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Opinions wanted: Buying a project airplane


coinneach

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11 hours ago, M20Doc said:

1. Pull the engine and stack (especially the 430)

2. Sell the stripped hulk for scrap

3. ???

4. PROFIT!

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31 minutes ago, Andy95W said:

Make sure he has your phone number and email address.  Nobody else is going to offer him more, and after he keeps spending tie-down rent he may come to his senses.

I emailed the shop that I had lined up to tell them the deal was off. Boss said he was gonna wander over to it to see for himself. 

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2 hours ago, coinneach said:

I offered $5k contingent on limited pre-buy (corrosion and logs, they can't go any deeper in its current condition). Rejected instantly. On the one hand, kind of relieved. On the other, :(.

Don't fret!

You done good!

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2 hours ago, Andy95W said:

Make sure he has your phone number and email address.  Nobody else is going to offer him more, and after he keeps spending tie-down rent he may come to his senses.

You are correct about the price.

But, sadly, many of these individuals NEVER come to their senses.  I saw way too many when I was shopping for my plane.  Still see planes rotted on ramps way beyond saving...behind every one is an owner that was sure a better offer was coming:(

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Selling is that final moment where the facts are in view...

If you ever tell your financial administrator your plane is worth 10AMU...

And you only come home with 5amu after the sale...

 

There may be a bathroom install or a new refrigerator that is on hold pending getting that full value...

+1 on giving an offer... and supplying several ways of receiving word back... phone, email, MS....
 

Communication is the beginning of negotiation... 
 

+1 on mentioning your plans... to rebuild its glory... and save it from Alan ‘Grimmy’ the reaper...

It can be comforting to some people to know it isn’t going to get scrapped for cash...

PP thoughts only, not a mechanic...

Best regards,

-a-

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15 minutes ago, carusoam said:

There may be a bathroom install or a new refrigerator that is on hold pending getting that full value...

+1 on giving an offer... and supplying several ways of receiving word back... phone, email, MS....

He's finishing his RV-7 build and starting a -10, is the only reason I can think of that he's holding out for so much.

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  • 7 months later...
On 9/29/2020 at 11:25 PM, coinneach said:

He's finishing his RV-7 build and starting a -10, is the only reason I can think of that he's holding out for so much.

I looked at it today. It's still sitting there. The canopy cover is shredding. It's not getting any better.

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3 hours ago, ragedracer1977 said:

I looked at it today. It's still sitting there. The canopy cover is shredding. It's not getting any better.

If you can afford to build an RV7 and an RV10, why would you let a Mooney rot. just sell it when it was still whole.

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  • 3 weeks later...
26 minutes ago, coinneach said:

Thanks for the updates. I've bought into a partnership in a Cherokee 180. Fly safe, everyone.

Good choice!   That's a decent do-everything airplane.   It'll do a lot of it kind of mediocre, but it does it reliably with little drama.

 

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7 hours ago, coinneach said:

Thanks for the updates. I've bought into a partnership in a Cherokee 180. Fly safe, everyone.


great way to start your ownership journey!

Continue to hang around here...

Cause once you have had ownership experience...  and want to go faster... more efficiently....  and know your typical mission even better...

There may be a great Mooney in your future...  :)

Best regards,

-a-

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  • 9 months later...
On 9/26/2020 at 3:32 AM, M20F-1968 said:

I can speak to  this topic with the wisdom of experience.   I purchased my 68 F model  after it had been sitting in a hangar in Dallas, Texas 26 years in pieces.   I hired Russell Stallings to drive up and do a pre-buy inspection. He took the airplane apart more than it already was a part.   It had 1975 hours total time, no damage history,  no corrosion issues,  and had an intact engine that had been rebuilt to factory specifications 20 years earlier and never flown subsequently with a RaJay turbo.  Russell  Stallings reported that it was a "nice airplane" and  would be a good basis for a project airplane.   With his recommendation I purchased the airplane.  Initially  the Mooney factory service center wanted to  do the restoration but then they subsequently suggested that I  make it flyable from where it was rather than truck it to the factory.

I tried to do this project from a distance  as I live in the Boston area.   I hired two mechanics who turned out to be thieves and scoundrels.   I ultimately had to take the airplane away from them and take apart everything they touched.    

I rented a hanger in Dallas and started again, but this time I had the assistance of an excellent sheet metal mechanic (from Gulfstream) and a DER from Eurocopter along with two IA's and an A&P.  Dallas Air Salvage called me about a salvaged 1998 Ovation with 400 hrs and I bought many parts from that plane.  The project became the transformation of a 1968 F into a modern airplane.  In many ways it is the best of both worlds, the efficiency of an F in a very modern configuration.  The project took 12 years.  

It would have been much easier if I had known how complex a project I had started.  It also would have been a whole lot easier if I had reliable people from the start.  Unfortunately,  not many have the skills required of such an endeavor.   Once you get started, you will want to make mods and upgrades.  Count on needing the time and money to do them.  The Mooney platform is a great project airplane, provided the airframe has no issues, has great bones and is structurally sound.  Then, take it all apart completely, know what you have and start with a clean airframe.  That is the only way you will know what you have.  Consider everything about the airframe to be suspect and in need of verification.  Once you have it completely apart, you may want to consider what you need to do to do the gross weight increase available to those Mooneys that have a section of the cage strengthened.  Mooney engineers would be needed for this and this may also not be feasible.  

I made many changes along the way.  The structural cage was changed using my DER to look like the new airframes (See cabin picture below) eliminating the large inverted Y found in the vintage planes, and installation of an instrument panel bow to allow for an Ovation style panel installation.  The airframe was re-skinned from the baggage compartment forward, new firewall, J model cowling, RaJay Turbo, Ovation Interior, modern ventilation from a NACA duct in the dorsal fin, on-board Oxygen, long range tanks, speed brakes, Ovation lights in wings, access to O2 bottle through baggage compartment...the list goes on.  

It was a Lindy Award winner at Oshkosh in 2019 and Outstanding Mooney in 2018.  It can be done, but plan fist, go in with your eyes open, know who the people are that will be doing the work and be sure that you and everyone else involved is committed to seeing the project through to its end.  This is a project that requires persistence, time, money and available parts and skills.  It would be great if you have the skills to do much of the work, with you A&P's oversight and sign-off.  You will learn a lot and develop skills you do not have now, which you will use as you own your forever airplane.  Consider it the cost of education...

 

cabin interior.jpg

Inside-tail.jpg

Mooneyspace pic Oshkosh 1.jpeg

Mooneyspace pic Oshkosh 2.jpeg

Mooneyspace pic panel.jpeg

Mooneyspace pic Interior.jpeg

Mooneyspace pic Interior 2.jpeg

What cowling did you use?  Beautiful plane!!  It looks like a J

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11 hours ago, N201MKTurbo said:

This airplane has finally found a home!

it is moving to KGEU.

CBB2D912-DD58-4973-84D5-A5D844E1D9B5.jpeg

One of the long-time derelicts at DVT, an M20E, disappeared late last year.   No idea what happened to it, but I hope it turns into something productive.

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9 hours ago, Rusty Pilot said:

What cowling did you use?  Beautiful plane!!  It looks like a J

Factory J model cowling, completely rebuild before installing.  It is a J (MSE) except for  1) Johnson bar gear, 2) hydraulic flaps, 3) no inner gear doors.

John Breda

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