I can’t believe i am going to say this, but i have to disagree with Ronald, dispite him being probably the most knowledgable investor on this board.
I think its fairly important to “look the money”. People will take you seriously, Agents will take you seriously, everyone will.
If you were desperate to sell your house (u know, like the people you are trying to buy from), who would you go with if they both offered you the same money? The guy in the sexy BMW, or the guy in the rust bucket on wheels? The BMW guy right? Why? Coz he is the person least likely to walk away from the deal later down the line, and the one that seems more professional.
But, overall, it would depend on what path you wish to travel. Its going to be harder to convince someone that you can’t put anything down and for them to drop the price and carry the closing costs when your driving a flashy car.
Re:What “car” should the investor drive? - Posted by Jay (NY)
Posted by Jay (NY) on August 06, 2003 at 13:29:44:
Hi,
It may matter to “some” sellers what kind of car you drive. If you show up with a shiny new expensive car they may not ask you to show them the money before they give you detailed info about their property. If you show up with a junk car they may ask you to show them how you plan to buy their property. The fact is, appearance does matter and if you have a cheap car just park around the block. Good luck.
Posted by beck4353 on August 06, 2003 at 13:25:55:
I understand your concerns. I drive a Lincoln Navigator, and whenever I pull up in front of a house, I feel like they will think I am a wealthy investor that has a lot of money to spend.
maybe just in my head, but if I were to sell to someone, I would expect someone driving a nicer car to be able to afford to pay me more for whatever it is that I am selling.
I know that the landlord’s car is ideally a 15-year old datsun,nissan, or toyota pickup. I come close, driving a 1990 Toyota Corolla stationwagon.
The answer is probably that it does not matter. Just park around the corner, the seller or buyer will never see your car and they will never even think “Gee, I wonder what kind of car he drives?” Just does not happen.
Park on the next block and walk. The question will not come up. Maybe they’ll think you’re an excercise buff, or maybe they’ll think you were looking at other houses close by. Many people stretch themselves to afford that 300k house and their “2nd” car may be a hyundai too. Bottom line is that thought process is in your head. If they are thinking about what you drive, then they are probably not motivated enough to give you the type of deal you need in the first place.
Good Luck,
Shawn(OH)
By the way, if you really need a status car, I have a 2001 Dodge Viper for sale for $48,500.00 and a 2003 Lexus RX 300 for $36,000.00 And I’ll take your Hyundai in on trade.
Posted by LeAnne-WA on August 08, 2003 at 17:29:05:
That’s what I drive! A little maroon GMC Safari AWD! Plus, I can take the kids with me! And I’ve found that eases a lot of seller’s minds, for some reason. They see me as someone on their level, I guess.
You say: “Lets face it guys and gals, whats the point of making bundles of cash if your not going to enjoy it?”
Gee, I’ve always figured that the reason to have money was so you could buy real estate. What other purpose does it serve? Buying expensive cars? Does not Compute. Does not Compute. Does not Compute.
All else being equal, I would take the offer from the guy in the Escort, on the grounds that he was more likely to have the money and keep his word. The boy with the flashy car is probably putting up a front and doesn’t know anything about business. All hat and no cattle as they say in Texas.
In the old days here in small town ville there used to be many people who could afford a Cadillac who wouln’t be seen in one. They would consider it embarrassing. They drove Chryslers and Buicks, Cadillacs were for people from the wrong side of the tracks. Oddly, most of the Cadillacs were owned by restaurant, food store and other shop keepers.
It doesn’t matter much what you drive as long as you avoid extremes. If your car is a rusted out junker it’s not going to inspire confidence. But if it is clean and in good repair it doesn’t matter how old it is or what make it is. And a real extravagant car will make you look too rich and too slick, as if you make too much profit, and will hurt your ability to make a deal with some people.
must be the car of choice for investor’s because that’s what I drive. 1995. However, mine is starting to give me trouble (axis and transmission). On top of that, I can’t afford to be running against the clock (I do preforeclosures) and the car to just give out on me and need work. So I was actually thinking of getting a new one. But I’m going to keep this one for when I drive over to the seller’s house. Also, sometimes my sellers won’t have a car so occasionally I find myself picking them up to go to the closing and other RE deal related stuff. So it would nice to have the modest GR. Cherokee around.
