CONTACT!! Er, I mean, CONTRACT!!

[Douglas Paterson]

Thanks in large part to the help I've found on this board, I am nearing (I
hope!) the finish line on my path to airplane ownership. As of yesterday,
I'm under contract for the Socata Trinidad (TB-20) I've had my eye on!
:):):)

That does leave me with one teensy questions...:

WHAT THE HELL DO I DO NOW?!?!?!?!?

Ahem. That's only partially tongue-in-cheek. Seriously: I could use any
and all advice on how to proceed from here, since I have no experience w/
airplane acquisition or ownership.

On the acquisition side, I'm a bit more comfortable, having run all the
scenarios presented by this group. I'm headed for the pre-buy on Monday, at
a Socata Service Center. I'd rather have a real annual done, but with the
last one completed in April, that seems a bit much. I've been advised to
have the flight controls pulled/inspected/lubed (apparently a problem area
w/ the TBs), which I'll have to figure out how to address. I sent the
escrow company all the info & the deposit today. If all goes well at the
pre-buy, closing is scheduled for 9 Jul.

On the ownership side, I'm even more a babe in the woods. I'm investigating
hangaring options. I have property at an airpark nearby (for my "someday"
house--empty lot at this point), so I'm asking my future neighbors if anyone
has space they'd care to rent. I've also located a T-hangar at a local
airport, so that provides me with a baseline amount I won't exceed.
Insurance is lined up, a phone call away to bind coverage. And... well,
and, I'm sure there're a million other things I may or may not have
considered!

So, I'm writing (a) primarily to brag :), but (b) also to sincerely ask,
once again, if this group has any pointers/advice/comment as I go forward.
Thanks!!
--
Doug
"Where am I to go/Now that I've gone too far?" -- Golden Earring, "Twilight
Zone"
(my email is spam-proofed; read the address and make the appropriate change
to contact me)

[Jim Burns[_2_]]

"Douglas Paterson" > wrote in message
> That does leave me with one teensy questions...:
>
> WHAT THE HELL DO I DO NOW?!?!?!?!?

Oh, that's an easy one.... practice being broke. Just kidding. Sort of.

Or more seriously, sit down with one or two A&P's/AI's and a couple experts
in your make and model, then make a list of things that you need to address
vs a list of things that would simply be nice to do. You've probably
already examined the log books, but once you have possession, go through
them and apply numbers and times to all the accessories.

How old is the vac pump? Mags? Brakes? Tires? Wheel bearings? Hyd, fuel,
vac hoses? Hyd pump? Starter? Alternator? (Belt?) Gyros? etc etc etc...

IF you still have cash in your pocket, you may decide to replace/rebuild
some of the accessories right at the get go, rather than spending extra cash
on non essential items then finding yourself behind the 8 ball when
something goes south.

Search the Service Bulletins and Service Letters. Are their any factory
issued alterations that could terminate any AD's? They could be simple
fixes and save you time and trouble in the long run.

Buy both the maintenance manual and the parts manual for your airplane,
engine, and accessories (if applicable). Talk to your A&P about the proper
consumables and lubricants as well as proper application. Be pro-active on
the inspection and maintenance. Often, an issue found early by the owner
will prove less costly than an issue that propagates until the annual
inspection.

Be prepared for sudden expenses, it will go along way towards keeping your
enthusiasm for ownership intact and growing.

Jim Burns

[Mike Spera]

> stuff snipped
> On the acquisition side, I'm a bit more comfortable, having run all the
> scenarios presented by this group. I'm headed for the pre-buy on Monday, at
> a Socata Service Center. I'd rather have a real annual done, but with the
> last one completed in April, that seems a bit much. I've been advised to
> have the flight controls pulled/inspected/lubed (apparently a problem area
> w/ the TBs), which I'll have to figure out how to address. I sent the
> escrow company all the info & the deposit today. If all goes well at the
> pre-buy, closing is scheduled for 9 Jul.
>
> .other stuff snipped

This assumes that the prebuy is going to spot every defect. It won't. An
annual inspection done by another set of eyes is not excessive, but it
will be at your cost.

The biggest perils at this point are: undetected defects that are not
the subject of SBs, SLs, and ADs. And, defects that ARE the subject of
the above documentation. You should consider doing everything possible
to discover them now rather than later. This involves extensive
inspection of both the plane AND the logbooks/ADs/SBs/SLs.

Prebuy inspections do not require anyone's wrench ticket to be on the
line. An annual inspection does. In both cases, you are financing either
one, along with financing the consequences. So, some prefer an annual. I
like the idea that the Service Center is involved, even though their
inspection does not put any of their skin in the game if they miss
something. They should be knowledgeable about the type at least.

I got the seller of my plane to sign an agreement to pay for any ADs not
performed up to the date of the sale, even if I discovered them at the
next annual. However, without a sizable cash escrow, collection may be
an issue.

In my case, the seller was a man of very high integrity and the bird
turned out to be better than represented (as proven by the prebuy and 13
years of annual inspections). He actually held up the sale because the
carb repair work (one piece venturi) left the plane running 100 RPM
lower than normal. He refused to let us fly it or buy it until it was
repaired to his satisfaction, even though this took several attempts.

I hope you are as fortunate as I was.

Good Luck!
Mike

[Blueskies]

"Douglas Paterson" > wrote in message
. ..
> Thanks in large part to the help I've found on this board, I am nearing (I hope!) the finish line on my path to
> airplane ownership. As of yesterday, I'm under contract for the Socata Trinidad (TB-20) I've had my eye on! :):):)
>
> That does leave me with one teensy questions...:
>
> WHAT THE HELL DO I DO NOW?!?!?!?!?
>


Sounds great...just be sure to fuel it up!

[Al[_2_]]

Douglas Paterson wrote:

> WHAT THE HELL DO I DO NOW?!?!?!?!?


Insurance..insurance..insurance...oh..did I mention...insurance?

Al
Ityy bitty little Cessna 172
KSFF