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Author Topic: What would you do?  (Read 3311 times)
Just Dallas
Bus Conversion Stuff on a Budget
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« Reply #15 on: February 11, 2010, 07:35:37 AM »

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« Last Edit: July 15, 2010, 11:57:11 AM by Now Just Dallas » Logged

I'm just an old chunk of coal... but I'm gonna be a diamond someday.
bevans6
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« Reply #16 on: February 11, 2010, 08:34:27 AM »

This may be life advice rather than bus advice, but so what...  Smiley

The great advantage the young have is that they have a lot of time to recover from the mistakes they will inevitably make - mistakes when viewed with 20/20 hindsight, of course!  So there is ample reason to say "just do what you feel like doing", knowing that in the long run it makes not all that much difference.  Only a sad and lonely person would say "scrap that bus immediately, and take the money you would spend on it and put it in GIC's inside your 401K right this  instant!"  Even though that's the right financial advice.

The second thing is that a bus is not an investment, it's a depreciating asset at best.  The longer you keep it, the less it will be worth and the more it will cost you to keep.  So you need to find the value picture for your situation - in what way are you richer by owning the bus, how does it improve your life, and is that improvement worth the fully loaded cost of ownership?  Who knows what the answer is, and only you can find that answer.

The final thing is, are there better things to do with your time and money?  I'll confess, I find the idea of a young kid just starting out owning a bus kinda weird.  When I was your age, a car that started and a really nice Gibson SG were more the priorities, and beer money solved the excess cash issue quite nicely...   Ask yourself if owning a bus, even a nice bus that you've finished up and can actually steer without a hernia, is the answer to a question that you aren't really asking...   I mean, what percentage of your weekly net from your new job will it cost you to buy a tank of fuel?  And what else could you do with that cash?  If you just own it and don't use it or maintain it, will it just quietly subside into a large pile of poo?  And what will you do with it then?

Just what comes to mind when I think of what I would do if I was 22 or 23 years old, just out of school (with a mountain of debt if you are like my nieces), just had a job, and happened to own a bus...  Of course that is the mid '50's "me" speaking...  When I was 23 I'd probably be far more worried about how big a stereo I could fit in it, and what was the shortest route to the beach that rolled past my girlfriends dorm...   Shocked

Brian

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QuagmireMan
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« Reply #17 on: February 11, 2010, 09:21:35 AM »

Thanks everyone for your input! Luckily I have worked since I was 14 and through college, so I was able to make it out debt free!  Grin

I started my 401k 5 years ago, when I started working for the electric co. and I am more than likely going to take one of the two full time job offers they gave me.

This is what I have been thinking:
I have been looking at double house with a big lot out back (not in the best neighborhoods) in the $20k range... I figure I could buy one, live in one side while I fix the other side. Then rent out the newly fixed up side (get it HUD approved, at minimum $500 a month income) keep the bus out back ... because in these neighborhoods it really doesn't matter much.

Granted I would only live there for 2 years tops... then rent both sides out (which should get me at minimum $1000 a month income) Which should pay for all my labor and parts in about 3 years.

I really don't care about living in a bad place, I just won't be inviting any girls or friends over lol

I like the idea of not have a large loan over my head, and what I would have bought this place for I would have spent on rent in 3 years anyways.

I feel like I would be able to work on both the bus and the place at the same time, when I get sick of working on one I would work on the other  Grin

I know priority would go to the house because it will get me income...

What do you guys think about this plan?
« Last Edit: February 11, 2010, 11:11:35 AM by QuagmireMan » Logged
QuagmireMan
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« Reply #18 on: February 11, 2010, 09:37:42 AM »

Not that I have anything against house loans... I just thinks its crazy the amount of money paid in interest!!!

http://www.bankrate.com/calculators/mortgages/loan-calculator.aspx

If I buy a house for $125,000 get a 15 year loan at 5% fixed.... by the time I would get it paid off I would have paid an extra $53k... this is not including the things like insurance, taxes, and other whammies like replacing a roof. I would highly doubt in 15 years my house's value would increase by 40% to pay for all that interest... but I could be wrong.... who knows what will happen after this crazy economy gets under control.

I have grown up my whole life never being in debt to anyone... and I really love the feeling! I have always made money on every car I have ever bought then sold (actually this is how I paid for most of my college)

I think my mindset of always trying to make a "good" investment in something is what makes me struggle with the bus so much... however I do feel the bus is fun.... and fun ain't free  Cheesy

I know having the bus, traveling with my friends and family will be something I will always remember so it might be a good investment after all (as long as the engine doesn't blow up tomorrow)
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belfert
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« Reply #19 on: February 11, 2010, 10:09:13 AM »

You need to stop thinking of how much money you can/can't make off owning something.

A house is a shelter and a place to live.  You can't expect to live there for free by selling it for more than the cost of the house up front, interest, taxes and any work done on it.  You are going to live somewhere so you might as well own the palce instead of paying someone else for shelter.

A bus is the same way.  You buy one because you want to go RVing with it.  You don't buy to fix up and then sell for more than you spent on it.

If you can find a fixable house for $20,000 and pay cash for it that is great.  I'm pretty sure anything around me for $20k would best be doused with gasoline and lit.
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Brian Elfert - 1995 Dina Viaggio 1000 Series 60/B500 - 75% done but usable - Minneapolis, MN
bigjohnkub
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« Reply #20 on: February 11, 2010, 11:41:10 AM »

What area do you live in. You need to rub some of our conversions and talk', over bevareges and food, bus nuts. I'm available if you live close. So are many others. Parts are available. You (hopefully) will live to 70. You've got time. Go for it.
  Big John
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Big John  Tyler Tx PD 4903-188 & 4107
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QuagmireMan
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« Reply #21 on: February 11, 2010, 11:51:13 AM »

What area do you live in. You need to rub some of our conversions and talk', over bevareges and food, bus nuts. I'm available if you live close. So are many others. Parts are available. You (hopefully) will live to 70. You've got time. Go for it.
  Big John


I'm up north, but the place I am looking to take a job with has their second head quarters in Texas... so it is likely I will make it down that way sometime.  I will be sure to let you know.
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zubzub
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« Reply #22 on: February 11, 2010, 11:53:21 AM »

Well you are likely to get as many opinions as posts here which is a good thing as there probably isn't a "right" answer.  All I can tell you is that having fixed many houses and many old vehicles there is always more to be done than first meets the eye.  If you enjoy the work that shouldn't be a problem...this reminds me, years ago I read "Zen and the Art of Motorcycle Maintenance)"  only really retained a few things from that book but they were invaluable.  
The first was when you are fixing something and are getting frustrated....back off,  take a break, switch jobs...whatever 'til you aren't frustrated anymore (this keeps it fun)(sounds like you know this already).
The second was improvise solutions.
The third was everyone has a different perspective on what is happening around them.
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loosenut
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« Reply #23 on: February 11, 2010, 05:02:47 PM »

Another old fart's two cents,

1) If you're not enjoying the bus sell it.  Doesn't matter if you enjoy the wrenching and don't use it or if you don't enjoy the work but use it.  Busses are expensive, similar to most anything worth enjoying boats, cars, wives etc.  Cut your losses if don't love it.

2) Bone up on real estate before you buy.  Sometimes the most expensive piece of property is the cheapest.  Conversely the cheapest can cost the most.

Mike
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Sold 85 Neoplan 33ft 6V92ta, sadly busless
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