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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  • Account Closed
    Rental Property Investor · Odessa, FL · Member since 2017 · 145 posts · 113 votes
    6y
    I have been lurking the 911 market for a while now. 911's usually have depreciation during their first years and as time progresses they stabilize in price.  If you buy the right model (GTS, Manual, GT3 etc...) you can definitely make money from a 911. In the beginning of the pandemic there was a slow down in sales of 911's as all dealerships basically closed. Today, it's very difficult finding a deal for a 997.2 or a 991.1 their prices are surging, especially for well kept cars. If you pick up a manual 997.2 GTS today or a turbo you will 100% make money when you sell it down the road. 

    To sum it up - Now's a good time to sell if you really want to sell to buy a property but remember that life's too short and you should also have some fun instead of just hoarding more cash to invest more to make more cash.

    0Reply
  • Har Dewakalu
    Jersey City · Member since 2019 · 3 posts · 1 vote
    6y

    You only live once. Should have kept it. 

    I love my Macan turbo and won't sell it anytime soon... except maybe for a Panamera Turbo in another 2 years. :)

    0Reply
  • Al Diaz
    Investor · Florham Park, NJ · Member since 2019 · 55 posts · 39 votes
    6y

    @David Boatman - you absolutely did the right thing, and in a year’s time this will be a decision that you will look back on without regrets.

    I am doing a similar thing by selling my home to free up capital to take advantage of upcoming opportunities. Short term sacrifice for long term gains.

    My dream car has always been a 911 Carrera 4S. But with three kids, it shifted to the new Audi RS6. Planning on getting one in the next 5 years.

    0Reply
  • Luke AndersonPro Member
    Rental Property Investor · Enterprise, AL · Member since 2016 · 166 posts · 117 votes
    6y

    As long as the decision you made makes you happy, it was the right decision!

    0Reply
  • Matthew Terry
    Rental Property Investor · Mesa, AZ · Member since 2019 · 138 posts · 144 votes
    6y

    @Account Closed

    I think I heard this from R.K. in one of his books or podcasts and it is the philosophy I live by now. "What do I need to buy so I can afford to buy what I want"? For example, I acquired a property in Phoenix to fund my purchase of a vacation home up north to escape the heat.I'll buy another property to afford my tricked-out WRX STI in the future, and a third one so I can take a European vacation every year with my family.

    I agree with your decision, but consider rewarding yourself again once you have more comfortable cash flow and there are more predictable signs of the direction of the economy and REI legeslature.

    0Reply
  • Rich S.
    Central, MN · Member since 2015 · 148 posts · 184 votes
    6y

    It's a car, you can always buy another one.  If you regret it, just buy another one or buy it back.

    I think these types of things really show you an investor's thought process.  Some folks are all in on raising money, doing deals, investing everything back into the business, head down, charging full speed ahead with no room for distractions or things that take away from the business.  Others like "rewards" for their work and buy toys, spend lavishly on certain things etc.  The bottom line is there is no perfect way.  Find the balance that fits you.  If all we are doing is saving and putting the money back in without ever taking it out and only focused on more properties, more revenue, more deals, etc... what in the heck are we doing it all for???? :)  

    0Reply
  • Jonathan Boyd
    Flipper/Rehabber · Springdale, AR · Member since 2016 · 79 posts · 41 votes
    6y

    @David Boatman

    While I’m new to investing, I’ve lived enough life to know it’s all about balance. Sacrifices are on the road to success, but so are rewards. We’re househacking a small duplex with 3 kids to save for investing, but recently bought a newer used van for the wife’s. Sacrifice/reward.

    There must be sacrifices, but if we “arrive” at success stressed, angry, or just generally burned out, is that success? This sacrifice will pay dividends later, imo, but it’s all healthy balance. Good luck!

    0Reply
  • Maura I.
    Rental Property Investor · Washington, DC · Member since 2020 · 20 posts · 35 votes
    6y

    @David Boatman

    You made the right choice. I’m actually about to sell my Audi convertible for the same reason. Also...this thing is so poorly made that I see the dealer every other month (seems that way!). Its been a little over 2 years. It’s super comfortable & a great ride though! I’ll miss it, but I’ll get over it quickly.

    0Reply
  • Jolanda Thomas
    Real Estate Agent · Houston, TX · Member since 2018 · 6 posts · 5 votes
    6y

    @David Boatman

    Not crazy at all! Sounds like you re-prioritized to your long term benefit. Way to go!!

    0Reply
  • Henry Lazerow
    Real Estate Agent · Chicago, IL · Member since 2017 · 2k+ posts · 2k+ votes
    6y

    Obviously on a BiggerPockets you will get everyone saying to invest over owning a car. Personally I am a fan of work hard play hard. Getting the things you want while also creating wealth and having your money working for you. Theres a healthy mix.

    0Reply
  • Keli JenningsPro Member
    Member since 2020 · 7 posts · 1 vote
    6y

    @David Boatman No negativity from me David at the beginning of June due to COVID I would have told you you made a bad decision but after the middle of June my vacation rental took off because of COVID. People were and are still looking to vacation closer to home than before. My rental is 1-1/2 hrs from a big city but is near a beach, and business has been better than the second year I got into this.

    0Reply
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