The Original Realty Magazine
Before I discovered real estate I had a passion for cars. I even owned a body shop as one of my first businesses. I now keep my businesses and investments diversified within the real estate industry. Yet, I still love cars, and there are a lot of great lessons that correlate between the two.
When I was younger (and often lived above my means) I had Range Rovers and new BMWs. I would lease and trade in every year to get the latest model. I liked to live flashy, like many new real estate investors do.
I’ve learned and matured a lot since then.
I now drive this 1982 seven series BMW. I’ve had it since 2010. I restored it, and still love working on it.
It’s one of those great pet projects that is good for distraction and decompression from the business. It recharges me.
It’s durable. It’s a vehicle that lasts. I purchased it as a long term investment. I’ll still have to keep up with maintenance and will make modifications. It’s worth it though. It’s rewarding to make a better product.
Classic cars like these go up in value over time, instead of down. This is another reason it really made sense to me.
I invest in real estate for the same reasons. It’s durable, can go up in value, lasts long term, and can be fun and rewarding to see the transformation when remodeling rental properties.
The cash flow from my apartment investments allowed me to recently purchase a car for my mom too, as she always wanted to drive mine! I’m so grateful that my smart investments allowed me to go pay cash for a car for her. It was not a brand new car, but it was a strategic investment.
It won’t be long before my kids are ready to drive too. When it’s time, I’ll work with them to buy a mortgage note. Then they can use the income from that investment to buy a car or make payments on one if they really want to go that way.
What are you driving and why?
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