When did you buy a truck?

Rental Property Investor · Dover, NH · Member since 2018 · 13 posts · 7 votes

Living in NH and doing some of the renovations myself, I am feeling the itch to buy a used truck! But with only one duplex under my belt, it definitely makes more sense to save the money and invest in additional properties before I go off and purchase a pickup truck (third vehicle). I'm curious to hear from other landlords out there who have probably gone through this mental debate - how many properties did you acquire (and assumedly self manage) before you just had to go buy a pickup truck?

4 Reply

526 views

Most Popular Reply

Nathan GesnerBusiness Member

Moderator

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

This sounds like the kind of choice made by the chronically middle class. I doubt your duplex justifies needing a truck 24/7, particularly as a third vehicle. Then again, maybe your duplex is killing it and you deserve a reward?

I'm the guy driving a used beater while sitting on a net worth of $1 million. When I need a pickup, I borrow it from my buddy that's renting an apartment and living paycheck to paycheck.

The DIY Landlord Book4.7247 Reviews

Website View Page

32 Reply

See this reply in the discussion

95 Replies

Jump to latestLatest

Sort by

Matt M.
Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
7y
@Jim K.
My 2017 Ram ProMaster 2500 High Roof rocks! Terrible in the snow, but a great work van. They are a dime a dozen used with super low miles.
1 Reply
Matt M.
Specialist · Easton, PA · Member since 2018 · 1k+ posts · 2k+ votes
7y
I also rock a 2000 F150 with a plow, and my 2014 Ram 1500 grocery getter/kid taxi. I can’t live without my trucks.
1 Reply
Emmanuel Hirakis
Rental Property Investor · Queens, NY · Member since 2019 · 28 posts · 13 votes
7y
@Nick Mess Honda Ridgeline.. best truck slash daily driver made. Loaded 50 sheets of sheet rock on her and didn't have any issues.
Loaded her up with all sorts of cement grout tiles and I'm still able to go out to a fancy dinner with her.
Also best part has a tail gate truck and I have all my basic tools in there to do minor repairs.
2 Reply
Nathan Williams
Member since 2019 · 172 posts · 93 votes
7y
recently got a used sequoia. pretty good cargo capacity and fit 8 foot long stuff. feels like it burns a quarter of a tank just driving to a local store and back though.
0 Reply
Sean McDonnell
Real Estate Agent · Surf City, NC · Member since 2017 · 648 posts · 597 votes
7y
I love this thread.
I purchased a RAM 1500 Ecodiesel recently because I was tired of asking my buddy to borrow his truck for rehab projects. I went with the diesel in hopes that it will last for a long time. I did finance it which I know is against the FI guidelines but I love it. Working on paying it off fast and don't regret the purchase at all.
2 Reply
John Teachout
Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
7y
I think an economical solution for many people would be a trailer. You can put a hitch on nearly any car and that will pull a trailer with as much bed area as a full size truck. I currently have 7 trailers. Here in Georgia a trailer license costs $12 per year. Insurance is not required. So tires are the biggest expense. Each trailer is different and used for assorted things. Actually only one of them is small enough to pull with our Chevy Cruze, the rest I pull with our truck. I have used all of them in our rental property business. As far as the pickup truck question, I just can't wrap my mind around not having a truck as we've always had a truck.
3 Reply
Jermell Shavers
Member since 2019 · 295 posts · 159 votes
7y
@Nick Mess. I have a pickup truck but it’s also my only vehicle and I use to to travel once a year or twice a year to check on my rentals or when I buy another one I use it to pull my trailer. To me it’s a great tool to have you can fit the family it’s spacious!! I just bought a sfh and I carried all the materials just because I already had a truck it does come in handy especially being an out of state investor and if the truck isn’t 4x4 forget about it. If you wanted it to be your only vehicle then do it. Don’t just let it sit in the yard
1 Reply
Parker Eberhard
Contractor · Seattle, WA · Member since 2019 · 339 posts · 325 votes
7y
@Pat L. I’ve carried 22’ LVL beams in the back of my Subaru Impreza..
0 Reply
Pat L.
Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
7y
Originally posted by @Parker Eberhard:
@Pat L. I’ve carried 22’ LVL beams in the back of my Subaru Impreza..

Now I'm impressed ... but knowing the weight of a 22ft beam & the difficulty tying one down it's tough to image how you did it??? Even these guys used a trailer....
(... what amazes me is the guy you see loading all those 2x4's behind the head of his wife in the mini van. Nothing is tied down & its a tragedy waiting to happen....)

0 Reply
Ryan Deasy
Lender · Farmington, CT · Member since 2015 · 542 posts · 321 votes
7y
@Nick Mess my honest opinion is that i do not understand how someone can not have a truck. trucks do it all. they can go where cars go and they can move what cars can’t. there’s nothing a car can do that a truck can’t do and there is lots that a truck can do that a car cannot do. i use to have a car and a truck and it was pointless. sold the car and just have a used truck now and am very happy with it.
also, look into section 179. this will help your decision.
2 Reply
Ahmed Porter
Contractor · washington, Washington D.C. · Member since 2011 · 204 posts · 64 votes
7y
my granddad rest in peace told me a tuck can allways pay for a car, but a car can not always pay for a truck
7 Reply
Jeff Bousquet
Rental Property Investor · RI · Member since 2017 · 94 posts · 52 votes
7y
@Nick Mess
I had a truck before I started in real estate. A Toyota Tacoma, 4 cylinder, 4 wheel drive, 5 speed. I'll keep it until it dies. Currently, it has 205k miles and going strong.
The small trucks are fairly economical and cheap to buy.
3 Reply
George W.
Investor · NJ · Member since 2018 · 869 posts · 921 votes
7y
my first vehicle was a pickup truck. Have always had at least one. Comes in use moving large lumber, pallets, trailers, snow plowing & good for many uses.
Pros of buying a pick-up is that its very functional with most tasks & most built since the 90s are pretty heavily built. The biggest con to having a pickup truck is that your cargo can get wet/snowed on and of course stolen.
a work van is great but is not good for carrying large loads but can still tow.
another great option is to buy trailers. You can get an enclosed trailer and build a mobile shop and tow it with an SUV easily. Also it avoids paying insurance on another vehicle and registration should be cheaper.
0 Reply
John Pierce
Rental Property Investor · Richmond, VA · Member since 2014 · 100 posts · 50 votes
7y
@Nick Mess
You can get by without a truck, but it isn't worth it. I have an F150 that I payed $2,500 for about 10 years ago.
Getting materials to a house and getting trash out of it is much simpler with a truck. It is also nice for your tools to have a home.
0 Reply
James MaraditsPro Member
Real Estate Broker · Cleveland, OH · Member since 2015 · 239 posts · 224 votes
7y
I've always owned a used (10-20 year old) pick up truck as either a secondary or primary vehicle.
My first, a 1995 4 cylinder Ford Ranger got 25-30 mpg on average which is on par or better than most sedans. My car insurance policy is actually *almost* the same price to have two vehicles due to multi-car discounts. I can't really think of a good reason not to have it. I'm an avid DIY'er and most of my hobbies and interests out side of real estate benefit from having the truck as well, if that makes a difference. I'm planning on selling both my car and current truck to buy a newer (~5-10 year old) 4 cylinder Tacoma to use as my primary vehicle.
1 Reply
Ryan Proffit
Saint Joseph, MO · Member since 2018 · 401 posts · 244 votes
7y
@James Maradits love Tacoma’s, but make sure to educate yourself on the frame rust issue.
1 Reply
Rj D.
Investor · Chicago, IL · Member since 2017 · 79 posts · 62 votes
7y
@Nick Mess, my fiancé and i were forced to buy a truck and it has been THE BEST purchase we have ever made for our investing but before you take that advice let me tell you our story. We purchased our first 3-plex (or 3 flat cause I’m in Chicago) and we personally were doing most of the major renovations. We only had a compact car so we kept borrowing my mothers Escalade truck and her parents old dodge Caravan. There were a few times we needed both to transport what we needed. It was such a pain! Then it happened! The trucks center caps were stolen (nearly the rims too) and then the caravan was stolen (hot wired) and used in a string of robberies! We were out of options, our families were pissed, and i still had a major need for a truck, so we purchased one! THIS HAS BEEN THE BEST PURCHASE WE HAVE EVER MADE! From investing, to errands, to family camping trips... This has by far been the best tool we have ever purchased. Now with that said there have been a few times we questioned why we did it and i must put in the caveat that my fiancé and I both work very good 9-5’s and were financially in a position to make this purchase. Anyway we are very HAPPY truck owners and we’ve purchased a 6 unit and started a contracting company since. There is no signs of slowing down for us and again the truck is our best tool. Last note, the #1 vehicle driven by millionaires is an F150, might as well join that crowd!
3 Reply
Steve Vaughan
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
7y
I've just had minivans the last 17 years with a few dozen rentals and periodic rehabs.
I used to be the guy with a water heater strapped to the top of my Geo, but now have appliances and material delivered or sub out crummy jobs that need a truck like trash out, gravel, mulch, etc.
The guys that work for me often have nice trucks, but only one house at the most. I wonder what's up with that?
0 Reply
Account Closed
Rental Property Investor · Rochester, N.Y. · Member since 2018 · 20 posts · 25 votes
7y
I do a lot of side work along with renovations in my own properties (just the two so far). I’ve actually decided to get a mini van, something along the lines of the dodge caravan or Honda Odyssey. This way, you could have the cargo space, decent MPG, and if you decide to Uber on the side or get a real estate license, this will help as a people mover too. Who cares how they look, turning a liability into an asset is huge and this is a very practical option to look into. Plus I kinda think they look cool.
1 Reply
Kristian Conway
Contractor · New Orleans, LA · Member since 2018 · 36 posts · 42 votes
7y
My truck is my daily driver and helps a TON with my rental properties. However, that's because I'm plagued by the country boy attitude of "I can do everything myself". My advice to you and to myself is establish systems to where you have no need for that truck. Don't buy yourself another job like so many (myself included) have done. Scale up and only do activities that are a good investment of your time. This is an area where I am trying to grow myself and have my business work for me! I'll always have a truck but soon it will be to pull a boat instead of drywall!
4 Reply
Nick Mess
OP
Rental Property Investor · Dover, NH · Member since 2018 · 13 posts · 7 votes
7y
@John Teachout good point about a trailer. I have a Mazda CX-5 and I bet I can get a small trailer that will help facilitate moving materials/big tools.
0 Reply
Adam B Henderson
Member since 2019 · 15 posts · 6 votes
7y
@Nathan G. So you are saying mooch off the poor and bad decision makers?
1 Reply
Matt Honeyford
Investor · Rochester, NY · Member since 2017 · 206 posts · 175 votes
7y
@Nick Mess
If you want a truck you should manufacture your business so it can afford one.
For example: if you pay $3,000 / year in snow removal. Stop paying the snow plow dude and go buy a truck and a plow. But just remember, you’ll be the one waking up in the morning to plow the driveways.
Everything has a price.
0 Reply
BOB CRANEY
HIGHLAND, MD · Member since 2011 · 160 posts · 141 votes
7y
Sell one of your other less useful vehicles and get a truck with a crew cab and a cap, so you can still haul the family, kids and pets around. If you are doing lots of the rehab work yourself and will be in the business for a while (10+ years), get yourself an enclosed 10-14" trailer to put all your stuff in. A trailer that size can hold everything needed for small jobs-bigger rehabs. With some shelving and strategic design you can organize your tools and supplies and have a nice compartmentalized mobile lockable shop. When you just have some small work to do, you can throw some tools in the pickup and go get it done. I have also been really happy with the 14' dump trailer i have also. I built up the sides about 7' tall to make it a mobile dumpster for bigger demo jobs or tree removal/land clearing. A nice new enclosed trailer goes for about $4-6K and you can find used dump trailers for about the same.
1 Reply
Andrew B.
Rockaway, NJ · Member since 2016 · 2k+ posts · 2k+ votes
7y
Originally posted by @Kristian Conway:
My truck is my daily driver and helps a TON with my rental properties. However, that's because I'm plagued by the country boy attitude of "I can do everything myself". My advice to you and to myself is establish systems to where you have no need for that truck. Don't buy yourself another job like so many (myself included) have done. Scale up and only do activities that are a good investment of your time. This is an area where I am trying to grow myself and have my business work for me! I'll always have a truck but soon it will be to pull a boat instead of drywall!

This is a good point that hasn't received enough attention. How long do you plan to continue DIY activities, that can benefit from a truck? If your intention is to scale and focus on REI on more of a full time basis, I think the truck will slow you down because you'll keep telling yourself, "Why should I pay this contractor when I have the tools?" The more difficult it is to do those DIY activities, the quicker you will start to delegate.
1 Reply

Join the conversationCreate a free account to reply, vote on answers and follow this thread.