# Living as a Car Guy **URL:** \ **Category:** NYSpeed Off Topic\ **Created:** [July 25, 2013, 4:03pm UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954 "2013-07-25T16:03:25Z")\ **Posts on this page:** 20\ **Page:** 2
**Author:** ![bracketracer](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bracketracer/32/15592_2.png) [@bracketracer](https://forums.speedlife.net/u/bracketracer)\ **Post date:** [July 26, 2013, 6:32am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/21 "2013-07-26T06:32:12Z")
> [@91MR2](#): > > 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… For a 2-unit, conventional. For a 4-unit, it’s 33% down. We were in the right place at the right time. On our 4-unit, since we’re living there, we did FHA, before the PMI change, with 3.5% down, and 3.375 rate. We couldn’t have timed it any better if we tried. ---------- Post added at 09:32 AM ---------- Previous post was at 09:31 AM ---------- > [@BOBBYGRV](#): > > What if you just save your money and refi into a conventional loan? Won’t that rid the PMI? Absolutely ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [July 26, 2013, 6:35am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/22 "2013-07-26T06:35:17Z")
That was my plan from the start. Pay my FHA loan down as fast as possible to the 80% value and either rid the PMI or refi for a lower rate, whatever is better at the time. I can’t remember seeing it anywhere, but is that link above only for new FHA loans or can I stilll drop my PMI down the road? ---
**Author:** ![LZ1](https://avatars.discourse-cdn.com/v4/letter/l/7ab992/32.png) [@LZ1](https://forums.speedlife.net/u/LZ1)\ **Post date:** [July 26, 2013, 6:41am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/23 "2013-07-26T06:41:06Z")
> [@BOBBYGRV](#): > > That was my plan from the start. Pay my FHA loan down as fast as possible to the 80% value and either rid the PMI or refi for a lower rate, whatever is better at the time. I can’t remember seeing it anywhere, but is that link above only for new FHA loans or can I stilll drop my PMI down the road? It only applies to new loans after 6/1/2013 ---
**Author:** ![Geehee](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/geehee/32/7238_2.png) [@Geehee](https://forums.speedlife.net/u/Geehee)\ **Post date:** [July 26, 2013, 6:42am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/24 "2013-07-26T06:42:58Z")
> [@Jam](#): > > 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 what are the pitbulls gonna do, lick someone to death? gas them out? thats all mine seems to do. ---
**Author:** ![Matt\_Danger](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/matt_danger/32/4981_2.png) [@Matt\_Danger](https://forums.speedlife.net/u/Matt_Danger)\ **Post date:** [July 26, 2013, 6:53am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/25 "2013-07-26T06:53:58Z")
> [@BOBBYGRV](#): > > That was my plan from the start. Pay my FHA loan down as fast as possible to the 80% value and either rid the PMI or refi for a lower rate, whatever is better at the time. I can’t remember seeing it anywhere, but is that link above only for new FHA loans or can I stilll drop my PMI down the road? Double check that the only requirement to drop PMI is 80% equity. My mortgage holder, US Bank, told me that I had to pay PMI for 5 years even after I hit 80% equity. Something I don’t remember reading in my mortgage docs. So I’m refinancing. ---
**Author:** ![bracketracer](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/bracketracer/32/15592_2.png) [@bracketracer](https://forums.speedlife.net/u/bracketracer)\ **Post date:** [July 26, 2013, 6:54am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/26 "2013-07-26T06:54:01Z")
> [@BOBBYGRV](#): > > That was my plan from the start. Pay my FHA loan down as fast as possible to the 80% value and either rid the PMI or refi for a lower rate, whatever is better at the time. I can’t remember seeing it anywhere, but is that link above only for new FHA loans or can I stilll drop my PMI down the road? LZ is right. You’ll still be able to drop PMI at the 80% point. Still, depending on your current rate (I’ll throw 4% out there) plus 1.5-ish% PMI, it may not be worth pounding down your principal balance, if you can make better than 5.5% elsewhere. In my case, I’m not going to bother with extra principal payments and use the money I’d pay down the principal with to buy another 4-unit a few years down the road. ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [July 26, 2013, 7:02am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/27 "2013-07-26T07:02:17Z")
Just rent a house with a 2 car garage in like Blasdell. Much cheaper and probably enough room for the cars and a little work area. ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [July 26, 2013, 7:03am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/28 "2013-07-26T07:03:17Z")
There is a house for rent 2 houses down from me that looks pretty decent w/ a 2+ car garage. I’ll see if I can get some details on it. ---
**Author:** ![91MR2](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/91mr2/32/7217_2.png) [@91MR2](https://forums.speedlife.net/u/91MR2)\ **Post date:** [July 26, 2013, 7:49am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/29 "2013-07-26T07:49:17Z")
> [@bracketracer](#): > > For a 2-unit, conventional. For a 4-unit, it’s 33% down. > > We were in the right place at the right time. On our 4-unit, since we’re living there, we did FHA, before the PMI change, with 3.5% down, and 3.375 rate. We couldn’t have timed it any better if we tried. Citizens Bank would do 25% down on a 4 unit for me. At least that is what they told me… Either way, I am glad everything worked out for you! ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [July 26, 2013, 7:50am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/30 "2013-07-26T07:50:34Z")
What’s the average price on a 4 unit place in Buffalo? ---
**Author:** ![Beck](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/beck/32/28683_2.png) [@Beck](https://forums.speedlife.net/u/Beck)\ **Post date:** [July 26, 2013, 7:54am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/31 "2013-07-26T07:54:17Z")
> [@BOBBYGRV](#): > > What’s the average price on a 4 unit place in Buffalo? North, South, East, West or Cheektowaga? ---
**Author:** ![BOBBYGRV](https://avatars.discourse-cdn.com/v4/letter/b/ed8c4c/32.png) [@BOBBYGRV](https://forums.speedlife.net/u/BOBBYGRV)\ **Post date:** [July 26, 2013, 7:55am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/32 "2013-07-26T07:55:04Z")
Let’s say I’m looking to buy one, not in the ghetto. What could I expect to pay and where would I go? ---
**Author:** ![Norb\_O](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/norb_o/32/5189_2.png) [@Norb\_O](https://forums.speedlife.net/u/Norb_O)\ **Post date:** [July 26, 2013, 8:05am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/33 "2013-07-26T08:05:06Z")
I can’t offer much real advice as I’m working through the home buying process for the first time myself, but if this were me: Lower expenses, raise income/savings -make gf get a job. Just because she can’t find a job teaching doesn’t mean she has to sit at home doing nothing. The least she can do is find a full time gig somewhere to help contribute, even if it’s as a secretary/data entry/anything. You obviously can support the household currently on your own, so if she contributes all of her earnings to a savings account which will go towards a down payment, you’re that much better off. -try to find somewhere free to store some cars (like a family member’s place, barn, anything) that you won’t be using. Trying to find a home to accommodate 5 vehicles is a lot more difficult that one holding 2-3 cars -make do with what you have to save more money for a home. I rent the upper of a double in North Buffalo and store TONS of parts in our basement and attic, and swapped my car on jackstands in one half of a 2.5 car garage. We share the garage with the lower tenants, who use the other half. You’d be surprised with what you can do with minimal space if you’re creative and resourceful. As far as buying a home…the biggest factors seem to be good credit, and a low debt to income ratio. If GF has a job you immediately improve that ratio (should you combine your finances and buy a house together…I don’t know how serious you two are). ---
**Author:** ![cougarspeed](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/cougarspeed/32/7468_2.png) [@cougarspeed](https://forums.speedlife.net/u/cougarspeed)\ **Post date:** [July 26, 2013, 9:23am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/34 "2013-07-26T09:23:50Z")
> [@BOBBYGRV](#): > > Let’s say I’m looking to buy one, not in the ghetto. What could I expect to pay and where would I go? [http://www.2findyourhome.com/](http://www.2findyourhome.com/) ---
**Author:** ![95dime](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/95dime/32/7514_2.png) [@95dime](https://forums.speedlife.net/u/95dime)\ **Post date:** [July 26, 2013, 9:40am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/35 "2013-07-26T09:40:02Z")
if you plan to move in a couple years…i would probably stick with renting. gf doesnt even have a part time job? yikes. 5 cars plus a bike while renting? i understand car guys tend to need alot of garage space from having many projects, but i think this is a bit excessive haha. i had ALOT of projects, but ive cut that number down dramatically. 1 DD, 1 project, 1 toy that i race. couldnt be happier that i made that decision. much easier to deal with. ---
**Author:** ![JayS](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/jays/32/15375_2.png) [@JayS](https://forums.speedlife.net/u/JayS)\ **Post date:** [July 26, 2013, 10:07am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/36 "2013-07-26T10:07:01Z")
Renting or owning be prepared for the fact that you may be forced to keep the vehicles without plates in the garage. Most town ordinances, especially in the 1st ring burbs, don’t allow unregistered cars to be left sitting in the driveway. And yeah, 5 cars plus a bike at this point in your life seems like a pretty poor financial choice but as long as you’re not getting any kind of public assistance what ever makes you happy. 🙂 Between my wife and I back when we had an apartment in N.Buffalo we had 2 cars, a bike and a boat. Looking back at least I can admit some of that was poor financial planning on my part. ---
**Author:** ![Motocrossx23](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/motocrossx23/32/5120_2.png) [@Motocrossx23](https://forums.speedlife.net/u/Motocrossx23)\ **Post date:** [July 26, 2013, 11:18am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/37 "2013-07-26T11:18:51Z")
YOLO ---
**Author:** ![SilverGT](https://avatars.discourse-cdn.com/v4/letter/s/8dc957/32.png) [@SilverGT](https://forums.speedlife.net/u/SilverGT)\ **Post date:** [July 26, 2013, 11:24am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/38 "2013-07-26T11:24:32Z")
my advice would be of the majority of the consensus here… 1. Tell the G/F to get a job even if its temporary/part time etc [you can use it towards down payment on a house or even if you choose to move has that as moving expense] because as you know FHA PMI will not go aways after 80%LTV 2. $950ish will not get you alot outside of buffalo,ny unless you are looking for rural living with acerage and a barn lol but that is just me. ---
**Author:** ![Jeller](https://avatars.discourse-cdn.com/v4/letter/j/bc8723/32.png) [@Jeller](https://forums.speedlife.net/u/Jeller)\ **Post date:** [July 26, 2013, 11:30am UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/39 "2013-07-26T11:30:57Z")
> [@XwalkerX](#): > > i would make topanga get a job Fucking funny shit right there^ ---
**Author:** ![ultradriver10000](https://yyz2.discourse-cdn.com/flex034/user_avatar/forums.speedlife.net/ultradriver10000/32/7397_2.png) [@ultradriver10000](https://forums.speedlife.net/u/ultradriver10000)\ **Post date:** [July 26, 2013, 12:03pm UTC](https://forums.speedlife.net/t/living-as-a-car-guy/231954/40 "2013-07-26T12:03:22Z")
I have 5 cars and 2 bikes, anyone want to buy one? [Previous page](https://forums.speedlife.net/t/living-as-a-car-guy/231954.md?page=1) [Next page](https://forums.speedlife.net/t/living-as-a-car-guy/231954.md?page=3)