Welcome! I figured I'd chime in, because I am in almost the same situation.
The story on me:
22, Engaged, 19 Month Old Daughter, Web Designer and Search Engine Optimization Specialist, Work/Stay At Home Dad, 150ish Hours, PP-ASEL Since 2002
I have been dreaming of building an RV-7(A) since back when Dan C. was updating his site everyday with his progress. I watched his site EVERY SINGLE DAY from workshop set-up to the first flight. After his plane was flying, I was still checking in on builder sites every now and again, but it just wasn't going to happen at that time.
Anyway, I was working for myself, doing reasonably well, but not in the position to put a ton of money into a project. If I put $10K into a plane over the course of 6 months or so to get going, and then had a bad month, the little lady wouldn't be so pleased. So, now that I'm getting ready to actually get started, I've done some things to make it happen.
Preparations:
- I spend HOURS on here, each and everyday. I am learning from the experienced builders: techniques, cost-saving ideas, mistakes, and dedication.
- Helping local builders: I try to find a builder to help as much as possible. It seems to be much easier to find people, and become a legitimate part of the community when you've got a kit in your garage, so this is tough for pre-build dreamers like me.
- Financial Stability: I took a job (full-time, benefits, etc.) that makes sure that my bills are paid, that the baby is fed, and the lady is happy. I still work from home, and still have time to do my own projects on the side, which leads to more extra income, and money to put into the project.
- Downsizing/savings: We're not in a position (due to being credit-retarded in college) to buy a house. So, we found a smaller home to rent, which will save $500-1000 including rent, lowered utilities, etc., from what we are paying now.
- Being realistic: I know that if I keep my nose to the grindstone, my side-work can cover the project in 15-18 months; kit, tools, panel, engine, extras, etc., so I'm trying to better manage my time throughout the day. With that said, that takes time away from the project. I expect to put in serious hours, but making money to fund the project comes before working on it. Otherwise, I won't have anything to work on!
So, I'm going to be getting started soon. I am willing to take the time to save the money to get started right. I'd like to order tools, empennage, and wing kit all at once, which means it may be a few months before I am in the position to put the $10-12K into making that happen. Initially, I was really focused on finding deals, deals, deals, and while I feel there is some merit to that, I feel like it is important to not stretch at the start. If you can find the discipline to get going in the right way, the project appears to actually be possible.
Good luck! We all need it!
Mike