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Originally Posted by 38bat  I am a 34 year old coming from Real estate finance/development. I have a wife and two small kids. Looking forward to a change of pace. As far as training goes, here is what I posted in the general forum, feel free to comment here also! Thanks!
Okay- Here is the scenario. I have 6 months and +/-50k to complete my flight training. I was considering Ari-Ben but then A housing situation fell in my lap that I couldn't pass up so I will be moving to Pensacola area and working with an FBO there. I have a wife and two kids and am prepared to spend around 50k and will have all expenses pre-paid for 6 months without needing to work or get a loan. I almost have my ppl(about 10hrs to go). My question is, within that budget(50k) I was thinking of trying to buy a 172 type plane to time build/train in. I think I can get an older 172 IFR for under 35k. Question becomes, is this a feasable idea assuming I buy the plane right? If so, does this make financial sense? As far as mulit time I realize I would still need to pay for that. Other question is if I buy the plane is 15k enough to take me through ATP if I have an airplane that is paid for? THanks in advance for your responses, not sure if I posted this in the right area so maybe I will post elsewhere also. Thanks! JOE    |
Welcome. Before you run out and buy a plane, let me first say really investigate whats available in your area! I have owned 3 planes. The one im a partner in right now is a mooney, however I dont have it right now because my partner decided to try and land it w/o the wheels!
But some of the things to concider. How much will a freelance CFI cost you, and how many are available. How much will the plane cost? fuel per hour in a 172 is what lets say 9 gals hr @ $4.50 gal(local) oil change every 25 hours oil is $5QT X 6QT's if you do it yourself its not to bad pay someones else, about $100.
Insurance not a lot of difference really because even as a renter you will want insurance! What about an annual figure about 1K (without a lot of issues). What im saying is there is a lot of work to owning. I'm renting now and I started doing the math and found I am paying less right now renting then owning! If you are going to fly more then 20 hours a month then look into it! but also dont sell yourself short on a 172. There are much better bargains out there. A grumman two seater with IFR equip can be had for somewhere in the 20k's
a nice 172 will cost you more then 40K prob closer to 55K
if you can swing going full time to school (If i could afford it) I would check out ATP. Im doing it the old fashioned way, local fbo!
Sorry im sure there are many typos, but Im late to get out of here. I just wanted to give you a quick reply! If you have any q's at all dont hesitate. Would be happy to help!