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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  • 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 @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.

     LOL you are too funny.

    0Reply
  • Brian Ploszay
    Investor · Chicago, IL · Member since 2009 · 1k+ posts · 1k+ votes
    5y

    When meeting contractors and tenants, I like to look humble.  Showing up with a van, minivan, truck is preferable. 

    1Reply
  • Zambricki Li
    Real Estate Agent · Los Angeles CA + Lake Tahoe, NV and CA · Member since 2021 · 180 posts · 158 votes
    5y

    I think you should add a profile photo to your BP profile. No need to hide your smile from those giving you good advice.  I don’t have experience with c/d tenants.  Take the advice given here by those who do. Maybe buy a Chevy bolt it’s electric (which is important to you) and no one cares about it(which is also important to you). All the best!!

    0Reply
  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    5y

    Regardless of appearances...
    Some people definitely need to upgrade to a pickup truck !!!

    We have always Sect. 179'd our trucks & buy them a couple of years old with 30k or less.

    3Reply
  • Colleen F.Pro Member
    Investor · Narragansett, RI · Member since 2013 · 8k+ posts · 4k+ votes
    5y

    @Pat L.  that would be some serious accident.  and frankly stupid way to go even if you don't have a truck.

    0Reply
  • Steven Foster Wilson
    Rental Property Investor · Columbus, OH · Member since 2017 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Lam N.:

    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?

     Hire a PM and then you dont have to worry about tenants seeing you. Doesn't matter how big or small your portfolio is. When I only had 5 units in Columbus I hired a PM, best decision of my life (also I drive a beat up 03 highlander, doesn't have ac and has a water leak).

    1Reply
  • John Barnes
    Real Estate Consultant · Tampa, FL · Member since 2021 · 6 posts · 2 votes
    5y

    I wouldn't take a mclaren or a lambo to a rental property but the cybertruck? I think if nothing else it's a good conversation starter.

    0Reply
  • Jonathan PavkovBusiness Member
    Columbus, OH · Member since 2021 · 201 posts · 166 votes
    5y
    Originally posted by @Lam N.:

    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?

    Rule of thumb: Never spend more than 1% of your total net worth on your vehicle. And pay cash. Happy investing!

    [email protected]614-802-5721
    0Reply
  • Lam N.
    OP
    Rental Property Investor · Troy · Member since 2017 · 175 posts · 271 votes
    5y
    Originally posted by @Zambricki Li:

    I think you should add a profile photo to your BP profile. No need to hide your smile from those giving you good advice.  I don’t have experience with c/d tenants.  Take the advice given here by those who do. Maybe buy a Chevy bolt it’s electric (which is important to you) and no one cares about it(which is also important to you). All the best!!

     Haha ok.  Added a picture of me at the gym because I'm all into the fitness thing nowadays.  

    Chevy bolt would defeat the purpose.  It will be my work + fun vehicle.  And I got a 120 pound dog that I take everywhere with me.  My dog alone will fill up the bolt.

    0Reply
  • Pat L.
    Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    5y
    Originally posted by @Colleen F.:

    @Pat L.  that would be some serious accident.  and frankly stupid way to go even if you don't have a truck.

    You would NOT believe what I have seen pulling out of HD/LOWES.... couple of favorites I saw online

    0Reply
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