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Posted on 1/10/22 at 11:23 am to TheOcean
quote:
Because I can make more than 6% with my cash.
There's absolutely no guarantee on that in the time frame of you paying on the loan.
Dont understand the leverage on everything ideas like this. If you have more than enough cash to pay for a depreciating asset that would be on a fairly high interest rate and it's no big deal, just pay for it. Do you also buy a $1k tv and open a credit card to get it at 0% for 24 months? Why even deal with a bank loan at 5-6% or whatever it would be. you even said you would pay it off quickly...so whats the point really? You can guarantee a better than 6% return over the next year? You cant.
This post was edited on 1/10/22 at 11:28 am
Posted on 1/10/22 at 12:43 pm to thunderbird1100
Comparing a 1k TV purchase to a 60-75k used boat purchase is kind a joke, no?
I can pay off the loan in a year to two years through some of my side hustle income and take a somewhat low interest rate (especially when you factor in inflation) to invest in rental properties which have brought me in well over 6% in returns.
Also, used boats will still depreciate, but not nearly at the level of a new boat. And I'll be doing work to it so I hope I buy something that will hold value pretty well.
I can pay off the loan in a year to two years through some of my side hustle income and take a somewhat low interest rate (especially when you factor in inflation) to invest in rental properties which have brought me in well over 6% in returns.
Also, used boats will still depreciate, but not nearly at the level of a new boat. And I'll be doing work to it so I hope I buy something that will hold value pretty well.
Posted on 1/10/22 at 12:57 pm to TheOcean
quote:
Comparing a 1k TV purchase to a 60-75k used boat purchase is kind a joke, no?
That was kind of the point, if you have the cash to pay for it and it's no skin off your back, makes no sense to takeout a higher interest rate loan especially to begin with and take a "well I can still beat 6%" approach when there's definitely no guarantee you can. TV example even being at 0% why go out of your way to even get 0% on something insignificant overall because you're trying to take some maximize all my leverage approach.
quote:
I can pay off the loan in a year to two years through some of my side hustle income
Ah so it's not really no skin off your back to pay for it in cash, makes more sense why you want the loan now. You could have just said you needed the loan to really take this on comfortably instead of acting like you had hundreds of thousands of fk you type money and could just easily pay cash for a $60k boat.
This post was edited on 1/10/22 at 1:01 pm
Posted on 1/10/22 at 1:28 pm to thunderbird1100
I do have plenty of cash to pay 60k for it. I don't see why that matters when I can use the 60k to buy another rental and make more than the 6%
Posted on 1/10/22 at 3:34 pm to iAmBatman
quote:
That boat is going to depreciate no matter if he pays cash or borrows so your point is irrelevant.
Very low IQ post
Owing $60k on a $30k boat is not the same as owing $0 on a $30k boat. We clearly have different opinions on things.
Posted on 1/10/22 at 3:35 pm to TheOcean
quote:
I do have plenty of cash to pay 60k for it. I don't see why that matters when I can use the 60k to buy another rental and make more than the 6%
Sounds like you have had your mind made up since page 1, and got your answers on page one, but continue posting to brag about how much money you have, and how smart you are.
Posted on 1/11/22 at 7:56 am to Stagliano
I bought a 2015 War Eagle 961 Blackhawk in Feb 2019 for exactly 20k. I sold it in Feb 2021 for 24K after putting about 100 hours on it.
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