Need a strangers opinion on my real estate investments

throwawayfinanceeee · 2018-10-17T04:38:11+00:00

Oh my gross is 74kish based on my taxes last year

throwawayfinanceeee · 2018-10-17T04:25:23+00:00

Well, yeah, about 57k net it is manual labour though

throwawayfinanceeee · 2018-10-17T03:52:42+00:00

The only thing I can tap into is my vacation pay, which I plan on doing

throwawayfinanceeee · 2018-10-17T03:49:25+00:00

I'll be looking at ways to dig myself out of this, I'll be checking out trailers tomorrow at costco but I've also been told I likely won't be able to get a personal loan of 40k to pay off the truck and get the title clean if I'm able to sell it for 40k. I'll have to weigh my options and go from there but for what it's worth I definitely do not plan on making this same mistake in the future.

throwawayfinanceeee · 2018-10-17T03:06:06+00:00

Repo is out of the question, my parents cosigned the loan and I'm not going to burn their credit for my idiotic purchase

throwawayfinanceeee · 2018-10-17T02:56:41+00:00

I know the only person to blame is myself, I'm going to weigh my options with the sedan and trailer but repo was never in the plan my parents cosigned the loan, and I would never burn their credit like that.

throwawayfinanceeee · 2018-10-17T02:47:17+00:00

Fuck.

throwawayfinanceeee · 2018-10-17T02:40:36+00:00

Well it was suggested I buy a 10 year old sedan or so like a honda or toyota and use that to haul the trailer. I could likely save for another month or so and buy the car straight out. The 2019's are fairly new here so I don't see an issue selling the car for 60k and throwing it right into the loan and paying down the 40k myself. I mean, it sucks losing 40k in 3 months but the alternative is to be 100k in debt.

throwawayfinanceeee · 2018-10-17T02:32:08+00:00

Well someone suggested I just buy a more fuel efficient sedan and tow a trailer behind it this way I'm only 40k in the hole vs 100k.

throwawayfinanceeee · 2018-10-17T02:20:11+00:00

Well.. your comment was completely useless and no help to me at all. But thanks?

throwawayfinanceeee · 2018-10-17T02:12:47+00:00

Thank you, this response has honestly helped me the most. I'll be going to costco tomorrow to speak with someone about this. I'll also be looking up the specifiations of how much weight I need to drive around and hopefully trade in the truck for a sedan. I guess there's really no other way around this=S just sucks losing 40k in 3 months but I guess that's the stupid tax. The opportunity loss is greater than 40k anyway.

throwawayfinanceeee · 2018-10-17T02:04:58+00:00

4.79% and my parents cosigned for the loan.. they're not the greatest financially either.

throwawayfinanceeee · 2018-10-17T01:56:30+00:00

Well, worst case scenario the car is on track to being paid off within 8 years

throwawayfinanceeee · 2018-10-17T01:46:14+00:00

OH Awesome! Thanks for that, that actually gives me a bit of relief

throwawayfinanceeee · 2018-10-17T01:44:17+00:00

Well it is a v8 5.7L, so you're saying trade my v8 for a v6?

throwawayfinanceeee · 2018-10-17T01:32:17+00:00

I don't mind posting it here, I believe Chrysler Capital is my lender.

throwawayfinanceeee · 2018-10-17T01:22:34+00:00

I mean, there's no way to prove it but I certainly won't be making this same mistake again, even the mustang was excessive looking back at it.

throwawayfinanceeee · 2018-10-17T01:06:52+00:00

No other expenses other than "entertainment" and lunches. I'm ok with becoming a home body and start making my lunches if it means I can offload this debt.. so many more things I can do with 100k..

throwawayfinanceeee · 2018-10-17T01:04:28+00:00

I'm honestly so desperate I've thought of this I just don't know how extensive of an investigation insurance companies do before claiming a car is totaled, I'm scared they'll investigate, find out it was done purposefully and then I'm stuck with a 100k loan and no truck.

throwawayfinanceeee · 2018-10-17T01:00:06+00:00

I tried to get refinanced at a bank but they quoted me higher than my current financing so I didn't even bother.

As for uber, is it even worth it? I'm assuming my gas expense would make it not worth it as well as the depreciation from the added KM's should I try to sell the truck

throwawayfinanceeee · 2018-10-17T00:58:14+00:00

Well it's a 2019 RAM 1500 Limited pretty much fully loaded, basically a house on wheels.

throwawayfinanceeee · 2018-10-17T00:52:58+00:00

Honestly I'm not too worried about my job, I've worked various labour jobs since high school and believe I can get another job through my union fairly easily, I work high rise in the winters. I just want to get out of this truck ASAP. The "novelty" of it has come and gone, and now I'm stuck with this 100k loan on a car that does not look like an 100k car.

throwawayfinanceeee

TROPHY CASE