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Updated over 3 years ago on . Most recent reply

Account Closed
  • Handyman
  • Minnesota
46
Votes |
92
Posts

Not really a real estate question about personal finance (auto)

Account Closed
  • Handyman
  • Minnesota
Posted

Hello to all the smarter then I am real estate investors. 

I'm posting this on here as it will help me with the long term real estate goals, and mostly I'm on here to learn how to think as an investor, not a maintenance guy. 

We flip and sell every two years, our income levels are not exactly great but as two mid 30s with no kids, spoiled dog and a couple monthly payments were sitting great yet. 

I now have a car situation. Accord has 17k left to pay, not selling. F150 has 6k left and I can't replace it for what it would sell for, and I need it for the house stuff. Still have plenty of room on the 50% vehicle to income ratio. 

My poor Impala was paid off 5 years ago and now torn apart in the garage needing $500 in brake work. That's for me to do it. The engine is in hospice, ($900 to repair) will die eventually but at the moment is still going strong. It was also used as a truck before we got the f.o.r.d, and has seen some things that I wouldn't even do with a rental car. 

I work full time, and deliver Pizzas a few nights to help with the house flip budget and need a reliable vehicle that exceeds the 12mpg the truck gets, and I don't like racking the miles up plus still have to commute to my real job. 

Used to have no car payments or debt, but now I have two and hate the thought of a third. Paying all cash for everything got me to this point, (it also got me into this situation) and my concern is that straying from my methods will hurt the long term real estate intentions. In the mindset of trading debt for cash flow, trading money to invest time into things that go up in value and focus on net worth, not income...Where do I go from here?

Do I drop 2k on a mechanic for the work?

Borrow for a third?

Deliver and commute with the truck until I can pay it off?

Fix it myself, and lose all that time I could be spending working on the house?

Viking funeral?

Thanks!

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