Residential Real Estate Broker · Greensboro, NC · Member since 2015 · 14 posts · 68 votes
Just a fun post here. I have been a SFR investor for 15 years and now have $2M in rental RE while working a full time career. The cash flow was tight for years it seemed but the snowball of debt paydown is rolling big time now and I'll be able to "retire" in 2 years with enough cash flow to replace my salary.
That said, I can't imagine having a car payment and only buy used vehicles. I drove a 1999 Jeep Grand Cherokee (to haul all my rental supplies) for 7 years and the engine blew a year ago with 275k miles. I made a significant upgrade and replaced it with a 2000 Jeep Grand Cherokee with 110k miles and paid $3,600 cash.
I don't need the status symbol of a new vehicle nor the monthly payment and living well below my means is my motto. As Dave Ramsey says, "live like no one else today, so you can live like no one else tomorrow".
I drive a 2009 Nissan Maxima that is payed for. She can getty up when I need her to and she looks good. I have about 112,000 miles on her and plan on driving it until it can't be driven anymore!
I had a really good year last year and splurged on my first new car - a black on black 2014 VW GLI with all the trim.
Awesome handling in the Buffalo snow, super fast on the highway and looks great too! Yes I have a payment but it's under $300 as I saved and put a good chunk down (I own, NEVER lease!). Prior I lived for years with a 1997 4runner with 170k miles (and it still runs!)
I like to go against the grain. Since frugal is such a hot thing to do now, I bought a Lambo. LOL Actually it was a dream of mine since I was a kid.
My current cars:
1999 Lamborghini Diablo, Monterey Blue, 5 speed, V12, 530 HP 23,000 miles. Actually cars can go up in value. I was offered $25,000 more than I bought it for a couple months ago.
2010 Audi S4. Daily driver, 55,000 miles. Awesome off the line with 333 HP an all wheel drive.
1991 Ford Mustang 5.0 Convertible. Was my daily driver for 10 years. I put a supercharger on it, full exhaust and a few other goodies.
1986 Porsche 928. Black on black, 5 speed. I put a chip in it and exhaust. It is awesome to see people look twice when they hear a 5.0 liter V8 from a Porsche.
2014 C7 Corvette, 2012 Turbo Beetle Covertible, 2013 Escalade ESV Platinum, 2013 F-150, 2012 Cadillac CTS Coupe, 2014 Mustang GT, and a 2011 Can Am Spyder.
Now there is the life of a someone who has made it in RE and were many hope to be.
good on you keep other than the beetles way to keep the American econmy rocking .. of course the beetle is probably made here.. ( I don't know just a guess)
Man, at first glance I thought the car on the far left was a white Agera R! D'oh..
2014 Town and Country is our main family vehicle. I inherited my wifes '07 Mercury Mountaineer. Having 3 children pushed us to the minivan and a car payment. Otherwise we try to avoid having any car "payment" and pay cash. Prior to the '07, I was driving an '01 Expedition, and '95 Dodge Ram. Both of which I drove till the rust caused the doors to fall off....literally.
I have a Tacoma long bed. Fits all the appliances I need to move on my rentals and HD supplies. Engine is not too big (4.0), but strong enough to move all my stuff.
I drive a 2004 GMC Yukon XL with 190K miles. All my friends have recently bought/ leased brand new cars and paying 200-350 a month and continue to ask when i will upgrade. Crazy to me! Living in NH with the weather, all the fishing and other outdoor activities I do hauling gear, my Yukon works perfect. Look forward to thousands of miles more with it.
I drive a 2003 Chevy Cavalier as my DD (it was my first car and its been payed off for awhile now..just won't die lol). Also have a 91 Mazda Miata, its my weekend warrior :P
Being in a similiar situation and well from retirement age, in a job that I enjoy, I can't imagine not buying a nice, new car every 2-3 years to enjoy. What's the point of wealth beyond basic food and shelter levels if you don't spend it on toys that you enjoy?
I've had a living situation in which having a car would be a stupid decision (little or no opportunity to drive, even if I needed or wanted to) for the past 7 years while I've been investing in my RE portfolio. If anything, once I get back to a situation where I have a need for a car, I'll be going big - used Bentley and Ferrari V8 most likely, on top of brand spankin' new daily drivers for wife and myself.
Caveat: I like cars, and exotic car pictures hanging in my bedroom motivated my otherwise lazy backside to work hard when younger and in no small way drove the hunger that drove my success.
I'm rolling the 2001 Camry with 225k miles, my wife motivates down the road in the 05 Burban and I have an 01 Silverado for shimming around taking care of rentals.
Now I have 2 investor buddies, one with a Benz E350 and one with a 528 Italia, let me tell you, there's nothing like driving that Italia through the McDonald's drive through and watching people stare! How much passive income do I need to get me a 528 Italia?!
Depends on if you want it once, or want it (and it's replacement) every 2, 3, 4, 5, or more years. If you want it once, the passive income required is the equivalent of the car sale price in terms of how much passive income you can generate from real estate priced the same.
If you want to refresh it periodically, you need the car payment (divided over the years).
In either case, it's probably not as much as you might thing. Maybe 1-2 more years in the biz to permanently drive one.
The Lumina is going bye bye as soon as I can find a nice looking used pick up for a good price! On that note, can anyone weigh in on which pickup makes and models tend to last the longest? Thanks!
Thanks @Brett S. ! We picked up a really nice used Ford f150 extended cab yesterday! Perfect for flips but clean and enough space to show property to clients! The dealership screwed up toooso we got it for $2500 under Kelley blue book!
I like to go against the grain. Since frugal is such a hot thing to do now, I bought a Lambo. LOL Actually it was a dream of mine since I was a kid.
My current cars:
1999 Lamborghini Diablo, Monterey Blue, 5 speed, V12, 530 HP 23,000 miles. Actually cars can go up in value. I was offered $25,000 more than I bought it for a couple months ago.
2010 Audi S4. Daily driver, 55,000 miles. Awesome off the line with 333 HP an all wheel drive.
1991 Ford Mustang 5.0 Convertible. Was my daily driver for 10 years. I put a supercharger on it, full exhaust and a few other goodies.
1986 Porsche 928. Black on black, 5 speed. I put a chip in it and exhaust. It is awesome to see people look twice when they hear a 5.0 liter V8 from a Porsche.
Wow!! Wouldn't mind seeing the other cars! That lambo looks stunning!
My daily drivers are a Prius and a CRV with roof racks. I have a full size van for my inspection vehicle. But my favorite is my camping vehicle that I built up. We do a ton of sailing so we wanted something that could tow a boat, 4x4 for beach launching, and something my family (3 kids) could sleep in. I call it "The sexy beast". Its amazingly capable off road with 6 wheels pushing it along.
I like to go against the grain. Since frugal is such a hot thing to do now, I bought a Lambo. LOL Actually it was a dream of mine since I was a kid.
My current cars:
1999 Lamborghini Diablo, Monterey Blue, 5 speed, V12, 530 HP 23,000 miles. Actually cars can go up in value. I was offered $25,000 more than I bought it for a couple months ago.
2010 Audi S4. Daily driver, 55,000 miles. Awesome off the line with 333 HP an all wheel drive.
1991 Ford Mustang 5.0 Convertible. Was my daily driver for 10 years. I put a supercharger on it, full exhaust and a few other goodies.
1986 Porsche 928. Black on black, 5 speed. I put a chip in it and exhaust. It is awesome to see people look twice when they hear a 5.0 liter V8 from a Porsche.
Wow!! Wouldn't mind seeing the other cars! That lambo looks stunning!
Guy with the 20-yr old squeaky minivan checking back in. Wow @Mark Ferguson ! Thanks for giving us newer people still in the trenches something to shoot for! Cheers!
i have several classic cars that i classify as investments, some double in value others break even when i sell them. i own a repair shop so cars are rarely an expense. even my every day drivers are fixer uppers so i drive for several years and get all my money back when i sell them. 1973 camaro with supercharger,79 z28 7000 orignal miles,69 olds 442,69 riveria,69 torino gt, 86 iroc. 05 escalade,99 f-250 diesel,03 t&c van.