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5th Partner Wanted, M20J/K, Based KAPA, $27k Buy In


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Hello all. Myself and 3 partners are looking for a 5th person to join us in buying an M20J or M20K. The plane will be based out of Centennial, CO (KAPA, near Denver). Some details below:

  • Buy In (per person): $27K
  • ---> After legal fees for the partnership doc, an initial maintenance reserve, pre-purchase inspection, sales tax, etc. that results in a buying power of ~$117k
  • Estimated Monthly Fixed Costs (per person): $275
  • Desired Avionics (buy a plane with them installed, or buy a cheaper plane and put them in):
  • ---> Advanced Engine Monitor (JPI/Garmin/EDM)
  • ---> Garmin WAAS GPS
  • ---> GFC 500
  • ---> G5s as required to run GFC 500.

If you are interested, please DM me! I hope this is the right thread for this post.

Edited by tuccio
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  • tuccio changed the title to 5th Partner Wanted, M20J/K, Based KAPA, $27k Buy In
1 minute ago, carusoam said:

Welcome aboard Tuccio...

See if you can add the important details to the thread title...

K, Partner, KAPA...

Are you looking for the plane too?

-a-

Thanks! Yes, we will be looking for a plane too. We've been watching here, trade-a-plane, controller.com, etc. But until we have 5 people and money in the bank, we haven't reached out to any specific listings. If I get a good response on this post, the next post will hopefully be a wanted ad in the classifieds for that M20J/K *fingers crossed*

Edited by tuccio
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I’m in Arizona now but owned a K that was later converted to a Rocket and after that a J while based at Centennial. Do you have a Hangar? Have you checked on a shelter availability. If you have any interest in heading west from Centennial I would recommend a K and not a J. I flew many rented Mooneys including a then 2 year old MSE/J.  I loved flying that plane. I planned on buying a J. While looking I found a 231 in town and bought it. My first plane was 231NH. I flew it stock for about 100 hours and about 800 hours as a Rocket. Loved that airplane. I sold it to take advantage of a real estate situation expecting to buy another plane later. Finally a few years later I was looking to buy again. I had really loved the K but had pretty fond memories of the J I had flown earlier. Speed of the J was adequate and I figured it would be less costly to own in retirement. 
I bought 1079V a 1990 MSE/J. I absolutely hated that airplane. Every time I flew it I lamented about what it could not do. What it could not do was fly high enough. Clouds that the K flew right over easily, and the MEAs west of Denver became unreachable. Memories of heading home to Centennial from the southwest and being unable to maintain assigned altitude over LARKS because of winds aloft still haunt me. I sold the J to a flat lander in Texas. 

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Thanks @RJBrown! We’ve learned to navigate the mountains VFR in naturally aspirated planes, but the turbo certainly would be nicer.

Any sense on the cost delta for annuals and overhauls between the J and K? Would be helpful to have more refined numbers in our cost models for those to be more informed when making that trade.

And yes, we’ve started researching shelters and availability specifically at KAPA. Preference for a t hangar, but I don’t think covered parking is out of the question presently.

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It’s not just “navigate” it’s dispatch reliability.

you get stuck by weather in a J that you wouldn’t think twice about in a K.

I went to St George to watch my father at the Huntsman senior games, 

had to drive my family home on Sunday then drive back Thursday for the plane.

thats 20 hours of driving to get kids to school and me to work on Monday. 
not fun.
And I had to take a day off work to retrieve the plane. 
Momma was not happy.

There is no real cost difference between K/J that I can honestly report. K would be a bit more I’m sure. I owned them too far apart to remember.

I owned the stock K in 93-94 and the J in 08-14 sandwiched around the greatest Mooney ever the 305 Rocket.

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I'm sorry, and don't mean to poke holes in your plan, but $117,000 seems low for what you want to buy.

I'm at the beginning of my search and I'm not seeing many well-equipped Js at that price point.

Full disclosure: I'll be a first time buyer and simply don't know what I don't know.

Best of luck!

-Will


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Welcome aboard Will...

Each purchase is going to be unique... prices are heavily driven by low supply.... lately...

 

 

5 partners...

Get the plane that does everything...

Splitting the difference over time... amongst five people... isn’t terrible... unless all five are flying 100+ hours each... every year... that can be busy and expensive...

There is plenty of benefit to be able to climb above the rocks... where you are based...

As usual... take the cost seriously... look up what the OH costs are for both planes... transition training and mountain flying should be interesting...

PP thoughts only, not a plane sales guy...

Best regards,

-a-

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2 hours ago, will1874 said:

I'm sorry, and don't mean to poke holes in your plan, but $117,000 seems low for what you want to buy.

I'm at the beginning of my search and I'm not seeing many well-equipped Js at that price point.

Full disclosure: I'll be a first time buyer and simply don't know what I don't know.

Best of luck!

-Will


Sent from my iPhone using Tapatalk

And I’ve noticed some 231 selling at or below a J price. 

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3 hours ago, thinwing said:

with 5 partners...i think insurance might be stumbling block as you would than be classified as a club

As I recall, our current quote was ~$4k/yr, which is painful but not a dealbreaker. 

Edited by tuccio
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If you’ve got 5 people splitting the bill on everything y’all need to quit pinching pennies and buy the slickest ride out there! Each person throws another 5 grand and you can pretty much get whatever you want. You seem like a numbers guy having a precise figure at 117k, but if you can figure out the logistics of a massive partnership you can figure out how to make everyone much happier by getting off the pocket book another couple thousand.  B)

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There is a first Time for everything....

But, few people are going to lead with... “it’s my first rodeo, join me...”

If it’s not your first rodeo... know when to use precision... and know when it isn’t helpful...

PP thoughts only, not very clear on what is being asked in this thread...

Best regards,

-a-

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