Living as a Car Guy

Hey guys, I rent and I need to move out of my apartment complex. It’s getting too expensive and I need more space.

There are a lot of circumstances and whatnot, but I’ll try to keep it short and sweet.

-I need space for 5 cars and a motorcycle. 2 of the cars will have no plates.
Only 2 of the cars will see winter driving, I would like everything else indoors for the winter.
-I need space for a whole lot of car parts and tools.
-I need to be somewhat close to Orchard Park (And I travel to Rochester or UB north campus about once a week)
-I need 800 sq ft of living space or more.
-My GF doesn’t want to live in the ghetto, and we don’t want to park on the street.

I know nothing about finance or owning, I have only rented. I have no idea if I’m anywhere near being able to afford owning. My income is about $55k/yr with an unemployed GF (we may leave the area soon so that she can actually get a teaching job). I only have about $6k in the bank.

I’m currently paying $942/month with all of the storage space I am renting. I need something cheaper and/or more convenient.

I’m thinking that I need a 2-car garage, some driveway space, and a basement.
Or, some kind of indoor warehouse/workshop space.

I’m just looking for advice/experiences and if anybody knows of anything in the area.
Or can someone clue me in on how to rent space that I can work in, and how much does it cost (I.E. can I afford it at all)?
What do you guys think I can afford, I’m clueless.

Serious responses only, and please don’t tell me to just get rid of the cars.
You can see a bunch of vehicles in my sig, it’s mostly still accurate. One of the 5 cars will be my GFs though.
Thanks guys.

Orchard Park has some pretty high taxes so :tif:

You’re total income isn’t the entire picture either it really depends on other bills/commitments you might have.

Small down payment isn’t that big of a deal with a FHA loan.

i would make topanga get a job

Well played.

Also… I know you mentioned NOT getting rid of 1 or 2, but let’s be real… until you own a home, having 5 cars is going to be a SERIOUS burden. I’m a car guy too… but I have one car and one bike.

is $942 with out where ever you rent an apartment from? lol

Sounds like you need to start looking for a place in blasdell / sunny la / south buffalo. There are some nice streets, and you can get a lot for a little

Or just buy an entire block on the east side. And lots of guns and pit bulls

The $942 is including rent - I’m insane but not that insane. My GF has student loan debt, but I personally have no debt. I pay for electricity, internet, and $55/month cell phone.
No car payments or anything like that.

Not looking to live in Orchard Park, but I commute there everyday from Tonawanda, so I’m looking to shave some time off.
I’m probably looking at renting because we probably won’t be in the area for more than 2 more years, but I really don’t know.

One idea is to get a cheaper apartment somewhere and have some kind of indoor space nearby that’s big enough. I think I’m dreaming though.
I have no idea how much that kind of thing costs. I mean, that kind of thing is usually for businesses. But really all I need is a floor and to be allowed to wrench 24/7.

You can buy my house. The mortgage will be like 650 - 700 including taxes. it is fucking cheap to live in s buffalo.

Or you can live in a area that doesn’t suck for slightly more :slight_smile:

If you think you will be moving in a few years based on your womens career you might want to put off getting house.

The home buying loan process has greatly changed from when I bought my house 5 years ago and last month when my wife and I bought another. It’s way more expensive and hard to get FHA loans. Pmi rates are through the roof.

And as of 6/1, PMI sticks for the life of the loan at about 1.75%. On a 120k house, that’s a big deal

Wow I wonder how the banking industry worked out that scam

^^^ What he said. I pay nearly $50/month in PMI and my loan principle is only $300/month, that seems a bit ridiculous to me.

^^^^ bingo. We just barely made it and it helped we put a wad of cash down too.

Good luck anyone looking for their first house. Makes me think a out keeping my rental property

You have to put 25% down on rentals…at least with all the banks I have dealt with…as such, I’m not paying PMI…

As someone who bought and then sold a house within 3.5 years…Don’t do it if you plan on moving in 2 years. Unless you have the skills/time/money to fix it up and make a profit. I sold mine for more than I paid and still lost a lot of money. Garages like that seem to take some good luck to find. My friend rented half of a garage (space to work on 2 cars and a ton of crap, plus he kept a bunch of cars outside) for under $300 in Lakeview. I don’t about prices outside of Hamburg so I’m sure someone else will chime in.

I have 5 cars and a ton of stuff plus a business so I feel your pain. Now I’m looking for a perfect house with the potential for 4 garage spaces in OP or Hamburg…it’s been over a year. I’m set on a ranch because of the full basement without the extra taxes.

Lol.

^thats all I have to contribute.

KCCO.

I thought after 20% paid off you can have them drop it. Im so glad I saved 20% in cash as a down payment for my house…

OP making that kind of money I don’t see how paying $1k a month is hurting you, finding all those things you want in your “circumstances” for under $1,000 is going to be hard if you don’t plan on staying in the area for over 5 years. Good luck though!

They changed it

http://www.quickenloans.com/blog/coming-fha-mip-june-3

“Today, when you get an FHA loan, you pay MIP as part of your monthly payment for 5 years, or until 78% LTV, whichever is longer. The change they’re making will now require MIP to be paid for 11 years if your original LTV is 90% or lower and for the life of the loan if you are over 90%,” said Bobbi MacPherson, a product manager for Quicken Loans. “This will be a very difficult change for consumers to see. It won’t affect qualifying or the payment like the first change, this change will only be seen by comparing the APR on loans. Most consumers have a hard time understanding APR and won’t see the change easily.”

What if you just save your money and refi into a conventional loan? Won’t that rid the PMI?