We rehab properties.. why not a truck?! I DID IT!

We rehab properties.. why not a truck?! I DID IT!

Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes

Unsure if this would be more "off topic" vs DIY but wanted to share a quick side project in case anyone was contemplating this.

I've managed not having a truck for several years but after 6 rehabs, it was time to pull the trigger and get one. The convenience of having a truck is oh so nice (e.g. when you find deals on FB marketplace/Craigslist and need to go pickup materials quickly for cheap).  I finally decided if I rehab homes, why not rehab/build-to-suit a contractors truck for me? Needed something 4x4, smaller side, reasonably priced etc. My goal was to stay under $5K; no way I wanted to spend 10K plus for a truck (or even $20-30K for a new one).

After searching a few months, I picked up this 1999 Ford Ranger 4-door (all doors open) 4x4 with a 4L motor (gets 18mpg HWY). Had 81K original miles; 2nd owner (who knew the 1st owner)!  Only issue is rust on the rockers, needed new tires etc. Purchased for $2500 (after much negotiation). Bought new wheels/tires (off Craigslist for cheap), Contractors cap ($90 craigslist find!), and some other accessories/fix up stuff for it.  I am slightly mechanically skilled, so I changed fluids, wipers, bulbs, etc.  I'm all in at $4K now for a reliable work truck.  Only have to bolt on the 2001 Front end (I like the look better) and do some minor repairs, but it's solid and couldn't be happier with it.

Thoughts? Anyone else do this? 

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Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
7y

@Mike B.  I thought all the Realestate tycoons on BP drove expensive foreign cars .

Good job.  Great truck it will run forever.  

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  • Investor · Jasper GA · Member since 2015 · 1k+ posts · 1k+ votes
    7y

    @Mike B.  I thought all the Realestate tycoons on BP drove expensive foreign cars .

    Good job.  Great truck it will run forever.  

  • Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
    7y
    @Bob B. The smart real estate tycoons drive the beat up rusty cars/trucks :-)
  • Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
    7y

    As an update - truck has come in handy way more times then I can remember in only owning it for about a month.  I was able to quickly pickup (from Craigslist or Facebook marketplace) slightly used Microwave, Dishwasher, and other items for a 1/4 of the cost new!  Also picking up materials vs. paying for delivery.. I've definitely saved several hundred dollars already and I have another few weeks of a project to go.

    GET A CHEAP TRUCK or Van and it'll pay for itself in no time!

  • Mike ReynoldsPro Member
    construction · Nacogdoches, TX · Member since 2011 · 2k+ posts · 1k+ votes
    7y

    @Mike B. Just bought a "new" work truck in Sept. Its an '07 Dodge Ram single cab. It even has a millennial anti theft device. Standard transmission. Love it so far. Even took it to Waco for Thanksgiving to stretch it out. Worked fine. 

    My day job pays me monthly to use my own truck as opposed to using one of theirs so its like I am renting it to them. If it last only a year it will be 100% COC return.

  • Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
    7y

    @Mike Reynolds - that's awesome!  I've heard the older Rams are work horses and did consider that as well.  I went with the Ranger in the end as parking is tight and some city streets in Philly are even tighter so wanted a narrow truck so I can squeeze down a tight street

  • Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    7y

    Love my 2013 Ram after 15 years of Sequoias & trailers.  Bought the Ram 2yrs old & racked up 120k work miles on it already. Wife hates her new caddy CT5 (in the 5inches of snow/ice we just had) so we'll get another Ram. But we also have a new boat & Jet-ski so need the towing as well.

    I still shake my head when I see the little autos at Home Depot/Lowes with drywall/OSB etc strapped onto the roof racks with string. Or the wife sitting in front of 2x4 aimed at her head & just hoping they're not rear ended.

  • Matthew TangPro Member
    Investor · King of Prussia, PA · Member since 2018 · 3 posts · 0 votes
    7y

    Was thinking about a inexpensive truck myself. Thanks for the information. What's the best size bed to get? 

  • Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
    7y

    @Matthew Tang - 6 foot bed I've found to work great for my needs.  Other guys will say at least an 8foot long bed which I agree can be useful at times.  For me, parking in the city can be an issue and I rarely pickup things where an 8' bed would be required.  Just my thoughts.

  • Matthew TangPro Member
    Investor · King of Prussia, PA · Member since 2018 · 3 posts · 0 votes
    7y

    @Mike B. Exactly what I want to know. Thanks for the input! I think 6 foot bed fits my need as well.

  • Rental Property Investor · Concord, GA · Member since 2015 · 3k+ posts · 3k+ votes
    7y

    If you have storage room, a trailer is even a cheaper option. I have 7 trailers (sold two, used to have 9) and they all serve a different purpose. I use 3 of them for our property rehabs. (We also do tree work and other stuff)

    I do have a full size truck but usually drive our Chevy HHR for a typical day of rehab work. It will also pull one of our smaller landscape trailers.

    A rehabbed truck is a good way to go without spending a ton of money. Save that $20K for investing in another property...

  • Flipper/Rehabber · Yardley, PA · Member since 2015 · 451 posts · 307 votes
    7y

    As an update I sold the truck the other day and made a $600 profit! If I count gas and insurance for the time I owned it then I essentially had a work truck for free for the last 6 months! Onto the next one..

  • Handyman · Pittsburgh, PA · Member since 2018 · 5k+ posts · 13k+ votes
    7y
    Originally posted by @Pat L.:

    Love my 2013 Ram after 15 years of Sequoias & trailers.  Bought the Ram 2yrs old & racked up 120k work miles on it already. Wife hates her new caddy CT5 (in the 5inches of snow/ice we just had) so we'll get another Ram. But we also have a new boat & Jet-ski so need the towing as well.

    I still shake my head when I see the little autos at Home Depot/Lowes with drywall/OSB etc strapped onto the roof racks with string. Or the wife sitting in front of 2x4 aimed at her head & just hoping they're not rear ended.

    Two years ago, my wife and I saw a guy outside our local Lowes typing down a six-foot live Christmas tree to his roof rack with used bread bag twist ties around some of the branches. We drove past them and a second later my wife said quietly, "Did I just see what I think I saw?"

  • Rental Property Investor · Upstate, NY · Member since 2012 · 3k+ posts · 3k+ votes
    7y
  • Severna Park, MD · Member since 2013 · 7k+ posts · 7k+ votes
    7y

    For those of you running rehabs as a business , the truck can be written off  100% if it weighs over 7000lbs . @Mike B. a ranger is pretty bullet proof , but a little small .  For anyone looking at trucks a 3/4 ton is the way to go . They are built so heavy they can take the abuse for years . I have 2 F250 ford trucks and a E350 Ford van .

  • Investor · Simpsonville, SC · Member since 2016 · 135 posts · 73 votes
    7y

    For less than $400 you can get a Detail K2 folding roof rack.  It lets you fold it out of the way when you aren't carrying a ladder or long lumber, pipes, etc.  Then you can fit that craigslist fridge in the bed of the truck.

  • Member since 2016 · 13k+ posts · 12k+ votes
    7y
    I have driven vans and had trailers for 40 years. Never felt a pickup truck was as practical. I like being able to lock up all my tools safely inside a van and can carry a 4 X 8 ply with ease. Trailer is for all the dirty stuff. Can't beat the versatility of a van and trailer. I have 1/2 a dozen different trailers, utility, flat bed, dump, etc.
  • Rental Property Investor · Twin Falls, ID · Member since 2019 · 25 posts · 11 votes
    7y
    Originally posted by @Mike B.:
    @Bob B. The smart real estate tycoons drive the beat up rusty cars/trucks :-)

     There used to be a saying in the business world;

    "Beware of slow talking billionaires driving pick up trucks."

    It was a reference to Sam Walton, who used to drive an old pick up truck around to check up on his stores.

    There's also an amusing article here:  https://www.mrmoneymustache.com/2015/04/28/what-does-your-work-truck-say-about-you/

  • Real Estate Investor · Saint Paul, MN · Member since 2017 · 543 posts · 474 votes
    7y

    @Mike B. Well I have never ‘flipped’ a truck but I bought a riding mower a couple years ago that I kept for a year and then sold for a $500 profit!

  • Developer · Danville KY · Member since 2015 · 87 posts · 110 votes
    7y

    @Mike B. We “flipped” several trucks so far! Usually buy on Copart, fix up a bit, use it, and sell when we don’t need it or get another.

  • Rental Property Investor · Member since 2018 · 483 posts · 956 votes
    7y
    Originally posted by @Mike B.:

    As an update I sold the truck the other day and made a $600 profit! If I count gas and insurance for the time I owned it then I essentially had a work truck for free for the last 6 months! Onto the next one..

     Nice  job! I have been  flipping  cars and trucks for  20 years  now.  Last year made  $190k profit before  taxes. It's one of our 8 streams of income and other than real estate one of my favorites. 

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