The only part of the project that really concerns me is the engine and avionics - and unfortunately one comes right on the heals of the other. I can stay ahead of the kit costs, but there's no way I'm going to have $30,000+ laying around burning a hole in my pocket based on our current income. So, I've got two possible plans in mind. One, is to take out a line of credit on my house. It's appreciated so much in the last few years that I'd hate leave that resource untapped.
My other plan is to use my wife's future income to pay off a short term loan. Now that the kids are getting older, she'll be going back to work within the next few years. I keep that particular plan to myself though! Her income is supposed to pay for the kids' college - not my airplane. The trick is not to talk about her income and paying for my airplane in the same breath. Now, I just hope she never reads this!
So, I do intend to go into some temporary debt toward the end of the project. The alternative would be to wait. And although I'm healthy now, you never know when something may happen that causes you to lose your medical. So, I say don't be afraid of a little debt as long as it's manageable. After all, we're not talking about a plasma TV, an extravagent vacation, or a new car - this is a lifelong dream! It's not just a hobby! In my view, there are four things worth going into debt for: an education, a house, a dependable used car, and
a dream. Is going into debt the smartest thing from a practical standpoint? Certainly not. But then neither is building a plane in your basement
Chris
RV-7
Empennage done - Wings on order!