possible new home?

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tmbg
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Location: Atlanta, GA (4A7)

possible new home?

Post by tmbg »

I have kind of a unique opportunity that I'm considering...

I've been dreaming of having my own airstrip compound for years, somehow getting a hundred acres or so of flat, fairly clear land and building a house and a grass strip on it, and somehow it would be close enough to the city that I could still work. It's a dream, and I know it.

Well, a good friend of mine actually grew up on such a piece of property, and his mom is considering parceling out a couple of lots to a select couple people. It's in Monroe, GA, east of Atlanta. It's out there a bit, but considerably closer than just about anything I could hope for, and not really any worse of a commute than any of the conventional fly-in communities in the atlanta area. It would add about 20 minutes to my already hour-long commute. Most importantly, they have 8mbit cable internet out there already, and I can just expand my work from home hours.

The strip is an FAA registered 2000x200' turf strip, 1GA9. 2000' is on the short side, but plenty for the RV and most other airplanes I hope to own. I flew my cherokee in there on sunday, and it's a bit tight getting out of there solo; I wouldn't attempt it with any amount of weight... at least not on the 95 degree day we had sunday! They have a pair of tractors with 7' deck bushogs, and they keep it mowed once or twice a week. Only three homes are currently on the strip, and she wants to sell two or maybe three more lots, and keep it very private with only people that share the same sorta ideals for the place. The sale comes with an easement and 99 year lease on the strip so it can't go away.

The property isn't remarkably cheap, and there's no firm price on it yet, but right now it's looking like around $200,000 for 5 acres of the best land on the property; center of the strip, adjacent to it. About 2.5 acres is already cleared, there's an ex-home site there that burned and plenty of space. If I did it, I'd get another $200-250k on top of the $200k for the land to build a modest 1800-2000sqft or so house and a 60x60 hangar.

I also have tons of construction resources, and I'm hoping I can save a fair amount of money in the build process and have some cash left over for, I dunno, a nice IO-360 or something :D

Another nice bonus is I'm currently paying for both a tiedown at KRYY and a hangar out at KRMG, and with this place I won't need either of them, which will save me $400/mo.

So... am I talking crazy talk? Or is this realistic?
Ian
RV-7 SB, chugging toward final assembly
IO-360-C1C 200hp obtained.
Hartzell BA prop received.
James Cowl ordered.
N773WW reserved!

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hydroguy2
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Post by hydroguy2 »

call it a cool half million, so you can finish your plane.

realistic or crazy? that's your call. We are already purchasing our airpark property, and we've been called both and also been called lucky and brilliant.

YMMV

Cabin Creek Landing (97MT)
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Brian
Townsend, MT

weezbad
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Post by weezbad »

if you can afford that then go for it :wink: . your payment should come in around 3500-4000 a month. :o
william....don't let it beat you down, you are stronger than you think.

Dan A
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Post by Dan A »

I'd do it if I were younger and still working.

Dan A

tmbg
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Post by tmbg »

weezbad wrote:if you can afford that then go for it :wink: . your payment should come in around 3500-4000 a month. :o

I'm hoping it won't be quiite that bad... I dunno what taxes and insurance will be like, but $400k @ 6% 30yr fixed is $2400/mo.
Ian
RV-7 SB, chugging toward final assembly
IO-360-C1C 200hp obtained.
Hartzell BA prop received.
James Cowl ordered.
N773WW reserved!

weezbad
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Location: darlington s.c.

Post by weezbad »

i like your math better. :) when the interest rates dropped about 6-7 years ago i took a 30 year note refinanced it and went 15 years on it. It only increased it 100 a month. i think it is @ 5.5 now so i dont see another break any time soon. Having trimmed 15 years off of my mortgage is quite satisfying though. :mrgreen:
william....don't let it beat you down, you are stronger than you think.

Spike
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Post by Spike »

Sounds like a wild opportunity. As to whether or not its realistic, quite frankly that depends on your income level/sources and your loadings. Without that knowledge it would be tough for anyone to give you anything too useful.

Let us know how it turns out.

Spike
http://www.rivetbangers.com - Now integrating web and mail!
Current Build: 2 years into a beautiful little girl

tmbg
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Location: Atlanta, GA (4A7)

Post by tmbg »

I can afford it, that's not really too big an issue... it'll be a big commitment for sure.


If I borrow more like 450-500k, my payment will be higher, but I think I can do the build and shave enough costs with sweat equity to come out with enough cash to pay off all my debts including what I owe on my cherokee. I can DEFINITELY afford to do it if it becomes my only debt.
Ian
RV-7 SB, chugging toward final assembly
IO-360-C1C 200hp obtained.
Hartzell BA prop received.
James Cowl ordered.
N773WW reserved!

airguy
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Post by airguy »

I would certainly do it if you can swing the numbers.

Second thought - how are commuting back and forth now? Flying or driving? Why not purchase a high-time 172 for a commute vehicle while building the RV?
Greg Niehues
Midland, TX
RV9A - finishing - 90% done, 90% to go
http://websites.expercraft.com/airguy/
Building a 9A with too much fuel and too much engine - should drop dead any minute now. :roll:

tmbg
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Joined: Wed Feb 07, 2007 11:05 am
Location: Atlanta, GA (4A7)

Post by tmbg »

I have a cherokee now that would be a great commute plane, but I work in an area that doesn't have public airports D:
Ian
RV-7 SB, chugging toward final assembly
IO-360-C1C 200hp obtained.
Hartzell BA prop received.
James Cowl ordered.
N773WW reserved!

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svanarts
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Post by svanarts »

Go for it. Sometimes you just have to say, "what the heck" and just do it.
Scott VanArtsdalen
Token Heretic
Nirvana Rodeo / Dudek Universal
S-6ES N612SV - GONE but not forgotten
RV-4 N311SV - SOLD

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captain_john
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Post by captain_john »

Ian,

If I had all your money, I could burn mine!!!

That sounds like a sweet place!

:mrgreen: CJ
RV-7
Garmin G3X with VP-X & a TMX-IO-360 with G3i
It's all over but the flying! 800+ hours in only 3 years!

tmbg
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Joined: Wed Feb 07, 2007 11:05 am
Location: Atlanta, GA (4A7)

Post by tmbg »

I hope I can make it happen... I would really like to be able to finish the RV at home rather than in a hangar an hour away :(
Ian
RV-7 SB, chugging toward final assembly
IO-360-C1C 200hp obtained.
Hartzell BA prop received.
James Cowl ordered.
N773WW reserved!

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