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POSTING RULES

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04-28-2006, 07:18 PM
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Join Date: Oct 2005
Location: Highland Village, TX
Posts: 1,520
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Free credit or cash
I'm with Radomir on the "no loans for toys" - my wife got me into this way of thinking and I'm glad she did. However, I do like taking advantage of true 0% finance offers. I put my QB on a 0% for 12 months card, which I will pay off before interest starts to accrue. If you've got the discipline, it's a no-brainer. I get a couple of these 0% offers every week.
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04-28-2006, 08:38 PM
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Join Date: Jan 2005
Location: SoCal
Posts: 2,061
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Quote:
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Originally Posted by Rick_A
However, I do like taking advantage of true 0% finance offers.
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I'm sure most know this, but for those that don't: Most low rate offers contain a lot of fine print, not the least of which is a clause that allows them to raise thr rate through the roof if you're late on a payment. This includes late payments to OTHER creditors. I'm sure most folks on here pay their bills on time, but if something gets lost in the mail you can find yourself paying 25% instead of the free loan you planned on.
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Steve Zicree
Fullerton, Ca. w/beautiful 2.5 year old son 
RV-4 99% built  and sold 
Rag and tube project well under way
paid =VAF= dues through June 2013
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04-28-2006, 08:39 PM
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Join Date: Jun 2005
Location: Tucson, AZ
Posts: 36
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As I go
OK with maybe a plug from the budget every now and again. My current dilemma is that I came across a deal on an engine I couldn't pass up.  A little early in the process saying all I have is the empennage and tools. Now I'm out of wing money. 
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Greg Bartel
Tucson, AZ
Last edited by GolfBravo : 05-14-2006 at 12:03 AM.
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04-28-2006, 08:57 PM
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Join Date: Dec 2005
Location: Middle Georgia
Posts: 654
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Cash only
I agree no loans for toys.
I put aside money from extra teaching and grant/consulting for years. I started the 8A before I had all the money. However, my projections for future extra income and future project expenditures showed that I would be able to complete the plane without interruption. As it turns out, I could have started sooner.  I build slowly, but enjoy it.
The airplane fund money is going to be used to buy a lot for a future home soon. So, I will have to get a house built, move in, and sell this house to get my airplane money back. I plan to finish the fuse (already delivered) and then do the house before the big expenses (panel and engine) hit. That's the plan, anyway...
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Tony
RV8A
N97AP
Warner Robins, GA
Phase I complete
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04-28-2006, 09:57 PM
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Join Date: Feb 2006
Location: Baltimore, MD
Posts: 1,039
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I am in the same boat as a lot of you, don't buy toys with money you don't have. Before I started with the empennage, I sold this:
2002 BMW 330 ci European Delivery, and this is a picture of it at the BMW factory/museum in Munich. It hurt to let that toy go.
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04-28-2006, 10:40 PM
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Join Date: Oct 2005
Posts: 75
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A little of both
When I decided to build my RV9, I went to the bank and got line of credit for the plane for $50,000.00. My reason. I will not stop because I don't have the cash on hand at the time. If I see a deal I will buy it at the time. So far I have bought my tools and empenage with cash. The line of credit has been used to buy two income properties so far and is still at $0.00. My problem is not the money as much as the time. Four years ago we installed a swimming pool by refinancing our house and have never regretted it.
Russel 
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04-28-2006, 10:49 PM
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Join Date: Jan 2005
Location: Irvine, CA
Posts: 873
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I'm on the pay-as-you-go plan. It's taken 6 years, but I've been able to buy all four kits. I'll have to get a loan for the engine and panel--or maybe find a partner.
Mark
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04-28-2006, 11:29 PM
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Join Date: Dec 2005
Location: Hamilton, New Zealand
Posts: 632
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Quote:
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Originally Posted by rkochcyxh
Four years ago we installed a swimming pool by refinancing our house and have never regretted it.
Russel 
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You're building you plane in a POOL ????? 
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04-29-2006, 07:32 AM
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Join Date: Jan 2005
Location: Lee, NH
Posts: 46
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10 years ago I was not able to start the project because of lack of funds. Then my IT career really took off and now we have a different problem ?TIME?. We both work and have two kids (15, 6) and enough money for our dreams, but hardly any time to do the things we want to do. I sometimes wonder how I ever be able to finish my RV 7. I am still working on the empennage kit a year after delivery. Often I think about how others are doing it. There are plenty of people here with careers and children? Aren?t you just tired at 9 PM to go to the workshop? I get up at 6 AM so I need to go to bed shortly after 10...
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04-29-2006, 10:56 AM
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Join Date: Jan 2006
Location: Tucson, AZ
Posts: 818
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Time and Money
I started my RV-7A project with some money (not nearly enough) in the bank earned while doing some part-time product development consulting. But I had to build my shop first. When I finished my shop plans I was going to take them down to the county the next morning for review. That morning was 9/11/2001! Needless to say I had to rethink the whole project. Should I commit to the shop and the RV with everything as uncertain as it was or put everything on hold? A few weeks later the plans were in plan check. $30K and a year later the shop was completed. A good chunk of the money was gone but I had a some leftover for the empennage and wing kit. I knew I could sell some stocks I have owned for years but that would eat into my retirement. I also didn't want to pull funds from my regular income, after all I have 4 kids (14, 12, 10, 8 yrs at that time) and they need to eat. So I hoped I might find some additional income to help the project along. I did find a few design jobs along the way but they didn't really contribute too much to the RV fund.
However where there is a will there is a way. I recognized the need for a better dimpling tool to replace the impact c-frame dimpler and built the prototype. It worked great. When other builders found out about the dimpler I started thinking that maybe this is the way to fund the RV project. The RV building slowed while I entered into the world of small business offering the DRDT-2 dimpling tool to the RV community. Now two plus years later, I have far exceeded my goals of generating income to finish my RV and created a source of income to help cover my future operating expenses.
However there has been a price for this success. Stress, frustration, trying to run a business and not letting the customers down and the fact that it has taken a lot of time away from building the RV. This intern has created more frustration and disappointment because of the very slow progress on the RV. However every time I help another builder with their project (through the use of the tool), and every time I look a my kids and see that I am not depriving them of the basics (they are now 20, 18, 16, 14 years old), I feel a sense of pride and accomplishment which helps wipe away the other rough feeling.
In short, you need money and time to build an RV. You also need time to make money. Your time will be pulled in different directions.
-If you are independently wealthy the last paragraph doesn't apply.
Paul
__________________
Dream it, Build it, Fly it
Paul Merems (EAA Tech Counselor, EAA Sheetmetal Workshop Instructor/Volunteer 12 yrs)
ExperimentalAero- HANGAR BANNERS
www.experimentalaero.com
RV-7A (Flying since 2010)/RV-4 (sold 1990)
Tucson, Arizona 85749
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