Van's Air Force
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Money to build suggestions?
- Thread starter bddalm
- Start date
I work as much overtime as I can (firefighter), and have a second job as a sailing coach. I have a second bank account for plane funds, and fill it only with that extra money. Last year I used a 0% intro rate card for some large purchases, but made sure to pay it off in the next few months before buying anything else. It helps that I have no kids, but am getting married in 2015 and would like to be done before kids ARE in the picture. Fortunately, she approves of the project and likes to fly.
My goal has been to not go into debt for the project or dip into my normal savings, and so far so good. I still need an engine, and am deciding how to handle that. Will probably go used, mid-time. I will probably sell my boat and use that money, but since I use the boat for work, I may keep it as long as I am making money and get a small loan instead.
Lifestyle-wise, I drive a 13 year old, paid-off vehicle, don't go out partying much, and buy new clothes only when the wife-to-be makes me. For the most part, if I'm not working, I'm building. I am keeping the plane simple, and probably won't paint it any time soon. Basic glass panel, because these days it's just as cheap and more reliable (IMO). I scour the VAF classifieds for deals and have bought a lot of equipment at great prices on here, saving thousands.
It's doable on a budget, but helps to not be in a hurry. If you're out of money for a while, there's usually still something productive you can plan or work on until you can afford the next piece. Keep it simple and look for good deals.
Chris
My goal has been to not go into debt for the project or dip into my normal savings, and so far so good. I still need an engine, and am deciding how to handle that. Will probably go used, mid-time. I will probably sell my boat and use that money, but since I use the boat for work, I may keep it as long as I am making money and get a small loan instead.
Lifestyle-wise, I drive a 13 year old, paid-off vehicle, don't go out partying much, and buy new clothes only when the wife-to-be makes me. For the most part, if I'm not working, I'm building. I am keeping the plane simple, and probably won't paint it any time soon. Basic glass panel, because these days it's just as cheap and more reliable (IMO). I scour the VAF classifieds for deals and have bought a lot of equipment at great prices on here, saving thousands.
It's doable on a budget, but helps to not be in a hurry. If you're out of money for a while, there's usually still something productive you can plan or work on until you can afford the next piece. Keep it simple and look for good deals.
Chris
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Neal@F14
Well Known Member
Didn't build my plane... bought it flying, but helped friends build 4 different RV's.
To be able to afford it:
Sold my beloved Cherokee 140, my first plane.
No expensive new iPhone every year or two... I'm on the cheapest out-of-contract plan and a 4 yr old Android that still works.
No cable or satellite TV.
No movies at theaters.
No going out to nightclubs, bars, etc.
Drastically reduced eating meals at restaurants, maybe once a month.
Take my lunch to work, no fast food lunches.
Drive old, paid-for vehicles and do all maint/repairs on them myself.
No fancy clothes, shoes, wristwatches, etc.
Just trying to live as frugal as I can stand it without being a total miser.
All resulting in getting to own a beautiful little RV-6 (financed, of course) and flying it about 50-70 hours a year, including a trip to Oshkosh each summer and also to Johnson Creek each of the past 2 years... but may skip one or both this year to help save up for a once-in-a-lifetime trip to Alaska that we're planning for summer of 2016.
To be able to afford it:
Sold my beloved Cherokee 140, my first plane.
No expensive new iPhone every year or two... I'm on the cheapest out-of-contract plan and a 4 yr old Android that still works.
No cable or satellite TV.
No movies at theaters.
No going out to nightclubs, bars, etc.
Drastically reduced eating meals at restaurants, maybe once a month.
Take my lunch to work, no fast food lunches.
Drive old, paid-for vehicles and do all maint/repairs on them myself.
No fancy clothes, shoes, wristwatches, etc.
Just trying to live as frugal as I can stand it without being a total miser.
All resulting in getting to own a beautiful little RV-6 (financed, of course) and flying it about 50-70 hours a year, including a trip to Oshkosh each summer and also to Johnson Creek each of the past 2 years... but may skip one or both this year to help save up for a once-in-a-lifetime trip to Alaska that we're planning for summer of 2016.
Brantel
Well Known Member
A little at a time. My build spanned 10 years because of money.
Some money savers:
Several years ago Doug put this out:
http://www.vansairforce.net/how.htm
Some money savers:
- Bought a used engine and built a basic airplane and then as money allowed me to I upgraded it.
- I did stuff like build my own NAV lights and used a police car strobe light setup that was way cheaper than aviation models of the same thing and it is still going strong.
- Also bought Van's seat foam second hand and had Flightline make me some covers for em.
- Flew it for over a year with no paint.
- Wired and built my own panel.
- Followed the plans as much as possible and did not go off on tangents redesigning stuff.
Several years ago Doug put this out:
http://www.vansairforce.net/how.htm
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wirejock
Well Known Member
Money
Build or buy, that about sizes it up. Pray you have a wife that will support the decision.
Build or buy, that about sizes it up. Pray you have a wife that will support the decision.
that's debatable, for some, it's cheaper to have no wife, as evident by some of the divorce-induced kit sales we've observed here
DaleB
Well Known Member
I have a modest little sideline business that grew out of another hobby. It has - so far - paid for the plane expenses, including tools. It's also paid for the few vacations we've taken in the past few years, so it's not like I treat that as "MY" money and the rest is "OUR" money. We don't go out a lot, don't live extravagantly, but I also don't insist that we scrape by like paupers so I can build an airplane. Got to keep your spouse happy, and support her (or him) if you expect her/him to support you.
Echo Tango
Well Known Member
i put all of my overtime and holiday pay into a separate account
so far, it hasn't been enough
so far, it hasn't been enough
ChiefPilot
Well Known Member
I wrote a Palm Pilot (remember those?!?) application called "Airport Insight" that was a replacement for the green AFD books. I sold yearly subscriptions for the data and earned enough off it over the course of a few years to pay for the whole plane and then some.
No cell phone (back then)
No car loan
Low mortgage
Overtime at work
Build at home if possible.
Shop for new/unused parts.
Buy used quality aircraft tools. Bucking bars don't wear out.
Share tools with another builder.
Have a yard sale.
Watch for divorce sales, lost medical sales (we'll all be there), out of time/ money sales for needed items at reduced prices.
Be patient - the second mouse gets the cheese.
No car loan
Low mortgage
Overtime at work
Build at home if possible.
Shop for new/unused parts.
Buy used quality aircraft tools. Bucking bars don't wear out.
Share tools with another builder.
Have a yard sale.
Watch for divorce sales, lost medical sales (we'll all be there), out of time/ money sales for needed items at reduced prices.
Be patient - the second mouse gets the cheese.
Truth...
My project was started with a wife who disapproved of the whole thing, but tolerated it begrudgingly. She was gone a year later and I kept building, and got a LOT done before meeting the girl that would become my current wife. She's a much better sport about the project (not that I let that sway the decision) and flies with me frequently in the 172, and refers to my project as my "Aluminum Mistress". She even named it "Esmerelda" because, in her words, "It sounds kinda slutty and you spend all your time with her."
But in all seriousness - sit down with a piece of paper and figure out how much you expect the project to cost. Now add 20% for inflation over the life of the project. Now start developing a 5-year plan to put together the money to get there, and adjust the plan as needed to match your finances, or finances to meet the plan. The results might not meet your expectations but at least you'll have a good yardstick to gauge your progress and keep your goal in sight.
And ditto what the others said about second-hand kit sales and tools - I bought surplus tools over an 18-month period before ordering the tailkit and had everything I would need before I bent the first metal. Make use of the Want-Ads here on VAF, they will serve you well.
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rzbill
Well Known Member
Replace money with labor.
Slow build.
Don't buy latest electronic whiz bangs.
Build panel yourself.
Do panel first since it can be done in small $ chunks while figuring out how to deal with motor expense.
Carb
Fixed pitch
No paint.
Used motor.
I know that does not really answer your exact question. I sold some stuff on flea bay but it was miniscule so not that helpful to your inquiry.
Slow build.
Don't buy latest electronic whiz bangs.
Build panel yourself.
Do panel first since it can be done in small $ chunks while figuring out how to deal with motor expense.
Carb
Fixed pitch
No paint.
Used motor.
I know that does not really answer your exact question. I sold some stuff on flea bay but it was miniscule so not that helpful to your inquiry.
I did it during my build and still do it. Priorities. Flying the best flying sport airplane available at any price and that I built myself is way better then a new cell phone or paying for the latest Hollywood propaganda. YMMV
Totally agree with replacing money with my time.
Raymo
Well Known Member
When I decided I wanted to build a -7, a friend in -8 builder said "just wait for a good deal to show up on a project that someone has stalled on and wants rid of it.
Received a tip on the Piper forum (I own a Cherokee 140) that a -7 was up for sale in Virginia. The builder spent 8 years getting to about 70% complete before donating it to a charity after a 2 yr hiatus.
I snapped it up and recently finished SB 14-02-05 as my first task on the project.
My guess is that the builder (whose work is top notch, I might add) will get a nice break on his taxes to compensate his hard work. The charity is happy they have cash for their cause.
Now selling half my Cherokee to fun the -7 purchase (borrowed for now) and hope to finish it in the next 12 to 18 months. I will then sell the remainder of the Cherokee, which I will enjoy flying while the -7 is completed.
I'm also selling my RC helicopter and my 2011 Iron 883 to help fund the engine and panel. Trading up on toys, you might say...
I *never* seem to get great deals on anything but, in this case, I feel I struck gold
Received a tip on the Piper forum (I own a Cherokee 140) that a -7 was up for sale in Virginia. The builder spent 8 years getting to about 70% complete before donating it to a charity after a 2 yr hiatus.
I snapped it up and recently finished SB 14-02-05 as my first task on the project.
My guess is that the builder (whose work is top notch, I might add) will get a nice break on his taxes to compensate his hard work. The charity is happy they have cash for their cause.
Now selling half my Cherokee to fun the -7 purchase (borrowed for now) and hope to finish it in the next 12 to 18 months. I will then sell the remainder of the Cherokee, which I will enjoy flying while the -7 is completed.
I'm also selling my RC helicopter and my 2011 Iron 883 to help fund the engine and panel. Trading up on toys, you might say...
I *never* seem to get great deals on anything but, in this case, I feel I struck gold
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catmandu
Well Known Member
Works both ways. I married WAY above my expectations, it would have been cheaper for my wife to have no husband!
But I do my best to replace money with labor in everything we do in our life together.
longranger
Well Known Member
I put a small percentage of my salary into my company's stock plan and, like others have mentioned, downgraded my lifestyle slightly to account for the lowered income. When the balance hit enough to build the airplane I ordered the tail kit. I kept the deposits going, and by the time I was ready to order the wing and fuselage kits, the account was back up to where I started. Currently, I'm below where I started, but I still have more than required to finish the airplane with a new engine, CS prop, and an IFR panel ( if I don't get too crazy...).
Nihon_Ni
Well Known Member
Second Job
I worked as a CFI for 7 yrs to save about half of what I needed before I started my project. Since I started I set aside a specific amount each month to get me over the goal. I also drive a 10 yr old car and have significantly reduced my flying while I'm building.
I worked as a CFI for 7 yrs to save about half of what I needed before I started my project. Since I started I set aside a specific amount each month to get me over the goal. I also drive a 10 yr old car and have significantly reduced my flying while I'm building.
