Speaking of Ferrari's I went to the 488 Pista Spider launch party at the W last month. Kind of cemented me moving to Scottsdale.
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Free registration at the forum removes this block.Some rich guy owns a car museum over there. Full of old classic cars.Speaking of Ferrari's I went to the 488 Pista Spider launch party at the W last month. Kind of cemented me moving to Scottsdale.
I wanna know where he found a 2006 360...
Actually it's not the reason you're thinking (my apologies for bumping it up with respect to your recent "activities") but I look forward to reading whatever you report!
MJ, let's hear your story!
So a few weeks ago I'm looking at this 2006 Ferrari 360 Modena in red with nice wheels. Asking price is about $100k. I'm not one to spend $100k on a car, because every time I've had money I've put it into investments. So my other thought was I should just buy an investment condo which returns about 8% per year.
But then I came across an ecommerce store for sale for $100k which puts out $100k a year or $8k a month.
This got my thinking. Why would I ever pay $100k cash for a car or buy real estate if I could purchase online stores like these?
So I did some numbers and I could do the following:
Buy the store for $100k
Take the $8k monthly
Which is $6k after taxes
Buy a Ferrari with $3000/mo payments
Buy a home with $3000/mo payments
Why wouldn't this work?
And why doesn't everyone do this?
Poke some holes in this plan please or else I'm going to implement it this year.
I don't know if it's similar in the US, but here in Canada, most RE agencies list commercial properties and also businesses for sale. There's probably websites dedicated only to the business part, but I didn't find any (didn't really search either).Wow that's a great price for $100k, what website did you buy the business off of?
Well... its not as easy to get a $100k loan to buy an online store as it is to get a $100k loan to buy a house or to buy a car, no?
Probably the same amount of work to get a 100k business loan or a 100k mortgage.
@biophase I just want to say thanks.
When I first joined the forum, I read some post of yours talking about buying a business and using the proceeds to buy a car. I can't find that post, but I found this thread, same difference.
Anyways, I've been wanting a new car since before I joined the forum. I drive a paid-off dadmobile sedan. It's point A to point B, and it ain't fun.
Instead of giving into the urge for more fun, I stacked some cash and am now finally closing on a business for 1-1.5x. I'm going to give it 6 months to ensure everything is as it should be, then I'll go get a car I actually want.
So again, thank you, for helping me make a smarter decision with my time & money.
Don't I know it! The only reason I got the deal I got is because I'm buying a client's business. I built up rapport over 6 years, and now I'm partnering with the owner's son to buy the dad's business since he is retiring.Thanks for bumping this. I went back and re-read it and it is so interesting that I talk about selling ecommerce for 1.5-3x back then. The numbers now are crazy from 3-8x.
I'm going to go back through the post in more detail. Alot has changed in 10 years!
@biophase I just want to say thanks.
When I first joined the forum, I read some post of yours talking about buying a business and using the proceeds to buy a car. I can't find that post, but I found this thread, same difference.
Anyways, I've been wanting a new car since before I joined the forum. I drive a paid-off dadmobile sedan. It's point A to point B, and it ain't fun.
Instead of giving into the urge for more fun, I stacked some cash and am now finally closing on a business for 1-1.5x. I'm going to give it 6 months to ensure everything is as it should be, then I'll go get a car I actually want.
So again, thank you, for helping me make a smarter decision with my time & money.
I would love you to share your thoughts after you go through it! I am young and just starting. I know how much I can learn from those, who have already walked those paths. I am curious about your insights after these 10 yearsThanks for bumping this. I went back and re-read it and it is so interesting that I talk about selling ecommerce for 1.5-3x back then. The numbers now are crazy from 3-8x.
I'm going to go back through the post in more detail. Alot has changed in 10 years!
I would love you to share your thoughts after you go through it! I am young and just starting. I know how much I can learn from those, who have already walked those paths. I am curious about your insights after these 10 years
@biophase what's the funniest car you have owned so far?
Which one have you liked the most?
@biophase Just wanted to thank you one final time. The business cash flow was twice what we projected, so I took possession my new-to-me 2020 Rav4 today. It's funny, these are hard to find, but I got lucky enough to find the color and model that had me saving all my money all those months ago.@biophase I just want to say thanks.
When I first joined the forum, I read some post of yours talking about buying a business and using the proceeds to buy a car. I can't find that post, but I found this thread, same difference.
Anyways, I've been wanting a new car since before I joined the forum. I drive a paid-off dadmobile sedan. It's point A to point B, and it ain't fun.
Instead of giving into the urge for more fun, I stacked some cash and am now finally closing on a business for 1-1.5x. I'm going to give it 6 months to ensure everything is as it should be, then I'll go get a car I actually want.
So again, thank you, for helping me make a smarter decision with my time & money.
Only one question- why “one final time”? No chance you’ll thank him again in the future? Breaking up after this?@biophase Just wanted to thank you one final time. The business cash flow was twice what we projected, so I took possession my new-to-me 2020 Rav4 today. It's funny, these are hard to find, but I got lucky enough to find the color and model that had me saving all my money all those months ago.
Patience paid off this time. Thanks for planting the right seeds.
That’s great to hear! Now you have car payment income and can buy multiple cars!@biophase Just wanted to thank you one final time. The business cash flow was twice what we projected, so I took possession my new-to-me 2020 Rav4 today. It's funny, these are hard to find, but I got lucky enough to find the color and model that had me saving all my money all those months ago.
Patience paid off this time. Thanks for planting the right seeds.
That’s great to hear! Now you have car payment income and can buy multiple cars!
Sacrificing and buying income generating things allows you to buy even more later!
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