Looking for recommendations for broker for first time buyer

[spitzfyre]

Hello all

I am in the beginning stages of buying my first airplane! Hooray!

 

I would love to get suggestions from you guys about a broker who is knowledgeable about Mooneys to help me through the process since I'm a first time buyer. I'll probably ask you all about A&P's for a prebuy, too, but I'll wait until I've found what I want. Currently waiting for loan paperwork to get finalized 

 

Thanks in advance

[N9405V]

Jimmy Garrison

https://www.gmaxamericanaircraft.com


Sent from my iPhone using Tapatalk

[spitzfyre]

Thanks!

[carusoam]

+1 for @jgarrison…

Well known…

Very knowledgable…

Extremely reputable…

And a joy to do business with… (experience from 2009, it’s been a while…) 

Everything went as planned, I came home with an Ovation…

Best regards,

-a-

 

[AdamJD]

Hi all - I'm in a similar position.  I've determined my needs and have settled on a Mooney M20J/K or a really nice M20C-F.  Now I'm beginning the financing process and am ready for a serious search for the right plane.  As a first time buyer, I may want help with the buying process.  How does the broker relationship work?  What should I expect to pay a broker to help me find and evaluate a plane to fit my needs?

I've really enjoyed Mooneyspace and look forward to sharing my progress in buying my first Mooney!

Adam

[carusoam]

Welcome aboard Adam!

Most people search for their plane on their own…

It usually takes a while to figure out a list of must haves and get a feeling for price….

There are so few planes available on the market… it isn’t hard to review every one as they become available…

Then there are the people that have the power to buy services and expensive planes because They don’t have the time to do it themselves…

Another challenge with that… when you don’t have time… it is difficult to get the experience for a really fast and powerful Mooney….

 

Then there are the economics…

having somebody do the part of the job you can do on your own…. Gets really expensive.

Seriousness sets in once you have determined which model you want… and which price range you want to be in…

 

Ask lots of questions… there are plenty of people to help you find which model is best for you…

 

For fun… see if you can get to GMax in Texas… they have many different Mooney models on site…

It helps when you get to see many planes with your own eyes…

You can cut your long list, down to a much shorter list, pretty easily…

I started this process about 23 years ago… hoping for an M20J… ended up with an M20C…  too soon in life to commit.

A decade later, I was ready for the M20J… ended up with an M20R… ready for the plane… the market was throwing a big sale…

Got any aircraft ownership experience already?

Looking to train for your IFR?

Do you have lots of experience already?

Best regards,

-a-

[redbaron1982]

I would reccomend a knowledgable broker, just so you can learn from my experience/mistake, you can take a look here: 

 

I've just bought an aircraft, that seemed to be in great shape (the previous owner flew it regularly, 2 per day  for commuting) and 20 days after closing I get the report of the annual where the found corrosion on a wing spar cap.

I know for sure the previous owner did not know anything about this condition (otherwise, he wouldn't have flown it 2 per day risking his life) and I made the mistake of assuming that MSC would do a descent job without explaining them what to do. That was my mistake. They didn't look for corrosion during the prebuy.

[Kyle Koukol]

Hi @spitzfyre

Great question and welcome to the Mooney world! I would love to help you out in your search for your first Mooney. Just sent you a private message. Looking forward to hearing from you.

Kyle Koukol

[AdamJD]

38 minutes ago, carusoam said:

For fun… see if you can get to GMax in Texas… they have many different Mooney models on site…

It helps when you get to see many planes with your own eyes…

You can cut your long list, down to a much shorter list, pretty easily…

 

Thanks for that tip.  I may try to do that.  GMax seems like a good resource.  It's pretty hard to shop for something which costs as much as my first house online with just a few pictures and blurbs.  

I have no ownership experience.  I've been in clubs on and off for 18 years.  I have plenty of hours and both an instrument and commercial rating.  I am looking for something to regularly fly up and down the east coast for both work and pleasure.  So I need an IFR equipped and capable plane which can do 150+kts and carry 3 people plus luggage.  My non-pilot wife wants something comfortable and not cramped.

Thanks for the advice!

Adam

[jetdriven]

36 minutes ago, redbaron1982 said:

I would reccomend a knowledgable broker, just so you can learn from my experience/mistake, you can take a look here: 

 

I've just bought an aircraft, that seemed to be in great shape (the previous owner flew it regularly, 2 per day  for commuting) and 20 days after closing I get the report of the annual where the found corrosion on a wing spar cap.

I know for sure the previous owner did not know anything about this condition (otherwise, he wouldn't have flown it 2 per day risking his life) and I made the mistake of assuming that MSC would do a descent job without explaining them what to do. That was my mistake. They didn't look for corrosion during the prebuy.

So how did this turn out for you? I mean I think corrosion is probably the first thing you’re supposed to look for in a pre-buy along with other things too.So how did this turn out for you? I mean I think corrosion is probably the first thing you’re supposed to look for in a pre-buy along with other things too.

[spitzfyre]

AdamJD your story and experience match mine almost exactly. I've been renting for 10+ years, finally ready to move up to something faster and have my own plane that I don't have to share with others. I'm looking mainly at M20J's also, due to the increased cabin size and fuel injected engine. 
 

Good luck in your search!

[Becca]

With all due respect to some of the previous posters, I think brokers typically add zero value to a transaction and take a cut of the pie.  Just shop for yourself.  If you use a broker ask what he will do - does he have access to comps that will help you bargain a lower price?  Will he advise your on what must have equipment you should have in your plane for its mission?  How knowledgeable is he about Mooney’s - can he do a basic log book review and walk around and identify likely deficiencies and give you good advice about whether to make an offer and for how much?  Will he travel nationwide to get his eyes on a plane before you waste your time looking?  Or is just some guy at the airport who will shop around controller and trade a plane for you in exchange for 3% of the purchase price?  Because if it’s just the latter you can do that yourself….

as other posters have said spell out what you want and your budget (which are hopefully aligned).  Start looking.  Plan a long search, most of us aren’t so lucky to find what we want the first time we browse. Budget for a few pre buys so you are mentally and fiscally prepared to walk away from a plane you thought you would buy if things go sideways.  A failed pre buy is the best money you’ve ever spent in aviation because walking away with only a pre buy bill  is so much cheaper than buying a basket case.

We actually bought our plane from Jimmy when he was at AAA, but that wasn’t so much a broker relationship - he has an inventory of Mooney’s and we considered his as well as private sales in other states etc.  Turns out he had the plane we liked and he was pleasure to deal with.  He has teamed up with Don Maxwell now who’s a senior statesman of Mooney Mechanics, which is also great, and I think hopefully what they are selling out of their partnership will be mechanically sound due to Don’s finishing touches.  That said, I have heard a few people having Maxwell do the prebuy of a plane Jimmy is selling - since it’s now the same business I would advise against making that choice, no matter how upstanding both of them are (and they are), there’s just too much built in conflict of interest in that situation, and if you buy from them, I would still seek an independent pre buy, lots of other knowledgeable Mooney mechanics in Texas to use…

 

Edited January 9, 2022 by Becca

[redbaron1982]

1 hour ago, jetdriven said:

So how did this turn out for you? I mean I think corrosion is probably the first thing you’re supposed to look for in a pre-buy along with other things too.So how did this turn out for you? I mean I think corrosion is probably the first thing you’re supposed to look for in a pre-buy along with other things too.

I don't want to hijack this topic, you can follow the outcome on the other topic, so far it's an ongoing matter. 

[Guest]

I believe that the relationship with your maintainer is far more important than with a broker.  Choose very carefully.

Clarence