Student pilot, first airplane purchase, 201 in crosshairs

[Shadrach]

I don't think that dent is airworthy by today's standards. Certainly looks to be ferriable.  My dad caught a guy wire with a Mooney back in the 60s.  He was taxing for departure on a weeklong trip to Mexico city.  Local mechanic shaped a temporary patch and blind riveted it over the deformation on the spot.  Dad said he was airborne less than two hours after the incident.  The wing was permanently repaired upon his return.  I can't imagine that would "fly" today. 

[dzeleski]

2 hours ago, jaylw314 said:

That's also like saying that pilots have a 100% chance of having completed their PPL

@MoMooneyMoProblems I'd actually suggest holding off on owning a plane until you're a bit past your PPL.  Buying, owning and learning a new plane are three pretty steep learning curves.  Even after you get your PPL, there are still some things you'll want to be working on with or without an instructor, like expanding you personal minimums, precision while flying, rough field landings or whatever.

The first year of buying a plane and plane ownership was a whirlwind of learning for me, at times it felt hard to keep up.  I was glad I was flying a club plane at the time and not working on my instrument ticket yet.  I spent about 6 months with the Mooney before telling my CFI I was ready to officially start my IFR training.

Granted, everyone is different, but just a thought.

Agreed. I bought at 80 hours and thought I would basically immediately start my IR. Didnt happen, it was too many things going on at once between learning a new airplane, learning everything about owning, trying to get a hangar, buying all the little things you had no idea you even needed, etc. Doing another rating at the same time was just too much for me while also still needing to work my day job. Then COVID happened and pushed my IR back even further(I did finally finish it if anyone was following along). Finish your PPL in whatever you are currently using and then buy. Bang up someone elses bird before you do it to your own, Mooneys dont like landing hard.

 

Also contact @Parker_Woodruff hes always been awesome to work with and I have never had a single issue with him or his company. Get a quote now and understand all your costs before you are committed. Start calling airports for tie downs or hangars now, if you are gonna be tied down consider the cost of a really good cover as well.

[MoMooneyMoProblems]

56 minutes ago, dzeleski said:

Also contact @Parker_Woodruff hes always been awesome to work with and I have never had a single issue with him or his company. Get a quote now and understand all your costs before you are committed. Start calling airports for tie downs or hangars now, if you are gonna be tied down consider the cost of a really good cover as well.

Done, done and done. Got on a few hangar wait lists months ago but have accepted that a period of covered tie downs is likely.  I'm already committed...recent move and job change necessitates that I be able to fly for logistical reasons.  But turns out that aviation is pretty damn cool and fun too!   Just a matter of finding the right balance of cost, speed, reliability, passenger space etc. which I've determined to be a J or F (a few Debonair buds tried to persuade me otherwise lol). 

[Danb]

17 hours ago, LANCECASPER said:

I bought an airplane 2/3 of the way through my PPL 36.5 years ago and motivated me to finish up sooner.  I would say under those circumstances the completion rate moves very close to 100%.

Lance I bought a plane after my third lesson this accountant didn’t want to pay rental fees

[MoMooneyMoProblems]

1 hour ago, Danb said:

Lance I bought a plane after my third lesson this accountant didn’t want to pay rental fees

CPA here! Same same @Danb

Edited August 2, 2022 by MoMooneyMoProblems

[MikeOH]

4 hours ago, MoMooneyMoProblems said:

...recent move and job change necessitates that I be able to fly for logistical reasons.

Not trying to be a wet blanket here, but that phrase concerns me.  That smacks a lot like you need the plane to get to your job(s).  You will be a new ppl without an instrument rating.

Do you see my concern?

[MoMooneyMoProblems]

17 hours ago, MikeOH said:

Not trying to be a wet blanket here, but that phrase concerns me.  That smacks a lot like you need the plane to get to your job(s).  You will be a new ppl without an instrument rating.

Do you see my concern?

Nope just needed for family logistics.  I moved away to my new job.

[1980Mooney]

On 8/2/2022 at 11:57 AM, MoMooneyMoProblems said:

Wow that's quite an accomplishment!  I won't be flying mine until after PPL, then transition training of course.  My CFI suggested its much better to just finish out in the 152/172 through my checkride.  But want to secure a bird beforehand so that any minor tweaks can be made if needed and don't risk not being able to find something once I am able.

I also bought a J model Mooney when I had only 48 hours in a C-172 and 1 1/2 months before I got my Private.  I had 2 instructors and I didn't tell the first instructor/flight school that I was flying a Mooney at the same time with a different instructor.  And I did have insurance.  I finished my PPL and Check Ride on the C172. Then we logged my M20J flight time and continued transition training. I did not pursue my Instrument ticket immediately but that did come later.  Of course that was "last century". 
 

My point is if you have the interest, time and means then go for it.  You have retained a good advisor to help you find a decent Mooney. No plane you find will be perfect and you will encounter unexpected costs and repairs along the way. Many will advise you to proceed more slowly with caution.  But worst case, if you change your mind and flying doesn’t work out for you, you can always sell the plane. You’ll be out the cost of training and annual fixed costs of course (hangar, annuals, insurance, Data base subscription, transponder/instrument cert, etc)  but if you purchase carefully you should be able to recover most if not all of your initial capital investment plus wing repair (adjusted for amortization of engine wear). If your mission or family hauling needs change over time you can also always sell the plane or trade up. Depending upon the timing and how much you sink into the plane for upgrades such as panel, paint, interior, etc you will probably get a lot but not all of your investment capital investment back (adjusted for amortization of engine wear).

I still have the same Mooney although I added a 300 HP IO-550 to it, paint and multiple panel improvements over time. 

[Schllc]

On 8/3/2022 at 12:59 PM, MoMooneyMoProblems said:

Nope just needed for family logistics.  I moved away to my new job.

This is an oft covered topic on this forum and there are lots of good perspectives offered  

I bought my first ovation with about 30hours and working on my ppl. 
I finished my training in the Mooney, and went straight into my ifr in the Mooney. 
It probably took longer to get both due to the new pilot transition to a Mooney.  
I think I flew with an instructor for over 50 hours after buying.
I was comfortable soloed and flew alone vfr frequently after about 25 in the Mooney but needed dual for ifr anyway, so I logged a lot more hours with the instructor. 
One very beneficial side effect of this method is you learn all your “habits” in the platform you plan to fly. I do not see that as a bad thing.  
Some believe it is best to work your way up, and that is a tried and true, and the most common route. 
There are pros and cons to both, and I don’t know if I would say either is “wrong”, it’s a personal and financial choice. 
I am happy I did it the way I did, and would not change it if I could.  
Safety and proficiency is paramount, and as long as those are both respected you are on the right path.