewed as the devil, and for very good cause, but as someone mentioned, it's a negotiation.

We will do "guaranteed upside" leasebacks with owners. Meaning we take on every cost, and pay them a (decidedly smaller) amount per hobbs hour flown. There is nothing that says you need to absorb all risks. The devil is in the details.