When did you buy a truck?

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When did you buy a truck?

Nick Mess
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
7y

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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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    7y
    Originally posted by @Kyle Swarts:

    @Nathan G. You atleast pay the poor guy right? Haha


    I'm not a complete mooch! These are friends so I make sure they're taken care of. 

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  • Tristan Taylor
    Member since 2019 · 13 posts · 5 votes
    7y

    I bought a salvaged AWD 98 Astrovan with 149k miles, removed all the rear seats/benches tossed some air freshener in it, bed lined the entire thing black and put on some Michelin’s.. total cost of my “work van” —$800. Serves its purpose and I actually prefer it as opposed to my DD Rubicon.

    Point being , live within your means and enjoy this life along the way.

    1Reply
  • Michael King
    Rental Property Investor · Navarre, FL · Member since 2019 · 913 posts · 640 votes
    7y

    Buy an enclosed 6x10 lockable trailer. 

    0Reply
  • Jonathan W.
    Los Angeles, CA · Member since 2019 · 512 posts · 301 votes
    7y

    @Nick Mess your not towing anything heavy. If you get an over sized crew cab new or almost new, your a douche bag.

    If you can find a cheap utility truck or something old that you or someone in the company can maintain then yeah. Get an old reliable a to b company truck. Super useful. Anything else is a waste of money

    0Reply
  • Mike ReynoldsPro Member
    construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
    7y

    When I was 17 I bought a Limousine Bull that I was going to show as a steer at the fair. After paying 500 dollars for a registered bull I didn't have the heart to cut him because why would you cut a registered animal? They are for breeding right?  I traded him for a Chevy Truck and never had a car since. My ag project was a flip from a bull to a truck.  I use mine every day. 

    Do they still make cars?  

    1Reply
  • Todd Rasmussen
    Rental Property Investor · Clarksville, TN · Member since 2016 · 1k+ posts · 1k+ votes
    7y

    Use trucks frequently, but have access to them through employment. Would get away with our SUV or even a car for most things if I didn't have that access; and free delivery / renting a truck would be more cost effective than owning for me and probably also most. If you are picking up from home depot three times a week you are either big enough that you should be shopping at more commercial supply houses or get better at seeing ahead of you on a construction site. (that said 90% of professionals don't know they need material until they reach into the box and it's empty).

    If you are wanting to buy cheap, CA (In it's infinite wisdom and eternal support of businesses) is phasing out diesel engines on some trucks. Won't work for your 3/4 ton trucks. 2004 and older engine models. (2005 and older vehicles) with GVWR of 14k lbs and higher are illegal to drive already, but after 1/1/2020 their registrations will get blocked by DMV. Don't know what a road trip or shipping is worth, but there's probably going to be plenty of low cost trucks on the used market out this way.

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  • John Hickey
    Rental Property Investor · Chappaqua, NY · Member since 2015 · 1k+ posts · 947 votes
    7y

    @Nick Mess depends. Contractors def need a truck. Investors? Maybe not.

    I have a used truck. Used trucks can be a pain. If you can swing it and it makes financial sense new or lightly used is better bc maintaining an old truck can be expensive. But new is expensive. What to do.

    I drive 20k miles a year a lot of that in Manhattan/Brooklyn. So the gas and maintenace would be a killer...I drive a Civic daily. The only time I need a truck

    Is a few times a month. Home Depot is 4 miles away.

    if you can swing it......you want to figure out if it makes Financial sense. In other words what's the ROI. I see some ppl saying it's only 500 or so...but it's also insurance gas oil changes and tires brakes etc. adds up.

    Around here i can hire guys for 1000 a week that have trucks. I have a few guys with vans and trucks that I do biz with. Some of them used to let me borrow a truck.

    I use dumpsters for Demo. No pickup truck beats a 30 yard dumpster. My typical Reno is 150 sheets of mostly 10-12’ 5/8 Sheetrock.

    so that’s gettin boomed to the window....the lumber we order. as long as it’s more than 200 2x4 no sense in not having them delivered.

    So then you have your insulation, paint, tubs, toilets tile, cabinets man it’s a lot of stuff. That’s not half of it.

    But that’s what the guys getting paid 1000 a week grab on their way in or out because they make the list of what they need every day. How the hell do they make 1000 and 12% goes towards car payment? Oh yeah. They want to work for someone else. Guess the job justifies a truck and vice versa.

    Truck comes in handy. Def. but 500+++a month is what I was paying on one of my mortgages...well actually 690 but it’s def 200 a month in gas and oil. So same thing.

    I looked at it this way many times.

    Buy a new truck....or buy a house. I’ve looked at truck prices so many times they went up 25%.

    Then one day I had 14 houses and no truck. So I bought a used truck. 09 Silverado 3000 in repairs so far. Good truck. We ride it hard.

    my take is don’t buy a truck till your houses buy your truck. And if that’s the case you won’t have to worry about it.

    1Reply
  • James WilcoxBusiness Member
    Real Estate Agent · Bowling Green KY ~ Lexington, KY · Member since 2015 · 1k+ posts · 602 votes
    7y

    @Nick Mess Even if I worked on my properties (all property managed), I still wouldn't buy a "work truck". Just use your vehicle and keep track of the "business" mileage. Go to a property, write the mileage down. Go to a REIA meeting, write the mileage down. Ect... Just add it all up at the end of the car and send to your CPA. #done

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  • Kai Van Leuven
    Investor · USA · Member since 2015 · 325 posts · 447 votes
    7y

    @Nick Mess

    I love my setup.

    1. F350 7.3 Diesel. It had 300k+ miles when I bought it for 4K about 6 years ago. It is an absolute beast.

    2. Enclosed trailer- 5x8, is completely full of tools and I can do any repair with it. Cost $350

    3. Every tool imaginable. Costs around 4K.

    I would say for less than 10k to be up and running is nothing. You do one months worth of work had everything starts to pay for itself.

    0Reply
  • Kai Ponte
    Los Angeles, CA · Member since 2019 · 36 posts · 13 votes
    7y

    @Nick Mess while not an investor yet, I do spend time helping my mom at her house as well as working on a mine. I had a Chevy Avalanche for 13 years. It had a 6' bed that locked and could hold the proverbial 4'x8' sheet of plywood. I often shlepped drywall, auto transmissions, or other items around for friends and family. I loved it. The only reason I got rid of it a few months ago was that it was approaching 200000 miles and gas is $4.50 per gallon. Were I living in NH or another place that saw snow, I'd be driving a 4WD truck all the time. (Mine was not as I'm in LA and have only seen snow a few times in my life.)

    0Reply
  • Jonathan W.
    Los Angeles, CA · Member since 2019 · 512 posts · 301 votes
    7y

    @Nick Mess my dad has done next to everything, with his mini van. Take out the seats and that baby is a moving storage unit.

    0Reply
  • Billy Linn
    Investor · Green River, WY · Member since 2017 · 122 posts · 59 votes
    7y

    Just bought a Diesel with 400k miles on it for $1,500 mostly for dump runs and towing heavier loads. It's come in really handy. We've hauled materials for many years in the back of our SUV, or we'd rent a trailer for things that didn't fit inside. 

    0Reply
  • Shawn Coverdell
    Investor · Clatskanie, OR · Member since 2014 · 212 posts · 233 votes
    7y

    When you get about 10 doors you might want to get a truck in the 3 to 6K price range. Nothing fancy. Dents and scratches are a bonus. If you show any sign of financial success or happiness, your tennents will be will like you that much less. 

    Good luck. 

    Shawn Coverdell

    Homes in the Hood

    0Reply
  • Victor N.
    Investor · Meriden, CT · Member since 2013 · 201 posts · 145 votes
    7y

    I do a lot of rehabs and I self manage so I need a truck. I used to rent one whenever I needed to haul materials, a lot of tools etc but it became too expensive and also not very convenient. So I bought a 1995 Ram 1500 cash that lasted several years. Then it became too rusty ( if you owned a Dodge Ram before you know exactly what I’m talking about lol) and the repairs were getting too frequent and too expensive. So I got a used Silverado. I wouldn’t buy a truck if I only had 1 property. I also wouldn’t buy one if I had 5 properties that do not need much work... unless of course I just liked driving pick ups ... bc the gas mileage sucks!!!

    1Reply
  • Brian Ellis
    Rental Property Investor · South shore, MA · Member since 2017 · 1k+ posts · 1k+ votes
    7y
    Originally posted by @Nathan Gesner:
    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.

     I had a 2002 Sequoia, traded it in with 298000 miles on it, and it still ran like a champ! 

    1Reply
  • Sharon S.
    Member since 2019 · 55 posts · 55 votes
    7y

    When we started our business in July of 2018, we had gotten a truck by November. We needed it for rehabs and hauling appliances. I took a hit for the team and traded my Camaro for a Silverdo.... sad day. But necessary lol

    0Reply
  • Daniel Vandenbos
    Alpha, NJ · Member since 2019 · 35 posts · 15 votes
    7y

    I think a truck is invaluable. No need to go broke having one. I drive a 95 Ram 1500 with over 300k, and it’s my daily driver. There is no way I can justify spending over $1500 for transportation. No one can truly tell you what’s right for your situation.

    1Reply
  • Bobby Nilsen
    Rental Property Investor · Los Gatos, CA · Member since 2017 · 123 posts · 131 votes
    7y

    @Nick Mess

    When you start getting serious about it or when it makes financial sense look into section 179.

    0Reply
  • Lewis Schwartz
    Flipper/Rehabber · Jackson Heights, NY · Member since 2019 · 28 posts · 16 votes
    7y

    @Nick Mess

    Hey @Nick Mess,

    I am in the same Boat as you. I have one Duplex in jackson Hieghts Queens NY which is also My Primary Residence. It was an SUV or a Truck. I decided that I would need the truck as I am an Electrician By trade and figured I am better off with the truck to move material etc. remember if you get a decent Truck it can be a family ride as well. It has already made life easier when I had to buy sheetrock and wonderboard for the house. Hope this helps best of luck.

    Lewis

    0Reply
  • Derreck WellsPro Member
    Specialist · Pelham, NH · Member since 2013 · 544 posts · 269 votes
    7y

    I've never not had a truck. I currently have 4 in the yard, all Chevy/GMC 2500s, one for parts and 3 registered ('03, '04, and an '05), and I'm buying another '05 as soon as the lady that inherited it gets the title in her name (A deal I can't pass up, her dad bought it last December for $11k, she's selling to me for less then half of that.). But I also have a plow contract with the state of MA and plow a National Guard Armory, so it's a slightly different situation. They all make me money. 

    When I look at buying a vehicle, my deciding factor is "Will it make me money, or cost me money?" My Jeep Wrangler and Harley are the 2 exceptions, they don't make me money, but they save me money by not needing to pay for therapy! They also save me money on gas, I drive the Wrangler a lot to do estimates and errands because the trucks get about 10 miles to the gallon. But the trucks have ALL paid for themselves and made me a profit. The new truck will pay for itself in three snowstorms.

    Chevy/GMC are more expensive to buy than a Ford, but they are mechanically better. My parts truck is an 2001 GMC Sierra with 296,000 miles on it, and it was still running when I parked it. It's a 2wd, which is why I took it off the road. I've only had to take one part off it in the last 4 years though. 

    The biggest problem with the Chevy's is the rot. The ice melt chemicals they use up here in MA and NH just eat right through them (I'm sure it's the same in other parts of the country that have snow). This is actually why Ford tried the cast aluminum truck beds, they were trying to combat the rot, but cast aluminum is just too breakable for a work truck. 

    I would suggest finding a 15 year old Chevy Silverado 1500 or GMC Sierra 1500. You won't need the 2500, and the 1500 will get about 14-15 mpg instead of 10. If you live were there's snow, you can put a plow on it and if you have time, plow your driveway and your tenant's driveways and save money on snow removal. 

    Good luck!  

    1Reply
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