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Old 10-26-2019, 09:16 AM
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Hey Guys,

Just create a new username today. I’ve grown up in a poor family. My family came from Cambodia/Vietnam during wartimes late 70’s early 80’s to Boston. Ive grown up with no birthdays and Christmas. And I was born here in Boston. So you could imagine how it would feel seeing the american kids talk about Christmas ,birthdays and ETC. I was also the only asian kid in my community so that also wasn’t easy. I’ve grown up thinking that life was chosen for people that were pick to be rich or poor. That didn’t stop from reaching my goals. Lots of my friend I knew had that mindset. Which was sad. I was different. I was motivated. Rich dad poor dad book changed my life. At 23 yr old in 2013 I first bought my multi-family home. I ended up rented all those units and live technically live rent/mortgage free. I technically bought my first supercar , well to me it’s a super car lol Acura NSX. Fast forward to today. I’m closing on my second multi property and will be pocketing some more cash-flow. I also make over $100k salary. And have no debt, car payments and no other payments but insurance. I’m also looking on a third property by March. And that right there should really make me comfortable to handle a 6 speed gated Gallardo car payment. I’ve never actually finance a 100k car loan. Not to offend anyone but this question is to the entrepreneur or real estate investor that has made it. Is this a good idea? Or get more multi family properties ??

Thanks guys!!!
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Old 10-26-2019, 04:38 PM
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Get a supercar man!
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Old 10-26-2019, 05:15 PM
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Originally Posted by Antigravity Batteries View Post
Get a supercar man!
Thanks! It is tempting but would love your guys story why... besides telling me GO FOR IT..
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Old 10-26-2019, 08:29 PM
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Better to buy when it isn’t a big deal.

Car payments only half the battle—-maintenance costs are the other half.

We may be on the verge of a recession, and judging by your post, your investment career is off to a good start, but it is all post-recession.

I wouldn’t enjoy the car if I needed to finance it, but that is me. I realize there are many who finance but could otherwise pay cash.

My concern is anytime anyone NEEDS to finance as the only way to get one. Seems like life could get stressful if everything doesn’t go exactly as planned/hoped.

May not be the advice you are looking for...but it’s the advice you got 🙂
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Old 10-27-2019, 04:28 AM
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Quote:
Originally Posted by LamboGrasshopper View Post
Better to buy when it isn’t a big deal.

Car payments only half the battle—-maintenance costs are the other half.

We may be on the verge of a recession, and judging by your post, your investment career is off to a good start, but it is all post-recession.

I wouldn’t enjoy the car if I needed to finance it, but that is me. I realize there are many who finance but could otherwise pay cash.

My concern is anytime anyone NEEDS to finance as the only way to get one. Seems like life could get stressful if everything doesn’t go exactly as planned/hoped.

May not be the advice you are looking for...but it’s the advice you got 🙂
Thanks for the advice!
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Old 10-27-2019, 06:53 PM
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Fyi I don't believe you can finance a gallardo with typical down payments. If possible I would bet you need at least 40% down to maybe get approved. But if you can finance, go for it. Get a reasonable monthly payment that you won't miss if it's gone. Save your other cash for business growth.
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Old 10-28-2019, 01:56 PM
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Originally Posted by DanNSX View Post
Hey Guys,

Just create a new username today. Iíve grown up in a poor family. My family came from Cambodia/Vietnam during wartimes late 70ís early 80ís to Boston. Ive grown up with no birthdays and Christmas. And I was born here in Boston. So you could imagine how it would feel seeing the american kids talk about Christmas ,birthdays and ETC. I was also the only asian kid in my community so that also wasnít easy. Iíve grown up thinking that life was chosen for people that were pick to be rich or poor. That didnít stop from reaching my goals. Lots of my friend I knew had that mindset. Which was sad. I was different. I was motivated. Rich dad poor dad book changed my life. At 23 yr old in 2013 I first bought my multi-family home. I ended up rented all those units and live technically live rent/mortgage free. I technically bought my first supercar , well to me itís a super car lol Acura NSX. Fast forward to today. Iím closing on my second multi property and will be pocketing some more cash-flow. I also make over $100k salary. And have no debt, car payments and no other payments but insurance. Iím also looking on a third property by March. And that right there should really make me comfortable to handle a 6 speed gated Gallardo car payment. Iíve never actually finance a 100k car loan. Not to offend anyone but this question is to the entrepreneur or real estate investor that has made it. Is this a good idea? Or get more multi family properties ??

Thanks guys!!!
I wouldn't get the Lambo unless I could buy it straight up cash. Even if I decide to finance it (which I wouldn't), I would only do it if I had the cash savings for outright purchase.

If 2008-9 repeats itself, which it might, your real estate will be worth pennies on the dollar.
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Old 10-28-2019, 05:59 PM
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Quote:
Originally Posted by DanNSX View Post
Hey Guys,

Just create a new username today. I’ve grown up in a poor family. My family came from Cambodia/Vietnam during wartimes late 70’s early 80’s to Boston. Ive grown up with no birthdays and Christmas. And I was born here in Boston. So you could imagine how it would feel seeing the american kids talk about Christmas ,birthdays and ETC. I was also the only asian kid in my community so that also wasn’t easy. I’ve grown up thinking that life was chosen for people that were pick to be rich or poor. That didn’t stop from reaching my goals. Lots of my friend I knew had that mindset. Which was sad. I was different. I was motivated. Rich dad poor dad book changed my life. At 23 yr old in 2013 I first bought my multi-family home. I ended up rented all those units and live technically live rent/mortgage free. I technically bought my first supercar , well to me it’s a super car lol Acura NSX. Fast forward to today. I’m closing on my second multi property and will be pocketing some more cash-flow. I also make over $100k salary. And have no debt, car payments and no other payments but insurance. I’m also looking on a third property by March. And that right there should really make me comfortable to handle a 6 speed gated Gallardo car payment. I’ve never actually finance a 100k car loan. Not to offend anyone but this question is to the entrepreneur or real estate investor that has made it. Is this a good idea? Or get more multi family properties ??

Thanks guys!!!
I wouldn't get the Lambo unless I could buy it straight up cash. Even if I decide to finance it (which I wouldn't), I would only do it if I had the cash savings for outright purchase.

If 2008-9 repeats itself, which it might, your real estate will be worth pennies on the dollar.
Thanks for your opinion , I truly would like thank everyone that has responded. I’m staying focus and staying positive. Real estate is where the money is.... some people will forever rent. I provide housing while I get compensated. This is how the laws of the universe work. You must provide some value to receive. I been reading books and truly believe this is real as I have results. PS I’m not a scum landlord which makes me more valuable in my opinion. I fix my own houses and work on my own cars. I think I’m goin go to wait on my 5th property to fully secure myself on my income. I don’t want to be a worker forever. Especially for someone else. I’m building my own empire. Self employed is my goal. Thanks guys
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Old 10-28-2019, 06:15 PM
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You are still young and have plenty of time. Get your life in order. I think I would wait a bit, grow your money and buy a newer Lamborghini when you’re to the point where you don’t need to finance.
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Old 10-28-2019, 08:34 PM
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Sounds like you have made some great decisions and are building your net worth.Congrats. I think you would be much better off to build your net worth and income before buying a supercar. Either save all or the majority of the purchase price before you buy. Also remember , a 100k supercar loan on a 100k income will not look frugal to a banker looking at your real estate deals. If you paid cash for it or put a whole lot down and financed a small part, they would look at it completely differently. Real estate makes you money, cars are toys. You decide. Lee
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