Weird question, is this a bad idea?

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Weird question, is this a bad idea?

Lam N.
Rental Property Investor · Troy · Member since 2017 · 175 posts · 271 votes

I currently drive a beat-up old minivan with 240K miles on it.  Yeah, I sacrificed myself to jump-start my rental business.  I plan on buying the Tesla Cybertruck as my main vehicle.  

Recently, a thought came to me.  Is it a bad idea to get the cybertruck and then let the tenants see me driving in it?

Ok, hear me out.  Every time the cybertruck is mentioned, I always hear people saying it must cost $120K.  It looks expensive.  But the thing is it's only $40K.  One of my tenants drive a $70K truck, so... But that doesn't matter because people keep thinking Tesla = rich man's toy.

For the past year, there's been a lot of hate for landlords flying around.  A thought occurred to me that tenants seeing me drive what they think is a $120K vehicle might create resentment.  I'm afraid they might start thinking "so, this is what my rent is going toward..."

Is this fear warranted or am I over thinking it?  

A possibility is I could continue to drive my old minivan whenever I have to go to a tenant's place and only drive the Cybertruck strictly for pleasure.  A friend suggested this to me.

What do you think?  Do I have to worry about this perception or am I just overthinking this?

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Jonathan StyerBusiness Member
Real Estate Broker · Columbus, OH · Member since 2018 · 330 posts · 396 votes
5y

You know your tenants better than anyone on BP. If you're worried about it just drive the minivan when you go around like your friend said. As you grow, you're not going to really be able to worry about what the tenants think of you, this is a business. Treat them fairly and expect the same and anything outside of that is just noise. 

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  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Anthony Vander Meer:

    The Cyber Truck is only 40K, man I thought it was 70K to start.  You got me thinking, gas is getting expensive :).   You know I used to worry about this as well and always made sure to take my truck over my nicer car. Then I realized no one cares.  Tenants/people are worried about themselves not what your driving.  No one is not going to pay you rent because of what you drive. So pull up in that cyber truck and enjoy it.  

    And r-r-riiiiipppp goes the bag of concrete....

    2Reply
  • Bjorn AhlbladPro Member
    Investor · Shelton, WA · Member since 2017 · 6k+ posts · 6k+ votes
    5y

    Good to see the real @Jim K. back again! 🤣

    3Reply
  • Chester Peterson
    Member since 2021 · 7 posts · 7 votes
    5y

    @Lam N. Yes, your concern is warranted. You don’t need to trade in your present vehicle, obviously, so just keep it and that’s what you drive around tenants.

    1Reply
  • Chester Peterson
    Member since 2021 · 7 posts · 7 votes
    5y

    @Lam N. If you order a model X right now, your delivery is looking at like February. You claim your present vehicle is dying, well, you’ve got a couple more years, buddy.

    And you aren’t getting into a cyber truck for 40K probably ever. But certainly not first run of production.

    2Reply
  • Chester Peterson
    Member since 2021 · 7 posts · 7 votes
    5y

    @Jim K. 100% best advice on this thread.

    2Reply
  • Jillian KemmererPro Member
    Real Estate Agent · Scranton, PA · Member since 2021 · 55 posts · 25 votes
    5y

    I may tend to lean with the people who agree with you... I hear some very negative things about landlords, tenants being mad that their rent is going up, etc. 
    I would drive a lower-key vehicle, especially if tenants may get angry at it. 

    But totally get one if it's in your budget and you want it! You deserve to live a little, too. 

    1Reply
  • Mike Webster
    Member since 2021 · 1 post · 2 votes
    5y

    You’ve got time before the truck will be delivered. 

    Earn the trust and respect of your tenants / customers and they either won’t care or will be happy for you. 

    One truth. Haters are gonna hate. 

    Those that will be petty, jealous or see the negative about your vehicle will find plenty of other reasons to hate you and pay rent late, not at all, or destroy the property.  

    The only thing you can do is be more careful about the people you do business with. 

    Humans generally gravitate towards perceived money. That’s why the rich really do get richer. Money goes to money — so fix your low self Image that’s allowing you to even worry about something like this.  That would be my suggestion for the best investment you can make here. 

    2Reply
  • Nik S.
    OH · Member since 2014 · 454 posts · 227 votes
    5y

    This type of post frequently makes an appearance on BP and I get it however I disagree.

    Have you ever thought it would motivate your tenants? Maybe they can be like you if they get into RE and drive a Cyber truck.

    The new vehicle (regardless of $) can continue and strengthen your motivation (works for some, me being one of them).

    Life is too short to worry about what others think, especially tenants. Obviously you’re working hard considering you have rentals so treat yourself to your personal desires. There’s nothing wrong with it assuming it fits your budget.

    1Reply
  • Robert Williams
    New to Real Estate · Joliet, IL · Member since 2021 · 89 posts · 135 votes
    5y

    @Lam N. Not a crazy question at all. I think as long as you have a good relationship with your tenants they won’t care. It’s only those that feel like they deserve what you have or that they pay you so they own you, who would be mad if you were driving a rust Turcell. I have never been a fan of flashy, but always a fan of “do what makes you happy.” If you get the truck, I want pictures! 😂🤣😂

    1Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Nik S.:

    This type of post frequently makes an appearance on BP and I get it however I disagree.

    Have you ever thought it would motivate your tenants? Maybe they can be like you if they get into RE and drive a Cyber truck.

    The new vehicle (regardless of $) can continue and strengthen your motivation (works for some, me being one of them).

    Life is too short to worry about what others think, especially tenants. Obviously you’re working hard considering you have rentals so treat yourself to your personal desires. There’s nothing wrong with it assuming it fits your budget.

     The warped logic of this post and others never ceases to amaze me. It's going to "motivate" the tenant to hand over his rent to you, rent he has worked and bled and done without to knock out, when you're obviously going to spend it on toys. Yeah, that's gonna be so motivating...because, well, 'Murica!

    You people live in la-la land. Your tenant wants to kill you and hide the body, lance one more pus-filled boil out of the crotch of humanity. Given half an opportunity, he will, and consider himself to have struck a blow for the good guys.

    1Reply
  • Nik S.
    OH · Member since 2014 · 454 posts · 227 votes
    5y

    Welcome to reality. My first investment ever purchased was a 47 unit apartment package. I hired a PM and was on site everyday cleaning up, painting, talking with tenants etc. Also working 6-7 days a week at a family business. At that time I was 26yr old, I drove a Mercedes as my daily driver (I enjoy automobiles). All the tenants wondered who I was as I told them I worked for the owner. They loved me. They wanted me on site, just to even chat. I heard all kinds of stories, I got to see a life that I wasn't exposed to. I was one with the people regardless of what I drove. 

    They would ask me what to do to get them in a better situation like myself. How to get them out of their terrible minimum wage job etc. I never felt any sort of resentment. 

    Now, I never go to any of my properties as they are professionally managed. I don't have to deal with any tenants at any properties. 

    Now friends and random people come up to me (they see the cars I drive and word of mouth) and want to know what I do and if they can meet with me to help them strategize so they can find financial freedom at a younger age.

    The world is only getting crazier and maybe even shorter? Live it UP. Make smart decisions and enjoy the fruits of your labor regardless of who is watching. Oh ya and pay your bills and save up! 

    2Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Nik S.:

    Welcome to reality. My first investment ever purchased was a 47 unit apartment package. I hired a PM and was on site everyday cleaning up, painting, talking with tenants etc. Also working 6-7 days a week at a family business. At that time I was 26yr old, I drove a Mercedes as my daily driver (I enjoy automobiles). All the tenants wondered who I was as I told them I worked for the owner. They loved me. They wanted me on site, just to even chat. I heard all kinds of stories, I got to see a life that I wasn't exposed to. I was one with the people regardless of what I drove. 

    They would ask me what to do to get them in a better situation like myself. How to get them out of their terrible minimum wage job etc. I never felt any sort of resentment. 

    Now, I never go to any of my properties as they are professionally managed. I don't have to deal with any tenants at any properties. 

    Now friends and random people come up to me (they see the cars I drive and word of mouth) and want to know what I do and if they can meet with me to help them strategize so they can find financial freedom at a younger age.

    The world is only getting crazier and maybe even shorter? Live it UP. Make smart decisions and enjoy the fruits of your labor regardless of who is watching. Oh ya and pay your bills and save up! 

    "...they shall beat their swords into plowshares, and their spears into pruning hooks; nation shall not lift up sword against nation, neither shall they learn war any more..."

    0Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Chester Peterson:

    @Jim K. 100% best advice on this thread.


    Well, then, I'd better step it up. Here are three pieces from the master of dealing with people.

    “Never attempt to win by force what can be won by deception.”

    “There are three classes of intellects: one which comprehends by itself; another which appreciates what others comprehend; and a third which neither comprehends by itself nor by the showing of others; the first is the most excellent, the second is good, the third is useless.”

    “The vulgar crowd always is taken by appearances, and the world consists chiefly of the vulgar.”

    ― Niccolò Machiavelli, The Prince

    0Reply
  • Nik S.
    OH · Member since 2014 · 454 posts · 227 votes
    5y

    @Jim K.

    Man I’m dumb, I can’t comprehend. Feast or famine. Get yours :)

    1Reply
  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    @Lam N.,

    Your underlying question is simple-- do you want your tenants to know you loaded and have tons of extra money?

    If your answer is yes, sure.. have fun!     Sounds like a nice car, it's been fun reading the posts about all the fancy cars other BP members have! If you look at the responses, majority of people who say yes, also have a fancy car and do it.. there isn't a right/wrong answer, but all actions have reactions. 

    That being said, if I saw my landlord had a fancy car, I'd be much more likely to have an "accident" and say break my ankle, or something like that if I saw, first hand they had money and assets.      Whoops-- time for me to talk to a lawyer, who will happily look you up and quickly see you're worth suing... I mean,  I would feel bad going after someone in a beater, heck they might not be able worth the effort.. I personally wouldn't blink an eye going after an obviously super rich landlord, after all-- they obviously have plenty of $$$$.     Just food for thought!

    @Jim K.'st post was the best IMO about the people, and how people think.. re-read it, and let it sink in.   I think if a tenant is a A/B, heck they'd also resent it because they're spending even more $$$$ on rent.  Think it's going to  motivate them?-- 100% no.  Envy--- 100% yes.      

    Another idea-- what do you GAIN from tenants seeing your fancy car?   

    2Reply
  • Christopher Smith
    Investor · brentwood, CA · Member since 2016 · 1k+ posts · 730 votes
    5y

    @Lam N. One of the reasons I have property managers, never met a tenant in over 20 years and don't intend to meet one in the next 20.

    1Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Linda S.:

    @Lam N.,

    Your underlying question is simple-- do you want your tenants to know you loaded and have tons of extra money?

    If your answer is yes, sure.. have fun!     Sounds like a nice car, it's been fun reading the posts about all the fancy cars other BP members have! If you look at the responses, majority of people who say yes, also have a fancy car and do it.. there isn't a right/wrong answer, but all actions have reactions. 

    That being said, if I saw my landlord had a fancy car, I'd be much more likely to have an "accident" and say break my ankle, or something like that if I saw, first hand they had money and assets.      Whoops-- time for me to talk to a lawyer, who will happily look you up and quickly see you're worth suing... I mean,  I would feel bad going after someone in a beater, heck they might not be able worth the effort.. I personally wouldn't blink an eye going after an obviously super rich landlord, after all-- they obviously have plenty of $$$$.     Just food for thought!

    @Jim K.'st post was the best IMO about the people, and how people think.. re-read it, and let it sink in.   I think if a tenant is a A/B, heck they'd also resent it because they're spending even more $$$$ on rent.  Think it's going to  motivate them?-- 100% no.  Envy--- 100% yes.      

    Another idea-- what do you GAIN from tenants seeing your fancy car?   

    Don't really know why I'm reacting like this to this one, Linda, but the suggestion that you can "have your cake and eat it too" down in C-class just sticks in my craw. I actually have a trip case going on now. I typically refrain from commenting on these because there's almost always mental illness involved. In this case, it's addiction. An inherited tenant was given an ultimatum by her family to go into rehab. She pretended to trip down the unsalted front stairs of my latest duplex acquisition in December (This was two weeks after I had closed on it, was still recovering from COVID, figuring out the shoveling and salt, it's squared away now).

    Instead of going into rehab, tenant convinced her family to send her into a private rehab clinic the tenant "had heard about." Tenant got lots and lots of pain meds at this particular clinic. Started saving and stacking her daily doses. Caught COVID at the rehab clinic, spent two extra weeks stacking her meds. So at the end of her stay, to celebrate, the tenant pounded down the saved doses of pain med and got really high, and then, oopsies, her sister called her to talk about rehab. While high, the tenant confessed the whole trip scam and hung up on her sister's family.

    I always wondered why the tenant hadn't even hinted at suing me, and then I heard the story from her sister, who called me, irate, to tell me that the whole family was cutting the tenant off over this scam.

    Now what would have happened with this kind of inherited tenant if I had driven down there in a new Tesla Cybertruck to get my rent before this happened? How in the name of God and all the saints might I be "motivating" this tenant to do better in her life?

    At some point, the BS has to stop. I'm sure you can get away with flaunting your wealth with A-B tenants. It is NOT going to work out well with C/D tenants. It just isn't. You have to bite the bullet and realize these people have real problems, and you can't act as if they're wonderfully self-actualized individuals living happy, fulfilled lives. They're not.

    Anyway, I'm done trying to pass this particular word to the wise. If you're going to do something stupid like buying a new Tesla Cybertruck because, yeah, $40K is a steal compared to $70K (when your tenants have never seen $5K in cash all together in their lives), YOU'VE BEEN WARNED.

    0Reply
  • Lam N.
    OP
    Rental Property Investor · Troy · Member since 2017 · 175 posts · 271 votes
    5y
    Originally posted by @Linda S.:

    @Lam N.,

    Your underlying question is simple-- do you want your tenants to know you loaded and have tons of extra money?

    If your answer is yes, sure.. have fun!     Sounds like a nice car, it's been fun reading the posts about all the fancy cars other BP members have! If you look at the responses, majority of people who say yes, also have a fancy car and do it.. there isn't a right/wrong answer, but all actions have reactions. 

    That being said, if I saw my landlord had a fancy car, I'd be much more likely to have an "accident" and say break my ankle, or something like that if I saw, first hand they had money and assets.      Whoops-- time for me to talk to a lawyer, who will happily look you up and quickly see you're worth suing... I mean,  I would feel bad going after someone in a beater, heck they might not be able worth the effort.. I personally wouldn't blink an eye going after an obviously super rich landlord, after all-- they obviously have plenty of $$$$.     Just food for thought!

    @Jim K.'st post was the best IMO about the people, and how people think.. re-read it, and let it sink in.   I think if a tenant is a A/B, heck they'd also resent it because they're spending even more $$$$ on rent.  Think it's going to  motivate them?-- 100% no.  Envy--- 100% yes.      

    Another idea-- what do you GAIN from tenants seeing your fancy car?   

     Your answer seem to imply that I will purposefully bring my new car to show off to my tenants.  What if I just want to replace my old beat-up minivan with 240K+ thousand miles with a truck that costs less than most pickup trucks out there?  Are we (the landlords) to always have to look poor, wear rags, and drive rust buckets around forever because anything more is showing off to tenants how much money we have?

    0Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Lam N.:
    Originally posted by @Linda S.:

    @Lam N.,

    Your underlying question is simple-- do you want your tenants to know you loaded and have tons of extra money?

    If your answer is yes, sure.. have fun!     Sounds like a nice car, it's been fun reading the posts about all the fancy cars other BP members have! If you look at the responses, majority of people who say yes, also have a fancy car and do it.. there isn't a right/wrong answer, but all actions have reactions. 

    That being said, if I saw my landlord had a fancy car, I'd be much more likely to have an "accident" and say break my ankle, or something like that if I saw, first hand they had money and assets.      Whoops-- time for me to talk to a lawyer, who will happily look you up and quickly see you're worth suing... I mean,  I would feel bad going after someone in a beater, heck they might not be able worth the effort.. I personally wouldn't blink an eye going after an obviously super rich landlord, after all-- they obviously have plenty of $$$$.     Just food for thought!

    @Jim K.'st post was the best IMO about the people, and how people think.. re-read it, and let it sink in.   I think if a tenant is a A/B, heck they'd also resent it because they're spending even more $$$$ on rent.  Think it's going to  motivate them?-- 100% no.  Envy--- 100% yes.      

    Another idea-- what do you GAIN from tenants seeing your fancy car?   

     Your answer seem to imply that I will purposefully bring my new car to show off to my tenants.  What if I just want to replace my old beat-up minivan with 240K+ thousand miles with a truck that costs less than most pickup trucks out there?  Are we (the landlords) to always have to look poor, wear rags, and drive rust buckets around forever because anything more is showing off to tenants how much money we have?

     Yes, Lam, if you're going to self-manage in C-class, THAT'S THE DEAL.

    GET IN, look poor, wear rags, drive rust buckets around, GET OUT. Isn't it amazing how these properties are always for sale so cheap, and stock just rotates and rotates? The closer to D-class neighborhoods and properties you get, the worse it is. Glad you were listening. I know it's not quite what the gurus will tell you in the seminars.

    1Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Lam N.:
    Originally posted by @Linda S.:

    @Lam N.,

    Your underlying question is simple-- do you want your tenants to know you loaded and have tons of extra money?

    If your answer is yes, sure.. have fun!     Sounds like a nice car, it's been fun reading the posts about all the fancy cars other BP members have! If you look at the responses, majority of people who say yes, also have a fancy car and do it.. there isn't a right/wrong answer, but all actions have reactions. 

    That being said, if I saw my landlord had a fancy car, I'd be much more likely to have an "accident" and say break my ankle, or something like that if I saw, first hand they had money and assets.      Whoops-- time for me to talk to a lawyer, who will happily look you up and quickly see you're worth suing... I mean,  I would feel bad going after someone in a beater, heck they might not be able worth the effort.. I personally wouldn't blink an eye going after an obviously super rich landlord, after all-- they obviously have plenty of $$$$.     Just food for thought!

    @Jim K.'st post was the best IMO about the people, and how people think.. re-read it, and let it sink in.   I think if a tenant is a A/B, heck they'd also resent it because they're spending even more $$$$ on rent.  Think it's going to  motivate them?-- 100% no.  Envy--- 100% yes.      

    Another idea-- what do you GAIN from tenants seeing your fancy car?   

     Your answer seem to imply that I will purposefully bring my new car to show off to my tenants.  What if I just want to replace my old beat-up minivan with 240K+ thousand miles with a truck that costs less than most pickup trucks out there?  Are we (the landlords) to always have to look poor, wear rags, and drive rust buckets around forever because anything more is showing off to tenants how much money we have?

    So why do it? Most "whys" don't survive the learning curve. @Steve Vaughan is something of the local BP expert on that. But my wife and I were talking about this just last night. Once you're in for five, six years, you take your lumps, you learn the game well, it's nothing short of an absolute joy to do this. We can't imagine anything else that consistently prints money at this rate, barring taking down armored cars and/or illegal drug sales. And we need the money to roll in like this because our own why is to completely guarantee our shared early retirement and make lasting changes of our choosing happen in the world. We are going to bring down this money like God's almighty fist on a specific problem we see in the world. That's a "why" that can survive the learning curve.

    2Reply
  • Linda S.
    Investor · Richmond, VA · Member since 2016 · 1k+ posts · 2k+ votes
    5y

    @Lam N.,

    You asked the question, it's your choice to drive whatever car you chose.    

    I just wanted to throw in another point, that maybe you hadn't thought about.    It's not saying you have to act or be someone you aren't, but just be more self aware of how others who are your clients might perceive it.   A decent, affordable car is always respectful.   

    @Jim K., I was talking about your first post, great insight

    2Reply
  • Lam N.
    OP
    Rental Property Investor · Troy · Member since 2017 · 175 posts · 271 votes
    5y
    Originally posted by @Jim K.:
    Originally posted by @Lam N.:
    Originally posted by @Linda S.:

    @Lam N.,

    Your underlying question is simple-- do you want your tenants to know you loaded and have tons of extra money?

    If your answer is yes, sure.. have fun!     Sounds like a nice car, it's been fun reading the posts about all the fancy cars other BP members have! If you look at the responses, majority of people who say yes, also have a fancy car and do it.. there isn't a right/wrong answer, but all actions have reactions. 

    That being said, if I saw my landlord had a fancy car, I'd be much more likely to have an "accident" and say break my ankle, or something like that if I saw, first hand they had money and assets.      Whoops-- time for me to talk to a lawyer, who will happily look you up and quickly see you're worth suing... I mean,  I would feel bad going after someone in a beater, heck they might not be able worth the effort.. I personally wouldn't blink an eye going after an obviously super rich landlord, after all-- they obviously have plenty of $$$$.     Just food for thought!

    @Jim K.'st post was the best IMO about the people, and how people think.. re-read it, and let it sink in.   I think if a tenant is a A/B, heck they'd also resent it because they're spending even more $$$$ on rent.  Think it's going to  motivate them?-- 100% no.  Envy--- 100% yes.      

    Another idea-- what do you GAIN from tenants seeing your fancy car?   

     Your answer seem to imply that I will purposefully bring my new car to show off to my tenants.  What if I just want to replace my old beat-up minivan with 240K+ thousand miles with a truck that costs less than most pickup trucks out there?  Are we (the landlords) to always have to look poor, wear rags, and drive rust buckets around forever because anything more is showing off to tenants how much money we have?

     Yes, Lam, if you're going to self-manage in C-class, THAT'S THE DEAL.

    GET IN, look poor, wear rags, drive rust buckets around, GET OUT. Isn't it amazing how these properties are always for sale so cheap, and stock just rotates and rotates? The closer to D-class neighborhoods and properties you get, the worse it is. Glad you were listening. I know it's not quite what the gurus will tell you in the seminars.

     To be clear, I only have 2 C-class properties.  The rest are B.

    That said, I have decided I will continue to drive this rust bucket and will only use the cybertruck for pleasure.

    1Reply
  • Sonny Kumbani
    Member since 2021 · 5 posts · 3 votes
    5y

    Why not get a hybrid F!50 that has a generator to power tools, doesn't come off as ostentatious and gives the right balance of respect and practicality. 

    1Reply
  • Lam N.
    OP
    Rental Property Investor · Troy · Member since 2017 · 175 posts · 271 votes
    5y
    Originally posted by @Sonny Kumbani:

    Why not get a hybrid F!50 that has a generator to power tools, doesn't come off as ostentatious and gives the right balance of respect and practicality. 

     Because I want to convert to electric and I have fallen in love with the cybertruck.

    1Reply
  • Jim K.
    Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    5y
    Originally posted by @Lam N.:
    Originally posted by @Sonny Kumbani:

    Why not get a hybrid F!50 that has a generator to power tools, doesn't come off as ostentatious and gives the right balance of respect and practicality. 

     Because I want to convert to electric and I have fallen in love with the cybertruck.

    It was Adam and Eve, not Adam and E-vehicle.

    1Reply
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