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General => IHADAV8 Playground => Topic started by: Forzfed on January 10 2020, 10:37:04 AM

Title: The Bullitt goes to Auction today!
Post by: Forzfed on January 10 2020, 10:37:04 AM
I turned the TV on this morning and good morning America was on and they were talking about the original Bullitt that will be going for auction today at Mecum.  The guy bought the car back in 74 for $3500.  It is expected to get $2-$5 million dollars!
Title: Re: The Bullitt goes to Auction today!
Post by: Scoobum on January 10 2020, 10:43:58 AM
Wouldn't there have been several of them built for that movie?
Title: Re: The Bullitt goes to Auction today!
Post by: Forzfed on January 10 2020, 03:27:30 PM
Wouldn't there have been several of them built for that movie?
There was but those one's I believed took the jumps and got destroyed.  This was the main one and still has the camera mounts and hole in the trunk for the smoke machine.
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on January 10 2020, 04:07:09 PM
Someone's about to lose their ass.

The years of old rich guys that will pay stupid money for a 70s movie car are just about over.     What, with all the obituaries and all.  :D
Title: Re: The Bullitt goes to Auction today!
Post by: bullnerd on January 10 2020, 05:51:51 PM
3.4 M
Title: Re: The Bullitt goes to Auction today!
Post by: Scoobum on January 10 2020, 05:53:19 PM
3.4 is what it went off for?! Someone's got to much money.
Title: Re: The Bullitt goes to Auction today!
Post by: Steve Wood on January 10 2020, 08:01:50 PM
I wish I had that problem!
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on January 10 2020, 08:11:41 PM
That's a lot of rental property that could have been bought instead of that car.
Title: Re: The Bullitt goes to Auction today!
Post by: Steve Wood on January 10 2020, 08:13:21 PM
3.74 Million
Title: Re: The Bullitt goes to Auction today!
Post by: daveismissing on January 10 2020, 08:52:53 PM
Plus auction premiums?
Title: Re: The Bullitt goes to Auction today!
Post by: Steve Wood on January 10 2020, 09:02:04 PM
I think so
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on January 11 2020, 08:29:01 AM
$340k for the buyer's fee. :chin: Don't know what they charged the seller.
Title: Re: The Bullitt goes to Auction today!
Post by: Pyro6 on January 26 2020, 06:28:01 PM
The coverage said they drove it for I think 34 years plus it was the wife's DD for awhile. For all intents and purposes it was a piece of junk. If it weren't for being in a movie, it would have been up for restoration. It was nothing but a movie prop.That money could have fed, housed, and supported a lot of Veterans. As for the guy that only paid 3,400 though seems similar to finding a rare painting at a yard sale.
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on January 27 2020, 09:02:59 AM
Quote from: earlbrown
That's a lot of rental property that could have been bought instead of that car.
I really don't think the buyer is concerned about $$$ . :chin:  I stayed on till $3.25 mil.. a guy has his limits :add_wegbrech: It'd just like art works for millions of $$$.. I wouldn't hang it up in my garage.
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on January 27 2020, 09:07:09 AM
Quote from: Pyro6
The coverage said they drove it for I think 34 years plus it was the wife's DD for awhile. For all intents and purposes it was a piece of junk. If it weren't for being in a movie, it would have been up for restoration. It was nothing but a movie prop.That money could have fed, housed, and supported a lot of Veterans. As for the guy that only paid 3,400 though seems similar to finding a rare painting at a yard sale.
You should go to some of the big antique "flee" markets. One mans junk is anothers treasure ;) Or come up to NH.. I am cleaning out a 1800's farmhouse and 2 huge barns an outpost buildings.
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on January 27 2020, 09:11:31 AM
Quote from: earlbrown
Someone's about to lose their ass.

The years of old rich guys that will pay stupid money for a 70s movie car are just about over.     What, with all the obituaries and all.  (http://www.ihadav8.com/forum/Smileys/default/icon_biggrin.gif)

Ya I think so to.. Writing is on the wall.. Look at the old Ford Model Ts.. Nice cars goin for $10k after the guy has 40K into a restoration .  All dying off an the kids just want the $$$$. DAMM kids.
Title: Re: The Bullitt goes to Auction today!
Post by: TexasT on January 27 2020, 04:43:38 PM
To that I say, I hope the guy had fun and got that forty Kay worth. If not I guess the kids are getting what they want in cash. 
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on January 28 2020, 01:19:18 AM
That actually happened here recently.   Someone waaaaaay over built a $5.5M house and then died.   The estate went into a trust among the kids and they couldn't do anything with it.


So they sold it for $500K and split the money.
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on January 30 2020, 09:42:48 PM
Quote from: earlbrown


So they sold it for $500K and split the money.
CASH VALUE.... bottom line
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on January 31 2020, 12:04:15 AM
Yeah...    9cents on the dollar.


If I'd known they were going to dump it like that, I'd figured out how to round up a 1/2 mil just to make a Sodom and Gomorrah (minus the homo stuff) thing out of it.



...then made a fortune in this Trump real estate economy.




Would have had a LOT more fun than the new Mustang owner for a lot less money  :)
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on January 31 2020, 09:30:38 AM
Can't beat real estate .. Easier to sell once your done with it to. 99% of old cars are NOT investments. Hell look at GNXs.. Most paid $40/50k for them . Now maybe make a $100k. NOT a worthwhile purchase to just look at a car in the garage.  :chin:
Title: Re: The Bullitt goes to Auction today!
Post by: Scoobum on January 31 2020, 10:47:47 AM
Agree with Grumpy. Real estate is where it's at. Put money into your house...and the dividends are large. Never understood these TR owners who let 'em sit in the garage and collect dust. Race 'em or cruise 'em...or sell it. Minute I stopped racing, mine was gone.
Title: Re: The Bullitt goes to Auction today!
Post by: nocooler on January 31 2020, 11:59:12 AM
If I could deal with any shit at all, I'd become a slum lord. Plenty of cheap houses, and no shortage of people to fill them. 
 
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on January 31 2020, 01:48:05 PM
Slum houses aren't worth messing with.       You want rental houses in lower middle class pricing.    That way you get people with good credit and long term jobs.   The last thing you want is 3 evictions and 3 renovations per year.  Those are months with no income that followed 3 months of no income while spending money on ads.   It's flat out not worth the hassle.   ESP if you live in a state with drawn out evictions laws.  Here in GA, I'm standing out side the door with a drill and locks 8 days after filing (14th of the month if they've pissed me off).

I live in an area that has low real estate prices compared to the rest of the country.   Since rent usually runs about 1% of the worth of a house, the trick here is to be in the $650ish to $750ish range.    That's made better when the property has been a rental for 10 or 15 years that way it's value has doubled since it was purchased.


   There's really no money to be made in the rents themselves.  If the houses aren't paid off and you're only making $100~$150 a month in profits, all it takes is one roof or water heater to wipe out close to a year in profits.    The main selling point is the tax break you can take on your wage earnings.    It's rare that the law makers pass a law that works in the tax payers favor, but being able to depreciate a house ever year that doubles in worth every 20 was bad writing on their part.

  Basically, you 'hope to break even' on the rentals and keep you tax money (AKA theft) in your portfolio to make money.      Then after 20 or 30 years when you're retired and wage earnings stop, you had someone else paying your mortgage the whole time and you sell them for double your money. ..or just survive on the rents while giving 10% to a manager.

   Right now, capitol gains hurt a whole lot less than wage earnings.     Get some democrats/socialists in office and that will change.

 But that's fine.  When those guys tank the economy, houses get cheap and the supply of renters goes up.   Nothing drives up the rents like a shitload of foreclosures (thanks obama).


...or just don't pay your taxes and die before they can put you in jail.  :D



Moral of the story:  Cars are NOT investments.    Most of them go down, and the rare few that go up, actually went down.     Carrying costs are very very real.   Along with depreciation of the dollar.


That being said, my GN cost $5500 in '97.  I DD'd it till it was stolen in '06, put over 100,000 more miles on it, and could sell it for a profit.    But I've got more than $5500 worth of use out of it, so ever dime of that potential sale would pretty much be profit.      One can't say that about the 500mile ''finds''.    That money is a retirement account would have made a lot more in actual real money.
Title: Re: The Bullitt goes to Auction today!
Post by: nocooler on January 31 2020, 02:41:38 PM
I should have worded that better - I just always joke about it. I'd target that same demographic.  And when I did the numbers it came out simular in profits. In the end, I don't think it's something I need to take on. It's like anything you've got to take a risk, put in the work and hopefully, it all works out. 

Cars are expenses period! 
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on February 01 2020, 05:11:32 AM
Oh, it's not a risk.    If you do it, you'll end up a millionaire.


  The good kind, the one that you can die on.
Title: Re: The Bullitt goes to Auction today!
Post by: TexasT on February 01 2020, 09:43:44 AM
The 1031 exchange is for real.

And the best way to do the property thing would be to carry the paper on a rent to own plan. Get em in there with low or no down, they are buying it, so they are responsible for the upkeep, broken things and such. You handle collecting the payments and making sure the taxes get paid and hold that paper. If they pay it off great, if not get the next "buyer" in there and repeat. 
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on February 01 2020, 01:14:40 PM
Pretty sure that only work on paper (or late night infomercials).


The issue that jumps out at me with the 'rent to own' thing on property is the turn length.  With a 30 year 'loan', that's a long time to owner finance.  Plus, you couldn't sell it when the economy gets so good, you can't afford to not sell it.

  From what I've seen, when the economy tanks, that's they best time to buy SLIGHTLY distressed properties.  Fix the issues that kept the banks from making conventional loans and rent like normal  (the monthly profits will be greater from buying below market).

After a couple of election cycles when housing is booming, the houses are just worth too much to fool with at that time.  Plus, a lot of tenants will want to buy the house at that point if interest rates are low enough. ESP if banks are doing stupid financing tricks to make shitty loans look cheap.    It's not a hard decision when the numbers are '$150 a month plus issues' or 'cash out with $40,000 extra'.


  The only 'hard part' when doing that is buying more property before they years out so the government doesn't demand 'their fare share' of the effort.
Title: Re: The Bullitt goes to Auction today!
Post by: wmsonta on February 01 2020, 01:33:01 PM
I paid cash for my gn in 1996. If I had instead invested the same in the S&P, I would have $75k. Without counting dividends. That would have been leaving it in through 2000 and 2008. This is easy to now calculate.
I am selling. I sold one property last year and have 2 to go. If I catch the need or desire to own real estate as an investment in the future, I will buy a REIT. Probably as an ETF. Easy/quick in/out.
Bernoulli's want/wealth insight is real. JMO-
Title: Re: The Bullitt goes to Auction today!
Post by: reality on February 01 2020, 04:57:49 PM
https://pdfs.semanticscholar.org/3d04/5ee8b2a637a3b61cf7f28036e627da1028df.pdf (https://pdfs.semanticscholar.org/3d04/5ee8b2a637a3b61cf7f28036e627da1028df.pdf)
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on February 01 2020, 07:33:51 PM
I played the rental game way back before most of you were born  :rofl: 22 years old with a 3 family. Tenants were AWESOME for years !! Payed for my mortgage.  Got a PITA woman an sold it. Can't imagine the BS ya go throw now. You have no rights..
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on February 02 2020, 02:32:40 PM
GA really stepped up the game a few years ago.   The old rules required about 3 months to get someone out.  And if anything was left behind, I couldn't touch it until a Marshall got there to watch.  Then I had to physically carry everything in there to the curb (violation of the litter law) and when the unit was empty, the Marshall would give me permission to change the locks and it wasn't theirs anymore.


Now, I can file on the 6th, they put a 7 day notice on the door. Then on day seven, they leave a second note that says they're evicted with the exact time on the note. 24 hours later, I'm there with a drill motor and a set of locks. The end.    Whatever is left behind I can do what I want.   
Title: Re: The Bullitt goes to Auction today!
Post by: TexasT on February 02 2020, 05:44:17 PM
I know several(Ok two) guys that do the rto model and have plenty of cash flow. Im not sure I'd want to try it either but it seems top work for them. I'd do multifamily but nothing makes sense to me right now with the cost of real estate currently. Crazy how the prices have jumped. 
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on February 03 2020, 03:05:24 AM
Yeah, the economy is way too good right now to find smoking deals on dirt.
Title: Re: The Bullitt goes to Auction today!
Post by: reality on February 03 2020, 09:47:06 AM
A REIT is a good place for a laundry.
Title: Re: The Bullitt goes to Auction today!
Post by: Grumpy on February 03 2020, 10:34:05 AM
Quote from: earlbrown
Yeah, the economy is way too good right now to find smoking deals on dirt.

NO WAY !!! Orange man BAD :021: Unbelievable up here to. Can't imagine if Hildabeast got in !!
Title: Re: The Bullitt goes to Auction today!
Post by: earlbrown on February 03 2020, 12:38:53 PM
If Hillary would have won, I'd own half this town's dirt.


Or just live off the 12% interest on CDs.  :D
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