Hello all,
I have the opportunity to buy into a 1979 Mooney 231. The bird is in what I would call fair to good shape. Older paint and interior but both are ok other then some cracking on the front of the cowl. The airplane just came out of annual and a new ifr certification. All compressions look good and the oil analysis was clean. Talked to the A/P that did the annual he has no major issues. The engine and prop are both mid to high time at about 1300 hours.
1979 231 with intercooler
1300 hours on engine and prop
garmin 480 and mx20
xm wx, and music
JPI 700
O2
Know issues
fuel tanks will need a strip and seal soon
no ADS/B
So the price for my quarter share would be $15,000. The plan is to have a flat fee per month for hanger, insurance, annual and data subscription of about $250 and a charge of $50 an hour to the MX fund.
The current owner no longer can fly alone (age) but doesn't want to give up his bird so he is offering 3 of us the quarter shares. We do have the right to buy his share when he no longer wants it.
So yes? No?
Comments? Any advice would be appreciated, I am currently renting a SR22 from a flying club at $249 and hour wet.
Thanks all,
DavidA