Don't buy a 150!!!
Get something a little larger, faster and carries more people.
The 150 is only a trainer and doesn't have much functionality.
Just my $0.02 worth.

Dave

Doug wrote:
1. Join AOPA and learn about their escrow purchase agreement and title
services for airplane purchasers. Aircraft do not have titles, they
have "bill of sale" that records legal ownership trail.

2. Subscribe to Trade a Plane. Ads are online also www.tradeaplane.com

3. Find a potential aircraft, the closer the better in TAP or
elsewhere.

4. Call the owner, get the information on the plane, if the price
seems right (there is a appraiser in TAP online that gives asking
price in TAP, usually the actual price will be a little lower), call a
mechanic at the airport where the plane is and tell him you will need
him to do a compression test and spend an hour looking at the
logbooks. Don't get into a "prebuy", just two hours to look the plane
and books over.

5. Fly (rent) or drive to the airport, meet the owner, make sure he IS
the owner, (get a xerox of his drivers license), and look at the
registration of the plane. Check all the paint, seats, interior,
lights, radios and appearance of the plane.

6. Go for a flight with the owner or an instructor and see if the
gyros, radios, and everything else works. Check to see the plane flies
straight, and flies well, and everything works (or if it doesn't note
it). Call ATC and see if the transponder is working (get flight
following). Most radios or gyros either work, or they don't work. Note
anything that doesn't work.

7. If all is OK so far, take the plane to the mechanic, have him do a
compresson test and cut open the oil filter and look at the logbooks.
If it fails to have goood compression in ALL cylinders, then you have
an engine rebuild to look at. Unless you want a project, skip this
plane and keep looking. Any damage history not properly repaired would
probably disqualify the plane. Old planes aren't perfect, and if you
want perfect, you will have to pay for it. Yes there are pristine
airplanes out there, but not 30 year old pristine ones. But the plane
should be airworthy with an engine making good compressions, no
misrepaired damage, and you should know if anything doesn't work.

8. If all is ok, call AOPA and do a title search on the plane. Find
out if there are any liens (loan related) on the plane.

9. If you insist on a prebuy or an annual, this is probably the place
to do it.

10. If all is still ok, negotiate an agreed on price, fill out the
purchase agreement making sure you address dates of delivery, method
of delivery, and everything else you can think of. Send the deposit to
AOPA escrow services, NOT to the owner.

11. Call AOPA and Avemco and other insurance companies and get
insurance quote.

12. Take delivery of the plane, instruct AOPA to wire the deposit to
the owner, wire the balance to the owner, call your insurance agent
and activate your insurance.

13. If you are not checked out in this type of aircraft, or even if
you are, your best insurance is to get a qualified instructor to fly
with you. Make sure you are legally qualified and competent in the
plane before you solo. Don't let the excitement of a new plane get in
the way of safe, competent pilot technique. The first few hours in
your new plane are high risk. Take some precautions to keep things
safe. Get some instruction, even if it's only an hour or two.

14. Fly the plane and enjoy!