Lose my $570 car payment/hobbies?

Question

I basically already know the answer but it's not easy. My car is my hobbies. I'm in car shows and car clubs, but I believe I should trade my car in for a cheap ice up truck so I can save money faster for my first investment property. Reason for a pick up truck is because I am very handy and I'm also an hvac service technician. Any comments?

Rocky V. · Answer

@Jason Branch I would have to agree with Edmund on some of his points.  Pick up some extra side gigs for HVAC, wish you were in Dallas then I could give you some.  I'd definitely nix the hobby for now, buy a truck and start saving/saving/saving.  I drove a 2000 F250 for 15 years with 400k miles and just finally gave in and bought a new F350.  You need to sacrifice now in order to escape the rat race and live a better future.  Best of Luck!!

David Dachtera · Answer

@Jason Branch,

You'll also want to learn how to attract and engage private lenders.

Ideally, you want none of your own personal cash or credit in a deal - it should stand alone on its own merit. We seldom reach ideals, but we set our course by them.

For what it's worth ...

Jason Branch · Answer

I'll be moving to Houston in a couple months where it will be more affordable for me to start investing and living in my buddies condo for free @Rocky V. I plan on saving my taxes when that comes in as well. I'll probably trade it in after this big car show next month

Jason Branch · Answer

Thankyou @Edmund Ricker

Edmund Ricker · Answer

Hi @Jason Branch,

If buying your first investment property is that important to you, ditch the car and save up money faster, but before you do, consider other options:

1.  Partner with someone else

2.  Pick up some side HVAC work to generate extra income

3.  After you build your real estate empire...pick the hobby back up.

I would encourage you to explore all of your options before making a decision.

I hope this helps.

Ed

Lose my $570 car payment/hobbies?

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