Hangar Flying

Hangar Flying => For Sale/Wanted => Topic started by: mikeydidit98 on August 23, 2007, 10:21:08 PM

Title: Wanted - Help Finding my Dream Long or Varieze
Post by: mikeydidit98 on August 23, 2007, 10:21:08 PM

Dear EZ Squadron;

I'm a 325hr VFR pilot who grew up around planes. It's a passion for me. However, I've sat on the sidelines for the last 20 years - wanting a Long EZ / Varieze / Racer / ..., but never able to make the financial plunge. My disposable income has gone into raising children... and flying RC planes to compensate for not being able to fly the real thing. A few of you know me from seeing me at Oshkosh, and at fields around the Midwest and eastern US. In fact, a few of you have been kind enough to give me a ride... Thanks.

I'm a 41 year old father of four great kids, and while I make a pretty respectable income, my wife and I have never been financially able to allow me to indulge myself in the dream. Well, I'm in full-bore midlife crisis and coming up on a milestone - the same age as my father was when he purchased his first plane. I'm not going to do the whole younger gal or sportscar thing... but I'll be damned if I am going to see 45 without owning a Long or Varieze. I am relatively naive in my belief that, given an opportunity to do so, people are willing to help others. And, I am asking for your help.

Will you please help me?. David Orr has agreed to help me. But even as absolutely connected as he is, there are still planes out there that have not yet surfaced. And, I am the poor guy trying to find a rarity - great plane at an even better price (basically one I can afford).

I am prepared and capable of pulling the trigger, though the resulting blast from that financial gun will by no means be large or loud as judged by most of you. I have a 401K account that I'm prepared to cash out - $15K after penalties and taxes. Combine that with selling off a dirt bike and some remote control planes, and I can bring it up to about $18,000 cash in relatively short order - 3-4 weeks time ($15k of that being available almost immediately). I'm successful at what I do and will earn a $10-20K bonus this year, payable in end March '08. I'm looking for a flying Varieze or Long EZ, from someone willing to work with me, given my financial constraints.

So, I am appealing to each of you. Do you know someone who is actually looking for a good home for their plane? Are they someone who might be willing to sell their plane for a little less than what they could probably get elsewhere, because they want to help someone who is worthy of helping? I am an ethical, good person. I help others and do that freely. I am the man my parents raised me to be, and have some great folks who would welcome giving me reference.

This is new to me. I've never owned before. As such, I could also use your advice. If you were in my shoes, how would you proceed?

Thanks in advance for the help. If this works, I'll be the guy at Oshkosh in '08 with the plane named "Thanks!" And, I will personally thank each one of you.

Regards,
Mike Westendorf
816-500-7074

Title: Help Me
Post by: ezlong on August 26, 2007, 05:59:19 AM

Mike-

    There are plenty of aircraft for sale out there, some not asking excessively high prices. It may be unrealistic to look for a "great aircraft at an even better price", because that sounds suspiciously like someone giving you money. Also, "working with" you sounds like the seller acting like a bank (ie, giving you a loan or payment plan).
    Good luck with your search, I'd contact sellers and negotiate a realistic price that is not insulting to them. Having sold Long Ez's, I can tell you that there are plenty of "buyers" out there who ask silly questions like "What's your best price" or "How low will you go (ie, just for me?).
    Again, good luck, but try to be realistic an put yourself a little in the other guy's shoes, who's poured money, time and effort into their aircraft for years and are only looking for a fair price...it's called a free market for good reason.

Cheers

Title: Wanted - Help Finding my Dream Long or Varieze
Post by: mikeydidit98 on August 26, 2007, 02:47:01 PM

EZlong - I received a story of encouragement from Sisco last week.  He had witnessed a sale recently where a flying Long was sold by a widdow to a fellow for $19K.  It happens but is rare.  Unfortunately, due to my limited funds, I'm looking for just such a deal.  It is not my intent to be rude, or insult anyone or try to low ball them.  I'm not a well off man who is just cheap and looking to pay someone less than the aircraft is worth.  I am looking for someone who might look at the fact that I am a nice person who has passion for Longs and Varieze's, would keep a legasy plane flying properly, and benefit from a plane that will or is sitting unused due to loss of medical, time commitments, etc.

I did not understand your point about seller financing.   One option on a sale is for me to put $15,000 down, plus sign a loan agreement with the seller for the balance.  The loan documents are the same as any secured loan, but an individual holds the lien/note, versus a bank.  From what I've heard from David Orr and others, this happens quite a bit on experimentals.

FYI - in '96 when my father died, I (acting as executor of his estate) sold his 32' short keel sailboat to a nice couple.  After reviewing the potential sale with my 3 sisters, we felt that the deal was "good", though it was at much lower than market value on the boat, even without considering the huge investment of time and money my father had made in re-finishing every square inch of the woodwork on her (his sweat alone, not anyone hired in to do it), adding new sheets, auto-pilot repairs, upholstery down below...  We felt it was a good deal for several reasons, one of which was that they just seemed worthy and were very nice.  

I'm not asking for charity.  But, I am hoping that I can find such a deal as I gave that couple.  I believe that people consider the "value" of a good home for their plane as part of a sale, especially when they have so much of themselves wrapped up into the plane in terms of sweat equity, memories... and love.  And yes, I know that this is not your typical sales process and that as such, I'm going to have a long haul finding such an aircraft and seller who is willing to consider this non-monetary "value" of a good home.  I have faith though that it will happen.

Thanks.

Mike

Title: Another Example
Post by: mikeydidit98 on August 27, 2007, 10:58:11 PM

I was inspired again today.  N80WL "Elijah's Chariot" was just sold for $15,500.  It is a $21-28K fair market value varieze, which was sold by a nice genmtleman in Ca.  We didn't talk much, but it sounded like he was happy with the deal.  I'm sure the buyer was equally happy.  Anyway, it affirmed my belief that there are those deals out there that would enable me to get into a Long or Variez, even considering my limited budget.

I went through David's varieze list/letter yesterday and today and spoke with a couple dozen folks today about EZ's.  Nothing is imminent (sp?), but there were a couple possibilities that I am following up on in this next week.  Tomorrow, my wife and I are off to sunny Scottsdale for the holiday weekend, and I am going to see a couple Varieze's out that way.