Selling a Machinegun Before Taking Form-4 Ownership???

[TheSnail]

So, a new idea came to me today. Sell my newest machine gun purchase, become a sport pilot for 5k, and buy a bush plane (Piper Cub) for 50-60k. I'm buying 20-50acres in north GA within the year. I also have an small airport 2miles away, where I can hanger the Cub. I am making a 200+ yard shooting range on the property, so now I' thinking of doubling up the purpose of the shooting range and making it a landing strip as well. It would be a pretty good plan if SHTF as well as transport and fun.

I have 3 machineguns coming in right now. FN FNC, Micro UZI, HK51. The FNC is the least expensive but its the one I will never get rid of as it's the most practical. The micro is the most valuable and has the greatest appreciation. However, at 1800+ rpm, it is the least practical out of the three. The Hk51 is a show stopper on the range, but its pretty close to the micros impracticality. The Hk51 and micro have similar resale of 16-20k right now. However, the micro has a much much greater appreciation in value due to their scarceness.

So basically, out of the three: I would keep the FNC till my dying day. Keep the micro for investment purposes. Sell the Hk51. Thing is, I will take ownership on the Micro and FNC, in 2-3weeks after the GOV re-opens. The Hk51 is coming in from out of state to my dealer on form 3. It should be here tomorrow or the day after.

Now that you know everything in and out: Can I sell the Hk before taking ownership? I pay $50 to my dealer for out of state transfers. If I sold it to someone else, would I pay them an additional $50 for transfer + shipping or would it be consignment. With them holding it while I sold it, consignment would be out of question as they charge 20% AKA $4000.

One last thing: Would the feds think I was just flipping high end guns to turn a profit while not becoming a dealer? Its one thing if the gun is transferred to you. I presume its a whole nother bag of chips if you sell it before you ever even took ownership.

Thanks, Snail

 

[No2sc2]

Selling collectibles isn't selling guns. People sell collectible guns all the time for profit. Unless you're selling it every week every year, then I would be careful but you're only selling like 1 gun...

You can not sell until the approved form 4 comes back UNLESS you hadn;t filed the form 4. Then you can make arrangements to take payment and have the buyer file the form 4.

I see people selling their suppressor and SBR on here all the time when they find out they don't want it anymore and it sits at the dealer waiting for a form 4.

Yes, if the HK is on an approved form 3, you can sell it to someone in GA and just let the dealer know that the new buyer owns it and fill out the form 4 for them. Now if you're selling it to someone else in another state, I think you would have to do ANOTHER FORM 3 to them. Once you pay for the item, you are the OWNER of it but can't take it home till you're approved. Just like when you pay for suppressors at the store. You can't take it home but you're free to shoot it at the store's range.

 

[TheSnail]

So you're saying if it came in on form 3 ( dealer to dealer transfer), I can sell the gun and then have my dealer do another form 3?

 

[sniper22]

So, basically you just want a plane? If shtf, the most unsafe place to be, would be a plane. If you dont slay have a license you might look into the cost of that plus hanger rental plus maintenance. When you service a plane, you are pretty much rebuilding it.

 

[TheSnail]

So, basically you just want a plane? If shtf, the most unsafe place to be, would be a plane. If you dont slay have a license you might look into the cost of that plus hanger rental plus maintenance. When you service a plane, you are pretty much rebuilding it.

Hanger rental is cheap. Cub is a very simple plane. Being a car mechanic for 10yrs during my early days, eventually getting a BS in Mechanical Engineering at Southern Polytechnic. I feel I can skim through the plane's needs before the inspectors take a look.

 

[sniper22]

Hanger rental is cheap. Cub is a very simple plane. Being a car mechanic for 10yrs during my early days, eventually getting a BS in Mechanical Engineering at Southern Polytechnic. I feel I can skim through the plane's needs before the inspectors take a look.

Good luck.

 

[TheSnail]

Good luck.

Thanks

 

[Zeake]

I had a friend that had a plane. He is dead now. No kidding. Guess how he died. I will give you a clue. He lived through his first plane crash.

 

[TheSnail]

That's the beauty of the Piper Cub. It may be slow, but you can glide down with it if you lose power.

 

[TheSnail]

Either way, this thread was not about planes and pilot rules, and their legalities. It was about the title.