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ncolondi 06-26-2018 10:11 PM

Difficulty Financing as a Student
 
Hi I'm new to the airstream forums.

I'm currently an undergraduate student but I'm planning to attend medical school in about a year and a half. As part of my plan for maintaining cost of living down, and starting to build equity, I want to purchase an airstream (globetrotter or classic are currently under consideration) as my full time living quarters. I have a great credit score, usually stays within mid to high 700s and I will have at least 10% down if not more. I'm planning to have my payments be taken care of by my student loans during medical school, but for the first few months of owning the airstream I will probably receive some assistance from my parents. My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

I'm also considering a co-buyer in the form of my parents, but I do not want to have to use them unless it is absolutely necessary. I don't own a home (since I move about every 2-3 years), but I own my car (no lease involved).

This is quite honestly the most cost effective option for living, I will probably not have a steady home base for a few years, which means having to buy and sell a house every 3-4 years is not an option. Renting ends up being extensively more over time with rent being increased every year, possibility of having to move due to bad landlords.


Any advice is greatly appreciated.

bweybright 06-26-2018 10:36 PM

Welcome to the wonderful life of loving Airstreams....now get ready for direct and often pointed advice.


Starting with me: My first suggestion would be to really ask what you are trying to achieve. Getting the bucks for an Airstream is relatively easy compared to your goals of doing med school. Having had several neighbors and friends go through med school my next question to you so we on this forum can better answer you is: Why? Following up with do you really want to be cleaning and dumping black and gray water tanks and fixing broken stuff when you have to study for a practical exam tomorrow?


From what I have seen via friends and neighbors who are now doctors is that it is much easier to call the landlord when the toilet is plugged than fix it yourself...while cramming for that practical.


Oh, and be careful of labeling that student assistance "income" for a loan as it then becomes taxable by the IRS. Just some insight from doing taxes for a family member doing an advanced degree and receiving cash from the school in the various weird ways they do.



The dream of having an Airstream is valid...it just might take 30 years to get there as it has many others before you. Until then tents, tent campers, even cabins with friends can fill a lot of voids until you are able to reach your dream.


A bit more info about your objective then things will really take off for you.

ncolondi 06-26-2018 10:51 PM

I definitely understand. Medical school is a big endeavor one that I'm fully committed towards, I've been around medicine and doctors my whole life.

As to the dumping and cleaning of black and grey tanks, I have no issues with it. I also forgot to say I will not be alone. This is a collaborative endeavor between me and my fiancé. It is a joint effort in which he is committed to me having the best environment for my studies, and we currently have landlords that will not respond to my air conditioner isn't cooling for over 2 months. It is not a chance I'm willing to take again in a strange city.

Hittenstiehl 06-26-2018 11:04 PM

We are definitely on your side with the Airstream dream that's why we're all on this forum. Plus we commend you on your educational and career goals.

That said why not just a regular, clean, used inexpensive trailer or rent a trailer in a trailer park.

An Airstream in Texas heat will need quite a strong or couple of air-conditioners in the heat of summer.

ncolondi 06-26-2018 11:27 PM

We've seen the quality of other trailers and are not impressed. Plus we want this to be a long term investment, that yields the maximum return. We've compared most major manufacturers and found the quality subpar, both models we are considering will be fitted with two air conditioners. We actually visited a dealership when it was 100+ degrees outside and found the a/c output in each to be more than adequate.

Rocinante 06-27-2018 12:10 AM

You're missing a key element in your plan, though a previous poster has referred to it. To be blunt, RV's always be breakin'. Always. No matter what RV you buy, used or new, something will always be breaking. You will need available time and/or money to get those things fixed. We bought our Airstream brand new, and we spent two years getting things fixed under warranty. Since then, it's been on our dime. We manage fine, but we can allot time and/or money to get stuff fixed when it inevitably breaks.

Don't believe me? Check this out: on GoFundMe there are, at this very moment, roughly 560 requests for money so broke folks can get their RV's fixed (search for "RV repair"). Nearly 600 people right now, who thought they could live for cheap in an RV, and then found out too late that RV living is not as inexpensive as they needed it to be. Something busted, they're too broke to fix it, and now they are literally begging strangers for help.

Don't be that person. Rent an apartment with an air conditioner that works. Save the RV for later in life when you'll have the time and/or money to take care of it. Best wishes for a great med school experience!

Oh, and if you're viewing an RV as an "investment," I have some swamp land in Florida you should buy instead. Seriously. Even Airstreams, though they retain their value pretty well, are *not* investments. ;)

swakyaby 06-27-2018 03:41 AM

Rocinante's advice is spot on. I have been through medical school myself. Everything about living in an Airstream takes more time and management compared to renting an apartment. Studying for college does not compare to the intense time commitment of medical school and later medical residency. Living in an airstream is an additional stress that you don't need when you need to manage your time and your sleep most effectively. Trying to save money in the short term in this case I would not advise. You will be able to pay off your educational loans once you end training and begin a group or solo practice. Any financial advantage, if any, of living in an Airstream vs renting an apartment is not enough to give you this additional time stress.

I also would not continue to rent a place that doesn't provide air-conditioning in Texas.

You will stop moving around every 2-3 years once you begin medical practice. After a few years of paying off your educational loans, you will most likely want to put a down payment on a home. After a few years of paying down your mortgage and paying off all other debt, then it makes sense to consider an Airstream. I know that a lot of people live in and work from an Airstream, but medical training is so different from that.

Lily&Me 06-27-2018 05:28 AM

Ditto to what everyone else said.

We commend you on your dream but suggest you delay gratification for a later time...when you are done with medical school, working and paying down school debt.

There is a reason that you are finding financing an Airstream difficult at this point in your life...students are high risk, and notorious for taking on more debt than they can handle.

You mentioned building up “equity” by buying an Airstream, but our rigs depreciate every day that we have them.

They don’t gain equity over time, like a conventional home would.

In addition to a payment on your Airstream of choice, you would have lot rent and utilities, insurance and repair responsibilities/costs. You would also need a tow vehicle.

If it were me, I would find the cheapest housing option I could, like an efficiency apartment, finish medical school, get a job and admire for some years a picture of your chosen rig tacked to your refrigerator.

Dreams are good, all are not meant to be fulfilled at the time we start dreaming.

Good luck to you. :)

Maggie

70CT 06-27-2018 06:45 AM

Unlike a traditional residence a travel trailer is a depreciating asset. There is no maximum return here. You loose money on this 9 times out of 10. Taking out 6.5% or greater in student loan money to pay more interest on a trailer isn’t a great financial decision in my opinion. I would guess you are in the hole another 6% or more if you finance the trailer. On a 15 year note for a 100k trailer with ~10% down you are paying over 100k in interest at 12%. You can’t make that back up. IMHO

quietguy 06-27-2018 10:35 AM

Quote:

Originally Posted by Lily&Me (Post 2120614)
Ditto to what everyone else said.

We commend you on your dream but suggest you delay gratification for a later time...when you are done with medical school, working and paying down school debt.

There is a reason that you are finding financing an Airstream difficult at this point in your life...students are high risk, and notorious for taking on more debt than they can handle.

You mentioned building up “equity” by buying an Airstream, but our rigs depreciate every day that we have them.

They don’t gain equity over time, like a conventional home would.

In addition to a payment on your Airstream of choice, you would have lot rent and utilities, insurance and repair responsibilities/costs. You would also need a tow vehicle.

If it were me, I would find the cheapest housing option I could, like an efficiency apartment, finish medical school, get a job and admire for some years a picture of your chosen rig tacked to your refrigerator.

Dreams are good, all are not meant to be fulfilled at the time we start dreaming.

Good luck to you. :)

Maggie

This and all the others before this post.

Trust us. We’ve lived through the journey you’re about to begin.

Learn from other’s mistakes lest yea repeat the same.

brick1 06-27-2018 11:01 AM

One issue I did not see discussed is where you will park the Airstream. Campground? Have you checked the monthly cost of a site?
brick

Countryboy59 06-27-2018 11:39 AM

Don’t forget you need a $50k-$70k tow vehicle for that.

PhxRising 06-27-2018 11:45 AM

ncolondi


You show great wisdom in seeking the advice of others who've gone before you. There is even greater wisdom in allowing the experiences of others to reshape and compliment your original plan. But it sure is challenging to be "open" to feedback which goes against your dream or hopes. Its even harder when you have your heart set on something as fun as an Airstream.


If your current landlord isn't providing the support that he's contracted to deliver on, then move. There are other places out there.



That said, don't let your camping dream die! Go buy a 5-10 year old pop-up for cash or rent something (especially if you've never owned a camper before). Think of camping as your reward for a hard semester and go out and enjoy nature. Give your mind and body a chance to get used to the experience of the RV lifestyle.



What you're not hearing anyone encourage you to do is further strap yourself down with debt (you will have a hard enough time fighting that debt without a massively depreciating item such as a camper - yes even an Airstream.)



Final thought for you (and this one is a game-changer)... Consider enrolling you and your fiance in a "Financial Peace University" course (Dave Ramsey). "FPU" is 9 weeks of even more wisdom about handling money (and all things that swirl around money). Removing the stress of debt, getting on a solid financial plan, and enjoying a happy marriage and life will pay you back dividends like you won't believe.



You have a ton of great things (and some challenging things) ahead of you with your school, career, marriage and family. Strive to do great in each of those things and in the future, that Airstream (which you pay cash for) will be a total blessing instead of a financial burden.



Best of luck in your future!

albret 06-27-2018 12:16 PM

Don't buy an Airstream now. That $130K purchase will cost you interest for the rest of your life from student loans. Heaven only know the burden on your co-signer if you default on the loan.

How are you going to pull a 30+ foot trailer. Your car will not do it. You will need a truck and that can set you back about $70+ for a 3/4 ton vehicle.

You must also make paymens for a trailer, payment for a parking space, power, sewer issues, need water connection, and maintenance funds to keep it working. Don't forget all the other extras like tow hitch, chemicals, propane, wheel blocks, sewer hoses, water hoses, INSURANCE, taxes, and yearly recreational fee from the state you live in.

If it is cold, then you need MORE propane, power, and away to retain the heat in the trailer. Remember you are living in an expensive "tin can" that transmits cold and heat faster. (I love my "tin can, but it is an issue you must consider)

akmoores 06-27-2018 02:13 PM

Quote:

Originally Posted by Countryboy59 (Post 2120767)
Don’t forget you need a $50k-$70k tow vehicle for that.

I agree with all of the above comments, and add to the seriousness of those replies. I have owned six Airstream and have thoroughly enjoyed them all. The Airstream itself is a wonderfully designed trailer. However, the problems begin with the essential add-ons, the necessary gadgets: A/c, furnaces, inverters, sensors, etc. etc. etc. You would be better off delaying the painful, financial burden of owning a wonderfully designed Airstream; very similar to a Ferrari - you might be able to purchase one, but the maintenance will put you in the psuper’s house.

Good Luck!

Tony

SouthForkAS 06-27-2018 02:41 PM

Rent is cheaper than gas

Sgt.Estes 06-27-2018 02:47 PM

Hello everyone, OP’s fiancé here. Thank you all kindly for chiming in. Any and all advice is welcome, even when it is pointed.

Clearing up a few things here may help simplify what my beautiful lady was trying to articulate.

Regarding the fiscal aspect, we have more than enough means to purchase the Aurstream of our choosing. The financial burden is not solely on her. Currently we live in a brand new three bedroom house and pay somewhere between 2-3 times the cost of the airstream. The airstream payment, factoring in 5-700$ per month to dock, maintenance, insurance, etc still cuts out current bills by over %50. We are well within our means regardless of choice.

Renting is no longer a desired option. We choose not to throw away money that we will never see again. Buying a house is not an issue, but due to needing to move every 3-4 years for hospital residency, specialty, and sub-specialty education, we want to stay away from real estate and have a mobile means of living. Hence an RV , and hence the Airstream.

We will not be paying for 20-30 years on the camper. We can and will pay it off within 8 years. Her contribution to all of this for the next 4 years is allocated within her student loans already. If not spent on an RV it will be spent on rent or mortgage. Our preference is in 8 years to have a tangible result of the money directed to “living.” Even at %50 depreciation, which is hyprbolic, we would have more of a return on investment than if we were to rent.

Regarding the tow vehicle, I believe a new F 350 super duty is more than adequate. ;) with that noted, it will be parked 9 months out of the year. Only moved if necessary for maintenance or within 10 miles to the next RV resort. Summers we will lightly travel around Texas for family visits. We currently travel the world during summers to explore and visit family and yes I do mean global travel. Diesel and docking fees are substantially cheaper ;)

Maintenance: as an engineer who grew up in shops and around technically skilled people I have picked up many different “hats” that allow me to offset a lot of maintenance needs. Other than that, warranty and you kind folks should be more than enough.

We are in this for many reasons:
1- reduce our cost of living from its current bloated state.
2 - the advantage of being mobile.
3 - help OP build her first major source of equity.
4 - the lifestyle and adventure ( this includes the ups and downs of ownership.
5 - avoid the fluctuation of economy and real estate.

Summary, again thank you for the advice. Bringing this full circle, OP wanted to know how her status of income currently being student loans would affect the financing process. If the dealership feels this is inadequate, then we have other means to finance. Co-buyers and co-signers, or myself. She just wanted to try and do it herself if possible. Please again keep in mind this is a separate matter than affordability, as this is not an issue. Financially on paper this is what makes sense to us, cuts our current bills in half, and offers us a lifestyle of flexibility that is needed as we transition over the next 8 years.

Best Regards.
Gunnery Sgt. Estes U.S.M.C.

Wayne&Sam 06-27-2018 02:59 PM

I can't answer your original question, but you have certainly thought this though with the considerations that matter to you. Go for it!

thiel 06-27-2018 03:07 PM

Student status is high risk and low income. If they are willing to give you a loan, the rate will be high enough to completely wipe out the idea of equity value (vs opportunities lost in savings or other investment vehicles.)

Sgt.Estes 06-27-2018 03:11 PM

Quote:

Originally Posted by Wayne&Sam (Post 2120875)
I can't answer your original question, but you have certainly thought this though with the considerations that matter to you. Go for it!

Thank you! And, thank you to everyone.

We definitely have thought this through. I have owned and lived in campers previously. Currently my father lives and travels in one and lives it. However; I’m not confident in the workmanship and final quality of other brands. The monocoque design and buck-riveting, gives me more assurance of structural integrity. I know at least my “shell” with maintenance should hold up longer than any previously mentioned “pop-up,” manufactured home, or other suggested option.

IF, someone here would like to recommend a “better” built camper that doesn’t fall in the category of “class A” I’m all ears. ;)

We are excited about our journey, learning from great people on this forum, and the adventures ahead that come with the AS territory. We understand it’s not all puppy dogs and rainbows.

Best Regards

kendrick.l.j 06-27-2018 03:16 PM

You’re not listening! You are trying to justify that financing an Airstream at this time in your life is a good decision. It isn’t. However, paying cash for said Airstream might pay off in the long run. There is a reason why most MD’s are crappy businessmen. She needs to focus on graduating, seeking full-time employment and paying back any student loan. If this is a joint effort then, again, pay cash.
Airstream is not essential housing, it is a toy, a very expensive, toy. There are other, better ways to secure housing than FINANCING an Airstream.
Personally, I could never agree with anyone FINANCING any Airstream. It is a reward for years of gainful employment and years of saving and successfully managing that savings.
One last dose of reality, have you actually been accepted into Medical School? Will you actually Graduate from that school? Will be accepted into a residency program? A good 50% of first year med students will not make it to second year. Of course you know this already and everyone believes they will be to one to survive but don’t bank on it until you see it in writing. That is way med students can’t get loans, the bank knows the stats.
Wait on the Airstream. When you are ready to pay cash it will be worth the wait.
Ps. I am not an MD. I am a retired trauma nurse that saw toooo many med students fall flat on their face within that first year. Even second year weren’t allowed near my team.
Get the cash then go play.

Sgt.Estes 06-27-2018 03:18 PM

My thinking as well. However, when we see the numbers we can then decide the best way. E.G. financing without her credit, co-buyers with great credit and very high income, or financing on my side. We just wanted to look at all sides of the coin, examining every avenue. However 8 years worth of interest, most likely make a few large payments and final payment at the -6-8 year mark would still IMO make it viable for her financial portfolio. Yes we could rent for the next -6-8 years and buy the AS cash, but happiness and quality of life are social currency and when factored in are quite “priceless.”

Again thank you for the response. It’s more good for thought and definitely noted.

TG Twinkie 06-27-2018 03:33 PM

Don't buy an A$. At least not now. Don't dream yourself in to debt.
There are quality trailers out there.
Look at:
Jayco
Arctic Fox
Lance.
Nash
Oliver

These are all 4 season units.
We were in Lubbock just last week. Temps close to 100 F.
Our 25' Nash with one A/C did just fine.
Our coach cost about 1/4 of what you would pay for an A$ of the same size.
As noted. A$ trailers are not 4 season units.
As a side note. We own a '74 Argosy 26'. We travel with it as well. Not much has changed at A$ in the last 44 years.
Any travel trailer is not an investment. The curb depreciation will be 20% or more the minute the tires hit the curb on the way out of the dealership.
20% of an $80K unit is $16K
20% of a $30K unit is $6K.
Factor in the interest and insurance on both of these units and you are in big bucks territory. Financing will require full coverage insurance.
Not to mention license fees and sales taxes.
Food for thought.


Sent from my VS500 using Airstream Forums mobile app

Sgt.Estes 06-27-2018 03:33 PM

We listen. Even when it is something we don’t necessarily enjoy listening too. We have not put all our cards on the table, our finances, personal reasoning, goals, and achievements are just that, OURS. This is not meant as disrespect, but respectfully, I do not feel you know anything about us, and do not any basis for telling us what our “reality” is or is not. The OP asked one question regarding one aspect of financing that we considered. Please do not assume that we have not worked hard, sacrificed, or already paid to play. We understand the stakes, know the price and are well beyond the age limit of knowing what reality looks like.

However, if we entertain your idea that financing an airstream is foolish and unrealistic, I would ask if you would say that regarding the vast majority on this forum that are currently financing? Trust me, I’m not a fan of interest, but sometimes it is the price of admission.

Thank you again kindly for your reply, but please take in future consideration that it may come across as rude to tell someone you do not know that they are poor listeners who do not have an idea of what reality is. We take every opinion and piece of advice into consideration, always!!! We plan accordingly, and stay well within our financial means. Our lifestyles included staying grounded to reality and maneuvering according more to emperical and not anecdotal advice.

Best Regards

Best Regard

Hittenstiehl 06-27-2018 03:38 PM

Well then Sgt, sounds like you've got it all figured out.;) Go for it!!

Oh wait you were not mentioned in the initial post but now you are strongly chiming in. ;)

Hopefully you don't think anybody was trying to rain on her parade believe me we're all Airstream enthusiasts and we strongly support your guy's adventure many of us have done similar things.

Sounds like you've thought it through, have done the math, have the finances and still see the upside to it. If that's the case enjoy and let us know how it works out. This way your home travels with you and your in a comfy spot.

I truly don't understand financing an Airstream with student loans but I understand it's a quite common thing to do these days. (Not necessarily financing the Airstream but financing life why you go to school versus just financing school).

Even if it doesn't quite work out you have a nice place for a couple years and then you sell it.



Sent from my XT1254 using Airstream Forums mobile app

Sgt.Estes 06-27-2018 03:48 PM

Quote:

Originally Posted by Hittenstiehl (Post 2120898)
Well then Sgt, sounds like you've got it all figured out.;) Go for it!!

Oh wait you were not mentioned in the initial post but now you are strongly chiming in. ;)

Hopefully you don't think anybody was trying to rain on her parade believe me we're all Airstream enthusiasts and we strongly support your guy's adventure many of us have done similar things.

Sounds like you've thought it through, have done the math, have the finances and still see the upside to it. If that's the case enjoy and let us know how it works out. This way your home travels with you and your in a comfy spot.

I truly don't understand financing an Airstream with student loans but I understand it's a quite common thing to do these days. (Not necessarily financing the Airstream but financing life why you go to school versus just financing school).

Even if it doesn't quite work out you have a nice place for a couple years and then you sell it.



Sent from my XT1254 using Airstream Forums mobile app

Thank you kindly. I wouldn’t say I have everything figured out. I actually enjoy civil debate and learning from others points of view. We don’t feel anyone has rained on our parade. We are more resilient and have thicker skin than that. Plus it wouldnt be the first time someone told us we couldn’t and shouldn’t do something and proved them wrong. ;) We feel this forum can offer a lot of great information and want to use it to the fullest. We understand what comes with the territory regarding an open forum where everyone is entitled to an opinion. We will respect everyone and their opinions. Yes it may seem like purchasing a house, renting, or buying a different brand may be the wiser decision, but we fully understand our reasoning. We have cross checked that with our finances, and desires, concluding that the AS is a great fit for our needs and well within our means.

Best Regards

kendrick.l.j 06-27-2018 04:04 PM

With all due respect Sgt, I have no idea what percentage of Airstream owners financed their purchase but I do know that no one I have met personally has financed their Airstream. Quite possibly a different generation believed differently than to take on additional debts. Possibly finding a used Airstream in reasonably good shape and with you there to fix the things that break then maybe. From time to time used ones do pop up but the seller is likely take the cash buyer over someone who is needing approval from the bank.
You asked...well actually she asked...if financing an Airstream at this point in her life was a good idea. IMO- no, it is not. imo

Sgt.Estes 06-27-2018 04:45 PM

Quote:

Originally Posted by kendrick.l.j (Post 2120913)
With all due respect Sgt, I have no idea what percentage of Airstream owners financed their purchase but I do know that no one I have met personally has financed their Airstream. Quite possibly a different generation believed differently than to take on additional debts. Possibly finding a used Airstream in reasonably good shape and with you there to fix the things that break then maybe. From time to time used ones do pop up but the seller is likely take the cash buyer over someone who is needing approval from the bank.
You asked...well actually she asked...if financing an Airstream at this point in her life was a good idea. IMO- no, it is not. imo

Noted. Thank you for your input. Honestly, thank you. I think she framed her question in a way that yielded answers that she didn’t intend to ask.

On a side note, would you consider $1,500 + a month for rent alone a better investment? If so please elaborate. Add that up to be $18k a year Times 8 years yielding $144,000 in rent thrown away vs. a Globetrotter at $100,000 before 5.2% interest. (Yes we’ve already been approved) that we will pay for 6 years and then pay off the lump sum balance within the 8 year mark. We currently have close to $7,000 in monthly expenses, yet we do still save and have expendable cash. That number we feel is bloated. We can easily reduce that, and should reduce that. So even though I believe she meant to to ask a simple question regarding financing, not with her student loans, but as having student loans as her only proof of income, I believe this thread took a different direction. No harm, no foul, and we take zero offense. In the end I know nothing about you or your financial situation and therefore will not have any grounds to tell you how to live your life, or which decisions I believe you should or should not make. I just hope you’re happy, healthy and living your life as you see fit. I believe we all should have such liberty, which is why I served and fought on 3 continents, shedding blood on 2. This forum and I assume Wally Byam’s creation of the AS would buttress the ideologies of breaking from the normal and living life unconventional and without limits. Please do not misconstrue my words, or intent. I did not mean any disrespect and hopefully you see it that way as well. I welcome your opinion and others, and look forward to many, many more discussions to come.

Wayne&Sam 06-27-2018 05:02 PM

A bit off topic, but thank you for your service Sgt. Estes.

dznf0g 06-27-2018 05:27 PM

Quote:

Originally Posted by kendrick.l.j (Post 2120913)
With all due respect Sgt, I have no idea what percentage of Airstream owners financed their purchase but I do know that no one I have met personally has financed their Airstream. Quite possibly a different generation believed differently than to take on additional debts. Possibly finding a used Airstream in reasonably good shape and with you there to fix the things that break then maybe. From time to time used ones do pop up but the seller is likely take the cash buyer over someone who is needing approval from the bank.
You asked...well actually she asked...if financing an Airstream at this point in her life was a good idea. IMO- no, it is not. imo

I financed mine.....for about 5 years of a 10 year note. Old enough to fall in your espoused economic group, but the right unit found us early. Paid it off early but the situation called for action. Just saying, your rules, albeit wise, does not fit all. Just sayin' chill. That said, I'd buy a 'disposable' lower cost unit for the school years.

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InterBlog 06-27-2018 05:39 PM

Sgt. and OP - I scanned the thread; did anyone say WHERE the medical school might be? It figures into the cost analysis.

Also, you are in Texas, and there were numerous Airstreams flooded by Harvey, many of them close to brand new and with minimal damage (but compromised titles). I'm not sure if it's too late to pick up one on the cheap, but if you are handy and willing to put in the sweat equity to restore it, maybe there's that option at a far lower cost.

And also thanks as well from my husband and I for your service.

surgpsych 06-27-2018 05:47 PM

Wow! Where to begin? Short answer... Don't do it. Wait until you have your own business, or you are hospital employed before spending $100,000 plus, on an RV that depreciates over time. Owning a home IS an investment if you look at markets past. Having been through medical school myself, your loans are allocated on a bi yearly, to yearly basis in Texas. They cover the cost of SCHOOL. 4 years of Medical School in Texas, costs an avg of $100,000 per student. (Courses, labs, books, equipment, facility costs) This does not include residency and sub spec costs, after you earn your MD/DO degree. Re evaluate your need for an AS AFTER you begin your residency, as you will have a better understanding of your long term financial commitments. Nothing is set in stone. Many of us "survived" in small rental homes (800 sq feet) with very good landlords. The landlords love medical students because the landlords know, that we are "quiet" i.e. studying every waking hour, and we afford our discounted rent prices from the loans we take out. I feel it is ignorant to assume you are going to have a horrible rental experience, if you have not even begun your journey. I mean journey: getting accepted into medical school. I also feel that you are trying to justify the AS. Don't do it...yet. Of course, everyone's situation is different. I didn't have parents to help me pay for any of it. Don't be assuming. Good luck with your decision, with applying to medical school and your future endeavors.
Respectfully

Caffeinated 06-27-2018 05:53 PM

As any medical student knows, in biology, there is this thing called the bell curve. Most of us exist in more or less the center of the bell curve, whether we are talking about income, technical ability, problem solving, health, what have you. And it seems to me that the good advice given in this thread works for most of those that exist in that center of bell curve. But some people exist on the edges of the curve. And for them, maybe this thing could work. I don't know, I'm a center kind of guy myself. We got our AS one year before we retired, and paid cash. But if a different way works for you, go for it.

Mike

Daquenzer 06-27-2018 05:56 PM

I financed my AS. But I can pay it off at any time. I just choose not to because my rate is so cheap, and my return on investment is too high. Having said that I put a ton of money down, and pay extra each month. Also I would pay off my house before my AS. An AS can be sold in an emergency. A house you live in can’t. I have no car payments and my house payment is $450 a month!

I am in real estate. I’m an appraiser. I also have an economics degree. I do not view my AS as an investment. Pure luxury and entertainment. The reason I bought an AS was because it was just a better product and my wife liked it. She disliked the other TT. Also I could not see myself camping in anything else. Others have small windows. While the AS was so much more inviting for enjoying the outdoors.

Having said that renting is no investment either. Owning a second home isn’t an investment. Indeed home ownership is not an investment (contrary to many). I figure owning a home has cost me a bundle. The only real estate investment is being a landlord where a cash flow is obtained. Owning a home is however what I call minimizing a loss. And that is an economic consideration which it looks like is part of your reasoning. So let’s suppose you look at an AS as minimizing a loss. Then I think you are probably on at least some solid footing along with reducing living overhead.

Also some other considerations: I probably spent about $7500 for accessories to camp. Granted some of it was because buying an AS is like outfitting a house. But you will be amazed at how much stuff you need to camp. You will definitely want some sort of generator(s), surge protector, hoses, tools, etc. So budget some money in for that stuff. At minimum a few thousand to start.

My biggest issue for living in it full time is more size and functionality. I know there are people that do it, but before I would buy an AS I would try living in one for a few months. I would think twice about it. I know my wife couldn’t. Things like washing the clothes, storing the clothes, etc would be a problem. How about having guests over, etc. These are the things that can raise issues. I know people do it. But can you do it?

To me the advantage of an AS is a nice place to sleep so one can enjoy the outdoors as well. In fact I’ll bet most Airstreamers are outside much of the day. They don’t sit in the AS studying, cooking, etc. So from a practical standpoint I would think that through a bit.

Finally buy a used one if you can that’s about 5 years old:
1). You will have let someone else take the depreciation hit.
2). The previous owner will have worked out much of the kinks.

I didn’t take my own advice on that because I don’t live in an area where there are many Airstreams. And to find the one I wanted was going to take me a huge amount of time. We found the one we loved and just did it. But we have a sizable bank balance (to our fault). But if I was in my 20’s I would have shopped carefully and looked for a deal. No point in paying more than you should. Heck I practically built my first house.

Good luck.

InterBlog 06-27-2018 06:04 PM

Quote:

Originally Posted by Caffeinated (Post 2120957)
As any medical student knows, in biology, there is this thing called the bell curve. Most of us exist in more or less the center of the bell curve, whether we are talking about income, technical ability, problem solving, health, what have you. And it seems to me that the good advice given in this thread works for most of those that exist in that center of bell curve. But some people exist on the edges of the curve. And for them, maybe this thing could work. I don't know, I'm a center kind of guy myself. We got our AS one year before we retired, and paid cash. But if a different way works for you, go for it.

Mike

+1. A doctor plus a gunnery sergeant? *NOT* the middle of the curve. Not even close.

kendrick.l.j 06-27-2018 06:26 PM

She Not an MD yet. Still undergrad...long road ahead at this point. $400,000 student loan is a lot to consider. Too many variables yet to work out. We get college students popping in about once a month trying to figure out how to get a brand new Classic. Granted they have great taste and great things to strive for but life has a way of changing very quickly. Having an extra $100,000 in savings can make an enormous difference in the choices one can make. I do get it, that whole quality of life and living in the moment but there’s a lot be said for having a really good punch out policy ie, savings vs debts, just a thought.

Lily&Me 06-27-2018 06:28 PM

You don’t want to hear all of us tell you that financing an Airstream purchase at this point in your life is not a good idea, and that’s okay, but you put your info out there and here you will get opinions. :)

Anyone lending you money will want proof of income. Why would they not, and just take it on good faith that you have adequate income to make payments on money they have forwarded to you...a lot of money, I might add.

If you are not employed, with a decent and documentable income, it seems unlikely to me that you will be able to borrow what you need.

The responses here have focused on concern for your decision, but if you can’t borrow the money it is a moot point.

The other thing you need to consider is if tragedy strikes and one of you is unable to generate money of any kind for some reason, leaving you unable to make payments. It happens.

Then, your credit is ruined and you have something you may not be able to sell for as much as you owe.

I doubt any one here can solve your lending dilemma, but we all wish you luck.

Maggie

Sgt.Estes 06-27-2018 07:18 PM

Wow. Thank You everyone for the replies.

So ok, let me see If I can make this clearer. We are listening to everyone's opinion. We are not trying to justify anything. If we feel the AS is not the right move, we will not make it.

We can easily afford the AS.

NO, It is not going to be financed with her student loans, that was a hypothetical scenario we were looking at, just to look at.

We will put anywhere between 20-30% down on either a Classic or Globetrotter. The payments will be a fraction of our current rent payment. In some locations rent has cost us anywhere from $1325-2000 per month.

Her income is not the only income, and NO her parents will not be paying a dime for the AS. My income will be the primary income and can easily sustain our cost of living.

I have owned and lived in a camper for many years prior, and she has lived in New York,so the space is not a factor.

To be honest she was not trying to ask whether or not we should purchase an AS or if it is a good Idea or the correct time in life. She wanted to know how difficult the process would be if she tried to hypothetically finance it showing her student loans as her primary income.

Bottom line, over the next foreseeable years, we will need a place to call home. Rent that will fluctuate from $1300-2000 and even more depending on demographic will be spent regardless. Why throw away money, if that money can easily be allocated towards a purchase that will build some equity and eventual ownership. Even if that depreciation was 75% over the next 8 years we would still have something to show for the money spent.

Regarding interest, even if we were to take the full term of the loan to pay it off, that interest is less than what we would spend on rent. Way less.

We have enough savings after we purchase the AS to cover all supplies needed, and a large emergency fund that could float us in the event of some disaster.

I really do not see the big deal here. We have not conclusively decided to purchase an AS yet, just weighing our options, and this one is far cheaper on paper than any other option. Yes, that includes all expenses needed to full-time during her Medical School. So if it is cheaper for us to make this decision, we understand fully what it means to own and live in an AS, I do not see the reasoning for being told it is a bad decision or the wrong time. I do take everything said into account, but maybe something has been lost in translation.
We can afford it, with or without her loans, her loans will not be the primary source of payment, and we will only be paying interest for 6 years, 8 tops, then I will pay it off cash then. In the mean time we just do not see the reasoning in throwing away a greater amount money on rent.

Again thank you all for chiming in, we do appreciate it.

Best Regards

vintageracer 06-27-2018 07:25 PM

Buying an Airstream with your STUDENT LOAN funds (Your Words) tells us all you are already BROKE so don't be stupid!

If this is your idea of "Prudent Financial Planning" you will be paying on that STUDENT LOAN for the next 30 years all the time "Justifying" your "Prudent Decision" way back when I was in Medical School on idea that the interest rate is cheap, I AM A DOCTOR and I can easily afford the payment.

As stated earlier by another poster as a group Doctor's are NOT known to be good business people. It's not always about the MATH saying what's the best way to go as you continue to try to "sell" us all on that idea. Quite listening to your BROKE economics professor's who tell you "Debt is Good" and start PAYING for things as you go instead of trying to justify financing "Depreciating Assets"!

Lily&Me 06-27-2018 07:28 PM

Okay, then...in my opinion, based on my personal knowledge and life experience, she will not be able to get a loan based only on student loan money and what she gets from her parents.

The OP reports being an “undergraduate”, 1 1/2 years away from attending medical school, which sounds like she is 20 or so years old.

I would take a guess that her obtaining a loan for an Airstream, with no employment income, is not going to happen.

We here, however, are not the last word...that would be her lender.


Maggie

Daquenzer 06-27-2018 07:33 PM

It might be easier to finance a used one if you have that much down. I can say if she is going to buy it and you aren’t married it probably won’t happen. Banks are notoriously tough on houses. I doubt they will be different on a TT. It doesn’t matter what your credit score is. It is about monthly income.

Sgt.Estes 06-27-2018 07:40 PM

Quote:

Originally Posted by vintageracer (Post 2121012)
Buying an Airstream with your STUDENT LOAN funds (Your Words) tells us all you are already BROKE so don't be stupid!

If this is your idea of "Prudent Financial Planning" you will be paying on that STUDENT LOAN for the next 30 years all the time "Justifying" your "Prudent Decision" way back when I was in Medical School on idea that the interest rate is cheap, I AM A DOCTOR and I can easily afford the payment.

As stated earlier by another poster as a group Doctor's are NOT known to be good business people. It's not always about the MATH saying what's the best way to go as you continue to try to "sell" us all on that idea. Quite listening to your BROKE economics professor's who tell you "Debt is Good" and start PAYING for things as you go instead of trying to justify financing "Depreciating Assets"!

Tread lightly sir. You are far out of bounds, and your assumptions are way, way off. I am not a student, I am an engineer, and former Marine. I know what I can and cannot afford. So, if you must continue to take jabs or make assumptions, then by all means. However you have only proved one thing and it goes something along the lines of, "When you assume it makes an......" Well I don't need to spell it out, you know how the saying goes.

Sgt.Estes 06-27-2018 07:42 PM

Quote:

Originally Posted by Daquenzer (Post 2121017)
It might be easier to finance a used one if you have that much down. I can say if she is going to buy it and you aren’t married it probably won’t happen. Banks are notoriously tough on houses. I doubt they will be different on a TT. It doesn’t matter what your credit score is. It is about monthly income.

Agreed, she just wanted to throw out a hypothetical, because she read something different. However, for the most part we knew this was not likely. She will not be financing it.

Best Regards

Sgt.Estes 06-27-2018 07:42 PM

Quote:

Originally Posted by Wayne&Sam (Post 2120941)
A bit off topic, but thank you for your service Sgt. Estes.

You are very welcome.

A W Warn 06-27-2018 07:44 PM

IMO, if you can afford it and it makes you happy go for it. That's what all of us have done.

$ aside; have you gone to see where you might live during the time in the trailer. Some times it is difficult to find acceptable/nice full time parking locations, especially difficult around large towns.

Remember, you'll be joining us trailer trash :lol: :o :blush:

Sgt.Estes 06-27-2018 07:45 PM

Quote:

Originally Posted by dznf0g (Post 2120948)
I financed mine.....for about 5 years of a 10 year note. Old enough to fall in your espoused economic group, but the right unit found us early. Paid it off early but the situation called for action. Just saying, your rules, albeit wise, does not fit all. Just sayin' chill. That said, I'd buy a 'disposable' lower cost unit for the school years.

Sent from my SM-G950U using Airstream Forums mobile app

Noted, we did consider it. We would be paying ours off completely within 8 years. Chill? I am cool as a cucumber ;) however, being called broke or stupid on a forum by a stranger can test that.

Bottom line is we can easily afford the camper, and it does mitigate financial loss over the period of time that we have allocated.

Sgt.Estes 06-27-2018 07:47 PM

Quote:

Originally Posted by A W Warn (Post 2121024)
IMO, if you can afford it and it makes you happy go for it. That's what all of us have done.

$ aside; have you gone to see where you might live during the time in the trailer. Some times it is difficult to find acceptable/nice full time parking locations, especially difficult around large towns.

Remember, you'll be joining us trailer trash :lol: :o :blush:

haha. We would be happy to join you. Yes we have researched for the past year where we will be headed. The cost have been factored in and in fact I would say that the places we have seen were quite pleasant.

Thank You

Best Regards

Foiled Again 06-27-2018 07:55 PM

Quote:

Originally Posted by dznf0g (Post 2120948)
I financed mine.....for about 5 years of a 10 year note. Old enough to fall in your espoused economic group, but the right unit found us early. Paid it off early but the situation called for action. Just saying, your rules, albeit wise, does not fit all. Just sayin' chill. That said, I'd buy a 'disposable' lower cost unit for the school years.

Sent from my SM-G950U using Airstream Forums mobile app

My mother hated to spend money, but when there was no other choice she always bought "durable" and "quality" (which sometimes meant butt-ugly too). When my sister's children were young, sis bought cheap living room furniture and mom chided her at length... and then the kid responded... small children throw up, drink red Kool-aid, and poop... and bring their friends into the jouse to play trampoline on the couch. I want something that can end up on the curb with no regrets in 8 years. Disposable furniture is great now... this time.

Medical school needs to be priority 1,2,3 and 4.... get an RV two can neglect and abuse until graduation, then upgrade. A new Airstream will need a lot of TLC by graduation. You both will have more time and energy AFTER.

Oh and one biggie.... storage. There isn't a lot. I have a quarterly throw out, and still need to do more. Wasting money on rent? Not. You are paying for free time!

Sent from my SM-G930V using Tapatalk

Daquenzer 06-27-2018 07:59 PM

Suggestion: Put a bunch down on a used one and see if the owner will finance it. I’d probably do it if I was trying to sell mine. I’d have to do a credit check, etc. And the contract would have to be such I can easily take it back. But people use to sell houses that way when interest rates were 18% in the 70’s.

Hope it works out for you.

tojimmiller 06-27-2018 08:08 PM

Loan
 
If your going into debt for med school. Do you really think it’s a good idea to take on another loan. Starting off life in debt is a killer. Buy a cheap trailer if you want to live in one.
J miller

A W Warn 06-27-2018 08:11 PM

It appears to me, you have made up you mind.

Do you mind sharing with us, a general location where you will be going? You might gain some insights from other areas around the country regarding various conditions you might encounter.

Did you know Airstreams are not designed to be lived in full time? It is stated in several owners manuals I've read. The reason I'm bring this up; In the dead of winter where freezing occurs regularly it can be very difficult, uncomfortable, and condensation can damage a trailer over extended periods. (surfaces can get wet during either temperature extreme, possibly causing mold if the trailer is not ventilated properly). If you stay in areas where 100+ during summer is the norm, it can be very uncomfortable unless you get a trailer with two AC units.

vintageracer 06-27-2018 08:21 PM

Quote:

Originally Posted by Sgt.Estes (Post 2121019)
Tread lightly sir. You are far out of bounds, and your assumptions are way, way off. I am not a student, I am an engineer, and former Marine. I know what I can and cannot afford. So, if you must continue to take jabs or make assumptions, then by all means. However you have only proved one thing and it goes something along the lines of, "When you assume it makes an......" Well I don't need to spell it out, you know how the saying goes.


You asked for "Opinions" and I gave you mine based upon the information you originally provided.

I wish you success with whatever decision you make.

Sgt.Estes 06-27-2018 08:21 PM

Quote:

Originally Posted by A W Warn (Post 2121036)
It appears to me, you have made up you mind.

Do you mind sharing with us, a general location where you will be going? You might gain some insights from other areas around the country regarding various conditions you might encounter.

Did you know Airstreams are not designed to be lived in full time? It is stated in several owners manuals I've read. The reason I'm bring this up; In the dead of winter where freezing occurs regularly it can be very difficult, uncomfortable, and condensation can damage a trailer over extended periods. (surfaces can get wet during either temperature extreme, possibly causing mold if the trailer is not ventilated properly). If you stay in areas where 100+ during summer is the norm, it can be very uncomfortable unless you get a trailer with two AC units.

We will not be in any area where there will be extended cold. IF we purchase, we will have the globetrotter equipped with the dual A/C, as for the classic its standard. We understand they are not meant to be full time, but that has not stopped many who successfully do so ;)

I have lived in a camper before more about three years and again for two, I understand all too well to the good and not so good.

Best Regards

Sgt.Estes 06-27-2018 08:24 PM

Quote:

Originally Posted by vintageracer (Post 2121038)
You asked for "Opinions" and I gave you mine based upon the information your originally provided.

Don't remember telling or stating that we were broke. On the contrary... You took the liberty of making that assumption. I honesty don't mind. Assume all you want sir.

TBRich 06-27-2018 08:34 PM

OK...here's my 2¢.

It sounds to me like you have done your homework and crunched the numbers. And everything looks doable from your perspective and your insight and knowledge of your particular financial situation. You have the means and you have the dreams.

I say go for it. And yes, it's OK to finance an Airstream. I find it interesting that some folks "don't know anyone who has financed their Airstream". It happens every day ... We had the means to buy ours outright, but we financed through the AS dealer with no problems. (At that time we could write off the interest because it was considered a second home. I believe that may not be the case these days.) Despite financing it, we paid it off very quickly because we hate paying interest even if we could deduct it.

The worst that could happen is that after living it for a while, you decide it isn't working out as you had hoped. You can always change directions at that point ... sell the AS and go on to Plan B.

ALL here know the joy of Airstream ownership ... and so can you. Good luck and enjoy your Airstream. ;)

vintageracer 06-27-2018 08:39 PM

Yes I guess you could think I made the "Assumption" that you were/are Broke based upon your statement that you were considering using "Student Loan Proceeds" for the purchase of an Airstream.

EVERY student I have every met, known or associated with who was considering or actually did use their student loan proceeds for a "Non-Educational Purchase" were Broke. That's why they considered or used those student loans to make the purchase.

Since every student "I" have ever known that used student loan proceeds or considered using student loan proceeds for a "Non-Educational Purchase" was Broke I worded my response based upon what "I' considered to be a "Fact" based upon my life observations and experience rather than from the perspective of making an "Assumption".

Either way all everyone wants to do here on the forum is help you make the best decision for your particular circumstances.

bweybright 06-27-2018 08:45 PM

Dude....this is what started it all:


"I have a great credit score, usually stays within mid to high 700s and I will have at least 10% down if not more. I'm planning to have my payments be taken care of by my student loans during medical school, but for the first few months of owning the airstream I will probably receive some assistance from my parents. My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

I'm also considering a co-buyer in the form of my parents, but I do not want to have to use them unless it is absolutely necessary. I don't own a home (since I move about every 2-3 years), but I own my car (no lease involved). "

I would suggest that you and she have a very different mind set on things?

You obviously have your mind made up so let it go and start shopping. And best of luck on the endeavor....I hope her residency doesn't end her up at Mayo Clinic in an Airstream for a couple of years........

pcskier 06-27-2018 08:57 PM

Quote:

Originally Posted by ncolondi (Post 2120557)
My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

You asked for advice, and certainly got some. While I have my thoughts on your plan...you didn't ask for them, from anybody on here. The questions you you actually asked (quoted above) are pretty simple to answer.

Any loan application WILL ask you what your monthly or annual income is. It will also ask you your occupation. "Student" will throw up red flags, if the income number you chose to provide is any kind of income number that would support this Airstream payment. I'll assume your income is basically zero, since you mentioned student loans, and possibly help from Mom and Dad. (Student Loans are not 'income.')

I see the point as moot, as I can't imagine you getting a loan for more than $100,000, as a 'student'. Without some creative 'answers' on the loan application. OR with Mom and Dad (or fiancee?) co-signing. Your fiancee stated that (presumedly) with his income, you can both easily afford the trailer. But you asked about your ability to finance and pay with student loans and/or help from your parents...no mention of a fiancee and his income were in your original post. Obviously, I'm curious, based on his statement, why you're are even asking what you are asking; or why you'd use student loans or Mom/Dad to make the payments, as opposed to a joint ownership on this as a couple. But, not my circus, not my monkeys.

I think that covers the questions, so I'll refrain from pontificating with advice you did not ask for.

Good Luck!

pcskier 06-27-2018 09:17 PM

Quote:

Originally Posted by Sgt.Estes (Post 2121007)
I really do not see the big deal here.

OK. I wrote my previous post before reading the long post that the above was snipped from, where you say that getting a loan and using student loans/parents to make the payments were just a 'hypothetical', and not actually an option--and that your income would be covering everything.

So with all due respect, I don't even understand the purpose of this entire thread, as it was founded on the simple question your fiancee asked: "Can I, as a student with Student Loans and no income, get approved on a loan to buy an Airstream." Why even ask the question if it's hypothetical? Yes, the thread morphed into advice on whether doing what she suggested was a good idea or not, because based on her question, no, of course it's not a good idea. Based on her stated parameters.

If you guys want an Airstream and you (her fiancee) can and will be financially responsible for it, and choose to be, go get a loan and buy your Airstream.

tjdonahoe 06-27-2018 09:27 PM

Quote:

Originally Posted by ncolondi (Post 2120557)
Hi I'm new to the airstream forums.

I'm currently an undergraduate student but I'm planning to attend medical school in about a year and a half. As part of my plan for maintaining cost of living down, and starting to build equity, I want to purchase an airstream (globetrotter or classic are currently under consideration) as my full time living quarters. I have a great credit score, usually stays within mid to high 700s and I will have at least 10% down if not more. I'm planning to have my payments be taken care of by my student loans during medical school, but for the first few months of owning the airstream I will probably receive some assistance from my parents. My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

I'm also considering a co-buyer in the form of my parents, but I do not want to have to use them unless it is absolutely necessary. I don't own a home (since I move about every 2-3 years), but I own my car (no lease involved).

This is quite honestly the most cost effective option for living, I will probably not have a steady home base for a few years, which means having to buy and sell a house every 3-4 years is not an option. Renting ends up being extensively more over time with rent being increased every year, possibility of having to move due to bad landlords.


Any advice is greatly appreciated.

...don’t do it...they depreciate just like anything else...lot rent is expensive

ncolondi 06-27-2018 09:42 PM

Thank you everyone for the advice, truly. We will both take everything said into consideration even the albeit unsolicited advice. Our plans are not carved in stone and they are flexible but we are considering all options. Thank you to those who actually answered the question originally stated. The hypothetical was being considered due to some personal reasons, that frankly we do not and should not have to divulge. I have my answer to the question I asked and apparently I also won the lotto on opinions today which isn't always a bad or good thing.

Thank you all, I think this should be the end of this discussion for now.

Sincerely,

N & Sgt. E

surgpsych 06-27-2018 10:51 PM

Ooooo. Good point about SOB of RV. A 5th wheel has tons of room for studying and....kids??? I like this discussion. Very therapeutic. It ought to keep me entertained all night. Sounds like the Sgt. has a well laid plan and has obviously done a lot of research. So give him credit for that. Works better too, if there is one spouse actually bringing in an income. That helps a lot. My wife paid the rent during medical school $525./mo in FTW, Tx. Once I graduated in 2009, I thanked her and told her that she could work as much, or as little as she wanted. She still only works 2-3 days a week, to pay for HER toys! [emoji106] Go with your brain and family necessity when the time to commit comes. Cheers.

gsp 06-27-2018 10:53 PM

Hello to the OP and her fiancée. As one veteran to another, thank you for your service.

As a couple who’ll soon be married, I assume sometime before the completion of her bachelors degree, I’d encourage you to engage this thought-exercise as man and wife. When you marry, you’ll combine assets, debt, and income. The debt that is accrued during medical school will be both your responsibility - as will any subsequent home/airstream purchase. Only mention this because a lot of the language used thus far has been “I” or “she” vs. “we”.

That aside: medical school is 4 years, and then 3-7 years of residency depending on her specialty. Between seven and eleven years... that is a long time to live full-time in an RV. There are at least two probable relocations that must be factored in (med school, residency) - but these must be limited to locations that are hospitable for a airstream year round. Any relocations must be considered a good fit for your occupation, as you’ll be the only one generating income. Buying new means taking the most depreciation, but as previously noted - these are depreciating assets nonetheless.

Why not keep the house you currently live in (on mortgage I presume)? When it comes time to move, rent your house out - and rent an apartment in the new city. You’ll build a lot of home equity in the 7+ years of her journey to become a doctor, and you’ll remove previous restrictions on where you could/could-not live. You won’t have to take out new loans, won’t need a new truck, and can reduce the total student-loan considerably.

On planning: I have spent 8+ years in higher education while earning my Bachelors, Masters, and associated professional training & certifications (in engineering no less). While I crafted a well thought out plan, rarely do plans survive reality. I did achieve my educational & professional goals, but the route wasn’t what my 22 year old self could have anticipated.

I’d suggest deferring this decision until after you two are married, and she is accepted into medical school.

Sgt.Estes 06-27-2018 10:54 PM

Quote:

Originally Posted by vintageracer (Post 2121049)
Yes I guess you could think I made the "Assumption" that you were/are Broke based upon your statement that you were considering using "Student Loan Proceeds" for the purchase of an Airstream.

EVERY student I have every met, known or associated with who was considering or actually did use their student loan proceeds for a "Non-Educational Purchase" were Broke. That's why they considered or used those student loans to make the purchase.

Since every student "I" have ever known that used student loan proceeds or considered using student loan proceeds for a "Non-Educational Purchase" was Broke I worded my response based upon what "I' considered to be a "Fact" based upon my life observations and experience rather than from the perspective of making an "Assumption".

Either way all everyone wants to do here on the forum is help you make the best decision for your particular circumstances.


Mike,

I thank you for your time and input. I can see your p.o.v. and respect it, agreeing that most college "kids" are broke, and such a lavish purchase would be unwise. However, I am no longer a student, and she is not the typical student. I am 39 and well into my life having learned some lessons the hard way. I have earned everything I own through hard work and have always planned responsibly for my future, thanks to my doctor mother and business owner father. She has a very strong financial disposition, a very well earned savings account and investment portfolio, and both MD and business professional parents. I agree her first post did not come out as clear as we would have liked. This was never a "can we afford it" post. Out of curiosity she wanted to know what difficulties she would face IF she tried to finance the camper herself,with only proof of income being student loans. It was hypothetical as we have already been approved. We currently are still in the process of deciding if we want to purchase the AS or not.

I know everyone has an opinion and I expect plenty on a public forum. Although as clear as I have tried to make this, people (even those who mean well) keep telling us that we can't afford it, or its the wrong time, you can't take care of such a nice RV, etc.. That advice IF applicable to our situation would be adhered to. However, no one should fret as we can easily afford it, have already been approved, take extremely good care of anything we pay money for, and understand how to camp, what all is needed, and have been acquainted with the not so glamorous side of what this decision entails.

Our disposition has been trying to clear up the above. We both understand it would be a better purchase if we paid cash outright in the next few months. However this is not feasible although possible. We will be able to do so in a few years, but in the mean time do not wish to rent for numerous reasons.

This post is not pointed at you, but it is a general summary for all. Being new to a forum can be daunting as is, but being railed or insulted for making a bad decision based on reasons that do not apply to our finances or personal logic feels crappy. I am sure you would agree and feel the same if the tables were turned.

We wish everyone here the best and thank everyone for all words, even those that were not necessary. We understand everyone wants to help in their own ways.

Best Regards

Sgt.Estes 06-27-2018 11:01 PM

Quote:

Originally Posted by gsp (Post 2121113)
Hello to the OP and her fiancée. As one veteran to another, thank you for your service.

As a couple who’ll soon be married, I assume sometime before the completion of her bachelors degree, I’d encourage you to engage this thought-exercise as man and wife. When you marry, you’ll combine assets, debt, and income. The debt that is accrued during medical school will be both your responsibility - as will any subsequent home/airstream purchase. Only mention this because a lot of the language used thus far has been “I” or “she” vs. “we”.

That aside: medical school is 4 years, and then 3-7 years of residency depending on her specialty. Between seven and eleven years... that is a long time to live full-time in an RV. There are at least two probable relocations that must be factored in (med school, residency) - but these must be limited to locations that are hospitable for a airstream year round. Any relocations must be considered a good fit for your occupation, as you’ll be the only one generating income. Buying new means taking the most depreciation, but as previously noted - these are depreciating assets nonetheless.

Why not keep the house you currently live in (on mortgage I presume)? When it comes time to move, rent your house out - and rent an apartment in the new city. You’ll build a lot of home equity in the 7+ years of her journey to become a doctor, and you’ll remove previous restrictions on where you could/could-not live. You won’t have to take out new loans, won’t need a new truck, and can reduce the total student-loan considerably.

On planning: I have spent 8+ years in higher education while earning my Bachelors, Masters, and associated professional training & certifications (in engineering no less). While I crafted a well thought out plan, rarely do plans survive reality. I did achieve my educational & professional goals, but the route wasn’t what my 22 year old self could have anticipated.

I’d suggest deferring this decision until after you two are married, and she is accepted into medical school.

Noted, and thank you. The things above are well though out and understood. We have spent the last year researching and debating such topics. While we agree on most, and respect what you have said, we still feel that if it is well within our means, cheaper than renting, and brings social currency, and a sense of happiness, then we fail to see the issue. Since this is cheaper than renting, we would be in a worse case scenario if anything were to happen while renting.

Besides what is rent, other than another binding contract/obligation of debt?

Thank you for your service as well.
Best Regards

Sgt.Estes 06-27-2018 11:03 PM

Quote:

Originally Posted by surgpsych (Post 2121111)
Ooooo. Good point about SOB of RV. A 5th wheel has tons of room for studying and....kids??? I like this discussion. Very therapeutic. It ought to keep me entertained all night. Sounds like the Sgt. has a well laid plan and has obviously done a lot of research. So give him credit for that. Works better too, if there is one spouse actually bringing in an income. That helps a lot. My wife paid the rent during medical school $525./mo in FTW, Tx. Once I graduated in 2009, I thanked her and told her that she could work as much, or as little as she wanted. She still only works 2-3 days a week, to pay for HER toys! [emoji106] Go with your brain and family necessity when the time to commit comes. Cheers.

Thank You sir for the response and kind words. If only rent were still $525, that would be an option, but in some larger cities where we will most likely be you can't touch a one bedroom apartment for less than $1200+

Sgt.Estes 06-27-2018 11:10 PM

Quote:

Originally Posted by pcskier (Post 2121072)
OK. I wrote my previous post before reading the long post that the above was snipped from, where you say that getting a loan and using student loans/parents to make the payments were just a 'hypothetical', and not actually an option--and that your income would be covering everything.

So with all due respect, I don't even understand the purpose of this entire thread, as it was founded on the simple question your fiancee asked: "Can I, as a student with Student Loans and no income, get approved on a loan to buy an Airstream." Why even ask the question if it's hypothetical? Yes, the thread morphed into advice on whether doing what she suggested was a good idea or not, because based on her question, no, of course it's not a good idea. Based on her stated parameters.

If you guys want an Airstream and you (her fiancee) can and will be financially responsible for it, and choose to be, go get a loan and buy your Airstream.


We consider all aspects and plans of action before deciding which path to take. That is how we work, and it has paid off in-spades for us over the years. I do agree that the original post could have been worded differently, and may have yielded a different vein of response. However we both have enjoyed everyone's advice and we do like to use it to check our ducks and make sure they are in a row.

Best Regards

Sgt.Estes 06-27-2018 11:15 PM

Quote:

Originally Posted by bweybright (Post 2121051)
Dude....this is what started it all:


"I have a great credit score, usually stays within mid to high 700s and I will have at least 10% down if not more. I'm planning to have my payments be taken care of by my student loans during medical school, but for the first few months of owning the airstream I will probably receive some assistance from my parents. My question is, I've seen some of the RV lenders like Good Sam and KOA say they do not inquire about income until you borrow over $150,000. Are the dealers the same? Or will I need proof of income? If proof of income is required I would not have anything to show other than the money I receive monthly from my parents and the refund I receive from school each year.

I'm also considering a co-buyer in the form of my parents, but I do not want to have to use them unless it is absolutely necessary. I don't own a home (since I move about every 2-3 years), but I own my car (no lease involved). "

I would suggest that you and she have a very different mind set on things?

You obviously have your mind made up so let it go and start shopping. And best of luck on the endeavor....I hope her residency doesn't end her up at Mayo Clinic in an Airstream for a couple of years........

She should have clarified that it was a hypothetical question. We have our reasoning for asking. Feel free to be at ease about us having different mind sets, as I assure you that we are on the same page.

Mayo has campuses in Florida and Arizona... ;)

DMP54 06-27-2018 11:38 PM

Since OP has suggested this thread has satisfied her original question, and thus be closed, I would just like to thank you, Sgt., for serving our country, and extend sincere best wishes to OP in her applications to medical schools.
May you both travel safely through life!
Pam

PhxRising 06-28-2018 02:32 AM

Quote:

Originally Posted by Sgt.Estes (Post 2121117)
Besides what is rent, other than another binding contract/obligation of debt?

For what its worth, rent is a consumption option that allows the renter to use something (such as a house) for a defined period of time, for a mutually agreed upon sum of money, then walk away with no further obligation at the conclusion of the rental term. I wouldn't put rent in a "debt" category any more than I'd put my utility bill in a debt category. Its simply a monthly payment on a service that I consume which has no principle balance (aside from a normal rental contract term.) When I take an Uber or a Lyft, I'm not buying the car, I'm just buying the ride.

Sign a 1 year rental agreement and make your "should I stay or should I go" assessment annually. The price you pay for that degree of flexibility is your rent. Who knows, life may throw a curve ball at you - in a good or bad way - the flexibility of renting a place gives you more options when those curve balls come across the plate.

I have a sense that the kind folks here are each drawing from their own experiences. Many (like myself) have had that debt-dynamite blow up in their hands (or have known countless others who have). This is in no way a character judgment on you and your bride-to-be. We know nothing more about you than you love your country enough to die for it - which is awesome in its own right.

If, ultimately you both decide that 280 square feet of travel trailer is the right choice, I'd recommend buying something 4 years old or older. By that point, the trailer will have lost roughly 40% of its original sold price in depreciation. On an Airstream Classic, that may be in the range of $50K in depreciation that you wouldn't have to lose.

Best of luck guys - take a few deep breaths, and keep doing your diligence as you have here.

Foiled Again 06-28-2018 03:34 AM

Quote:

Originally Posted by PhxRising (Post 2121155)
If, ultimately you both decide that 280 square feet of travel trailer is the right choice, I'd recommend buying something 4 years old or older. By that point, the trailer will have lost roughly 40% of its original sold price in depreciation. On an Airstream Classic, that may be in the range of $50K in depreciation that you wouldn't have to lose.

$50K extra. You might never regret buying an Airstream, but life does throw us all the occasional curve ball. Ypu will NEVER regret having a decent cash reserve, like $50K. Money doesn't buy happiness, but it is essential for freedom of choice.

An ugly 5th wheel will also allow you two to permanently designate an area as "her study room". The biggest Airstream will not, even if you got a rare 33 slideout. An even rarer PanAmerica with a toy hauler room, maybe? But setting up, then storing her computer and books every day will get irritating fast.



Sent from my SM-G930V using Tapatalk

Piggy Bank 06-28-2018 06:20 AM

To the Original Poster,

May I suggest you visit with a community bank or credit union in your area for their expertise on this question. Find out how your student status and financial situation and current unmarried vs possible future married financial picture impact the options available to you.

Understood that the overall affordability is not your question, these other factors often have constraints, rules, timing factors in the ability to qualify for particular programs. Sometimes there are exclusions that prevent you from qualifying, or a large difference in what type of loan program you may qualify for, based on timing of when your "status" changes. Professional student, dependent vs non, single, married, first time buyer, the list of factors that MAY come into play is complex and there are people in the business of helping you figure this out you can turn to for assistance.

The particular reason I recommend a visit to a community bank or credit union is that it's fairly straightforward for a married couple with 2 verifiable W-2 incomes to prequalify for a loan. Your picture is more complex, and thus you need to find someone who can both understand your situation and knows the loan products, programs, rules, and how to best navigate this.

Also, my 2 cents of personal opinion - if you plan to be unmarried when purchasing, only have the 1 owner on the title and on the loan. This avoids any messy problems should something happen regarding responsibility for the debt.

smithcreek 06-28-2018 07:27 AM

Quote:

Originally Posted by Sgt.Estes (Post 2121007)
She wanted to know how difficult the process would be if she tried to hypothetically finance it showing her student loans as her primary income.

I assume the reason no one is addressing the basic question you asked is that there are few if any people in the world that applied for and were approved for a $100K loan with no job or income.

I'm not a banker nor do I work in the field of finance, but I'm pretty sure the bank would not allow you to fill in the "income" section of the application with money from a loan. In fact, it would go in the section for "debt". A 700+ credit score is a great place to start, but without some serious credit history behind it, doesn't mean much to a bank, especially when looking to finance and luxury item with high depreciation rate.

Aside from that, I hope you make the right decision and if that is to buy an Airstream, I wish you the best!

70CT 06-28-2018 01:03 PM

140k trailer 20% financed for 8 years. $25,000 interest paid
Depreciation using NADA average for an 8-10 yr classic ~100k
That’s the equivalent of flushing $1,300 away per month for 8 years.
Down payment 28k. Residual value 40k. You made 12k. That’s 5% per year you made on your down payment before any other expenses. There is a reason why people rent or buy homes. Not saying don’t do it, but no financial benefit at all.

Paprika 06-28-2018 01:36 PM

Sgt. Estes - I must say you have shown extraordinary restraint, given the tenor of some of the comments. This could easily have turned into a flame war, but you have kept the discussion civil. Thank you for that.

I don't have much to add to what's already been said, but I would like to mention one caveat: keep in mind that Airstream quality is not great. Their designs are good, and their materials are mostly of high quality, but their workmanship is sloppy. You can find plenty of threads about this, so I won't go into detail about the flaws I found when I bought a new International Serenity last year, but suffice it to say they were numerous.

As a result, you'll likely be making repeated trips back to the dealer for fixes, and you probably won't be able to afford the time away from your studies, so make sure there's an Airstream dealer near where you intend to settle. (It doesn't necessarily have to be the dealer you buy from, though you'll probably get better service if it is.)

I say this not to discourage you, but to help reduce the chances of your buying a hundred-thousand-dollar item and being disappointed to find that it isn't anywhere near perfect. This is a mass-produced RV. Keep your expectations low.

Whatever you end up doing, good luck and happy trails!

Rocinante 06-28-2018 01:49 PM

First and foremost: it's your money, spend it how you like. No concern of mine.

A few thoughts:
  1. You keep talking about building equity by purchasing an RV. This is a fundamentally incorrect statement built on at least one wildly incorrect assumption. RVs and tow vehicles, even Airstream RVs, are depreciating assets. You will *not* be building up "equity" over time. You will be *losing* that value over time.
  2. Student loan debt is incredibly toxic. If you come upon hard times, this kind of debt cannot be discharged via bankruptcy. That debt will follow you around and haunt you for the rest of your life. Increasing that kind of debt to finance the purchase of an RV feels like a Really Bad Idea.
  3. Great to know one of you is an incredibly handy engineer who feels competent to fix anything that breaks in an RV. This is a definite plus.

featherbedder 06-28-2018 02:35 PM

Quote:

Originally Posted by Rocinante (Post 2121354)
First and foremost: it's your money, spend it how you like. No concern of mine.

A few thoughts:
  1. You keep talking about building equity by purchasing an RV. This is a fundamentally incorrect statement built on at least one wildly incorrect assumption. RVs and tow vehicles, even Airstream RVs, are depreciating assets. You will *not* be building up "equity" over time. You will be *losing* that value over time.
  2. Student loan debt is incredibly toxic. If you come upon hard times, this kind of debt cannot be discharged via bankruptcy. That debt will follow you around and haunt you for the rest of your life. Increasing that kind of debt to finance the purchase of an RV feels like a Really Bad Idea.
  3. Great to know one of you is an incredibly handy engineer who feels competent to fix anything that breaks in an RV. This is a definite plus.

I tend to disagree about losing value over time.I pur. 1976 31 AS new in 1977. Today agreed value for ins. and sale is double price that I pur. less $2000.00.

Rocinante 06-28-2018 02:59 PM

So that’s a depreciation of $2,000. A house purchased new in the same year would be worth far more today. Case closed.

featherbedder 06-28-2018 03:12 PM

Quote:

Originally Posted by Rocinante (Post 2121376)
So that’s a depreciation of $2,000. A house purchased new in the same year would be worth far more today. Case closed.

You misunder stood my figs. I pd. $10,000 new, now value is $18,000 not a loss of $2000 as you fig. So almost double of pur. price.....These figs. were obtained from fairly large AS dealer

and agreed to by Ins. co. and current market sales. So now case is closed.

Martee 06-28-2018 03:40 PM

As future medical doctors, purchasing an Airstream makes good financial sense over renting property. And the Airstream has highest resale value when it comes time to sell. Just make sure your very comfortable with the math. And vary the down payments and see what monthly payment works for you. Include annual maintenance costs too.

Medical school is Study... Study.... Study and more study. Majority of time will be spent in class and the hospital. Just make sure both of you are comfortable with the limited study space in an Airstream trailer. Airstream living is a very minimalist lifestyle....and maybe quite suitable for those with a very busy, highly active medical school program.

What ever your decesion on the Airstream, best of success to both of you in your future medical career.



Sent from my SM-G930V using Tapatalk

surgpsych 06-28-2018 03:46 PM

Difficulty Financing as a Student
 
1 Attachment(s)
Here is a photo I took today of the UNTHSC housing web page. One of many pages of posting. You can see that you can still find rental homes in the area for about $600. The reason I suggest the rental homes is because they are typically two bedrooms and with nobody living above you. As well, they have small yards for pets, if allowed by the landlord.

HiHoAgRV 06-28-2018 05:57 PM

Difficulty Financing as a Student
 
Sometimes things look great on paper and just don't execute that way. My college economics professor showed that it never makes sense to buy a new car if your old one is paid for. Until he got sick of driving a 20 year old Covair!
A co worker bought a cheap SOB to live in 4 years ago. He now has an apartment rent and a trailer payment plus a truck note.

brick1 06-28-2018 06:01 PM

I think the big question is where will you park the camper? RV site? Monthly cost? Will that be convenient?
brick

Rocinante 06-28-2018 09:04 PM

Quote:

Originally Posted by featherbedder (Post 2121384)
You misunder stood my figs. I pd. $10,000 new, now value is $18,000 not a loss of $2000 as you fig. So almost double of pur. price.....These figs. were obtained from fairly large AS dealer

and agreed to by Ins. co. and current market sales. So now case is closed.



Point taken. Thanks for clarifying. If you think waiting more than 40 years to less than double your money represents an acceptable return on investment, that’s your call. I’d also suggest you are waaay out on the bell curve with this experience. Please don’t use your unique situation to suggest that’s what happens to everybody who buys an Airstream. 🤣

Lara Me 06-28-2018 10:35 PM

If you have to have an Airstream and you won’t be talked out of living in an RV for your med school duration, at least find a 3-5 year used AS. There is a reason why many AS owners here are on their 2nd or 3rd trailer - you may desire a different trailer layout very soon. Unlike a car, your loan rate for an RV won’t vary for new or used, up to about 4-5 years old. If it’s an AS you must have, save about 20% off the bat by buying something 3-4 years old. The financials would at least make more sense with that approach. Buying new, you’re just flushing money down the pits. Even the value of a new warranty won’t make up for buying new.

thiel 06-30-2018 08:55 AM

Quote:

Originally Posted by Sgt.Estes (Post 2120878)
Thank you! And, thank you to everyone.



We definitely have thought this through. I have owned and lived in campers previously. Currently my father lives and travels in one and lives it. However; I’m not confident in the workmanship and final quality of other brands. The monocoque design and buck-riveting, gives me more assurance of structural integrity. I know at least my “shell” with maintenance should hold up longer than any previously mentioned “pop-up,” manufactured home, or other suggested option.



IF, someone here would like to recommend a “better” built camper that doesn’t fall in the category of “class A” I’m all ears. ;)



We are excited about our journey, learning from great people on this forum, and the adventures ahead that come with the AS territory. We understand it’s not all puppy dogs and rainbows.



Best Regards



Better built campers would include Oliver brand.

thiel 06-30-2018 09:04 AM

Most people don’t understand the notion of opportunity cost when it comes to money. If my cashflow is tied up with loan payments, that means I’m going to lose out on the money that cash would have earned in the markets.

The opposite is true too: if I take 100k out of the bank and hand it over to an RV dealer, I lose out on the interest that 100k would have made.

Sure seems to me that you are threading the needle between these two ends of the spectrum in order to get the worst possible return.

Vagabonds_2 06-30-2018 01:14 PM

We are retired, I am working on a graduate degree, and we acquired a Classic 30. I have an incomplete and a summer school class and we decided to come to an international rally in Portland area and staying here for daughter's child to be born. Very difficult to keep focus in trailer. You're basically living in a 30' hallway. You're fiance will tire of it. You will be living in coffee shops and libraries to get away from your trailer. Don't lose focus grasshopper. As others have said, wait until you have time and funds to use and maintain the sodden things. in three months, we have broken a jack and had a shower leak to fix. Don't do it!

TBurns1966 06-30-2018 05:03 PM

Lots of advice, but I haven't heard this
 
I have been reading this thread and have seen a lot of (what I believe to be) honest, well-meaning people advise you two not to buy this AS, or at least not to finance it. I have a different viewpoint.

It sounds like you have a financial plan pretty well thought-out. It makes sense from a certain point of view. Maybe (probably) it could work out in your favor financially, given your situation. The only question that's up in the air is whether the fiance can actually live and adapt to the RV living in a tiny space.

Not everyone pays cash for an AS. I am 52 years old and I am about to finance an Airstream Interstate. I have a paid-for commuter vehicle that will become my "daily driver". I am putting enough money down on the AI so that its payments will basically be the same as my luxury SUV that I am selling in order to purchase the AI.


In truth, you can't predict what's the right thing to do, but it sounds like you have a pretty good plan. Looking back on this decision 20 years from now, you'll either consider buying the AS trailer an awesome choice, or an expensive mistake. But life will go on, and you'll have the memory of having stepped out and made a bold move that seemed to fly in the face of conventional logic. If it doesn't work out, at least you purchased an AS, which has pretty good resale value a year or 2 later.


Alternatively... you're an engineer. You have mad skills. You could search around for a couple of months and pick up an older AS trailer for maybe $10 or 15K. Then put another 10 or 15K into refurbishing it and it would be worth $50 to 80K. Last week a 1987 3-axle 32' AS trailer sold here in Phoenix for $7000. It was in pretty decent shape. The A/C still worked and the plumbing was all good. It just needed tires, to be cleaned, new upholstery and the mahogany cabinets refinished. So deals like that CAN be found, though they are kind of rare.


A new AS trailer is certainly a good option for the two of you as well, given your financial means and situation.


I believe people should live their lives with no regrets. You're going to make mistakes, yes. Might this be one of them? Maybe. But is it worth a shot? I believe so!

Civilguy 07-01-2018 06:52 PM

Quote:

I pd. $10,000 new, now value is $18,000 not a loss of $2000
$10K in 1977 equates to well over $40K today based on CPI inflation, so that's not a loss of $2K at all.

https://www.usinflationcalculator.com/

HiHoAgRV 07-03-2018 02:44 PM

Quote:

Originally Posted by Civilguy (Post 2122630)
$10K in 1977 equates to well over $40K today based on CPI inflation, so that's not a loss of $2K at all.



https://www.usinflationcalculator.com/



An alternative thought. Had you taken $10k and kept up with the CPI you would now have $40k.
$10k in a asset that is now worth less than $40k could be a 'loss'

Cup 1/2 empty side of the analysis lol!

featherbedder 07-03-2018 04:46 PM

The pleasure and good times of having a AS for 41 yrs. well out paces the cpi that you have not had any pleasure of except a bank account. I have enjoyed many things and times that money in account can't give and 41 yrs. that you can only have one time around. As they say you only go around once and no saddle bags on coffin or brinks armored truck following hearse, so say what you want I have enjoyed life and did not make paper merchants happy, with my $10,000 pur.

Rocinante 07-03-2018 05:28 PM

The point of my earlier comment remains valid: Purchasing an Airstream is *not* an investment from a financial perspective. It represents the purchase of a Depreciating Asset. By claiming your Airstream was a successful financial investment, you are off topic and lost in the weeds.

The OP wanted to buy an Airstream as a *financial investment*. It's not. No purchase of any RV will never be as wise financial investment, per-se. Period.

Thanks, though, for your point that in one's life returns can be measured by more than money. That, frankly, is the reason we bought our own Airstream, despite knowing it would be a depreciating asset. :wally:

Oregon Ms 07-04-2018 10:46 AM

Read Cory Fawcett's books. You may want to reconsider.
https://www.amazon.com/s/ref=sr_qz_b...qid=1530719001

Ranger Doug 07-04-2018 10:59 AM

As an airstream owner and retired dentist who currently mentors students through this process I would proceed cautiously for the following reasons:
New or Used? Used Airstreams can have expensive problems, especially when they're parked for long periods of time. New ones also have issues right out of the box.
Where would you park this--I don't know of many RV parks nearby Medical Schools. If on a private lot--you now have a landlord again.
I would wait until you are accepted, then work the problem the other way possibly connecting with other like-minded people to share housing very local (walking if possible) to your classes.
Purchase your Airstream as a graduation present.

KJJorgen 07-04-2018 11:05 AM

I am going to go against the crowd and not try to talk you out of it, but I will give a few cautions. First of all--financing. My best suggestion is to go to a few lenders and see what they will do. I doubt too many have done it this way before, so you might not find those who have done it this way. I don't think anyone can tell you for sure how this will work out.

Now for the cautions. Yes, you will need a tow vehicle, and don't scrimp $$ for the hitch set up. And yes, things will break down, even with a new trailer, and how this will work for you depends a lot with how handy you are with repairs. You didn't mention if this would be used or new. New trailers are quite pricey. If you get a used one, not so much, but more likely in need of repair. I would doubt a new trailer would be the most economical way to go about this. Used perhaps, but either way, if you decide on the trailer live in it a month or so before classes start so you can get the routine down and the bugs worked out.

And the final caution, med school is strenuous (ask me as to how I know!). Support is needed from friends, partners (spouse or fiancee), and fellow students. Will the living situation allow you to collaborate with those you need? Living 40 miles away in a campground or RV park is not conducive to collaborating with other students.

And finally the final thought. Divorces and partner break-ups are common during this time, and immediately after. Will this living situation allow your partner (fiancee) to live her (or his) life and be happy and fulfilled? After all, you will be gone a lot. It is very easy to get in a rut where a spouse is not happy but agrees to hold out until med school is done. But then there is residency. And then there is a practice which gets demanding. The social and career and work needs of your partner need to be of prime consideration. The model where one partner goes to professional school and loses contact the other, where the "other" is asked to sacrifice with hard work, financial support, and thus also loses contact is a model that often (not always) destined to failure.

AtomicNo13 07-04-2018 11:08 AM

Your life, your money!
Life is too short.... Just do it. You'll either love your decision, or live with your decision.
Best to you

BAMBiBURTON 07-04-2018 11:57 AM

Quote:

Originally Posted by brick1 (Post 2120746)
One issue I did not see discussed is where you will park the Airstream. Campground? Have you checked the monthly cost of a site?
brick

On that note, most campgrounds have limits to how long you can stay. For example: California State Campgrounds have a maximum number of days per month that you can stay in ALL their sites, so you can't go hopping around. Then, if you must move around, this requires reserving ahead of time, and availability gets difficult, especially around holidays. It's becoming common for communities to restrict "street camping" now too. If you move every few years, are there enough camping options local to where you'd be?

Regarding repairs, when we take our Bambi for service, she's gone a few weeks, and this happens at least once a year. You'd be sending your Home, And all your belongings, away for repairs. Then you have the stress of needing to stay somewhere else, all while studying for med school. Perhaps you will have financially planned for that, but needing repairs tends to happen at the worst times (Murphy's Law), piling more stress on top.

If your current (or future) landlords aren't fixing your AC, it's cheaper to buy a portable one yourself than it is to buy and live in an Airstream. Feel free to substitute "AC" with anything else, same will hold true. Especially "roof" which needs to be resealed for California (Texas too) sun every year. Airstreams Love to leak. It's what they live for.

Someone mentioned the future option of buying a house or condo... which you will do. Then you'll also want to keep your Airstream (of course!). This raises the issue of making sure there's a place to park your Airstream, or you'll be renting a spot in an RV/Boat Storage (which we have to do).

I Love and share your dream! Logic and life finally let my dream come true in my mid-40s. Good luck to you and your fiancé 🍀

Mansderm161 07-04-2018 12:10 PM

Everyone is different in regards to needs, but having gone through med school, residency, studying for boards, being in a relationship, I can't imagine living in an Airstream in an RV park, quite a distance from school, the hospital and library in a relationship and surviving both the educational demands and the relationship. Consider also what you want to specialize in....some fields are highly competitive...do you need to be in the top of your class? You will need quiet places and quiet times. Get an apartment close to school and the hospital that has a separate room you can claim when you need space. Otherwise I think you will run into many situations when you resent your fiance, your living arrangements and maybe even your career choice. That's my opinion as a woman who tried to do it all. And I did it all in Houston.

Ronman 07-04-2018 01:01 PM

Why is everyone trying to play mom and dad? Go out and buy your airstream. You seem like a smart person who has thought this through and has a plan in place. You’re on the right track regarding financing and you have a co-borrower in the wings if needed. Sit down with a sales person. Negotiate a good deal and weigh out the best financing program. Through the dealer, credit union, personal bank, etc. The dealer will more than likely find the best rate. Push on them to perform for you. They want the sale.
Good luck.


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