Pre-buy Inspection

My new partner and I are looking at a 1975 Mooney M20C. It is a nicely
upgraded IFR plane with a 400 hour O-360 engine. It is a rather high
time airplane (7000) hours and the price reflects this fact. It is being
sold by the owner of the FBO we fly out of for one of his friends. They
just finished up an annual inspection on it.

My IFR instructor has owned Mooneys in the past and even had the M20C
for years. He suggested that we fly the plane to Byerly Aviation in
Peoria IL (a little over an hour flight from Indianapolis) and have them
do the pre-buy. He said it would probably cost in the $500.00 range. My
partner and I think it is a good idea too. We are both buying our first
plane and think the money would be well spent.

One of the cylinders has a compression of 62 while the others are in the
70's. This concerns me even though it is within tolerances. Of course we
would hate to buy something that needed immediate major engine work. The
plane has not flown much for the past 2 years so I am wondering if after
flying the thing a while if the compression might come back some
(probably wishful thinking I know).

I am interested in opinions or experiences in first plane purchases.
Experience with Byerly Aviation. Or comments on the engine situation I
described. Thanks!!

Jon Kraus
PP-ASEL-IA
Student aircraft purchaser