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While at this and adjacent locations he produced many custom built aircraft,the first one being a Hisso-Jenny, and from then on through several models of Ox-5, L-4, L-6, and Liberty engined planes. One of these planes later recieved a prize as the finest privately owned airplane in this country. When the government started dumping Jennies on the market it sounded the death knell for all small aircrafts manufacturing companies that were not extensively financed. Waterman Manufacturing Company bid on the few contracts then available from the government, but recieved none. This resulted in the company going out of business.

While experimenting with a machine to prevent frost in the orange groves by circulating the air using airplane engines and propellers, Waterman went to North Ireland and bought one of the Jennies that he had built during the war and started barnstorming this plane as a side activity to buy groceries.  This operation resulted in his becoming a fixed base operator at Ontario, California, where quite a little interest in aviation had been generated amongst various businessmen in that area.  He founded the Ontario Aircraft Corporation, which operated an air line into Big Bear Lake, and later bid on the Los Angeles to Salt Lake Air Mail contract in 1925, which was lost to Western Air Express.

About this time interest seemed to wane at the Ontario location and at the same time it started to boom in the metropolitan areas, so Waterman moved his operation to Clover Field, Santa Monica. Shortly thereafter he was employed by the Bach Aircraft Company as Experimental Engineer and Test Pilot.  The ensuing three years saw the development of the tri-motored Bach and the sale of quite a few of these small transports to budding air lines and private owners, involving Waterman in air line organizational activity, checking out many pilots, and sales efforts.  During this era he also took first place in the Air Transport Race at the National Air Races at Cleveland and established an official world's record for altitude, carrying a pay load of 1000 kilograms.

In 1928 he was asked by some of the same group financing the Bach Company to design and manage the Los Angeles Metropolitan Airport(now known as the Valley Airport of the Los Angeles municipal system), which was the focal point of commercial aviation in that area for some time,  As a commercial enterprise, the crash of 1929 necessitated turning it over to a municipal operation.  Early in the depression, Waterman had designed and built a four place low wing airplane with some very unusual features in that the wing struts incorporated shock absorbers in such a manner that they would not only dampen the air shocks, but could be used to vary the angle of incidence. In 1930, Waterman accompanied by his wife, flew this plane to the National Air Races at Chicago, where it was featured by a daily demonstration.  Later they flew to the East Coast and down the the N.A.C.A. at Langley Field for extensive evaluation tests there before returning to the West Coast.  In the meantime the 1929 crash had taken the possibility out of financing anything, and also closed the Bach Company and many others. Waterman was called in to liquidate
 
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