Another one

[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

[Chewie von Nubbins]

Thanks for the thread Joe. There are literally dozens of threads just like yours and people at your same very age that are doing the same thing. So, you are not alone. Lately, there have been quite a few mid-30's guys wanting to make the move.

As far as buying a plane, there are a couple of people on here that love the idea of buying a plane and living in the hanger with it. But, I personally don't believe that it makes much sense...especially when you are just starting out and getting your ratings. Maybe once you get your private and have around 100 TT, it might make sense then if you are one that changes the brakes and oil in you car and are the over-the-top "handy" type of guy. But, by cutting your teeth and renting through your PPL and Instrument rating, you can learn A LOT about what to look for in choosing to even take the plane out to fly for a lesson.

There was a thread about buying a plane and doing the same thing that you are purposing here, a few weeks ago. Try the search function to track it down. Almost all aspects of buying a plane to train in was definitely covered in that thread. Think it was something like VFR or IFR plane buying. Something like that.

At any rate, best of luck to you man. Keep us informed in your progress and DEFINITELY ask questions. This is the place to do it!

[skidz]

Originally Posted by 38bat

Okay- Here is the scenario. I have 6 months and +/-50k to complete my flight training.

and this is exactly what you should be doing. I think 50k is enough to get you ready for that first flying job whether it be cfi or something else. Get the ball rolling and things will happen, don't worry about buying the plane because the same price will get you 200+ hours which is enough for commercial certificate.

[mooneyguy]

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!

[38bat]

Running two threads here but thanks to all for the help it is REALLY appreciated. Here is a little more info!

WOW! Thanks for all the help! To add a littlie info. The schedule of the 90 day atp is too much for me and my family(I am a Dad first). The plane I have been looking at is a nice older IFR 172 with 200 hrs since a major. Money is not flowing but I can afford to pay for a complete overhaul if needed and expenses on a monthly basis. I am leaning towards buying because: A: I hate renting things B: I hate having to schedule C: I would like to be able to take my family on outings and not worry about when I get the plane back. D: Hopefully I would be able to sell it after training(if I wanted to, don't need to) and recoup SOME of my cost coming out ahead of renting. So, does that change anything? My idea was to work full time on my timebuilding and ratings, trying to fly 100hrs a month. I am a hard worker and tend to go 100% towards these types of things. Thought being that I would have 500+hrs total time and my ratings and would try to do 100 hrs additional multi thus making me employable at least. I say six months but have really budgeted a year. Thanks for all the help, what a great forum!

[LoadMasterC141]

Welcome aboard sir.

6 months may be pushing it a little, but it is good to see you have the dough up front.

I had initially planned 6 months for to finish my PPL(Already had 40 hours over a 15yr period), get my IFR, and do the CSEL. It is going to take 9 months. Life gets in the way when you have a family and full time job. It just does.
I have been sent on business travel more than usual this year. Been sick. Planes have been down. The weather was atrocious. Many other reasons.


From there, I plan to leave my current job and finish the Multi and CFI ratings in 1-2 months.

[mooneyguy]

Originally Posted by 38bat

Running two threads here but thanks to all for the help it is REALLY appreciated. Here is a little more info!

WOW! Thanks for all the help! To add a littlie info. The schedule of the 90 day atp is too much for me and my family(I am a Dad first). The plane I have been looking at is a nice older IFR 172 with 200 hrs since a major. Money is not flowing but I can afford to pay for a complete overhaul if needed and expenses on a monthly basis. I am leaning towards buying because: A: I hate renting things B: I hate having to schedule C: I would like to be able to take my family on outings and not worry about when I get the plane back. D: Hopefully I would be able to sell it after training(if I wanted to, don't need to) and recoup SOME of my cost coming out ahead of renting. So, does that change anything? My idea was to work full time on my timebuilding and ratings, trying to fly 100hrs a month. I am a hard worker and tend to go 100% towards these types of things. Thought being that I would have 500+hrs total time and my ratings and would try to do 100 hrs additional multi thus making me employable at least. I say six months but have really budgeted a year. Thanks for all the help, what a great forum!

I understand how you feel! Just be prepared! It is a Money Pit! Also, you will need to find an a&p who will be willing to let you "work with them on the plane" teach you basic MX oil changes etc...things owners can do themselves legally!
As for the plane...I would still recommend broading your search! A cherokee 150/160 will be a better value then a 172!

If you are an aopa member they have a great section for buyers, that give great advice...if your not...here is another tip...when you join, they give you a choice on what magazine you want. aopa pilot or aopa training, if you choose training, membership is only $29...well worth it!

MAKE SURE WHATEVER YOU BUY>>>GET A GOOD PREBUY INSPECTION, by your A&P not theirs!
what part of the country you in? Anything else you have ???'s on just ask!