All Forum Posts by: Nicholas Weckstein

1-4 units for investment 75% LTV (25% down payment) DTI 45% or less For best rates 720+ credit Loan period really up to you. 30 years, 25, 20, 15. Home has to appraise for agreed purchase price Pretty simple actually in regards to requirements for the loan. Takes a bit sometimes with all the paperwork shuffling. Inspector, appraisal, closing, getting insurance. But In all actuality those 3 things up their in my experience is really all it takes.

PAINTING ! I hate painting !!! Something that is very important though. A good paint job does wonders. A bad one.....well you get the point. Painting isn’t hard in essence but if you don’t use the correct rollers, prime correctly, trim correctly. It can wind up costing extra money and time to fix up. You’ll be doing “detail painting” for weeks lol

Philly would be great !! I’m curious as well when this gets officially decided

Erik S. Lol that’s totally off topic

I did just think of this, With having an old car, a few people said all you have to carry is liability so insurance costs decrease quite a bit. Is liability insurance something that would protect you and your assets from being sued in an accident ?

find it so interesting that 99% of the almost 100 comments on posts like this always recommend the cheaper route. It’s just a mind set thing. I’m looking as we speak for a car for 5k or less. Just the money in insurance I’ll save alone will be great. Some one mentioned that they use they’re old truck to plow snow and make money. That’s exactly my idea.

I’d love to buy a nice new car. But after all after just getting from A to B...it becomes an entertainment expense. So that’s something to think about. Does it really matter how u get around ? Yes a new car is nice, but when you want to build your business. Spending all that money on an entertainment expense is crazy. Im pretty sure my mind is made up and I’m going to buy a car for 5k or less. And hold onto it as long as possible. And hopefully be able to sell it in a few years for 2k. If I drive a beater now maybe I retire early. Fair trade in my opinion.

It’s funny because my dad being in the car business can’t understand why buying is better than leasing. He keeps telling me that it’s the same but you get to drive a new car every 3 years. I try to teach him about wealth building but he can’t seem to get it. When you lease your essentially just renting a car. You never own it. All the years that you pay for it, it’s just money down the drain. If you pay $300 for a lease on a 36 month term. Your paying $10,800 plus tax and whatever other BS that comes with it. Do that for let’s say 2 lease terms you’ve thrown out $21,600. That you could’ve paid to buy a car.......and then probably still sell it for 5-7k. Owning a depreciating asset is better than no asset at all. If something were to happen and god forbid I needed some money. So I had to liquidate assets. I couldn’t do that with a lease. Hence why I fee buying in any situation is always better than leasing or renting.

Well I would like to just say thank you 100x to everyone who’s replied to this post. It was amazing actually because I posed it, and saw no comments on it for a few hours. Check back a few days later and here we are ! But my thanks is because I almost got caught up in the oh but this new 40k truck I really want is so nice ! And oh I’ll need it for my business. What I forgot is that I’m still growing my business and saving every dollar I can for new down payments and acquisitions. It’s easy to get caught up in that want. When it comes down to what we really need ? Just think of how much money could be saved. Thank you everyone for making me realize. After all 40k is more than a down payment on a triplex I have my eyes on!!!

I’m curious what the community here has to say. My dads in the car business and swears by leasing. I’m all about wealth building and assets and I think buying is the better option. I’m currently torn between buying new/newer used vs leasing....OR buying an old junker for a few years to keep DTI low. What’s everyone else doing?