actually insurance can be pretty cheap. Depending on how long you are out there. There is an option, in most states, to put the vehicle in "storage." So all you are paying for is comprehensive. Liability and collision are your highest costs on insurance. The catch is it has to be done in month spans. So it'd be one month in, one month out....etc. But it should, in theory save you around 50% of the annual insurance rate. Also when you get insurance, go with a company that writes annual policies. That way you rate won't go up twice a year, just once.
Is It Really Worth It to Have a House and Car if I'm OTR for the Foreseeable Future?
Discussion in 'Questions From New Drivers' started by DARKNIGHTRUCKER, May 17, 2021.
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Purchase a home when you can, rent it out on long term lease or put it on air bnb.
im starting otr next week. Already have a home just need to fix it up a little bit to make it more appealing on air bnb -
This is pretty much the first time in my life I've had any semblance of financial freedom so I didn't/don't have any assets right by now.
Even that being said my credit is pretty much shot by some really bad habits in my early/mid 20s so I'm probably a very long ways away from actually buying a house .
Alot of advice to save and buy property later but I'm not so sure I'll be OTR forever. Currently no romantic partner or dependants, doubt I'll have this in the near future . But I could very conceivably get burned out being otr all the time and go local or regional in a few years . And then I'd have more incentive to have a nice place to stay if I'm there multiple times a monthNavigatorWife, dwells40 and BeHereNow97 Thank this. -
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I'm just saying it's hard to predict what exactly will happen in the future in regards to real estate, stocks, the economy, etc. etc.Linte_Loco Thanks this. -
If I were you, I would wait on the home purchase. Save up a fat wad of capitol first. Homes can be a good investment vehicle, but they'll also take time and energy from you. You would need to pay someone to up keep your home, cut your grass while you are away. Property taxes, HOA fees, etc.
Some locations are screaming buys like around in Texas, property values are insane between San Antonio and Dallas, everything in between.
If you don't have savings, I would wait. Get some muscle in your wallet first.
Do NOT pay rent if you are single and going OTR. You are just flushing your money away with no return. Pay for a motel, stay in your truck, or crash with relatives that don't mind putting you up for a few days.
The duplex route is a good idea. You have to deal with your renters, but their monthly income would probably cover your mortgage. I've had that idear in my head for awhile. But I am also spoiled right now because I can get good returns by just signing into my computer, logging into my broker and making a few button clicks.
5 digit homes, you are probably going to be looking at mostly small towns, if you want to avoid the hood. Just keep in mind the extra expenses that go with home ownership. A lot of people get into nicer areas than they can really afford, they are just leveraged up the wazoo. It doesn't have to be that way. You just need to be patient and wait for the right time.newnew, dwells40 and Linte_Loco Thank this. -
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It took me about 2 years to get everything repaired and get my score to where it wasn't embarrassing. Your results will vary depending. But you should start noticing results very quickly once you start taking action.
I would start by going through your credit report and paying off all the smaller derogatory accounts. The stuff you can take care of quickly. Narrow it down.
Then get to work with a secured credit card. Just use it as a cash card. Pay your balance to 0 every month. Do not pay interest. Keeping it between 10-30% of full available balance looks best. That way it shows that you have available credit, but you aren't spending just because it's there.newnew, NavigatorWife, dwells40 and 2 others Thank this.
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