Partner wanted in NYC area

[Ben E.]

Hi Guys:

I'm ready to purchase a M20J to be based at Caldwell Airport in Fairfield, NJ (CDW).  I live in the city and CDW seems to be the quickest airport to get to.  It's also where I did my training, and I've always thought it was a good airport.  I'm looking at planes around $125k.  The most important thing for me is a strong, lower time engine, 2 axis autopilot, a good GPS, and bladders.  It will need to be IFR certified.  I want to take on a partner for this purchase.  If you think you may be interested please let me know.  I would want to purchase as soon as possible, provided we found the right plane.  

About me:  I have about 100 hours and a complex rating.  I'm halfway through my instrument rating and expect to have that finished within a month or so.

- Ben 

Edited February 3, 2017 by Ben E.

[carusoam]

Hey Ben, welcome aboard.

One of our MS city dwellers uses Linden as his home drome.  Others go north to Westchester county.

It may help if you say what you are looking for in a little more detail.

We have an MSer that uses Caldwell, but doesn't seem to be there that much...

How will you get to KCDW from NYC?

Best regard,

-a-

Edited February 3, 2017 by carusoam

[Ben E.]

Thanks for the response.  I have a car, so I drive to KCDW regularly and currently rent from Airfleet Training (where I did my private and am currently doing my instrument rating).  KCDW is the shortest drive for me, and I like that it's a towered field with multiple runways, has decent spacing from the bravo, and has relatively reasonable tiedown/hanger costs.  I'm looking to create a two (possibly open to three) person partnership that will acquire a M20J with a relatively recently overhauled engine, properly functioning 2-axis autopilot tied to a WAAS GPS (430W or better), bladders or possibly resealed tanks, a nice exterior and interior, probably an engine monitor, and preferably an ADS in/out and backup attitude indicator already installed.  My partner and I would share fixed costs through a monthly fixed fee and then pay an hourly fee that would go into reserves for engine overhauls and other time based maintenance needs.  I don't want to try to buy the cheapest M20J there is, I'd rather buy something that has everything we want/need and is in great shape as to minimize future upgrade expenses and hopefully reduce the surprise expenses.  I would rather use the bank's money instead of mine so my partner would need to be on board with getting financing since the finance company will file a lien.  Typically I fly for a few hours on the weekend for a $100 hamburger, with the occasional weekend trip (to ski mostly) and maybe 1 or 2 week long trips per year.  My ideal partner would have similar usage needs.  

I'm also open to partnering with someone at a field near to NYC that already has a M20J or possibly a newer model and would like to take on a partner to reduce costs.  But like I said above, I don't want to use my cash for my share when I can get financing in the 4% interest range, so I would have to find a way to do it with financing, like becoming a co-borrower on an existing loan or doing a refinance where we'd get a new loan with both owners as borrowers.  

[carusoam]

To aid your comparison shopping...

These guys specialize in Mooney resales...

http://www.allamericanaircraft.com/default.htm

Compare your budget to their inventory.  It may help in your selection process.  MS members often list their planes in the for sale section...

Winter is a slow period for plane sales.

Interest rates are low, and heading higher.

Competition of a few buyers is starting to rise. They often show up at MS on the weekends asking questions about specific planes.

Be familiar with the PPI process.

Some people search for a year to find the right plane.

Good luck with your search.

Best regards,

-a-

 

[Ben E.]

Thank you.  I've been looking for close to a year now, so I'm pretty familiar with what you can get based on price.  I actually put an offer on a M20J in August, but got outbid by a few thousand.  Test flew another one before that.  That plane was recently in an accident due to loss of engine power.  Glad I didn't get that one (N201EU).  I plan to buy on my own by mid spring if I can't find a partner, but thought it was be nice to cut costs and have a potential flying buddy.  

[JT]

Hey Ben- Give me a call. 917 301 1935. Jim