Ayyyyy KARR. Did my multi commercial at JA Air Center, and did some aerobatics and tail wheel at Gauntlet Warbirds. Sweet looking Bonanza! Wife and I are looking at getting a Bonanza A36.
Thanks for the comments Tom. I will put together a quick mission summary and explanation of my journey to the F33a. With tip tanks the plane holds 120 gallons. On my trip to AZ, I was burning between 12 and 13 gallons per hour doing about 165 knots TAS. I was also heavy and keeping fuel weight as ballast for my aft CG. If it was just me and maybe a second person with solid bladder control, the plane could fly for almost 8 hours pretty easy. That would be about 1200-1300nm with no wind.
Thanks for the info, found your TH-cam from the BeechTalk forum. Looking to by a S35-V35B in the near future. For the Purchase Agreement, if that's before the pre-buy how do you negotiate price? Do you own the plane or did you did a LLC for asset protection?
What I found out is that the purchase agreement is like the initial agreement between buyer and seller showing the plan and timeline. The bill of sale would be the final pricing document, but you should have an initial agreement on pricing up front. For instance, if the plane ends up being completely in line with your upfront expectations, you agreed to pay $x. Usually you also agree to pay a deposit upfront to show you are serious and have skin in the game. The rest of the agreement goes into detail about the plan. Seller will bring plane to xyz shop on whatever date for prebuy inspection. Buyer will be responsible for cost of prebuy and have so many days after completion of prebuy in order to come to final agreement with seller. If unairworthy items are found and buyer / seller can't come to negotiated agreement on correction, deposit is refundable. I would suggest pulling examples of purchase agreements off the internet or AOPA. You can even talk to an aviation lawyer through AOPA for low dollar. In my case, it was very simple because the owner didn't want to do a big contract. He basically agreed to fly it to the prebuy shop without me giving a deposit and said you can take it or leave it after inspection. His price was very fair, so unless there was a major surprise, the deal was pretty much done there. If there was a big issue, I was only out the prebuy cost. The purchase agreement was very simple in my case as shown in the video. I did not do a LLC, because I read that it wasn't as straight forward as people think. If I was doing a partnership, I probably would. I did do it in my trust for estate purposes. I think with enough insurance, the LLC thing might be overcomplicating things, but again, it is probably worth talking to a lawyer and doing what is best for you.
@@kujoclips4962 Thanks for the info and reply. So solo owner so looks like LLC isn't necessary (compared to investments and other assets). The final price is the sale price, but can / should negotiate some prior as part of the purchase agreement. I have the AOPA stock agreement, and I'll find some other 'filled in' examples to read through too. The biggest hurdle right now it turns out is finding a place to park the plane (there's a 7-10 year wait for a hanger at my airport, and 18-24 months at the next closest airport). And WA has a use tax of 10.1%!?!?! This is the same as the local sales tax, so they want me to pay sales tax (again) on the purchase of used 44 year old plane. As much as I want to own instead of rent, that $20-25k of 'gift' money to the state really gets me for some reason... sorting out what, if any option, exist...
@@Vejitasei Yeah the whole multiple sales taxation thing on used items has always bothered me. I bent over and paid the IL use tax on mine and hated every second of it :). The thing about the purchase agreement is that you and the seller should really come to a pretty solid agreement at the point of writing it up. If there are items possibly found at pre-buy that would result in further negotiation, you should call out the details of how it will work. Usually the defining line is airworthiness or safety of flight issues. If these are found, you should have an out clause w/ your deposit written into the agreement. Hopefully if you are entering into a purchase agreement with the seller, small findings in the pre-buy won't affect your intent to move forward. Especially in a hot market, if only minor things are found, you should probably close the deal as the seller is likely not super motivated. The hangar was a major stress item for me too, but luckily I found a great hangar for sale right before I got my plane and jumped on it. I think it helps to be the squeaky wheel on things like the hangar. I would pester the nearby airport managers relatively often so your name is at the top of their mind when something unforeseen happens. I had one airport manager call me a few times while I was in the market because she knew I was interested and actively looking. She even told me they were considering building some communal hangar space and would put me at the top of the list for it if they got it approved.
It ended up being about 20 days in my situation. During that period, I had the prebuy inspection done, lien and title check done, and had to get the insurance documentation right. Once things started moving though, it came together relatively smoothly. If I recall, part of the delay was the prebuy shop availability and my travel schedule for work.
Ayyyyy KARR. Did my multi commercial at JA Air Center, and did some aerobatics and tail wheel at Gauntlet Warbirds. Sweet looking Bonanza! Wife and I are looking at getting a Bonanza A36.
Awesome explanation. Could you do a video on how you chose your mission? Also, what's your range with the tip tanks?
Thanks for the comments Tom. I will put together a quick mission summary and explanation of my journey to the F33a. With tip tanks the plane holds 120 gallons. On my trip to AZ, I was burning between 12 and 13 gallons per hour doing about 165 knots TAS. I was also heavy and keeping fuel weight as ballast for my aft CG. If it was just me and maybe a second person with solid bladder control, the plane could fly for almost 8 hours pretty easy. That would be about 1200-1300nm with no wind.
Thanks for the info, found your TH-cam from the BeechTalk forum. Looking to by a S35-V35B in the near future. For the Purchase Agreement, if that's before the pre-buy how do you negotiate price? Do you own the plane or did you did a LLC for asset protection?
What I found out is that the purchase agreement is like the initial agreement between buyer and seller showing the plan and timeline. The bill of sale would be the final pricing document, but you should have an initial agreement on pricing up front. For instance, if the plane ends up being completely in line with your upfront expectations, you agreed to pay $x. Usually you also agree to pay a deposit upfront to show you are serious and have skin in the game. The rest of the agreement goes into detail about the plan. Seller will bring plane to xyz shop on whatever date for prebuy inspection. Buyer will be responsible for cost of prebuy and have so many days after completion of prebuy in order to come to final agreement with seller. If unairworthy items are found and buyer / seller can't come to negotiated agreement on correction, deposit is refundable. I would suggest pulling examples of purchase agreements off the internet or AOPA. You can even talk to an aviation lawyer through AOPA for low dollar. In my case, it was very simple because the owner didn't want to do a big contract. He basically agreed to fly it to the prebuy shop without me giving a deposit and said you can take it or leave it after inspection. His price was very fair, so unless there was a major surprise, the deal was pretty much done there. If there was a big issue, I was only out the prebuy cost. The purchase agreement was very simple in my case as shown in the video.
I did not do a LLC, because I read that it wasn't as straight forward as people think. If I was doing a partnership, I probably would. I did do it in my trust for estate purposes. I think with enough insurance, the LLC thing might be overcomplicating things, but again, it is probably worth talking to a lawyer and doing what is best for you.
@@kujoclips4962 Thanks for the info and reply. So solo owner so looks like LLC isn't necessary (compared to investments and other assets). The final price is the sale price, but can / should negotiate some prior as part of the purchase agreement. I have the AOPA stock agreement, and I'll find some other 'filled in' examples to read through too. The biggest hurdle right now it turns out is finding a place to park the plane (there's a 7-10 year wait for a hanger at my airport, and 18-24 months at the next closest airport). And WA has a use tax of 10.1%!?!?! This is the same as the local sales tax, so they want me to pay sales tax (again) on the purchase of used 44 year old plane. As much as I want to own instead of rent, that $20-25k of 'gift' money to the state really gets me for some reason... sorting out what, if any option, exist...
@@Vejitasei Yeah the whole multiple sales taxation thing on used items has always bothered me. I bent over and paid the IL use tax on mine and hated every second of it :).
The thing about the purchase agreement is that you and the seller should really come to a pretty solid agreement at the point of writing it up. If there are items possibly found at pre-buy that would result in further negotiation, you should call out the details of how it will work. Usually the defining line is airworthiness or safety of flight issues. If these are found, you should have an out clause w/ your deposit written into the agreement. Hopefully if you are entering into a purchase agreement with the seller, small findings in the pre-buy won't affect your intent to move forward. Especially in a hot market, if only minor things are found, you should probably close the deal as the seller is likely not super motivated.
The hangar was a major stress item for me too, but luckily I found a great hangar for sale right before I got my plane and jumped on it. I think it helps to be the squeaky wheel on things like the hangar. I would pester the nearby airport managers relatively often so your name is at the top of their mind when something unforeseen happens. I had one airport manager call me a few times while I was in the market because she knew I was interested and actively looking. She even told me they were considering building some communal hangar space and would put me at the top of the list for it if they got it approved.
what was time frame from pre-approval to closing?
It ended up being about 20 days in my situation. During that period, I had the prebuy inspection done, lien and title check done, and had to get the insurance documentation right. Once things started moving though, it came together relatively smoothly. If I recall, part of the delay was the prebuy shop availability and my travel schedule for work.