I paid off my truck loan yesterday!!

General Real Estate Investing
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I paid off my truck loan yesterday!!

Daniel Fitzroy
Member since 2019 · 110 posts · 80 votes

Hi everyone, I just wanted to share a recent small victory for me. I’ve been strapped down for 3 years paying $500 a month on my 2011 Toyota Tundra and I finally have it completely paid off! It felt great sending in the last payment, such a relieve.

I plan to take most of that 500 going forward to start saving up for a down payment on a duplex for my girlfriend and I. My girlriend has been patiently waiting for me to pay this down she wanted to be in a house last year but I wanted out of bad debt first. So we plan on using an fha loan and buying a 2-4 unit home in Dutchess County NY maybe this summer! I can’t wait to begin investing in real estate and be able to set up a small garage for my hobbies ie. motocross stuff! Since all my personal garage stuff is in storage in another state since I moved here last year.

What was your guy’s first house and or what have you done lately to get move closer to your goals!?

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Damaso Bautista
Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
5y

@Daniel Fitzroy

That is great! Now the hard part is to use that $500 a month toward something positive.  Very easy to say very hard to do.  I speak from experience.  Discipline is the key.

Good luck!

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  • Luke Trovinger
    Realtor · Denver, CO · Member since 2020 · 259 posts · 153 votes
    5y

    Hey @Daniel Fitzroy! Congratulations on the accomplishment! Also awesome idea to purchase a duplex as your first investment, house hacking is a great way to get started. Do you plan on continuing to move from house hack to house hack on a yearly basis and accumulating that way?

    2Reply
  • Damaso Bautista
    Rental Property Investor · Hawthorne, CA · Member since 2018 · 655 posts · 900 votes
    5y

    @Daniel Fitzroy

    That is great! Now the hard part is to use that $500 a month toward something positive.  Very easy to say very hard to do.  I speak from experience.  Discipline is the key.

    Good luck!

    3Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Luke Trovinger

    Thanks! Yeah I don’t mind using that method I’ve thought of that but I think I can expedite the whole process by being a bit more creative and using the brrr method! There’s nothing wrong with that method but my goal is to create $25,000 in “passive” income by renting out long term buy and hold properties that I can purchase like We would a flip. That way it goes a bit quicker once I get the ball rolling. I’m not sure what other ways I could go about reaching that goal but lately I’ve been so focused on the first property but need to focus more long term. I’ve actually thought of flipping the second house/rehab to come up with all the brrr money to get started but maybe once I get some skin in the game with the first property I can find private lending on the second! I’m super excited I can’t wait to jump in!

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Damaso Bautista

    You are absolutely correct. I’m trying to tell myself that If I don’t go finance a new dirt bike with that 500 I can instead let the asset of a property/I mean the cash flow pay for it in a bit. I want to become financially independent so bad.

    1Reply
  • Sarah West
    Rental Property Investor · AZ · Member since 2021 · 35 posts · 14 votes
    5y

    @Daniel Fitzroy

    Nice job man and will make a big impact for sure! We went down to being a 1 car family in January, wish we would've sold the car and got out of the loan a year ago. Our first house is a SFR that we still live in today, we are apparently sitting on a gold mine and I get several calls and texts a day asking me to sell which is annoying. We are looking for our first investment property OOS and then once things are in order we would love to move and rent out our current place. We never intend to sell our first home.

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Sarah West

    Thanks, and wow that’s awesome! What does OOS stand for I should know this? You guys are two steps ahead of me I’m about to get pre approved for a home after I pay down my last little bit of debt....a 2k capital one credit card. Then I’ll shop around for an fha loan and will be partnering up with my girl on it. Hopefully we’ll be into the house by the end of the summer, ideally when our lease runs out this july though.

    1Reply
  • Sarah West
    Rental Property Investor · AZ · Member since 2021 · 35 posts · 14 votes
    5y

    @Daniel Fitzroy OOS = Out of State, I am learning too =) I have debt to pay off but since we are currently pre-approved, I have been advised to not touch it however tempted I am now that the Car loan is gone. Are you going to go month to month when the lease is up or hope that closing on your property will line up timewise?

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Sarah West

    Yeah it’s tough to not touch the extra I’m already dreaming about a new motocross bike but I’ll wait for when my asset can Pay for it for me in the future. Or at least save a little bit of cash and pay for it that way. My life is sort of on hold right now and really going all in with real estate. Out of state, oh OK and I actually read a book by David Green long distance real estate investing and it was awesome. I think that was the book that Mentioned the core four!

    That’s a good question. I’m not sure how I’m going to go about timing at all and I don’t know if going month to month is even an option. But I would imagine it’s probably not good to break a lease. How do you do? Maybe try to go month to month? 

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Sarah West

    Oops I meant what would you do not how do you do* haha

    0Reply
  • Sarah West
    Rental Property Investor · AZ · Member since 2021 · 35 posts · 14 votes
    5y

    I've never rented before, but I believe landlords would consider month-to-month after a successful lease instead of you signing a new one. Timing can be tough with moving so if you have an option to stay with family/friends until your property closes that could work too. Moving twice or utilizing storage would be a downside to bridge the gap. 

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Sarah West

    Awesome answer, very informative thanks! Yeah you guys are all asking me questions I really haven’t thought of too much and making me think outside the box just in general on here I like it.

    0Reply
  • Joshua Haynes
    Aurora, IL · Member since 2019 · 125 posts · 39 votes
    5y

    Congrats, That's great to hear!!!

    0Reply
  • Max T.
    Investor · Philadelphia, PA · Member since 2015 · 3k+ posts · 3k+ votes
    5y

    @Daniel Fitzroy

    No car payment is great. You will have a repair bill 500-1000$ maybe 1-2x per year with an older vehicle, but you’re still gonna come out way ahead compared to a 500/month payment.

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Max T.

    Yeah for sure! I need brakes and rear shocks as we speak but that’s another reason I opted to spend a bit more on a tundra. They tend to last a long time if properly maintained.

    0Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Max T.

    I would like to get a plow too so I can manage my own snow removal.

    0Reply
  • Account Closed
    Rental Property Investor · Torrance, CA · Member since 2016 · 724 posts · 1k+ votes
    5y

    @Daniel Fitzroy Congrats! Being debt free is the best feeling.

    1Reply
  • Daniel Fitzroy
    OP
    Member since 2019 · 110 posts · 80 votes
    5y

    @Jonathan Hulen

    Thanks! I still owe $1800 on a credit card but that’s it!

    0Reply
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