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10_year_plan

I'm New Here
Is to build an RV-7. I am a pilot and also learning the trade of aircraft maintenance. You will see me here quite allot, seeking answers, ideas, motivation etc. I have been taken for a flight in an -7 and was sold that it was a great aircraft. What pushed me over the line is I have recently started working in a maintainence hanger and have heard nothing but good things about it from engineers and engineers that are also pilots.

As my user name says, I have a 10 year plan. In 10 years from now, I want to have started the process of building the actual aircraft. That means having facilities ready, money saved, tools and logistics arranged etc. I will need to speak to a financial planner, because I also need things like a car, rent/mortgage etc. In any case, I hope to have the aircraft flying before I'm stupid enough to have kids

I have chosen an RV-7 because it is everything you could ask for in a 2 seater. Great speed EXCELLENT short field performance, great aerobatics, as true 2-seater as you can have, decent resale value, experimental. The only "catch" being you build it yourself.

I have a few ideas floating about it already. I can make it available for my kids/families kids/other family to use it as a very cheap platform to do flight training in. I can set myself up as a travelling engineer/pilot. I can retire or take long service leave and explore the world (I might fly to Oshkosh from Australia!) I may even be able to offer myself as an emergency logistics (will have to research the legalities on that one)

I will want to make it a full IFR with modern avionics, CSU and 200hp. Conventional gear, 02 and the ability to run on mogas at times.

10 years, saving 9k a year (in todays dollars) will have me a handsome 90k to play with. I am currently 22, and if I start being frugal now, I may even get started in 8 ;)

If there is anyone in the Sydney area, give me a PM. Maybe we can have a chat about this over my home brew.
 
Welcome

Sounds like a great plan. I'm sure that you can do it. As for the "catch" being that you build it yourself, you may find the building to be one of the most fun parts of the whole shebang.

I'm not as young as you, but when I was your age I took some advice my dad gave me: When you get any kind of a pay raise, use most of it to go into savings, and use the rest to improve your lifestyle. It make's saving money painless since you never really have to "give up" any lifestyle to save money.

Good luck,
 
Definitely talk with the financial planner. You'd be amazed at how much you can do toward your goals that you may not think you are capable of. A good planner can help you meet all your goals realistically.

I'd advise not waiting until you have all the money in hand before starting. While it would be very cool to plunk all the cash down and build straight through, it's actually difficult to pull off. If you take 10 years to save the money, things tend to happen in those years that repurpose the funds. The other big drawback is that you find yourself years down the road and just starting to build, which means more time before you finish.

Instead, consider saving as you planned but buying into the project as you have funds available for it. So, once you have enough money for the initial tools and such, buy them. Then when you have saved enough for the tail kit, get started. You won't have to build in a hurry because the next chunk will take a while, but you can at least make progress. At the end, your last payment will see you acquiring your engine or panel and you will probably be flying within weeks instead of years.
 
I have to agree...

flion said:
......I'd advise not waiting until you have all the money in hand before starting. While it would be very cool to plunk all the cash down and build straight through, it's actually difficult to pull off. .
Click to expand...

...since the kit costs increase every year as well. It may well take $110,000 by then.

Build subassemblies as you can afford and it will take way less time.

Best,
 
I've personally never had much of an interest of building a plane. Takes too long. I do want to build a Factory Five car someday, but not a plane.

My dad just bought a beautiful RV-7. It "only" has a 180 hp with a 3 bladed CS prop. It's unbelievable how fast it is. But you can never have too much power.

I'm 29. I really want a Harmon Rocket. But I know I will not be able to afford that for a long time. What I could possibly afford is a RV-4. I plan to buy one for cheap, then as I save money, I can upgrade it as I go.

Steve
 
G'day mate

Build it as you save. When you get enough money for the tail...build the tail. When you have enough money for the wings, build the wings and so on. If you wait till you have 90K in the bank it may never happen. You might be surprised what life will throw your way and how those things can eat money for dreams. The best way to save for a plane is to build it as you have money. Start living your dream NOW because no one is guaranteed tomorrow but we do have today. My .02 cents. I started out with an idea similar to yours 2 years ago. Now my emp is almost done and I am ordering the wings. I got sick of saving and waiting.
Good luck and have fun.
 
Welcome to VAF!!!!

Ben, welcome aboard the good ship VAF.

I agree with the posts above, build as you buy----save $$ as you build.
 
Go For It

First, don't call it a pipe dream since this is a fantastic hope or plan that is generally regarded as being nearly impossible to achieve. Call it a plan for flight.

Second, read Jon Johanson's book "Aiming High".

Third, save up the money for the empennage kit and the necessary tools (or borrow the latter), order it and build it. If you enjoy it, keep going. If you don't buy a finished one instead.

The hardest part for me was deciding to send in the initial order for the empennage kit. Currently working on the fuselage.
 
10_year_plan said:
In any case, I hope to have the aircraft flying before I'm stupid enough to have kids
Click to expand...

:eek: Ten years ago I was your age and probably thought the same way... Ten years later I now have a nearly two-year old son, and he is the world to me. He means more to me than any airplane ever could. Life changes a lot in ten years. Build incrementally before dumping large amounts of money into a project.

Oh no, its starting... the "when I was your age stories"! :D
 
Thank you all for your valuable input... I think what I will do is speak to a financial planner. My next post is going to be about all the ideas that went into your planes. If you have alerts on this post, or just happen to read this, I'll be editing in a link soon.
 
Pay as you build.

I'm 22, and bought a bunch of tools and the empennage kit when I could afford it. After working this summer, I should be able to afford the wings. [Entry level bush flying jobs don't pay very well].

That's the great thing about the kits coming in parts. Pay as you build and finances allow.
 
others dream big, too!

another crazy idea.......
if you think you are staying in the same geographic area for the foreseeable future ( if such is truly predictable)....then why not look for a 'partner'?
okay, it complicates things, but there seem to be as many older guys with more spare money than time or space.
They may bankroll 1/2 your build. when it comes time to hang an engine, statistically, one or the other of you may choose to move on to other things, and you may have to buy them out, but at least you have a nearly complete aircraft! ( okay, just 90% to go!)
Getting the tail kit and some tools is also a good way to find out if you have time, space, resources, understanding spouse, etc.
 
Nice to see some fellow young guys on here...

10_year_plan said:
I am currently 22, and if I start being frugal now, I may even get started in 8 ;)
Click to expand...

David Z said:
I'm 22, and bought a bunch of tools and the empennage kit when I could afford it.
Click to expand...

I'm 23 (I feel comparatively old. That's a new feeling). And have been saving as aggressively as a 23 yo graduate student can. You'd be surprised how much money you can put away. I've been able to save just shy of $4K in one and a half years. (Admittedly a military deployment provided about half of that money.)

- Someone's advice about saving the majority of a pay increase is good.
- Another tactic that I have used goes like this: Me and my brothers all went in on a Christmas gift together for out parents, but I made the actual purchase, so they all owed me money. As their checks came in, I looked about the balance in the everyday fund that I bought the gift out of, it was not near the red, so I said "Huh, guess I can live without this money" and deposited it in the RV fund. It's a good way of "tricking" yourself. You can find lots of small ways to get another deposit made into the RV fund.
- See a thread I started here for some pertinent info.

Anyone else have some good money-saving techniques?
 
The usual ones.....

...no new cars, boats or bikes.....We'd rather have an RV-10. Very few new clothes and surprisingly, our Methodist church started a Thrift shop that benefits the poor and homeless, with shirts and pants for $1.00. Some of the stuff is like new and I wear some, believe it or not.

Short, two or three day vacations to a favorite spot within RV reach in less than half a day.

Very few restaurant dinners...we have a ceramic Primo grill that cooks our foods as well or better than restaurants anyway, and promotes family meals with the teen sons.

We mow our own grass and the boys feel obliged to:)

We also wash our own cars, which is becoming more and more rare.

Best,
 
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