Finally - Its About Time...

[Nemesis]

February 4, 2011

About 16 months ago, the deal that I was working on to buy my first airplane fell through. It was a nice K model and was about top of the market at that time. It was a huge let down and I was no longer in the mood to search.

I got my Instrument rating in Nov 2009 and as 2010 started rolling along, I wanted to stretch my legs. I have a few sources for 182s and turbo 182s of brand C. They were ok but as with any rental, they are expensive and I could only keep them for short periods of time. So, in the summer I started looking again. This time I figured that almost any turbo Mooney would do (I am in Colorado and I like the comfort of flying OVER the mountains rather than through the mountains.)

Starting with a small budget this time (50 or 60 grand) I started looking for Es or Fs with an STCed turbo. Some of you may remember that back in Dec I went to Cole Aviation to do a pre-buy on an E model. I never actually saw the airplane and after a couple of days, I went home. About 3 minutes after Joey Cole saw the airplane, he knew that it was poorly represented not what I was looking for. Crapped out again but I was not as disappointed this time like before. I kept looking.

I had seen N231NF a few times on Controller and other such sites but it was in the 80 to 90 grand range; more than I had thought about spending this time but certainly not bad for a K model if it was in decent condition. After some phone calls and a week of thought, sure, why not go take a look at it - after all, a 231 is what I was going for in the first place. Using Jimmy Garrison's articles as a guide, I calc'ed the value a few AMUs less than the asking price. I made an offer several thousand less than that and the next day the offer was accepted - pending a pre-buy at a qualified shop.

The full story is, I was looking at a total of 3 231s that were on the lower end of the market but if they checked out ok, each might have reasonable value given the asking prices. I was already in California so I went to look at one there. It had a run out engine that the owner said was still going pretty strong only adding a bit of oil between changes. It was tired looking but surprisingly it actually seemed ok and the price was low low low. If it were corrosion free, and if I could get a couple of years out of the engine, maybe I could make it work and clean it up and upgrade as time went along. The second had a mid-time engine, new paint and interior, a bit of wing damage 3 years ago, similar tired panel as the first, and it was 20 grand more. N231NF has original paint, updated leather interior, mid-time engine, new tanks from Willmar, nothing earth shattering - pretty much a stock 231 with a few upgrades. Given how I would like to have my own machine equipped and assigning values to the changes, I could not find more than $1,000 difference between #2 and N231NF. In the end, I only went to Minnesota because 1NF has an IFR GPS - a KLN-89B. Not a fancy WASS GPS but certainly a capable non-precision unit similar to the KLN-94 without color (I used a KLN-94 during my IFR training.)

I went to Minneapolis on Monday, just in time for this latest round of weather. Tim from Willmar Sales and Bruce Jaeger picked me up at the airport and off we went to Flying Cloud to take a look. At first glance the original paint is still very shiny with a few dings of course from 31 years of service - either a very good recent wax job or it has been indoors most of it's life. The leather is in good shape after 7 years but could use some conditioning. We found a loose cowl flap but nothing disqualifying after a good walk around. The plan was to fly it to Willmar where Bruce lives and stay there for the night, That would serve as the evaluation flight. The weather was bad but after a couple of hours and a few favorable pilot reports, Bruce and I headed to Willmar in IMC. The flight was uneventful and most everything checked out very well - radios, HSI, GPS, panel gauges, electric trim, and even the Century 41 glide slope coupled right on time and guided us to a 300 foot approach. Only a couple of squawks but nothing to write home about - except that the damn throttle would not stay locked down above 30". Fine for cruise but a real pain in the ass for takeoff.

Tuesday and Bruce and I head out for some air work, sort of an extended evaluation but also building time for the 5 hours of dual that the insurance company wants. Hell, I haven't even committed to buy yet because of the pre-buy, but looking back, I think that speaks volumes about the confidence that Tim and Bruce have in this airplane and also about how generous they are with their time. The weather is cold with some wind but it is getting pretty clear. Not at all like Chicago that day. Stalls, slow flight, steep turns - this thing handles really well and trims virtually perfect hands off. Bruce asks if I am going to get my Commercial. I knew what he meant and I appreciated the question/comment very much. He says to head for that column of rising steam (in the 10 dF temperatures.) The approach to the Benson airport is through the steam rising from a power plant a half mile from the runway. I cleared the steam over the top but there is a snow plow on the runway. After a couple of laps around the track the runway is clear for landing. I have only landed a Mooney twice, once in Willmar and once in Benson, both were on speed and both were squeakers. I am thinking a good omen for the future or maybe the patchy snow and ice had something to do with it.

We meet up with Jason Doscher for the pre-buy. He was at Willmar for many years and now has his own shop. Into the shop and off comes the cowl for a compression test while the engine is warm. 1 cylinder is at 63/80 and the others in the high 60s and low 70s. That will do for a mid time engine. I know the turbo charged engines wear a bit and might need some help to get to TBO. Jason wheels out the jacks and starts tearing off panels. He points out every little thing he can find and answers every question with knowledge and experience. Like so many, it needs shock discs. The mags have more than 600 hours on them. Then a surprise, there is a small leak around the shaft of the fuel pump. Not going anywhere in this airplane until that is fixed given that it is right above the exhaust manifold. What - a no back clutch spring with 1600 hours on it? Ok, there are a few extra things to fix now, do I want the airplane? Looking at the estimate for repairs, I offer $4000 less. Given the whole of the inspection, including a full SB-208 for corrosion, rear wing bolts and inside the tubes, behind the interior panels and wing panels, the entire tail section and tail cone, full landing gear check, microscopic view of the engine and compartment, the inspection was pretty clean. My new offer is accepted and I am airplane owner - except that I don't have it yet. In the end, when I go and pick it up in a couple of weeks, I will have a fresh annual done by a fine mechanic and everything will be in excellent condition for the next several years - I hope. Don't forget to tighten that collet mechanism on the damn throttle.

I think I am going to have Jason put on a Merlyn wastegate also. The only other thing that I want in short order is a JPI engine monitor. With those things done everything will be fine - until I want the next thing.

Now, where do I have to go for a case of oil and a can of tri-flow?
That's my story and I am sticking to it.

Dave
KFTG (formerly of KAPA)

[flight2000]

Congrats Dave. Looks like you really crossed all of your T's and dotted the I's.

Now, if you can keep the "while you're in there" syndrome from creeping in on you, you'll be out enjoying the new bird in no time with at least some spare change for fuel.  

Nice looking airplane too!!  Love the seats and they look comfortable.

Brian

[sleepingsquirrel]

Hi, 

I enjoyed your post. It sounds like you knew exactly what you wanted and had others who understood that to help cull some non contenders. Since there is no such thing as the perfect machine, compromise is an important art (which it seems you understand very well). I'm betting you will treat this thing like a new bride and fly the ears off of her. Just don't tease her too much. My first landings were my best because I used the numbers given to me. Little experiments with attitude and speed yielded knowledge, knowledge of what NOT to do. There is nothing like getting what you want at the right price. I'm loving the challange offered by my OLD Mooney. Just slippery enough for an old guy like me! I wondered if buying a plane is like what they say about buying a boat? "The two happiest days of a boat owners life are , the day he bought it and the day he sells it."

Just enjoy all the days in between!

By the way I understand what a compliment your check pilot gave you, mine asked me "if I knew how to fly".

[Parker_Woodruff]

I've been dealing with Tim Lundquist on some insurance stuff.  He's a great guy to work with and Willmar is very professional.

[Nemesis]

Quote: flight2000

Congrats Dave. Looks like you really crossed all of your T's and dotted the I's.

Now, if you can keep the "while you're in there" syndrome from creeping in on you, you'll be out enjoying the new bird in no time with at least some spare change for fuel.  

Nice looking airplane too!!  Love the seats and they look comfortable.

Brian

[fantom]

Sounds like a great experience...and Willmer is tops. Congrats!

Are you having them install a new no-back clutch spring? Most everything else you mentioned is a must do, the spring however.....

[skyking]

As yes....the old "while you are in there syndrome"

I have never had just an annual for that very reason.

This year it is a new panel and paint.

If my wife asks any of you the annual, paint and panel cost about 5 grand OK?????  LOL

 

[AustinChurch]

Congrats Dave on finding your bird!  It definitely pays to do your homework and shop around as you did.  Best wishes with her!!!

[carusoam]

"If my wife asks any of you the annual, paint and panel cost about 5 grand OK?????  LOL" Russ

Russ,

Have you been hanging out with the squirrel?

-a-

[skyking]

Nope. I learned long ago if the wife ever finds out how much our toys cost they want equal spending!