Scenerio: M20K 231 79 model 2500tt 200sfoh 200 spoh
I have been reading as many forum posts as I can over the past few weeks on others pre-purchase decision process and the great advice that has been given. Even with all this knowledge I can't reach a decision on if I should purchase a known basket case in need of some TLC.
About me, 100 hour pilot not in a hurry to buy a plane and am ok with buying one that needs work and probably won't be flying for a few months while its being repaired/upgraded.
Ok so now to the result of an inspection on the plane by a Mooney service center.
Landing gear retract/extend rods boots torn (Left and Right)
Left and right landing gear trusses have excessive rust/corrosion.
Oil leak at base of starter.
Paint and Interior are factory original. Needs paint but airframe seems solid and normal for the age. Some moderate surface corrosion that would be resolved with full strip and paint. Interior is as expected for a plane of this age.
Both tanks need to be resealed though a patch is what the pre-buy seemed to indicate. (From my reading if I picked this one up I would plan on the $9k for the tank reseal.)
The SB wasn't complied with before the LB1 engine was installed.
Logs appear to match the plane and are up to date. All annuals are documented with no abnormal findings. No reported damage and no signs of damage or incorrect body repairs noted during the prebuy.
All avionics are original but functioning.
Would you buy this one at $50k and fix it up or pass and continue the search?
As a side not in all my Mooney research on the site I discovered I went to high school with the son of one of the more active Mooney owners on this site, small world...
