Funding a project

[wedgemon]

OK, I've had my 73 Blazer for 3 months and done exactly - ZIP to it. My highly advanced "Mental Math Calculator" says I should be looking at about $5,000 to get this thing looking good and roadworthy.

Problem being, how do I fund this?

How do you guys fund your projects? Piece at a time purchases? Work your plan lists? Federal grants? Loan from Uncle Vito? Second, (3rd, 4th...) job?

I'd like to get this thing going, but I don't want to be stuck all winter with an "ON HOLD" project (neither doew my wife!!). The gypsies haven't been by in awhile, so I can't sell the kids.

Let me know.

- Dave

[beaterC10]

Being married with 1 wife, 2 dogs, and 3 kids, I can feel your pain.

When my second kid was born I had an 83 lwb 1/2 as a driver and a nice 63 swb as a project. Since the wife was a stay at home mom, I sold the 63 to help finance the second kid. After mourning the loss of my project I decided I had two choices, quit wrenching on old trucks or find a different strategy.

What I have done since then is limit my focus to one daily driver/project. When I need any major parts I normally try to find a complete parts truck that has what I need. Most times I have been able to make a small profit on the truck and get the parts I need for free. I hang on to the unsold parts as space permits and buy a booth at the local swap meet once in a while. This past May I cleared about $400 from selling parts at the swap meet.

A few years ago I got into the rental house business. Aside from all the other considerations the benefit is that I have a second income I can use from time to time on truck related expenses and not affect the family budget.

I bought my current project last December. At the time I was working on a rough and rusty 84 swb stepper when I found a nearly rust free swb fleet for less than the price of body work on the stepper. I pulled the 350, drop suspension, and a few other parts from the stepper, sold what I could, and scrapped the rest. I netted about $830 from parts sales from the stepper against the $1575 I paid for the fleetside.

What I have learned the hard way is don't pick a project truck that is too far down on the food chain. Paying a little more for someone else's abandoned project or a decent driver is cheaper in the long haul than a complete rebuild on a pile.

I guess my take on things is that raising kids and wrenching on trucks isn't easy, but it is doable.

[wedgemon]

Beater, I appreciate that imput. Been thinking about rental properties as well. I have a parts truck that i'm getting ready to part out, but I haven't received the title yet. Is that an issue when parting out??

Again, thanks.

- Dave

I usually manage to highjack my own threads!!

[Jonboy]

Dave, I think it only becomes an issue when you need to get it hauled off. A lot of places won't take it, as there is a possibility it could be stolen.

[beaterC10]

You can get anything hauled off around here if you have a title and you leave the steering gear intact. The state pays the haulers $100 or thereabouts for the title of each vehicle that is junked, that seems the big reason for having a title. The haulers rarely verify that the VIN and the title match.

Not having a title means you have to break out the sawzall or torch. No title is required to sell a cut-up truck for scrap. I have scrapped several trucks with no questions after cutting them up, even when it was obvious that the scrap was all from the same truck. With the engine and trans removed and the interior and glass gutted, you can have a truck in maneageable pieces in a couple hours.

The most important assets as a landlord are thick skin, the ability to say no, and a sense of humor. Thermostats get knocked off walls, plumbing plugged with strange latex things, and carpet ruined and the tennants will have no earthly idea how it happens. Something about the house that is not an issue when they move in will become a life or death situation six months later.

I have three houses and I keep my sanity by viewing the entire process as a game. When the tennant complains the heat doesn't work and I find the thermostat dangling from the wall I like to go ahead and ask the obvious question. I rarely hear the truth but the stories are priceless