May have extra $ leftover from rebuild loan - what to do?

[TheLachlan]

Has to be from a licensed appraiser. Someone suggested Ron Herold and I did talk to him but he is unable to assist until November.  I called Cynthia at Van Bortels who I have dealt with in the past when we where plane shopping and Randall there had a guys card from DFW that does appraisals. Just got off the phone with him and he agreed to do it for $495, I feel much better about that. His name is Tracy Ligon.

[TheLachlan]

[TheLachlan]

Update: Does not look like we will be spending extra money into it besides me taking out and painting plastics. I attached some pictures of that, came out fairly well for the amount of money spent on it, the shop is letting me take them out and reinstall them myself and work on it while its in their shop so thats nice.

Engine is complete and should arrive this week yet I hope, hopefully all is ready to go flying in about 2 weeks give or take.

[TheLachlan]

well... still not flying. 

Long story short they where putting it together and the exhaust had cracks and got sent to ACORN Welding in Canada as they are the only ones that can work on the turbo RAYJAY exhaust systems.

Bottom line, after everything that has popped up on top of what the initial quote was and the loan was made for I'll have a little over $17,000 out of pocket besides the loan. Was hoping to have some credit left over at the shop and I got a bill for over $18,000 which he dropped some to get under $18,000.

Good news, pretty much everything firewall forward is rebuilt or went through and the plane has a fresh annual. 

[carusoam]

Great update Lachlan.

Extra money early on sounded too good to be true...

Good luck with the break-in flights...

Do you have procedures to follow for that?

Best regards,

-a-

[RobertGary1]

Is that common to take out a loan? When my motor disassembled itself in flight at 1050 SFNEW I called up my Lycoming distributor and ordered a new one. It never occurred to me that someone would want to loan money out on something as volatile in value as an airplane or that someone would want to have payments on similar.

-Robert

[gsxrpilot]

17 minutes ago, RobertGary1 said:

Is that common to take out a loan? When my motor disassembled itself in flight at 1050 SFNEW I called up my Lycoming distributor and ordered a new one. It never occurred to me that someone would want to loan money out on something as volatile in value as an airplane or that someone would want to have payments on similar.

-Robert

The banks seem to be happy to do it, loaning money up to 20 years on these airplanes. My inclination is the same as yours, in that I don't want a payment on my toy. But I know quite a few owners who prefer to borrow at a low interest rate and keep the cash in much higher performing investments.

[TheLachlan]

Yessir, the shop has told me about them. I'll try and arrange to do them with my instructor and get some training at the same time if possible.

 

Are there any procedures that you recommend besides what Lycoming says? 

[TheLachlan]

Also about the loan part... If it was purely a toy I may feel differently about borrowing money on it, not sure. Either way though it is not a toy. I own part of a metal building mfg and so I will be using it to visit customers in various parts of the country and keeping up with our network. It was also a great tax break when we bought it, 100% deductible.

[carusoam]

+1 for bringing an instructor with you on break-in flights... lots of things to get right... if you miss something... that can be bad...

First flights are usually short time, expecting oil leaks, circling around the airport...

the later flights are long, high powered, low altitude, and changing in rpm on a regular basis...

The OHer of the engine should have exact instructions to follow... this ensures warranties and a high success rate... and a good level of safety...

View the Break-in flight procedures from other manufacturers to better understand why each step is done the way it is done...

 

My mechanic performed the early flights... Continental pre-ran the engine for hours before it was mounted on the plane...

I used a Mooney specific CFII to over see the several hours of break-in flights...

 

Time flys at Mooney speeds when cruising along at WOT at 1k’ agl...   

It is easy to descend and exceed Vne...

Fuzzy memories of PP experience....

Best regards,

-a-