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WaynePierce
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WaynePierce Rising Star

WaynePierce

Posted
Posted

I just completed a pre-approval form for financing on our next plane... Now I can find out if I can afford it, then I'll have to find it... Looking for a Mooney M20J 201 1980 +/- 5 years with low to mid time engine and ADS-B out. When I called about insurance the person said, "well at least it should go down the second year..." (333 hours PIC but 0 in type) I'll have 10 hours dual and 5 hours solo before I can take my wife with me... No hangar space to be found within a 45 minute drive.

MooneyBob Mentor

MooneyBob

Posted
Posted

Check this out. I have posted it while ago at the Aircraft for sale section. 

 

 

My neighbor at the air park is selling his Mooney as he moved to another plane. His name is Kevin Dey and his email is deycorinc@gmail.com

You can contact him directly  

Here is what he says about the plane:

1982 Mooney J

N1124E 

Asking $95,000

TTAF 2735

TTE  850

NDH

Speed brakes

Long Range Tanks ( all tank resealed month ago)

Stand By Vac, Tanis Heater, Strike Finder

 New prop

New windshield

New biscuits, brakes, tires

Century 32

GNS430

KX155

EI engine monitor

PM1000 intercom

Paint and interior 8

Oil samples last 10 years

 

A7E05859-6AAF-4964-945E-8C591D2BF95A.jpeg

  • 2 weeks later...
Bob - S50 Grand Master

Bob - S50

Posted
Posted

ALWAYS ask what the useful load is.  It will range from under 900 to just over 1000 on a J.

All the 'extras' people add take away from the useful load.  5 pounds here, 10 pounds there, pretty soon your useful load is getting pretty low.

Evaluate whether you would rather have those extras or the weight.  Long range tanks?  I rarely need more than 50 gallons (I'm butt limited not fuel limited).  Storm scope?  Articulating seats?  Speed brakes?  Thick glass?  Backup xxx?  Bose 20 speaker audio (kidding of course)?  If it has an extra that you don't want, and it would save you some weight, can it easily be removed and sold?

All things to keep in mind.

  • Like 1
jonhop Rising Star

jonhop

Posted
Posted
On 7/30/2018 at 5:24 PM, WaynePierce said:

When I called about insurance the person said, "well at least it should go down the second year..." (333 hours PIC but 0 in type) I'll have 10 hours dual and 5 hours solo before I can take my wife with me...

I had less time than you and it was expensive... it did go down quite a bit after the first year and 80 hours. I only needed 5 hours of dual though, so things may have changed. Good luck in your acquisition!

WaynePierce Rising Star

WaynePierce

Posted
  • Author
Posted
On 8/5/2018 at 12:00 PM, Mcstealth said:

A 45 minute plus drive to the closest airfield?

Definitely not, I have 3 within 30 minutes but no hangars are available.

CoffeeCan Collaborator

CoffeeCan

Posted
Posted (edited)

Wayne, as a recent buyer (a 1985 M201K) I can assure you all the things they say about insurance are true, and then some. I paid about $300 more for insurance than I had anticipated, but almost $1K less than some of the other quotes I got from supposedly pilot-friendly organizations (not naming any names, but a national airplane owners association totally sucked, both in their prices and their communications).

I was able to cut my rate significantly by agreeing to 15 hours dual received time. I chose to regard this as a win-win: by taking those hours over 3 days from a former Mooney factory test pilot CFI, I sucked up a vast amount of knowledge about the type and the specific aircraft from a guy who knows Mooneys inside-out, while at the same time lowering my first-year premium. This can only make me a better and safer pilot for the future. 

Edited by CoffeeCan
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  • Thanks 1
M016576 Grand Master

M016576

Posted
Posted (edited)
On 8/16/2018 at 8:24 AM, Bob - S50 said:

ALWAYS ask what the useful load is.  It will range from under 900 to just over 1000 on a J.

All the 'extras' people add take away from the useful load.  5 pounds here, 10 pounds there, pretty soon your useful load is getting pretty low.

Evaluate whether you would rather have those extras or the weight.  Long range tanks?  I rarely need more than 50 gallons (I'm butt limited not fuel limited).  Storm scope?  Articulating seats?  Speed brakes?  Thick glass?  Backup xxx?  Bose 20 speaker audio (kidding of course)?  If it has an extra that you don't want, and it would save you some weight, can it easily be removed and sold?

All things to keep in mind.

Best advice ever.

mooney owners often talk about the speed”... but in many cases- it’s the useful load you really need to be looking at (well.. that... and the speed!)

Edited by M016576
  • Like 1
CoffeeCan Collaborator

CoffeeCan

Posted
Posted
10 hours ago, carusoam said:

CC,

can you share your CFI’s name?

Just wondering....

-a-

 

Sure.  David McGee, at All American in Bulverde, TX. He used to be chief test pilot for the factory in Kerrville. Very interesting guy. 

  • Like 2
DonMuncy Grand Master

DonMuncy

Posted
Posted
4 hours ago, CoffeeCan said:

Sure.  David McGee, at All American in Bulverde, TX. He used to be chief test pilot for the factory in Kerrville. Very interesting guy. 

David is very likeable, knows how to fly Mooneys, and a good instructor. He gave me transition training when I bought my plane, and I consider him a good friend.

  • Like 2
CoffeeCan Collaborator

CoffeeCan

Posted
Posted

Don, I share your opinion of David, and hope to become a good friend with him as well. We're off to a good start, in any case!

WaynePierce Rising Star

WaynePierce

Posted
  • Author
Posted (edited)

I will hopefully be scheduling a pre-buy on a 1985 J Special Edition. It's crazy trying to figure out when to contact whom about what to have all the ducks lined up.. The bank wants insurance proof before they will authorize the loan, the Insurance was high but doable and the only statement that surprised me was 10 dual and 10 solo before passengers. The bank also wants pre-buy information before the will start the process. It seems like everyone wants their stuff first but don't take into account that everything has to happen in a particular order to give everyone what they want!

Has anyone here bought a plane from Jimmy at All American? He seems like quite a guy and very helpful...

 

It looks like quite possibly I'll get to meet David as well. I'll be taking a week off work to come out there and find someone that can spend a couple of days with me for the sign off and since the plane is on the field there...

 

Edited by WaynePierce
jaylw314 Grand Master

jaylw314

Posted
Posted
18 minutes ago, WaynePierce said:

I will hopefully be scheduling a pre-buy on a 1985 J Special Edition. It's crazy trying to figure out when to contact whom about what to have all the ducks lined up.. The bank wants insurance proof before they will authorize the loan, the Insurance was high but doable and the only statement that surprised me was 10 dual and 10 solo before passengers. The bank also wants pre-buy information before the will start the process. It seems like everyone wants their stuff first but don't take into account that everything has to happen in a particular order to give everyone what they want!

Has anyone here bought a plane from Jimmy at All American? He seems like quite a guy and very helpful...

 

It looks like quite possibly I'll get to meet David as well. I'll be taking a week off work to come out there and find someone that can spend a couple of days with me for the sign off and since the plane is on the field there...

That surprises me that the bank wanted insurance info and prebuy info before moving forwards.  I used Pilot Bank in Florida, and they required those as well, but just when they became available, not before moving forwards.  My first year insurance carrier was Starr, and I had about 250 hours but no time in type, and they required 5 dual and 5 solo before passengers.  Insurance cost came down by about $1000 after the first year, another $300 or so after my IFR ticket.

I did buy my aircraft from AAA and worked with Jimmy and David.  While they are essentially used car salesmen by trade (if knowledgeable and agreeable ones), they were dependable and provided no surprises.  I had some headaches trying to buy other Mooney's in the preceding 1-2 years from individuals, but everything went off without any significant hitch with AAA.  In retrospect, I regret not having been able to meet them in person, but work got in the way and I had a friend pick up the plane.

WaynePierce Rising Star

WaynePierce

Posted
  • Author
Posted
6 minutes ago, jaylw314 said:

That surprises me that the bank wanted insurance info and prebuy info before moving forwards.  I used Pilot Bank in Florida, and they required those as well, but just when they became available, not before moving forwards.  My first year insurance carrier was Starr, and I had about 250 hours but no time in type, and they required 5 dual and 5 solo before passengers.  Insurance cost came down by about $1000 after the first year, another $300 or so after my IFR ticket.

I did buy my aircraft from AAA and worked with Jimmy and David.  While they are essentially used car salesmen by trade (if knowledgeable and agreeable ones), they were dependable and provided no surprises.  I had some headaches trying to buy other Mooney's in the preceding 1-2 years from individuals, but everything went off without any significant hitch with AAA.  In retrospect, I regret not having been able to meet them in person, but work got in the way and I had a friend pick up the plane.

I will probably go with Falcon, so far they've given the best price. When I contacted AOPA insurance they first quote they got back while I was still on the phone even choked the lady I was talking with! :-) The one thing they're quote surprised me on was it said I was over insuring the plane by 30% but on vRef the plane is valued at more than the asking price and my insureance request was for only a couple thousand more that the price of the plane.

b65cuda Enthusiast

b65cuda

Posted
Posted (edited)

I got quotes from all the insurance companies and got really high prices. Someone recommended Tom Johnson of Airpower insurance in Phoenix and every year I have paid between 900-1200. When I first got the plane 7 years ago it was 1200 with 60 something hours zero retract or time in mooneys. I just did my transition training in 3.5 hours. Maybe another 2 flying around california, then 9 hours or so to TX. By the time I got to Texas I was able to carry pax, so it was probably 10 or 15 hr requirement. Hull value was probably much lower than yours at about 60k. And while plugging companies... US Aircraft Finance was about the only company that wanted to finance a 1967 aircraft, reasonable rates and terms, and pretty much walked me through the entire purchase like a realtor would, just over phone, email, etc.

Edited by b65cuda
gsxrpilot Grand Master

gsxrpilot

Posted
Posted

There are a lot of us flying Mooney's we bought from Jimmy and David at AllAmerican. They have a very long and positive reputation in the Mooney world. They typically price their Mooneys very close to what they'll sell for. And they move a lot of airplanes through their hangar at Kestrel just north of San Antonio. I bought my first Mooney from them and wouldn't hesitate to buy another one from them. They're good people.

  • Like 2
Skates97 Grand Master

Skates97

Posted
Posted
6 hours ago, b65cuda said:

And while plugging companies... US Aircraft Finance was about the only company that wanted to finance a 1967 aircraft, reasonable rates and terms, and pretty much walked me through the entire purchase like a realtor would, just over phone, email, etc.

I used them for the 1965 I bought. They were great, made everything as easy as can be. 

rainman Experienced

rainman

Posted
Posted

Bob Cabe is a San Antonio based Mooney transition instructor. I used him and was very pleased with the instruction. He is well known in this area. His number is 210-289-5375. He's somewhat sought after so call him as far in advance as possible.

carusoam Grand Master

carusoam

Posted
Posted
On 8/23/2018 at 5:51 PM, WaynePierce said:

I will hopefully be scheduling a pre-buy on a 1985 J Special Edition. It's crazy trying to figure out when to contact whom about what to have all the ducks lined up.. The bank wants insurance proof before they will authorize the loan, the Insurance was high but doable and the only statement that surprised me was 10 dual and 10 solo before passengers. The bank also wants pre-buy information before the will start the process. It seems like everyone wants their stuff first but don't take into account that everything has to happen in a particular order to give everyone what they want!

Has anyone here bought a plane from Jimmy at All American? He seems like quite a guy and very helpful...

 

It looks like quite possibly I'll get to meet David as well. I'll be taking a week off work to come out there and find someone that can spend a couple of days with me for the sign off and since the plane is on the field there...

 

David is an experienced customer service kind of guy...

He will help you get all your ducks in a row...

He has done this transaction so many times, he knows where and when you will fall down...

He even gives you fair warning on how it will happen...  and gives you hand getting you back on your feet....

 

A few docs need to go back and forth related to aircraft finance... David can handle that with aplomb...

another set for insurance...

a few more for registration...

Need a place to stay..?

 

Getting the Aircraft delivered for a PPI and back...  David made that happen as well...

Setting up my transition training... another great recommendation...

My job was to carry a pink piece of paper that i received in the mail.

David said, don’t forget to bring the pink piece of paper with you.... (I got it!)

PPI done, financing done, Insurance done, Transition training underway...

David says to me... let’s put that pink piece of paper where it belongs...

Nothing makes you feel more human than leaving your pink piece of paper about 900 nm away from where you want it to be... :)

I brought everything else....  :)

Buying machinery actually takes quite a bit of effort... the more used it is, the more effort it takes...

There is nothing like the team of Jimmy and David to make the sale (or transition of ownership) of a Mooney go as smoothly as possible...

That was my experience from buying my O.  David first help me understand many of these details while I was looking for my C...

Take good notes, put everything including your pink piece of paper in a briefcase (or equivalent), remember to take it with you...

Fun stuff!

Best regards,

-a-

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