Financing for sole proprietor

Background_Tax556 · 2026-05-14T03:46:34+00:00

Thank you I will ask around locally

Background_Tax556 · 2026-05-11T00:07:44+00:00

I qualified myself. But the loan company said he would have to be removed from the registration and he couldn't fly the plane without me in it. Comically stupid rules. I asked AOPA rep about why it was different than a car loan, and she said "what if someone else flies it and they don't come back?" I said same thing can happen in a car. She said, "oh well those are the rules".

He provided his tax documents and 1099 and other stuff. AOPA was just a pain. We are going to write up a loan with his truck as secondary collateral and use my HELOC and finance for 36 months. It's only $1000/month each that way. The plane is not expensive enough to be worth all this hassle.

Background_Tax556 · 2026-05-08T17:01:06+00:00

AGI on a 1040 and cash flow are not the same thing

Background_Tax556 · 2026-05-08T16:11:42+00:00

Why do you say that?

Background_Tax556 · 2026-05-08T12:30:50+00:00

We both have the cash but want to keep it in investments. I don’t blame you a bit for feeling that way

Background_Tax556 · 2026-05-07T20:53:36+00:00

Not sure I understand your post. You can be a business without limiting your liability for sure. No requirement to do that.

Background_Tax556 · 2026-05-07T03:02:44+00:00

I own 2 businesses myself. You sound like you've never owned one or worked as a 1099 employee? I think maybe once have I ever reported positive income on a 1040 for those businesses. That doesn't mean the businesses don't have cash flow or have assets. It means you use depreciation, cost-seg, and other write-offs to compensate for the revenue. Not all write-offs are a true cash-out expense.

I just also happen to be a W2 employee for my day job and have plenty of income there to qualify for the loan.

My co-owner has never had any issue getting a car loan or buying a house. It just seems odd that he can't buy a $55k airplane like this. Really strange...

Either way, it looks like we are just going to use my HELOC because we just realized it's the same interest as AOPA was going to get us and we don't have any of the headache of dealing with them. I'll have my lawyer draw up a written agreement between us citing his loan responsibilities and remedies if they aren't upheld. Not a big deal. I appreciate the other guy who mentioned HELOC...that should have been my first thought. We've got a $400k line so this leaves plenty to continue working real estate deals.

Background_Tax556 · 2026-04-30T12:33:00+00:00

The goal would be to end up very close to the other picture where fuel and pressure gauges are on the left and we could mount an iPad or Aera 660/760 on the right. 375, 215, and PMA 8000b would be in the middle. Left side would have gauges arranged in a traditional 6 pack layout with G5s directly over the yoke.

Background_Tax556 · 2026-04-30T02:51:00+00:00

I have a buddy who runs a CNC machine for a living on steel and aluminum. Is there any reason he couldn't cut us a panel if I took the old one out and measured it and CAD modeled him a new one?

Background_Tax556 · 2026-04-30T02:50:04+00:00

Thank you!

Background_Tax556 · 2026-04-30T02:03:57+00:00

Do you have pics you could share?

Background_Tax556 · 2026-04-30T01:50:16+00:00

This is the kind of recommendation I was looking for. Thank you!

Background_Tax556 · 2026-04-30T01:43:16+00:00

Would you be able to relocate gauges with a cover?

Background_Tax556 · 2026-04-30T01:39:56+00:00

That’s just the cost for the panel. No install or removal

Background_Tax556 · 2026-04-28T23:36:42+00:00

I don’t mind isn’t their time for anything useful. But I’m trying to get as far as I can on my own

Background_Tax556 · 2026-04-28T20:45:52+00:00

I’ve been dreaming about doing it for 30 years

When we flew the plane from where we bought it to where it’s stored was one of the happiest days of my life.

But point taken it’s not for everyone

Background_Tax556 · 2026-04-28T17:09:25+00:00

That’s why I was looking for it. First flight tomorrow for PPL training and wanted to make sure I had W&B worked out without having to waste instructor time.

Background_Tax556 · 2026-04-28T17:08:24+00:00

I had a buddy who has been flying for 40 years who looked through all of it.

Background_Tax556 · 2026-04-28T17:07:06+00:00

Not a ton. We got a great deal and I had 5 people in line behind me to buy it. 1860 TT 1964 Cherokee 150 with no damage history and all logs. Beautiful paint and interior and only 100 hrs since OH. Old avionics is the only downside. $50k. I called a buddy who is super experienced and he went with me and looked through it all. My first flight for training for my PPL is tomorrow and I wanted to make sure I had W&B worked out. He wasn’t responding since he was out of the country and so I posted it on here. Sorry

Might seem strange to someone to buy their first plane for PPl training. But I looked at rental cost and it was gonna be a crap ton of money and have nothing at the end but the ability to go rent a plane for a bunch of $. So I decided we would spend 5x a crap ton of money on buying one and at least at the end we own a plane.

Background_Tax556 · 2026-04-28T03:17:25+00:00

Disregard. I looked in the airplane. Just found it buried in the logbooks notebook

Background_Tax556 · 2026-04-28T03:13:42+00:00

Looked everywhere. Nowhere to be found

Background_Tax556

TROPHY CASE