Returning to the car world

[KingCobra10Sec]

Hey Gents,

Haven't posted up here in a few years. Previously i spent years on here daily building up my 99 cobra to a procharger d1sc, then blowing the motor, then going single turbo, then blowing the motor. then fixing. Then my car being hit and totaled.

So a quick story over the last few years is I took my insurance money from my mustang bought the car back and parted it out. Used the money to buy a multi-family property that I am currently renting out. I have saved a few pennies over the years of not dumping it into a car. Anyways fast forwarding to today, right now I am just paying off some bills but deeply miss having a fun car to toy with.

Before I get another toy I would like to purchase another multi-family home so I am doing research on financing options. Also I had a 2009 gsxr 1000 that I got into an accident with last year and the bike was declared totalled so I took my 10k insurance and banked it. So here is the plan as of now

April 1, hopefully to be under contract with another property. Once every unit is rented out with 1yr leases. I plan to do the following .
10-12K cash for a used 93-99 Mazda RX7 FD3S
12k for a used Mitsubishi evo 8 will borrow the money from my 401k will lose about 100.00 per pay check for 60mo's @ 4.25% interest.
If I get approved for the Suzuki card get a 2013 GSXR 1000 0% for 60 month's. so payments should be 233.00per month. I should be able to cover the payments from day trading but if i can't i will deduct it from the 10k i got from my last bike.

And before anyone says get another mustang, I still need a break as i am sick over all the money i sank into the car, breakdowns, delays, poor service, and waiting on people to even get started to work on my car. I will return to the world of mustangs in 2020 with a 2013 Mustang hopefully they will be down to 30k by then.

 

[ElscottHavoc]

Welcome back...I'm actually on the flip side. I'm looking getting out of the hobby for a couple years to buy some rental property! Figure I'm only 25, might as well take a jump on the real estate market besides my house. I've got plenty of time to buy another Cobra.

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[nonliberal]

I will return to the world of mustangs in 2020 with a 2013 Mustang hopefully they will be down to 30k by then.

Not sure which Mustang you're looking at but 2013 Mustangs are already being had below $25,000.

 

[KingCobra10Sec]

Welcome back...I'm actually on the flip side. I'm looking getting out of the hobby for a couple years to buy some rental property! Figure I'm only 25, might as well take a jump on the real estate market besides my house. I've got plenty of time to buy another Cobra.

Posted via Topify on Android

Definitely Do it, I was 28 when I got my house I am 31 now. Place has generated more than 50k - mortgage, renovations, etc.

 

[KingCobra10Sec]

Not sure which Mustang you're looking at but 2013 Mustangs are already being had below $25,000.

I am coming back for the Shelby GT500, done with anything under than.

 

[HandBanana]

Not sure which Mustang you're looking at but 2013 Mustangs are already being had below $25,000.

This.

You've made wise choices in your rental property investments. That's how nearly every member of my family earns supplemental income. Are you not currently working besides that?

As far as the cars/bikes go, I would say get an FD as long as it has something with pistons in it. Whether its an LSx or a 2JZ swap, either are LIGHTYEARS better than the junkbox 13B. Even the tri rotors aren't worth a damn compared to the swaps listed. Only trouble is, some of the idiots on the market with FDs today think they have a car made of gold. I've seen them in the low 20s in good condition(even though they'll never bring that).

If you're planning on staying rotary, go with the brand new Gixxer. Can't go wrong with the reliability and fun factor of one of those. Buying leftover models in the dead of winter is a great way to get a brand new bike for thousands less. In any case, good luck to you and I hope you get something fun soon.

 

[KingCobra10Sec]

This.

You've made wise choices in your rental property investments. That's how nearly every member of my family earns supplemental income. Are you not currently working besides that?

As far as the cars/bikes go, I would say get an FD as long as it has something with pistons in it. Whether its an LSx or a 2JZ swap, either are LIGHTYEARS better than the junkbox 13B. Even the tri rotors aren't worth a damn compared to the swaps listed. Only trouble is, some of the idiots on the market with FDs today think they have a car made of gold. I've seen them in the low 20s in good condition(even though they'll never bring that).

If you're planning on staying rotary, go with the brand new Gixxer. Can't go wrong with the reliability and fun factor of one of those. Buying leftover models in the dead of winter is a great way to get a brand new bike for thousands less. In any case, good luck to you and I hope you get something fun soon.

Regular Job income is 85k + 20% christmas bonus

For the FD I plan on doing a LSX Swap down the line. Just want to have some fun with it and once the motor goes I will do the swap down the line and will do most of the work myself to cut down on labor cost. but as stated i would like 12-24 months of fun before i blow the motor knowing my luck i wont make it that long.

I wish i could get the gixxer now every motorcycle dealer i visit wants to give good winter deals but I don't want the inquiry on my credit report since I want the next property in a few months. plus its too cold in NJ now I wouldnt ride till april.

 

[HandBanana]

Regular Job income is 85k + 20% christmas bonus

For the FD I plan on doing a LSX Swap down the line. Just want to have some fun with it and once the motor goes I will do the swap down the line and will do most of the work myself to cut down on labor cost. but as stated i would like 12-24 months of fun before i blow the motor knowing my luck i wont make it that long.

I wish i could get the gixxer now every motorcycle dealer i visit wants to give good winter deals but I don't want the inquiry on my credit report since I want the next property in a few months. plus its too cold in NJ now I wouldnt ride till april.

I bet with your properties, your income pushes to well over 100k a year. Well done. :beer:

I don't see the point in going through the hassle of blowing up a rotary, pulling it, sourcing an LSx and dropping it in. To each his own though, rotaries are fun to drive, different experience. Just feed a bottle into it and see what happens.

Winter time is when you assemble your pile of parts you want for summer and install them! I ride in February sometimes if we get a 40 degree day or two.

 

[KingCobra10Sec]

I bet with your properties, your income pushes to well over 100k a year. Well done. :beer:

I don't see the point in going through the hassle of blowing up a rotary, pulling it, sourcing an LSx and dropping it in. To each his own though, rotaries are fun to drive, different experience. Just feed a bottle into it and see what happens.

Winter time is when you assemble your pile of parts you want for summer and install them! I ride in February sometimes if we get a 40 degree day or two.

Just want to have some fun on a budget this time around. I spent over 30k on engines, built tranny, solid rear end, turbo, fuel, brakes, suspension etc. in a short amount of time I still regret it. If I just do suspension mods, an ebc and tune for this year I will be satisfied. I work in NYC and live in NJ so I don't get to enjoy the toys very much except the gsxr i ride that thing to work everyday its warm.. My daily in the meantime is a 2000 Acura Integra GS, excellent on gas and doesn't break. only mod right now is a strut tower bar that definitely tightened up the front end. So if everything works out mods will go as follows for 2014.

GSXR1000 - Fender Eliminator, Frame Sliders - No need to mod its scary fast stock.
Evo 8 - Still learning on the forums but I would say ebc, downpipe, exhaust, upgraded fuel pump, injectors,tune would like to make 400awhp for now.
RX7 - Suspension mods, ebc, wide body kit.

 

[DHG1078]

Anything that requires you to touch your 401K plan is just a bad idea IMHO. Ive never had any experience with any of those but I think the evo would be fun.

 

[HandBanana]

Oh dear, I totally misread your original post. You're planning on getting ALL of them, haha my bad. I say awesome plan. I respect all of those vehicles. You might get a little mod happy with the Evo, they respond pretty well to mods. I'd try to find one with a built motor if you can because those things are prone to issues considering the amount of boost most people run through them.

Cams, bolt-ons and a tune on the Evo will make you a 350whp-400whp depending on fuel/boost. I'd recommend at least an Evo IX turbo if you get an VIII, or a BBK. It'll spank the FD in pretty much every way but the RX will have that wow factor just looking at it. Looking at an body kits in particular? I love the Veilside from from Tokyo Drift but it is a little extreme.

 

[kirks5oh]

Anything that requires you to touch your 401K plan is just a bad idea IMHO. Ive never had any experience with any of those but I think the evo would be fun.

+1000



Sounds like you lost your ass on the mustang and are going to make the same mistake again. Why would you work so hard to get these income properties and then blow it all on a hobby, where you dip into your retirement account? Foolish. Only reason to dip into a retirement account is for an emergency

How about you buy one toy car, and keep the mods light. If I were in your shoes I'd be so burnt put on the money you spent blowing motors

 

[KingCobra10Sec]

+1000



Sounds like you lost your ass on the mustang and are going to make the same mistake again. Why would you work so hard to get these income properties and then blow it all on a hobby, where you dip into your retirement account? Foolish. Only reason to dip into a retirement account is for an emergency

How about you buy one toy car, and keep the mods light. If I were in your shoes I'd be so burnt put on the money you spent blowing motors

I have enough money to purchase both vehicle CASH, but no point it throwing out all that capital while its invested. 401k just gives excellent interest @ 4.25%, I also have the option of using my credit union for a low rate but why waste getting the hard inquiry. As stated I have a good job, lots of investments but I am very frugal. If I was trying to buy a new gtr with no money down that would be irresponsible. trying to get two used cars for 20-24k Total is not.

 

[kirks5oh]

Very frugal and spending $30k on built motors/trannys/etc don't go together. It's your money, welcome back to the car scene?

 

[HandBanana]

If I was trying to buy a new gtr with no money down that would be irresponsible. trying to get two used cars for 20-24k Total is not.

Buying a performance car is irresponsible, doesn't matter what it is.

 

[KingCobra10Sec]

Very frugal and spending $30k on built motors/trannys/etc don't go together. It's your money, welcome back to the car scene?

If you read the thread from the beginning this my last project was 4 years ago. As stated I got a lot smarter and saved and development extra sources of income. This will be the last post from me on finances vs responsibility as I am doing very well for myself.

 

[thomas91169]

+1000



Sounds like you lost your ass on the mustang and are going to make the same mistake again. Why would you work so hard to get these income properties and then blow it all on a hobby, where you dip into your retirement account? Foolish. Only reason to dip into a retirement account is for an emergency

This.

 

[ElscottHavoc]

Just to clarify, you're not just cashing out from your 401k, but borrowing at 4.xx% from your 401k. So you'll be paying yourself back plus interest?

If that's the case, then yeah, that's a wise decision because you can make more on the money invested somewhere else if you really want the vehicles. Beats paying bank interest rates so long as there isn't any fees for borrowing from 401k from this.

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[jonb347]

with the rebates they will be using on the 2014s soon, 30k wouldnt be unreasonable at all.

 

[kirks5oh]

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