BiggerPockets

why? its a depreciating "asset". If you want to get into rentals, you don't need a $90k car at the beginning.

You all have it wrong.
To afford a lambo right off the bat, all you need to do is become a big wig at AIG, screw everything up and get a few million in bonus money from your fellow tax payers.

Tom, I didn't really understand your post....

are you saying you want the lambo 1st and then do real estate?

obviously you can't expect anyone to condone that?

build a cashflowing system and then use that to purchase what you desire

Man, talk about bashing.

Haha, but I figured nobody would really agree with me.

I just thought that as long as the 60 months of the car payments are bearable, I would be able to afford the car of my dreams and get started in real estate investing at the same time. Then after the 60 months, I would own the car and have a 100-150k house and could possibly lease that house out and buy another one.

And to clear up my post, I want to own a Lambo, hence I would not be leasing one, but purchasing one.

I know nobody seems to agree with my plan, but nobody is answering if it's even possible/realistic to do it or not.

$1500 a month for 60 months would be 90K without interest. You think someone is going to give you a $90K loan on a five year old car at 0% interest? I think not. At, say 10%, which is probably about right, your payments are $1912, plus insurance.

And, you'll need another car to drive around. That "Lambo" is certainly not a daily driver.

The P&I payment on a $150K house at 5.5% is $851. Plus taxes and insurance. Rest assured, though, NOBODY will give you a home loan if you have a $1900 car payment on your record. Unless you're making $250K a year.

That's a foolish car to own, period. Buy it ONLY when the purchase price is pocket change for you. In the words of Austin Powers "I want a solid gold toilet but it's just not in the cards now, is it?"

A little googling says its not as expensive as I would have expected. $2-3K per year. But the folks giving those numbers were older than Tom to be (just graduating business school), so might be a bit more.

The Lambo was not designed to be an everyday driver. The maintenance alone per year will make this impossible. I have a friend that HAD one. Went in for a check up, oil, brakes, fluids, the topical $150 Jiffy Lube pit stop. When he got the call about the car needing new wipers blades, he asked how much. They were $75, each. Because they were [i] He told the shop to just replace the drivers side, picked up the car and took it to the Mercedes dealer. Traded it in an a SL55. That last pit stop cost him $7800

Don't forget maintenance. I've read oil changes run $400+ and 15K mile service run $4K.

This type of vehicle need to be brought to someone who knows how to actually work on them, which you're not going to find at Jiffy Lube.

I had a long talk with my father back on my 30th B-day.....

It was about finally understanding what the hell he had been telling me all of those years, the stuff i never listened to! :lol:

I have come to realize that I actually get a little dumber every year.........At 18 I thought I new it all, and every year that passes, I realize more and more of the things I don't know! LOL

The moral to the story, sometimes dumber is smarter! :mrgreen:

My advice is to buy decent used car, most successful people will give 2 craps about what you drive, they will only care if you are someone who will hustle and MAKE BUSINESS HAPPEN!

Take all of that money you are thinking about spending and invest it in real estate....

If you do that, you might be paying cash for your dream car in the future!

Tom, I think you will get what you desire.... you look like you should be driving a lambo.