What kind of car do you drive?

Investor Mindset
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What kind of car do you drive?

Jeff Sims
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".

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Roy N.Pro Member
Rental Property Investor · Fredericton, New Brunswick · Member since 2013 · 7k+ posts · 4k+ votes
11y

My preferred ride:

57Reply
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  • Alan E.
    Dallas, TX · Member since 2018 · 40 posts · 15 votes
    8y

    I drive a 2014 Prius. i forget what i paid for it but i currently owe 9k on it.

    I hardly drive it so the resale value is about 4k higher than what i owe on it, but honestly the gas mileage is fantastic and being a newer vehicle means the only maintenance i do on it is oil change and tire rotation.

    0Reply
  • Matt P.
    Investor · Columbus, OH · Member since 2015 · 625 posts · 601 votes
    8y
    I drive a 2007 F150 extended cab with 135,000 miles on it.
    0Reply
  • Dave Chapa
    Rental Property Investor · Katy, TX · Member since 2015 · 175 posts · 111 votes
    8y

    My driver 2012 Tundra Platinum

    My wife's driver 2007 Lexus ES350

    My fun vehicle 2017 LS XG3140 (look that one up) it's slow but has a lot of power!

    0Reply
  • Amorette Kwan
    Houston, TX · Member since 2018 · 1 post · 1 vote
    8y
    2003 Honda CR-V at 110k mi - only repairs it ever needs is when car-incompetent humans like me mess it up.... He’s wonderful and though my parents remind me that I can get a new car, buying freedom is far higher on my priority list. I was experimenting with riding my bike to work but a moment of not paying attention ended with me getting hit by a car (slow moving thankfully). Also fortunately, I wasn’t seriously injured. I’m back on my feet after 3 months but a bit road-shy. (CR-V for the win)
    1Reply
  • Marcus Johnson
    Investor · Saint Paul, MN · Member since 2015 · 663 posts · 512 votes
    8y
    The reason I am wise with my money and don’t spend money on new trucks and cars, is legacy. (We have one splurge and that is our travel trailer). My parents were back th poor when they got married and they worked their bites off to retire at age 58 and see the world and spend time with family. They are wealthy now and will pass m a legacy to us kids. I want to enjoy life now, but with n reason and then hopefully by age 60 quit my w2 job and do what I love in estate full time. I have one duplex thus far and am trying to buy another. My pensions, SS, 401ks and Roth IRA’s, hopefully paid for homes and rental income will allow my wife and I the freedom to do as we please, buy a lake property, donate money and pass on the legacy to my children. That is why you are smart with money early on and don’t live for the now.
    0Reply
  • Will Kilby
    Raleigh, NC · Member since 2018 · 16 posts · 8 votes
    8y

    I drive a 2006 Silverado Extended Cab Z71 with 150k miles, but I baby it. I've spent a lot of money fixing it up how I want it since I turned 16 (21 now), and I plan on keeping it forever. Also have a '92 Toyota Land Cruiser with 190k just because it's cool and I found it for a good deal, but I don't drive it much because I can't afford to put gas in it.

    When I graduate next year, I'll probably buy a beater single cab truck for property and an older Acura TL or VW Jetta for a commuter until I can save up some. I'm a huge car guy and buying cars that I love is a big part of my motivation behind getting involved in real estate. And honestly I will want to be viewed as the landlord when pull up to my properties, that's just how I am. After some of y'all have been in the game for so long, I don't see how you drive the vehicles you do but more power to you!

    0Reply
  • Patti RobertsonBusiness Member
    Property Manager · Virginia Beach, VA · Member since 2016 · 2k+ posts · 2k+ votes
    8y

    2008 Highlander with 150K miles.

    757-472-2547
    0Reply
  • Account Closed
    Rental Property Investor · Sacramento, CA · Member since 2015 · 1k+ posts · 893 votes
    8y

    2014 Civic with 65k Miles, and a 2018 Jeep Grand Cherokee- new vehicle necessary for section 179 writeoff.

    And above all, sometimes it's nice to treat yourself :) not like it's a range rover. Keeping both until the wheels fall off!

    0Reply
  • Jake K.
    Baltimore, MD · Member since 2017 · 199 posts · 56 votes
    8y

    2018 Bugatti Chiron.............................Yeah right:)  -- 2008 minivan 

    1Reply
  • Jake K.
    Baltimore, MD · Member since 2017 · 199 posts · 56 votes
    8y
    Originally posted by @Jay Hinrichs:
    Originally posted by @Jeff Filali:

    I normally never consider a new car a good investment, but learning more about Section 179 has me considering upgrading my 12 year old Escalade in December.  I highly suggest googling "Section 179 business vehicles", some great information.  This works with other business equipment also, not just vehicles.  The bonus depreciation can save you a lot on taxes, especially since you can take the depreciation now, even if you finance it.  Also, it applies to used vehicles as well.

     Section 179 is the reason private aviation is so robust and new airplanes sell... I bought my airplane for 435k.. and wrote off 90% of it year one... there was special rules back then on top of 179.

    I also bought 2.5 million dollars worth of new construction rentals in the GOZONE after Katrina and wrote off 50% year one..

    now recapture is a beotch but you save money now.

    I am thinking Harvey could spawn another GOZONE  and special section 179 for those areas of Texas that will spur redevelopement BIG TIME.. I usually don't care for Texas but if they come out with a GOZONE again I would be compelled to go shopping.

    Nice! What kind of airplane do you own?

    0Reply
  • Account Closed
    Specialist · Paradise Valley, AZ · Member since 2018 · 3k+ posts · 2k+ votes
    8y

    Me, driving for dollars:

    1Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Jake K.:
    Originally posted by @Jay Hinrichs:
    Originally posted by @Jeff Filali:

    I normally never consider a new car a good investment, but learning more about Section 179 has me considering upgrading my 12 year old Escalade in December.  I highly suggest googling "Section 179 business vehicles", some great information.  This works with other business equipment also, not just vehicles.  The bonus depreciation can save you a lot on taxes, especially since you can take the depreciation now, even if you finance it.  Also, it applies to used vehicles as well.

     Section 179 is the reason private aviation is so robust and new airplanes sell... I bought my airplane for 435k.. and wrote off 90% of it year one... there was special rules back then on top of 179.

    I also bought 2.5 million dollars worth of new construction rentals in the GOZONE after Katrina and wrote off 50% year one..

    now recapture is a beotch but you save money now.

    I am thinking Harvey could spawn another GOZONE  and special section 179 for those areas of Texas that will spur redevelopement BIG TIME.. I usually don't care for Texas but if they come out with a GOZONE again I would be compelled to go shopping.

    Nice! What kind of airplane do you own?

     partner in a Cirrus SR 22 / G

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    2Reply
  • Robert Treherne
    Moss Point, MS · Member since 2018 · 2 posts · 0 votes
    8y

    I've always driven a 85 Porsche 928S (post 85 they "updated" the body styling and I don't care for it).
    They are underappreciated by Porsche fans but I find even those who don't know what it is like the look of it.

    For practicality, it's a $5000 super car with the space of a small hatchback.
    5 Liter, 4-Valve V8 coupled to a 5 speed stick, that gets 25 city and 28 highway.

    The only down side is you either need to know how to work on one or can afford to pay someone to, it was and still is a super car after all.

    0Reply
  • Marco Rodriguez
    Rental Property Investor · Hoschton, GA · Member since 2014 · 78 posts · 32 votes
    8y
    @Michael Williams has anyone ever called as a result of seeing your car?
    0Reply
  • Marco Rodriguez
    Rental Property Investor · Hoschton, GA · Member since 2014 · 78 posts · 32 votes
    8y
    @Brian Albelli beautifully put!
    0Reply
  • Jay HinrichsBusiness Member
    Real Estate Consultant · Summerlin, NV · Member since 2014 · 45k+ posts · 66k+ votes
    8y
    Originally posted by @Marco Rodriguez:
    @Michael Williams has anyone ever called as a result of seeing your car?

     when I had my door knocking team even before the gurus were teaching how to have a door knocking team LOL

    they did one of those full wrap on their car.. not sure how effective it was but it sure stood out..  I like the company name logo on the tail of your airplane.. I saw Serena Williams jet one time she had a cool emblem it stood out.. you knew it was her.. !!

    Podcast Guest on Show #222
    JLH Capital Partners51 Review
    WebsiteView Page
    0Reply
  • Stephen Jeffers
    Real Estate Agent · Indianapolis, IN · Member since 2018 · 41 posts · 23 votes
    8y

    @Jeff Sims looks like you've done awesome job with your investing!  I drive a 2003 Toyota Camry, but I also have a 2008 S550, Dave wouldn't be too excited about the later.

    0Reply
  • Iesia D.
    New to Real Estate · Safford, AZ · Member since 2018 · 8 posts · 3 votes
    8y

    2004 Lincoln Navigator. Looking for an older car w/ great gas mileage so I can start "Driving for Dollars" in AZ. @JeffSims

    0Reply
  • Naeem Boucher
    Investor · Paterson, NJ · Member since 2015 · 71 posts · 22 votes
    7y

    I had this 2004 Acura Rsx for years it died at 225k miles then I just paid cash for a used 2011 Audi A5.  Not sure if it was a good idea as I’m still in the beginning stages of my investing. I have one duplex cashflowing 1k a month and working on the second deal currently which should cash flow about 800-900. Because of real estate I was able to buy this Audi cash. I still don’t have a car payment but I feel I could’ve used the funds to continue investing. I won’t lie does feel amazing driving a better car. It’s not my dream car but it’s not as embarrassing as my old car. However, my old car enabled me to save up to buy my first property. 

    0Reply
  • Account Closed
    Investor · United States · Member since 2018 · 565 posts · 356 votes
    7y
    Originally posted by @Jeff Sims:

    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".

    The more success I have the less I want to drive a fancy car. It worries me when I see so many people driving $50K+ cars because when you look at the statistics most people only make around $50K/year. Nothing will keep you poor better than debt and expenses.

    1Reply
  • Yulu G.
    Member since 2019 · 2 posts · 0 votes
    7y

    2007 Toyota FJ Cruiser. Reliable as all hell and the only expenses are lots of gas!

    0Reply
  • Yulu G.
    Member since 2019 · 2 posts · 0 votes
    7y

    2007 Toyota FJ Cruiser. Reliable and the only expenses are lots of gas!

    0Reply
  • Mike Lee
    Investor · Tampa, FL · Member since 2017 · 123 posts · 109 votes
    7y

    2015 Toyota Camry Hybrid, 100k miles. I've been a "car guy" my whole life, and have slowed my progress investing with a few money pits along the way haha.

    0Reply
  • Melissa Jolley
    Rental Property Investor · Niceville, FL · Member since 2019 · 89 posts · 62 votes
    7y

    2007 Avalanche. Business in the front...party in the back. Purchased it because it got a brand new motor at 55K miles when the Chevy place neglected to refill the fluids before trying to start it up. :) So....I have a paid off 2007 with about 65K miles on it. I am a RE agent but I will not get swept up in the luxury car stuff. I bring value with my brain...not my car. 

    0Reply
  • Kris L.
    San Antonio, TX · Member since 2019 · 930 posts · 836 votes
    7y

    2013 Charger R/T.

    0Reply
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