A1Skinner wrote:..... I had a lot of people tell me not to import because it can be a nightmare and very costly. My plane was stock except for VG`s, and it was super easy. I couldn't believe how easy it was actually, especially after everything I had heard......
hotrod150 wrote:A1Skinner wrote:..... I had a lot of people tell me not to import because it can be a nightmare and very costly. My plane was stock except for VG`s, and it was super easy. I couldn't believe how easy it was actually, especially after everything I had heard......
I think selling an aircraft across the border is kinda like travelling across the border: US > Canada easy, Canada > US not so much.
Special Flight Authorization for Canadian Amateur-Built Aircraft Operating in the United States
You will need to have the permanent aircraft registration "N" number before you can apply for a airworthiness certificate. I will be able to do the amateur built certification for you.
I looked the information up both on the FAA website and Transport Canada website. It looks like the aircraft had an amateur build certificate before it was exported to Canada. I don't see any major problems at this time. I charge $300.00 plus expenses and millage at the government rate $0.51/mile for the basic amateur built certification. If there is problems and additional work is required I charge $100.00/hr plus expenses. You will need to have the aircraft deregistered in Canada and a permeate US registration.
To register an imported aircraft, you must provide the following:
a statement by the official having jurisdiction over the National Aircraft Registry of the foreign country of export indicating that registration has ended or that the aircraft was never registered
evidence of ownership, such as a Bill of Sale, signed in ink, from the foreign seller to the U. S. applicant/owner
a completed Aircraft Registration Application, AC Form 8050-1
a check or money order made payable to the Federal Aviation Administration in the amount of $5 (U.S. funds)
We handle imports on a priority basis. Please write "Import" in red ink on the envelope and the request.
You must use an original Aircraft Registration Application, AC Form 8050-1. We don't accept photocopies or computer-generated copies of this form. You can obtain Aircraft Registration Applications from the Aircraft Registration Branch or your local FAA Flight Standards District Office (FSDO).
If you use a P.O. Box as a mailing address, you must also include your street address or physical location on the application. If necessary, provide directions or a map for locating your residence or place of business.
Your application for aircraft registration must include the typed or printed name and signature of each applicant. We will return any applications that do not include the printed or typed name of the signer.
For more information, review Information to Aid in the Registration of Imported Aircraft, AC Form 8050-124I (PDF, 13 KB) or contact the Aircraft Registration Branch.
Tick wrote:......... Dave Ramsey is a good man with a good philosophy but it is an overly simplified one.......
Grassstrippilot wrote:Good topic and interesting. I am not currently an out-right owner, but soon hope to be.
In college I bought into a 1/6th ownership in an Apache with the Geronimo conversion for $6,000. Took a loan from Grandma that I paid back that summer with some of my wildland firefighting earnings. At the end of college and shortly after getting married, I sold my share for the same amount. Also during college, I joined a flying club that is set up as a part ownership in the aircraft. When we moved back to UT, I got back in the club and these are the aircraft that I currently fly. I have yet to come across a better deal from a cost perspective and that is after talking to pilots from all over the country.
So now with the family growing, we need a bigger plane. We are debt free with the exception of our mortgage. I have been blessed with a wife that attacks debt like a pitbull. She graduated from college debt free and $10K in the bank. Then here I came along with $60K+ in student loans. But, by being frugal, she had my debt paid off 7 years early. Up until 4 years ago, we both drove our college cars. It wasn't until the birth of our first child that we decided that she needed a more reliable car. The first few car upgrades were partially financed, but again, she attacked it and paid it off quickly. The last car upgrade (needed more seat with the third child) was paid for in cash. A nice feeling.
So, on our way home from Thanksgiving, the subject of owning an aircraft came up again. Luckily she is on board with the idea "when we can swing it" and she told me to start crunching the numbers. The game plan will be like we have approached everything else: pay for as much as we can up front, finance the rest, and pay it off as quickly as possible. I did get from the conversation that, because the way she attacks debt, she had in her mind to pay off the house before thinking of a plane. I told her that I wanted one while the kids still lived with us and before I retire, so that probably wasn't going to happen!
So now we just have to figure out when it is ok to pull the trigger. I have a feeling that the answer to this is similar to having kids: if you wait until you think you are ready, you'll never have any kids! As much as I'd rather pay cash for one, I think that financing will have to be done to make it happen sooner than later. The thing that scares me to death is buying one and then having a major mechanical issue come up. As the treasurer for the flying club, I see monthly the amount of money that we shell out on maintenance, of course that is a club setting with the planes being flown a lot by a lot of different pilots.
And then we just hope and pray that work keeps going well and the income continues to increase. Other than that, stay debt free and keep our cost of living below what we earn...of course that probably goes out the window with an airplane! The good news is that we want a 205 and hopefully will be able to pick up a good one for a reasonable price that can be paid off in a couple of years.
That's my plan in a few months. One of my places is free and clear. The only people who get hurt on this deal are my heirs. Screw 'em anyway......hotrod150 wrote:<snip>when he needed money to buy an airplane and later a hangar, he re-fi'd the house and took some of the equity out to do so.
TomKatz wrote:It does seem funny! Once you own a plane, you don't care what you drive.
coloradokevin wrote:...........The easiest way I've found to save money was simply to continue living as I did when I was earning a lot less money (and my household income was much less thanks to a perpetually unemployed former spouse). I'm essentially still experiencing nearly the same standard of living that I had when I was supporting two people on a household income of $27K/year. Since my personal income (and our household income, thanks to an employed spouse) is now greater, we've poured the excess cash into the mortgage, her student loans, and our individual savings accounts. My overt fiscal lifestyle has changed very little in the past ten years, but I fully intend to wake up with a paid off house, some savings, and no other debt before the end of 2013.........
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