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?

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Nathan GesnerBusiness Member

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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.

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Melinda Miller
Rental Property Investor · St. Louis · Member since 2018 · 43 posts · 24 votes
7y
I had dreams. Big dreams. They were foggy, though, and they started with a truck.
I followed the fog from that craigslist beater all the way six class c doors.
I'm still in the fog, still following dreams.
But at least I have my truck.
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Account Closed
Investor · Milwaukee, WI · Member since 2013 · 1k+ posts · 1k+ votes
7y
Originally posted by @Nick Mess:
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?

Right. Sounds like maybe you are at the point where it might make sense for you.
I bought a house so I could have a truck parked in a garage.

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Brian Titone
Rental Property Investor · Holden, MA · Member since 2016 · 2 posts · 3 votes
7y
I own a landscaping business with several dump trucks and trailers none of which has ever been to my rental. I either hire out and use my time for making more than I could save by doing work myself or I drive my $700 ‘00 Plymouth Voyager to visit my tenants 3 tenants who have a combined $100k+ in cars.
If you have the amount of work to do on your properties that requires you to own and operate a truck, would your time and money be better spent hiring property management and growing the business?
Everyone has an end in mind... if your dream roll is handyman on your own self-managed portfolio, buy the truck and love every day 👍🏻
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Rachel Perry
Rental Property Investor · Tyrone, PA · Member since 2015 · 12 posts · 6 votes
7y
@Nick Mess
There are all kinds of ways to get what you want/need. My friend just moved into an apartment with no parking. I am storing his truck for him in exchange for being able to use it whenever I want. He only needs to "borrow" it back once every month-6 weeks. Saved him money on leasing a sparking spot and got myself a free truck.
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Ben Naught
Rental Property Investor · Prosser, WA · Member since 2017 · 81 posts · 36 votes
7y
@Nick Mess In my opinion a truck is a must have day one. Yes the job can be done with a van or even and SUV if you desire I think that comes down to preference.
It also depends highly on what other activities you do or desire to do. For example I enjoy hunting, fishing and other outdoor activities. My preferred rig for all around life is a one tone ford pick-up truck that starts. The rest is just widow dressing. Heck you wouldn't want to throw a freshly harvested buck in the back if your work van... That's a bit much. Just get a truck. Take 10k and go find a good solid rig and keep it and love it and clean it... 😂
If you want to get specific I drive a 2001 Ford F-350 turbo diesel CCSB with a ZF-6 6 speed. I pull a 16' car trailer often as well as an RV that I live in full time with my family while we renovate houses for profit.
Bottom line ... Don't sweat the small stuff and never forget to invest in yourself.
Cheers and happy truck shopping
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Tony Gunter
Investor · Canton, GA · Member since 2014 · 728 posts · 500 votes
7y
@Nick Mess
I can’t imagine not having my own pickup truck. Bought my first one after finishing college. Had one since.
0 Reply
Ryan Heywood
St. Helena, CA · Member since 2016 · 147 posts · 59 votes
7y
@Sean McDonnell how do you like the Ecodiesel? I was looking into them as they look great on paper, but I’ve heard they had some issues.
1 Reply
Jason C.
Investor · Austin, TX · Member since 2014 · 217 posts · 170 votes
7y
@Nick Mess absolutely get a truck or a work van. You severely limit your ability to self manage in this business if you can’t haul a sheet of drywall or plywood or a couple of studs from time to time.
Of course I’m from Texas so we prefer trucks round here.
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Ryan Heywood
St. Helena, CA · Member since 2016 · 147 posts · 59 votes
7y
When you seem to be borrowing one every week, it’s time to get your own. You’ll also need to be realistic about the level of truck you need. A 95 Tacoma and brand new F-550 are two very different animals.
If your towing, make sure you get something capable of safely moving the trailer. For work I’ll frequently move loads close to the 10,000 lbs limit, and honestly don’t feel super confident in the 2017 2500 Silverado we use.
If you do any construction, a utility bed is amazing. My father spend 15 years crawling under his camper shell before upgrading, and now wonders why the hell he waited so long.
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Ola Dantis
Multifamily Syndicator · Houston, TX · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Nick Mess
Buy a property and use that cash flow to lease a truck...
1 Reply
Clayton Boyle
Real Estate Agent · Denver, CO · Member since 2016 · 97 posts · 76 votes
7y
Buy a Gen 1 Dakota for dirt cheap and do your own maintenance on it. I got a 93 extended cab, 4x4 Dakota with a V8 in it for a couple thousand, and have used it regularly for the last two years. It's a mid-size, so it's not a pain to drive in the city, but it has the towing capacity and cargo capacity of a larger vehicle. Insuring this truck costs me almost nothing on my policy, and the times I've needed it I've really appreciated having it in my driveway. Fuel consumption on these older small block V8s is astronomical, but I don't really commute in it so I'm ok with that.
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Katie Roettgers
Member since 2018 · 6 posts · 10 votes
7y
@Nick Mess
My husband and I own 4 properties (3 are quads) and cut grass for his parents. We have a $250 trailer from Harbor Freight, built a frame out of left over lumber from a renovation project and hook it up to our newest car (11 years old) and it works great. A truck as an additional vehicle would be too much for us and not practical as a second car due to our two young kids.
You can do a lot with a little and some creativity when you're goal is building wealth.
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Brian Ellis
Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
7y
If you are a hardcore DIYer like me, then you will either need a truck or a suv that can tow a trailer.
I spent my first two properties renovating with a Grand Cherokee, not fun. I now have a truck and life has been so much easier. Between loads of material, and dump runs, I save a lot of time and frustration.
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Roger Hefner
Yuma, AZ · Member since 2015 · 140 posts · 137 votes
7y
@Andrew B. And if you fail you can live in your van down by the river.
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Nathan GesnerBusiness Member
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Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
7y
Originally posted by @Brian Titone:
I own a landscaping business with several dump trucks and trailers none of which has ever been to my rental. I either hire out and use my time for making more than I could save by doing work myself or I drive my $700 ‘00 Plymouth Voyager to visit my tenants 3 tenants who have a combined $100k+ in cars.
YES! I drive a 2005 Toyota Sequoia with 230,000 miles. It's got a ton of room, runs like a top, and is definitely not fancy. I've entertained the idea of throwing cash down to buy a gently used Toyota Tundra but I actually enjoy staying below the radar. I prefer my tenants seeing me as a blue-collar guy.
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Randall Weatherall
Real Estate Agent · Memphis, TN · Member since 2019 · 261 posts · 253 votes
7y
Got a lower-mileage, somewhat older (but all electronic) F150 for $700 with a collapsed front-end. $200 in parts with some hours later and it's bulletproof! Get one when the time is right and if you need one. Otherwise, don't take on payments for a convenience if you don't have to.
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Linda S.
Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
7y
@Nick Mess,
Personally, if you plan to fix things yourself, getting a truck will be a huge asset and very helpful if are a DIYer. Try swapping washer/dryers or fridges without a truck! I wouldn't recommend getting anything over $3K and just pay cash. Figure out how it can save you money in the long term, such as mowing grass yourself or doing dump runs yourself. If you're going to be someone to just call and pay to fix things, it's probably a bad idea, but if you plan on actively being a DIYer and doing a lot of stuff yourself-- a truck is an amazing investment long term!
1 Reply
Brian Ellis
Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
7y
Originally posted by @Parker Eberhard:
@Pat L. I’ve carried 22’ LVL beams in the back of my Subaru Impreza..
That's ridiculous...

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Kenny Dahill
Investor · Tempe, AZ · Member since 2018 · 1k+ posts · 731 votes
7y
@Nick Mess, I only have 6 rentals but finally bought a used Toyota Tundra 3 years ago. Biggest regret: not buying it sooner!
I do all my own maintenance, and renovated half my rentals on my own. In general, I love working on projects. I use my truck all the time and it makes life so convenient! It's not my daily driver though, that'd be a Prius. So I average out to be a Camary.
It's been great for my rentals and my personal projects. I got it with the intention of helping my friends and family out as well. I'll supply the truck but don't ask for my help. They all appreciate that too. I'm fortunate enough to have the financial capability to own multiple vehicles, so my friends benefit as well. We're also now able to go camping, feel safer traveling to snowboard, etc. I think everybody should own a used full-size truck if you do a lot of projects and can afford it.
If you think it'll be less stress in life to operate with a truck, buy one! If you can get by without or don't have the financial stability, don't buy.
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Sterling Chapman
Rental Property Investor · Baton Rouge, LA · Member since 2018 · 65 posts · 76 votes
7y
@Nick Mess I had 12 units when I bought a truck but wish I had sooner!
0 Reply
Kyle Swarts
St. Louis, MO · Member since 2019 · 52 posts · 7 votes
7y
@Nathan G. You atleast pay the poor guy right? Haha
0 Reply
Judy Parker
Rental Property Investor · Closter, NJ · Member since 2015 · 884 posts · 722 votes
7y
Three years ago I traded in my Mustang for a brand new Jeep Wrangler Sport. Best decision I ever made. I haul around tool boxes, saws, real estate signs, things I have to haul to the dump. And best of all, I have 4WD so no matter the weather or terrain, I won't get stuck. (Although I miss having a sporty car....)
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Michael Doherty
Real Estate Agent · West Hartford, CT · Member since 2016 · 449 posts · 476 votes
7y
@Nick Mess I agree with those that said to get a van. While a truck is awesome, having the ability to lock tools, material ect.. and leave it somewhere is a game changer. I personally have Jeep Grand Cherokee and it's awesome for my needs.I do a lot of driving for work so I wanted something comfortable, yet practical. I am at 9 units now and do all the lawn care and minor repairs. If I was doing major renovations myself I would consider a van or truck but for smaller things a jeep or some suv is perfect. I literally just picked up a used stove for a rental the other day in it. You could also consider getting a suv and a small trailer.
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Doug SmithPro Member
Lender · Tampa, FL · Member since 2013 · 2k+ posts · 2k+ votes
7y
Hi @Nick Mess This is the banker in me talking, but are you using leverage (borrowing) for your real estate purchases? I remember when I was a banker I was doing a loan for a building for a medical practice. During the processing of the loan, the doctor went out and paid over $700K (using a loan) for a Ferrari blowing his Debt Service Coverage Ratio out of the water. What I had initially approved I had to then decline or face the wrath of Federal Regulators when the loan was reviewed. I would be sure to be careful and not out-kick my coverage. Only you and your lender can answer the question as to whether it's a good idea or not, but just some food for thought. Good luck!
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Rick Stevens
Rental Property Investor · Watervliet, MI · Member since 2018 · 49 posts · 29 votes
7y
@Nick Mess
I bought a truck when I transitioned from fix and flip to rentals because I wanted a truck and didn’t really understand all the differences between long term rentals and fix flip because I planned to grow fast.
That said, Ive needed the truck many times since then. However to be honest, I could have gotten by if my former suv had a hitch for a trailer. But I like my truck, it has come in very handy.
My advice to your question is let your assets pay for the liability. When you’re cash flowing enough for it to pay for itself then go for it if you still need it.
Best wishes
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