Sold my dream car...Porsche 911 S.....am I crazy?

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Sold my dream car...Porsche 911 S.....am I crazy?

Account Closed
Investor · Charlotte, NC · Member since 2016 · 19 posts · 61 votes

So I sold my dream car that I waited 55 years to own after two years of ownership. I made a radical decision last weekend and the short term affect of that decision was realized today. So...I bought a convertible Porsche Carrera 911 S in perfect condition two years ago. Since then I have invested in apartments, bought ten single family homes, and a portfolio of short term rental vacation homes. Now I am working on a syndication and expansion of the portfolio with a focus on STR (Short Term Rental) properties. With the pandemic raging on, I desire to be ready for the deals that I believe will be available in 2021, I have been squirreling away money in preparation, and today I sold my dream car to help with the buying fund so that I can capitalize on future opportunities. I don't think you will, and I expect some haters to reply to this, but don't feel bad as I drive a nice Toyota truck every day, so I am good, but sometimes we need to make these types of decisions to improve our opportunities and to improve the future fo our family.

I would love to hear your thoughts a comments....positive and negative. Thank you in advance - David M Boatman, Charlotte, NC

@beardybrandon @davidgreen24

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JD MartinBusiness Member
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Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 17k+ votes
6y

Usually in cases like this, you found that the dream of having the car was better than the car itself, which is why you were able to part with it so easily. Aside from the financial considerations of trading a liability for an asset, which you've done/will be doing, it sounds like you got your fill of the car and moved on. That's how life is sometimes.

I used to restore old Mustangs. I built a 67 convertible from a frame and boxes. I drove it for 2 1/2 years after I built it, then sold it for a nice profit. What I found is that the journey was more important to me than the destination, and that even though I liked having a nice old car, what I really liked was the process of fixing it up in the first place. Real estate was a nice substitute for that; I get to see junky houses rehabbed, and then they make money instead of sitting in my garage.

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  • Richard Dale-Mesaros
    Investor · Campton, NH · Member since 2010 · 287 posts · 144 votes
    6y

    My buddy Bill has 20+ 911's in his rather large garage including a Kremer Turbo he bought for $40k and is currently worth $400k - if you buy the right year/model they can be substantial, appreciating investments.

    3Reply
  • Chris Francy
    Member since 2020 · 7 posts · 3 votes
    6y

    @David Boatman

    Get a model 3 performance

    0Reply
  • Keenan Fitzpatrick
    Realtor · Anchorage, AK · Member since 2017 · 230 posts · 179 votes
    6y

    @David Boatman you took action for what you thought was best and not what you wanted to do. That takes discipline. Wether you’re right or wrong on your real estate prediction, I think you made the right choice because you made personal growth and that always pays off. Cheers to you and many more sports cars in the future. 💪🏻

    0Reply
  • Joe SplitrockPro Member
    Moderator
    Rental Property Investor · Sioux Falls, SD · Member since 2015 · 9k+ posts · 18k+ votes
    6y

    I bought my dream car, a Pontiac GTO and sold it two years later. I didn't need the money. The reason I sold it is because I didn't drive it near as much as I had planned to. I spent more time waxing, polishing and maintaining it - then driving it, haha. It also went way too fast. There was no way to drive it slow. The engine purr was way too seductive. I am pretty sure if I had kept it that I would be dead or in jail right now.

    3Reply
  • Mike S.
    Investor · Colonial Heights, VA · Member since 2014 · 115 posts · 68 votes
    6y

    I've sold off things before. it hurts for a little while but you can always buy more later.

    1Reply
  • Account Closed
    Rental Property Investor · Glens Falls, NY · Member since 2016 · 176 posts · 169 votes
    6y

    With a few more units buy a gt3 instead :) 

    0Reply
  • Bob Beach
    Rental Property Investor · Member since 2019 · 79 posts · 27 votes
    6y

    I've also been in that situation.  Sell a Porsche and invest in rentals.  I restored a 70 911E and made huge profit.  The values of the early air cooled 911's sky rocketed during the few years it took to complete. I sold it and made enough to buy my second CA house.  I'd also had a 72 911T for 20 years and 2 years ago, restored it completely.  Got it in a magazine and then sold it for more investment properties. Who knows when the air cooled 911 market will top out.  Since the recent administration, it seems, more money is going to the stock market than collector cars.  What do I know.  Curious to what year the 911 S was? 

    But yea, it's a tough decision to choose between a dream car or more investment properties. I also, think you made a good choice but there are more cars in the future.  On the other hand, a friend of mine always said:  "You can live in your car but you can't drive your house."

    0Reply
  • Alexander FelicePro Member
    Guy with Great Hair · Austin, TX · Member since 2013 · 2k+ posts · 4k+ votes
    6y

    dumbest thing I've ever heard 

    It's not just any car, it's a 911!!!! 

    The only reason to buy rental properties at all is so one day you can drive a Porsche.

    terrible decision bro 

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  • Matt R.
    Sherman Oaks, CA · Member since 2013 · 3k+ posts · 2k+ votes
    6y
    Originally posted by @Bob Beach:

    I've also been in that situation.  Sell a Porsche and invest in rentals.  I restored a 70 911E and made huge profit.  The values of the early air cooled 911's sky rocketed during the few years it took to complete. I sold it and made enough to buy my second CA house.  I'd also had a 72 911T for 20 years and 2 years ago, restored it completely.  Got it in a magazine and then sold it for more investment properties. Who knows when the air cooled 911 market will top out.  Since the recent administration, it seems, more money is going to the stock market than collector cars.  What do I know.  Curious to what year the 911 S was? 

    But yea, it's a tough decision to choose between a dream car or more investment properties. I also, think you made a good choice but there are more cars in the future.  On the other hand, a friend of mine always said:  "You can live in your car but you can't drive your house."

    That's cool. I call them commodities because you can cash out within hours almost. And 5050 it gets exported via broker. Go ahead list a pre 73 911 and see how fast they beat down yours doors with inspection. It is no joke. That one looks sweet. 

    0Reply
  • Juaneka Brim
    Member since 2020 · 14 posts · 0 votes
    6y

    @David Boatman I think you’re a very wise man. You realized your dream and clearly learned a lesson. There are some things that are more important. Think of how much you can do with the funds you made from that sale.

    0Reply
  • Justin Thorpe
    Member since 2020 · 437 posts · 675 votes
    6y

    @David Boatman

    I personally see my ownership of “toys” completely separate from my investments.

    If my toys are coming in the way of my investments that only means my priorities are way out of whack and if my investments are coming in your way of my toys, I am overextending myself.

    All that said I am not much a toy guy. I love accumulating assets. For now a couple of Tesla’s are enough for me and I love them. Don’t see how a Porsche will make its way to my garage.

    I think people who are speculating on market crash in 2021 may just be disappointed. If anything I see the economy full throttle by then. We will see cases fall and people largely figure out life of living well with Covid-19. The vaccine and therapeutics will add a huge dosage of confidence on top.

    1Reply
  • Joshuah Salkind
    Member since 2020 · 2 posts · 0 votes
    6y

    @David Boatman next year or the year after you can buy another and maybe a ferrari testarossa too. Not a bad move at all. I’m buying my first 3 unit multi right now and planning to add another property every year or 2

    0Reply
  • David Avery
    Flipper/Rehabber · Phoenix Arizona · Member since 2020 · 1k+ posts · 686 votes
    6y

    Had a lot of sports cars in my life,  Guess what I finally got out of my Mid Life and that was that!

    Make great money, buy a toy once in a while.  Do we ever really grow up?

    My weakness is going on Cruises!!!!!

    0Reply
  • Boris Harhaji
    Investor · Washington, DC · Member since 2018 · 7 posts · 4 votes
    6y


    It is so ironic that your forum topic popped up on my feed - since I did pretty much the exact same thing about a year ago. I sold my yellow 911 Carrera S (2013) after 5 years of ownership to buy my 2nd and 3rd rental property. I also sold my 2 Rolex watches, which got me another one for which I am about to close on Friday. I figured give it 10 years and with more investments and similar decisions and I'll buy these with passive income and won't have to worry about it being a "depreciating asset" - it will be like furniture, nice to have, usable and expendable. 

    I think everyone else made it clear - but yes, I clearly think it was the right decision. 

    @Account Closed

    3Reply
  • Jeff C.
    Real Estate Broker · Bakersfield, CA · Member since 2018 · 269 posts · 597 votes
    6y

    There has to be some use for money other than to simply beget more money. Nothing wrong with treating yourself if it isn't materially eating into the funds you'll need to take care of your obligations. You may die tomorrow. Live a little.

    4Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Jeff C.:

    There has to be some use for money other than to simply beget more money. Nothing wrong with treating yourself if it isn't materially eating into the funds you'll need to take care of your obligations. You may die tomorrow. Live a little.

    you should post a picture of your TOY  !!!

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Justin Thorpe:

    @David Boatman

    I personally see my ownership of “toys” completely separate from my investments.

    If my toys are coming in the way of my investments that only means my priorities are way out of whack and if my investments are coming in your way of my toys, I am overextending myself.

    All that said I am not much a toy guy. I love accumulating assets. For now a couple of Tesla’s are enough for me and I love them. Don’t see how a Porsche will make its way to my garage.

    I think people who are speculating on market crash in 2021 may just be disappointed. If anything I see the economy full throttle by then. We will see cases fall and people largely figure out life of living well with Covid-19. The vaccine and therapeutics will add a huge dosage of confidence on top.

    I am a Tesla fan boy and have had 3 of them.. there was some rousing threads when i was trying to defend what a cool care they are.. And once you own one there is no going back.. at least in my mind.. :)  I have to go set my software update for tonight just got a notice on my app.. Cool Right ?  

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  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    6y
    Originally posted by @Michael Brattelli:

    @Steve K. Not all cars depreciate, certain makes, models, and years are collectibles. The Porsche 911 is one of those cars but it’s usually the GT2 RS and GT3 for example (as far as newer models are concerned) and Limited colorways. There’s a huge market for Porsche collectors but you really have to know what you’re shopping for.

    One of my wifes relatives ( second cousin)  they owned a classic car lot were all they bought and sold was fine collector type cars.. they made bank no doubt.. 

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  • Suzette T.
    Rental Property Investor · Acadiana / South Louisiana · Member since 2019 · 115 posts · 49 votes
    6y
    Originally posted by @John Edwards:

    @David Boatman not a bad plan at all. We own 2 11-year old vehicles and are achieving other goals quicker as a result.

     Ditto!

    And maybe @David Boatman can buy another in 3-5 years!

    0Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    6y
    Originally posted by @Justin Thorpe:

    @David Boatman

    I personally see my ownership of “toys” completely separate from my investments.

    If my toys are coming in the way of my investments that only means my priorities are way out of whack and if my investments are coming in your way of my toys, I am overextending myself.

    All that said I am not much a toy guy. I love accumulating assets. For now a couple of Tesla’s are enough for me and I love them. Don’t see how a Porsche will make its way to my garage.

    I think people who are speculating on market crash in 2021 may just be disappointed. If anything I see the economy full throttle by then. We will see cases fall and people largely figure out life of living well with Covid-19. The vaccine and therapeutics will add a huge dosage of confidence on top.

    Super easy. You just drive the Porsche into the garage after you buy it. :)

    0Reply
  • Jimmy Hodges
    Investor · Mesa, AZ · Member since 2018 · 28 posts · 17 votes
    6y

    @David Boatman I’m 100% supportive of your decision. Sure it was your dream car but you were blessed with the opportunity to touch your dream for two years. Most people can never achieve that because they are not willing to sacrifice the immediate gratification for the future rewards. What you have done in this single action is to prepare for the possibility of tomorrow. If everything crashes or even just reduces you will be ready and if it doesn’t then I’m sure there will be another 911 out there available to purchase. If you didn’t make this sacrifice today you would be less likely to be able to tomorrow and the opportunity you hoped to take advantage of would slip through your fingers. It’s a decision of which would you regret less and I think you made the right choice.

    0Reply
  • Wale LawalBusiness Member
    Real Estate Broker · Houston | Dallas | Austin, TX · Member since 2018 · 5k+ posts · 2k+ votes
    6y

    You made the right decision @David Avery I like your move and will definitely yield more results. We all need to buy more assets and less liability. 

    Opportunities are coming and only the prepared investors like yourself will win once opportunities start flooding the market in early 2021.

    Cash Flow Quadrant For Life.

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  • Johnny Corrales
    Realtor · Salt Lake City, UT · Member since 2019 · 8 posts · 4 votes
    6y

    @David Boatman

    Doesn't matter it's in the past. As a fellow car guy, we will always regret selling our cars. Use any profits you made to reinvest and find the cash flow that covers the monthly payment for an even better spec car. If you're as much as a car guy as I am, I would suggest getting another car eventually. Few things bring as much joy as a driver and their car. Shifting through gears on a windy road with the perfect exhaust note and warm weather.

    0Reply
  • Robert S Struhala Jr
    Rental Property Investor · Greensburg, PA · Member since 2019 · 23 posts · 6 votes
    6y

    @David Boatman

    As a car enthusiast who put aside my “hobby” to invest, I know the sacrifice will be well worth it! I personally would love to have a Porsche 911 gt2 rs one day. It gives me something to look forward to. But everything in due time. For now friend, let’s invest!

    1Reply
  • Eduardo Hernandez
    Investor · Houston, TX · Member since 2020 · 10 posts · 3 votes
    6y

    I just sold my 04 cobra last week man it was hard to make the decision but it definitely gave me an advantage on my expenses which i have 0 now with the exception of rent & personal expenses. 👍🏼@David Boatman

    0Reply
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