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Updated over 4 years ago,
[Q] First time REI and Car Buyer: What type of car is best?
Hellooo fellow Bigger Pockets Fam! I'm 24 and just starting out on my Real Estate Investment journey. I really believe that this is the best path forward for me not only for financial freedom + generational wealth building but I also identify strongly with the kind of person Real Estate/Investing lends itself too. Feels like I found what I'm passionate about and am thrilled to be amongst like minded individuals :)
On to my question...
The goal: Buy my first rental property in May via FHA loan - ideally a small mulit fam (ideally 100k<) so I can house hack. (Also open to buying earlier, but not sure if I have enough capital to before May)
- Currently, in PA with my parents to limit my expenses while I wfh.
Looking for a Duplex in NJ...Newirk perhaps? Still looking into areas in NJ (I work physically in NYC and would need to be close by once offices open up) - I have 5k saved up now and will have 25k by March 2021 ending ..and that's a conservative projection.
I would like to buy my first used car so I'm mobile as I look for property in NJ.
- I have 10k saved to buy the used car and am looking at cars in the 7-8k range.
My question for you guys is: Am I overspending considering my REI goal? I want to ensure that I have ample capital to buy my property in May (via FHA) + rehab it but I'm worried that I may be overspending on this.
Sidenote: I initially considered buying a car that was big enough to accommodate for rehab projects that may require me to shuttle things that are too big for a sedan + just regular errands. But then I kinda figured I may not need the space if I plan to use a general contractor for rehabing. So the car is primarily for regular use errands/Real estate hunting + gathering.
But in yalls experience in rehabing, is it a good idea to consider getting a car big enough to use for both?