Author: "Bob Collins" <bcollins@...> Time: Mon Oct 4, 2004 10:55 am PDT Link
>I never found out how most of
> you pay for these projects though.
A great thread possibility. I pay as I go. I delivered newspapers
every morning (and I mean EVERY morning) for 10 years to get the
first two kits). Then used the proceeds of a radio station sale to
buy the upcoming fuselage. And when I finished paying off my car loan
last year, I kept making payments, only they went into an account for
purchasing subsequent stuff.
I think when it comes down to buying the engine and avionics, though,
I'll be floating a loan.
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Author: "David E. Nelson" <david.nelson@...> Time: Mon Oct 4, 2004 11:36 am PDT Link
I try very hard not to spend $$ that I don't have (made buying a house an
interesting experience). So I setup some investment funds that I paided into
on a monthly basis. After several years I've managed to build the funds for
the kit. However, like Bob, I think I'll have to do some kind of loan for the
engine and a good portion of the avionics....we'll see. If anybody has
creative (and legal) methods for loans, I'd like to hear them.
Since I don't have anything of any value that I can/want to sell, I've thought
about the following:
- Home equity loan - fair fixed rates; tax deductible; need to have enough
equity
- Margin loan - good rates (1 pt above prime - I think is what I can get);
variable rate
- Standard loan - fair rates
Regards,
//elson
Austin, TX
RV-7A - Left wing/tank
On Mon, 4 Oct 2004, Bob Collins wrote:
>> I never found out how most of
>> you pay for these projects though.
>
> A great thread possibility. I pay as I go. I delivered newspapers
> every morning (and I mean EVERY morning) for 10 years to get the
> first two kits). Then used the proceeds of a radio station sale to
> buy the upcoming fuselage. And when I finished paying off my car loan
> last year, I kept making payments, only they went into an account for
> purchasing subsequent stuff.
>
> I think when it comes down to buying the engine and avionics, though,
> I'll be floating a loan.
> Van's Air Force - World Wide Wing
> www.vansaircraft.net
> Yahoo! Groups Links
--
~~ ** ~~ If you didn't learn anything when you broke it the 1st ~~ ** ~~
time, then break it again.
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Author: "Jim Kinsey" <jkkinz@...> Time: Mon Oct 4, 2004 3:33 pm PDT Link
Bob,
I spent 3-4 years saving the cost of the kit by selling my boat and
adding another bill to my budget each month. It is surprising how
fast the amount will add up if you tweek the budget. (More quality
movies at home... keep the car a couple extra years, a little less
expensive gifts for the significant other ;) and eating those quiet
intimate dinners at home a little more often...no not in the
doghouse!! (All that = $$$$) I have and will continue adding to the
stash during the building process and by the time I need the money I
should at least have enough to cover the engine, instruments and
hopefully some Avionics. If I run short of funds, or decide I want
higher end Avionics I plan to float a loan to complete the
project... since I have no intention of having a fine machine like
the 7A sitting idle in a garage.
Jim Kinsey
RV7A Wings
--- In RV7and7A@yahoogroups.com, "Bob Collins" <bcollins@m...> wrote:
> >I never found out how most of
> > you pay for these projects though.
>
> A great thread possibility. I pay as I go. I delivered newspapers
> every morning (and I mean EVERY morning) for 10 years to get the
> first two kits). Then used the proceeds of a radio station sale to
> buy the upcoming fuselage. And when I finished paying off my car
loan
> last year, I kept making payments, only they went into an account
for
> purchasing subsequent stuff.
>
> I think when it comes down to buying the engine and avionics,
though,
> I'll be floating a loan.
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Author: "Steve Collins" <steveco@...> Time: Mon Oct 4, 2004 9:20 pm PDT Link
I'm with you, David - I hate spending money I don't have...interest
payments are the enemy. Don't automatically discount the
possibility of paying cash. Like Bob said, keep that old car
instead of buying a new one, and put the car payments you used to
have toward the plane....Cut back in areas of other disgressionary
spending (although don't make your family suffer). And look for
ways to supplement your income. There are ways to do part-time work
that don't impact your "day job". Bob's newspaper delivery is a
great example that shows some serious commitment. If you want it
bad enough you can make it happen. I'm also working a home-based
business part-time to help finance my plane - I don't want to make
this into an advertisement, so if you want to know more about it,
email me offline (steveco@houston.rr.com) and I'll be happy to tell
you about it.
It may take me a little longer this way - I tend to take my time
because I know I have to earn and pay as I go anyway. But it sure
feels good having minimal debt.
I guess the point I want to get across (especially to people on the
list trying to decide whether or not to build): don't feel like you
have to be "rich" or go deeply in debt to make this happen. There
are other options. You just have to want it bad enough.
-Steve Collins
Houston, TX
Slow-build -7A Wings
--- In RV7and7A@yahoogroups.com, "David E. Nelson"
<david.nelson@p...> wrote:
> I try very hard not to spend $$ that I don't have (made buying a
house an
> interesting experience). So I setup some investment funds that I
paided into
> on a monthly basis. After several years I've managed to build the
funds for
> the kit. However, like Bob, I think I'll have to do some kind of
loan for the
> engine and a good portion of the avionics....we'll see. If
anybody has
> creative (and legal) methods for loans, I'd like to hear them.
>
> Since I don't have anything of any value that I can/want to sell,
I've thought
> about the following:
>
> - Home equity loan - fair fixed rates; tax deductible; need to
have enough
> equity
>
> - Margin loan - good rates (1 pt above prime - I think is what I
can get);
> variable rate
>
> - Standard loan - fair rates
>
> Regards,
> //elson
> Austin, TX
> RV-7A - Left wing/tank
>
> On Mon, 4 Oct 2004, Bob Collins wrote:
> >> I never found out how most of
> >> you pay for these projects though.
> >
> > A great thread possibility. I pay as I go. I delivered newspapers
> > every morning (and I mean EVERY morning) for 10 years to get the
> > first two kits). Then used the proceeds of a radio station sale
to
> > buy the upcoming fuselage. And when I finished paying off my car
loan
> > last year, I kept making payments, only they went into an
account for
> > purchasing subsequent stuff.
> >
> > I think when it comes down to buying the engine and avionics,
though,
> > I'll be floating a loan.
> > Van's Air Force - World Wide Wing
> > www.vansaircraft.net
> > Yahoo! Groups Links
> --
> ~~ ** ~~ If you didn't learn anything when you broke it the 1st
~~ ** ~~
> time, then break it again.
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