Heading to North Dakota on Friday

What's on the flight-test card?
 
wabower said:
What's on the flight-test card?
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We'll see how straight it flies. It doesn't have any damage history so that shouldn't be an issue. Stalls, slow flight, steep turns, checking for AP function, I'm taking an optical tach with me so I can be sure it reads true, basically just going through all the systems to make sure it all appears to be functioning correctly. I'd like to shoot a coupled approach with the KFC200, and check out the ADF (they tell me it works) There really won't be a good way to test the stormscope unless there is wx about. I'd like to do an emergency extension of the gear with the CFI on board so I can see what thats all about.
 
Congratulations, David! Nice looking airplane (even if it is a low wing...;-).
 
Wow. Impressive. Congrats.

I'd normally make a comment referring to how a fast bird makes the world smaller, but you've done some impressive traveling in the 172 already !

(very jealous, I am)
 
Damage history is no guarantee of a plane flying straight. The 310 was geared up - it's beautiful to fly. The replacement T310R for the previous owner of the 310 I don't believe has damage history. It flies crooked.

For the KFC200, check all its basic functions. If it has GPSS, let it fly a full GPS approach (preferably LPV) with a hold. Watch the magic. Do an ILS coupled as well. Remember you must intercept the GS from below or it won't couple. It would be good to make sure whoever's with you is familiar with KFC200 operations, given your inexperience with autopilots.

Stalls in the Mooney are beautiful, at least in my opinion. I never understood the complaints.

They are difficult planes to do a greaser landing in, but you will get the hang of it quickly.
 
if i'm motivated in the morning i can be out of work as early as 3:30 or 4 PM. there is an outside chance i'll be doing a flight review at 3:30 on tuesday but nothing is set in stone yet.
 
I'm jealous. Congrats and good flying.
 
Very cool David. I've been watching your progress on here like many others and you're living the aviation dream. Beautiful plane, I hope the prebuy goes well for you. Have fun.
 
Dear David,

You suck! ;)

And, welcome to the club of Mooniacs... They're wonderful airplanes, and I consider myself very lucky to have the privilege of being the temporary caretaker of one. In fact, I'm liking it so much I may have to go with a Mooney as my long-term dream/goal aircraft instead of a Twin Comanche - This one, with the built-in O2, allows me to climb high enough (weather allowing, of course) to get over Lake Michigan while remaining within gliding distance to shore at all times. If I had one with a turbo to help me get up there, I don't think I'd need a second fan to get a reasonably equivalent level of safety, and the efficiency is sure nice!
 
Looks like a cream puff of a plane. New paint, interior, rebuilt engine and a 430W in the panel -- that's exactly like a 1970's C-182 that I tried to buy last summer, but no deal when it came to the price.

Does the plane qualify as an "antique" for the purpose of the required markings of the N number? I'm guessing it must, since the markings appear to be shorter than 12" and the spacing less than 1/4 of the letter width.
 
NoHeat said:
Does the plane qualify as an "antique" for the purpose of the required markings of the N number? I'm guessing it must, since the markings appear to be shorter than 12" and the spacing less than 1/4 of the letter width.
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To be honest I have no idea. I'm definitely going to look into it though. It's a 1981, do you know what the cutoff date is?
 
Here's a better picture of the N number. they look bigger than 12" but the spacing isnt there.

IMG_0688.JPG
 
I see on flightaware that it's owned by a bank, and a previous owner was in Florida. Just curious if it was repossessed -- if that's why it's being sold so few hours after being renovated.
 
In the airplane business, repo is a four-letter word. caveat emptor
 
I guess the come-back question is when has a repo of any asset ever been viewed as a positive? When you hear that term, is your immediate reaction positive? What is your initial reaction as to the price you would be willing to pay compared to others without the stigma?

The underlying event itself results in devaluation of the asset, both in the current transaction and possibly those in the future since the registry will always reflect the bank's ownership after the foreclosure.

Price, terms, marketability, condition, history and restrictions on terms are the big items that come to mind. There's no reason to go into great detail on each of the issues, but if I were to purchase such a plane, I'd include a pre-buy at Maxwell or similar Mooney specialist as part of the offer. I'd want it done on their shop floor so they would be able to fine-tooth it to separate the wheat from the chaff insofar as the alleged work that has been done.
EppyGA said:
Wayne, what specifically makes it that?
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EppyGA said:
Wayne, what specifically makes it that?
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Well, count the letters:

R
E
P
O

I count 4. ;)

The bigger question is: why was it repo'd? The reason ends up being because someone couldn't afford the plane. If (s)he couldn't afford the plane, (s)he likely wasn't flying it or maintaining it. So now you have a plane that's been sitting, who knows what level of maintenance or use, and who knows if the person may have deliberately done something to try to screw over the bank. It does lower the value.

That said, I like projects, so for me that's not a deterrent - just a bargaining chip.
 
When hard times hits an owner, he immediately defers maintainence. You can run through the entire value of an a/c with maintainence deferrals. If he'll sell it for the value of the dataplate, that's another matter.

R-E-P-O is a dirty word, indeed.
 
And one you can expect to be played by the guy who buys it from you.

Ted DuPuis said:
Well, count the letters:

R
E
P
O

I count 4. ;)

The bigger question is: why was it repo'd? The reason ends up being because someone couldn't afford the plane. If (s)he couldn't afford the plane, (s)he likely wasn't flying it or maintaining it. So now you have a plane that's been sitting, who knows what level of maintenance or use, and who knows if the person may have deliberately done something to try to screw over the bank. It does lower the value.

That said, I like projects, so for me that's not a deterrent - just a bargaining chip.
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I dont know anything about this particular plane, I do know the people at the bank and how they deal with the repos. For one, it is a small outfit, the president of the bank, the loan officer and one secretary who deal with the aircraft loans. They are pretty quick in taking planes back if the payments stop, once he has them back up here, he has folks who store and maintain them at the rural airports and some private strips. The repos I have seen come through had no unusual issues related to the repossession status of the planes, one of them (a 310) the bank president flew for his own business travel until it sold. This is not like the CFC auctions where you buy a 'pig in a poke', you can bring in your mechanic to inspect the plane, make the purchase conditional etc. just like any other aircraft sales transaction.

Now, if David had told me when he comes into town, I could have left him keys for my airport car with the gal at the airport candy-stand ( I hear the some 'smooth talkin texas lawyer' vouches for him being a good kid).
 
The bank has owned it for almost a year, they did a BIIIIIIIIG annual in April, since it had sat they did a top overhaul. It sounds like they have been taking good care of it (and they have kept it flying) since. We are assured there is no corrosion, although I will see for myself tomorrow. My mechanic was really impressed by talking to the mechanic who has been taking care of it.
 
They seem like good small town folks. The secretary is gonna let me stay in one of the extra rooms at her house while I'm there. They also have offered me a vehicle if I want it.
 
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weilke said:
I dont know anything about this particular plane, I do know the people at the bank and how they deal with the repos. For one, it is a small outfit, the president of the bank, the loan officer and one secretary who deal with the aircraft loans. They are pretty quick in taking planes back if the payments stop, once he has them back up here, he has folks who store and maintain them at the rural airports and some private strips. The repos I have seen come through had no unusual issues related to the repossession status of the planes, one of them (a 310) the bank president flew for his own business travel until it sold. This is not like the CFC auctions where you buy a 'pig in a poke', you can bring in your mechanic to inspect the plane, make the purchase conditional etc. just like any other aircraft sales transaction.

Now, if David had told me when he comes into town, I could have left him keys for my airport car with the gal at the airport candy-stand ( I hear the some 'smooth talkin texas lawyer' vouches for him being a good kid).
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Are you in Hillsboro?
 
And there's a reason that bookies adjust the odds for home games vs road games.

weilke said:
I dont know anything about this particular plane, I do know the people at the bank and how they deal with the repos. For one, it is a small outfit, the president of the bank, the loan officer and one secretary who deal with the aircraft loans. They are pretty quick in taking planes back if the payments stop, once he has them back up here, he has folks who store and maintain them at the rural airports and some private strips. The repos I have seen come through had no unusual issues related to the repossession status of the planes, one of them (a 310) the bank president flew for his own business travel until it sold. This is not like the CFC auctions where you buy a 'pig in a poke', you can bring in your mechanic to inspect the plane, make the purchase conditional etc. just like any other aircraft sales transaction.

Now, if David had told me when he comes into town, I could have left him keys for my airport car with the gal at the airport candy-stand ( I hear the some 'smooth talkin texas lawyer' vouches for him being a good kid).
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DavidWhite said:
They seem like good small folks. The secretary is gonna let me stay in one of the extra rooms at her house while I'm there. They also have offered me a vehicle if I want it.
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Lol, I think you wanted to say 'small town folks'. None of the norwegians around here are 'small' :D .
The car is probably another repo.....
 
Who is inspecting the plane for you ? You dont want him to be impressed, you want him to be nitpicky.
 
My mechanic. He is flying up on Sunday - he is very nitpicky, but said that the mechanic who has been taking care of it has done pretty much everything he would do on an airplane like this.
 
wabower said:
In the airplane business, repo is a four-letter word. caveat emptor
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A few years ago, lots of high-performance singles were repossessed in Florida and other states that had a property boom that turned into a bust. I know somebody who bought an older Cirrus that was repossessed in California, and he's happy with it.

I looked at a single, an early 2000's SR22 from Key West that was repossessed (property developer went bust). The story sounded similar to that of the Mooney David is viewing. The plane sat for over a year without an annual, probably while the owner's business collapsed and he struggled to make payments. Then he couldn't. The bank (a small-time midwest operation that specializes in aircraft loans, but not the one in North Dakota) took it over, did an engine overhaul and fixed stuff (like minor corrosion, because it had been sitting in a seaside Florida airport), and the bank president flew it around for a while before putting it on the market. The president of the little bank showed it to me, and when I asked about the significance of repos, he said that he had a good relation with the former owner, who continues to answer any questions he has about the plane, and the president stressed that just because somebody can't pay his bills doesn't make him a bad person. The plane was listed at a discount price, perhaps reflecting the repo status (and time spent out of annual).
 
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AFAIK this airplane was never out of annual, but it was repoed fairly quickly after its second to last one, and then it sat for 10ish months.
 
How many Mooneys does he currently maintain?

DavidWhite said:
My mechanic. He is flying up on Sunday - he is very nitpicky, but said that the mechanic who has been taking care of it has done pretty much everything he would do on an airplane like this.
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