Do you need a pickup truck for a first rental property

Member since 2022 · 11 posts · 8 votes

Hello everyone,

So me and my wife have 2 older cars both paid off. We were thinking about getting a rental property but also was thinking to upgrade to a pick up truck. We were doing some pricing in about the 30-35 range and we really didn’t want to take out a loan on a truck if we didn’t have to. We are already going to be leveraging for the rental property. So is a truck necessary or needed when having a rental property. I am not planning on doing all the improvements my self planning on hiring contractors but just in case if something arises we wanted one. Please advise.

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Nathan GesnerBusiness Member

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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes

This is an emotional inquiry, not a business decision.

You don't buy equipment based on what you think may happen. You determine a need, then fill it. If intend to hire contractors for work, you won't be doing much around the property. Even when you do, the trunk of a car or a small utility trailer should be sufficient.

Let's say you needed a pickup once a month to haul some really big, heavy items. Truck rentals are pretty cheap, but let's assume it cost you $200 per rental. That's $2,400 a year. It would take about 17 years to justify the cost of a $40,000 truck and that doesn't include the cost of maintenance, insurance, extra gas, etc.

If you manage 10+ rentals and do most of the maintenance / improvements yourself, then a truck may be justified. You need an economical car that is fully paid for with good gas mileage. I don't even think you would have enough work to justify a small utility trailer, but that would be a more justifiable expense.

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Charles D Cruz
Pueblo West, CO · Member since 2017 · 69 posts · 53 votes
4y
Would rent one from home depot a few times before considering to buy one.
10 Reply
Account Closed
Member since 2021 · 240 posts · 300 votes
4y
@Denzel Faulken if it’s something you’ll just use on rare occasions and don’t need a truck. I’d get a small utility trailer. 5x8 is light enough and will carry whatever you need. Then store it out of the way.
6 Reply
John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
4y
I have 7 trailers. Each one different. Costs $12 per year for a license plate. You can put a hitch on just about any vehicle so I'd start with that. I have a truck but use a small trailer pulled behind my HHR much more frequently than the truck. So to answer the question, no you don't need a truck. (But I've never not had a truck so maybe I shouldn't say that, lol)
2 Reply
Nicole Heasley Beitenman
Investor · Youngstown, OH · Member since 2017 · 2k+ posts · 2k+ votes
4y
I've done 4 deals and have yet to need a pickup. It would have been nice to have on a few occasions, but we figured out how to get the job done without one or borrowed one. And if worse came to worst, you can always rent one from a hardware store or Turo.
3 Reply
Michael Noto
Real Estate Agent · Southington, CT · Member since 2008 · 5k+ posts · 3k+ votes
4y
Great idea from @John Teachout in regards to the trailer.
0 Reply
Matthew Paul
Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
4y
Of course you need a truck , but not just any truck will do . You need style and POWER . Something similar to the Ford f 350 King Ranch crew cab dual rear wheels with the diesel . Right now you can find a deal at around $ 90K . ( its a write off)
LOL

I have 3 pickups , 2 plow snow (great$$$$) the other is a service truck . BUT 90% of the time any hauling I do is with a 5x8 dump trailer , of my equip trailer .
Trucks are expensive and in high demand . If one of your current vehicles can pull a trailer , get one . They are low maintenance , last for 20 years plus and are cheap compared to a truck .
You can pull more than you can carry
9 Reply
Account Closed
Handyman · MN · Member since 2020 · 92 posts · 46 votes
4y
5x8 enclosed trailer weighs 750 pounds and most sedans have at least a 1000 pound capacity. The limits can be pushed depending on distance and geography. A new one is about $2k. You can burn through a few transmissions before you even get close to the price of a truck.
I love my truck, but I wouldn't let go of the trailer for anything.
Minivans are ugly and cheap, incredibly practical.
2 Reply
Nathan GesnerBusiness Member
Moderator
Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
4y
This is an emotional inquiry, not a business decision.

You don't buy equipment based on what you think may happen. You determine a need, then fill it. If intend to hire contractors for work, you won't be doing much around the property. Even when you do, the trunk of a car or a small utility trailer should be sufficient.

Let's say you needed a pickup once a month to haul some really big, heavy items. Truck rentals are pretty cheap, but let's assume it cost you $200 per rental. That's $2,400 a year. It would take about 17 years to justify the cost of a $40,000 truck and that doesn't include the cost of maintenance, insurance, extra gas, etc.

If you manage 10+ rentals and do most of the maintenance / improvements yourself, then a truck may be justified. You need an economical car that is fully paid for with good gas mileage. I don't even think you would have enough work to justify a small utility trailer, but that would be a more justifiable expense.
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Matthew Irish-JonesBusiness Member
Real Estate Agent · Buffalo, NY · Member since 2017 · 2k+ posts · 2k+ votes
4y
@Denzel Faulken junk removal companies are like cleaning companies, fairly easy to find and ready to do work when you call them. You are better off calling the local junk removal guy once a year than buying a specific vehicle for one property.
If you are doing all the work yourself most materials can fit in your car, what can't fit in your car can be delivered, or better yet brought to the job site by your contractor.
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2 Reply
Scott M.
Real Estate Broker · Rochester Hills, MI · Member since 2009 · 2k+ posts · 2k+ votes
4y
No. 100% No.
3 Reply
Gail K.
Augusta, GA · Member since 2014 · 1k+ posts · 1k+ votes
4y
If you feel you need a truck for hauling consider a used one. But even used ones are expensive. My little 2002 Toyota Tacoma just turned 20 years old. It's hauled pretty much everything for the rental properties and for the animal rescue groups I volunteer for. When I check on Carmax.com for used Tacoma's the ones that are 10 years old cost more than mine did new. And they go quickly.
2 Reply
Bud Gaffney
Rental Property Investor · Boston, MA · Member since 2019 · 2k+ posts · 1k+ votes
4y
A Pick up truck is huge for this business. Coming from someone who doesn't have 1, I need to get 1 :)
0 Reply
Peter Wellman
Greenville, SC · Member since 2016 · 17 posts · 7 votes
4y
@Denzel Faulken
Hi Denzel,
If you do decide to buy a truck you could look at government auctions online. It’s a great way to find a deal on a car and not have to finance it. I haven’t done this myself so do your own research into it but I have heard of people doing it.
0 Reply
Andrew B.
Rockaway, NJ · Member since 2016 · 2k+ posts · 2k+ votes
4y
There is absolutely zero need for a pickup truck unless you're doing heavy construction.
You can accomplish everything you will ever need with an SUV, and a small trailer if you ever need it. Or in extreme cases, a work van. Both will be far cheaper than a pickup truck.
If you want one, get one, but dont pretend its a business decision.
2 Reply
Carlos M.
Investor · Lancaster, PA · Member since 2016 · 94 posts · 356 votes
4y
@Denzel Faulken I’ve had a truck from day one. But that’s because it was my daily driver. We did ALL of our maintenance for the first 10 years. I would say maybe once or twice a year did I actually NEED a truck. Now we own 80 plus doors and I still am in the field every day. We just purchased a Ford Transit 350 HD with a 12 foot fiberglass work box on the back. Best purchase we made! All of my tools and supplies are with me everywhere I go. The organization!!!! But keep in mind my team and I do 4-5 gut renovations per year , probably another 5-6 kitchens and god only knows how many floors. I would say work with what you have, rent a truck when / if needed. When your car dies and needs replaced then and only then consider a truck as you will know how much you actually needed one.
2 Reply
Karl B.
Rental Property Investor · Erie, PA · Member since 2015 · 1k+ posts · 2k+ votes
4y
I use a work van and find it to be quite useful.
2 Reply
Mary M.
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
4y
No truck needed, but they are handy for example if a tenant leaves behind stuff you can take to the dump, or at Christmas time you can pick up all the xmas trees and take to recycling. so many uses! but in reality you can rent a truck for the times it might be needed.
1 Reply
Linda S.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
4y
@Denzel Faulken
" I am not planning on doing all the improvements my self planning on hiring contractors but just in case if something arises we wanted one."---- your answer is in the statement itself. NO. Why in the world would you get a truck if you don't plan on doing stuff yourself? You can rent a truck from Home Depot if needed, or you can get a small trailer, that's another great idea!
Just an idea, find someone local who picks up scrap metal, so if you have to replace an appliance-- you have someone to happily come get the old one for free!
2 Reply
Hannah Leiker
Member since 2018 · 24 posts · 26 votes
4y
I have had a few occasions where I've wished I owned a truck. Do I think it's worth the money to buy one? No--since you'll find a workaround if you have to. As I get more properties and outsource more of the work, I imagine I would have even less need for one.
1 Reply
Rick Albert
Real Estate Agent · Los Angeles, CA · Member since 2018 · 2k+ posts · 1k+ votes
4y
Cheaper to rent one from Home Depot. Only get a truck if you get rid of one of your other vehicles. I need a truck maybe once a year and it is rarely because of the rentals.
Now if you were flipping homes or doing a lot of projects, that is a different conversation.
1 Reply
Ryan Cleary
Investor · Palm Beach County, FL · Member since 2019 · 370 posts · 330 votes
4y
@Denzel Faulken
I love this question. We have a bunch of rentals and I have a Honda Civic haha. Sure it would be great with a pickup but in some markets you could buy a whole rental property for that money! I would say buy the property and keep scaling until you need the pickup and hopefully by then you don’t even need to worry about the price!
1 Reply
David Hedges
Investor · Crown Point, IN · Member since 2014 · 177 posts · 84 votes
4y
no, you don't need a pickup truck. I've never owned one, and haven't had to yet in the 15+ years I've been investing.
The only exception would be if you plan to do a lot of work yourself. moving drywall, hot water heaters, etc, isn't always easy in a small car. But, if you have a property manager, and hire out most or all maintenance, I can't see any reason other than you that you just like pickup trucks, to get one.
1 Reply
Derrick E.
Investor · The Creek, WV · Member since 2014 · 890 posts · 1k+ votes
4y
My local Lowes will deliver materials to job site. I’m not sure if it’s more expensive for regular customers but through my business I have a delivery tomorrow and it was $20. Well worth it imo.
I have a truck but why would I worry about doing all of that when they will do it for $20.
2 Reply
Sunil Kurian
Investor · Bucks County, PA · Member since 2020 · 41 posts · 52 votes
4y
@Denzel Faulken If the concern is that you may need to pickup and transport things for 1 rental house...not sure how a 30-35k vehicle is the best solution.
First off, unless you plan on doing a big project with many deliveries and/or hauling...buying any truck may not be necessary. (Just pay the delivery charges and pocket the difference)
I'd you still really feel like you need the truck...you can probably get a used truck that will get the job done for far cheaper than what you are suggesting. But something tells me thus question is less about utility of use....and more about wanting to justify a splurge purchase.
Best of luck figuring it out!
3 Reply
Matt M.
Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
4y
@Matthew Paul
I can’t help but love the size and convenience of my 2017 Ram ProMaster 2500 High Roof.
Plus, right now it’s worth about $6k more than I paid for it 4 years ago.
3 Reply

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