Updated almost 7 years ago on . Most recent reply
Investing in a Truck
Hey Guys, I partnered with my college buddy on a flip, I've been researching and looking to get into it on my own. He recently purchase a nissan tundra because he said it saves him money on picking up materials and quotes from general contractor. If you're just starting out would you worry about this as I want to come out the gate cutting as much cost as possible.
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@Derek Lester Ill start by saying that @John Warren is doing great things in his investing so clearly its working for him. He is a friend of mine and invests in some of the same markets as me.
I have taken a much more hands-on approach to my real estate(not necessarily better, just a different strategy) and have taken on a lot of projects with my own hands for sweat equity to execute value add. As I have grown to 31 units there are things that I certainly hand over to contractors and I don't do much more than make a quick phone call to deal with the situation. However, I feel like I run my business out of my truck. I always have a set of tools that allow me to take care of 90% of small projects and can haul extra tools to take care of bigger projects. I have a small tool trailer that I customized to allow me to handle quick day or multi-day jobs. I use these tools for my own house so rather than have them clutter up my garage they all are stored nicely in my trailer. Every tool and box of nails has its specific place.
I remember when I had a car for my first 4 unit and when I switched to a truck shortly after my life got so much easier. I bought an old f150 for $3500 in cash and it was a great vehicle for me until I started multi-state investing with a lot of driving. Recently upgraded to a v6 Chevy that gets great mileage compared to most trucks and can still do everything I need.
Also worked for a house flipper that contracted out most work and tried to run out of an SUV... needless to say he quickly realized a truck would make his life way easier to take care of things throughout the flips and picked up an old truck to help him out.
Hustle through this flip with what you have, make some money and if you want to do this seriously I cant imagine you wouldnt end up with a truck.
Ill also follow this up by saying that I love home improvement stores. When I have an empty afternoon I often find myself taking a trip down just to walk the isles and study up on different materials, tools for more efficient working, and get design ideas.