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Posted: 10/25/2010 9:55:24 AM EDT
I'm going to graduate from college in May with no debt. My car is paid off, I rent my house from myself, and I make close to 40k a year plus benefits. In 2 years I'll make half again as much, and within the next 10 years I'll be making double that amount plus some. That said I'm getting killed on my taxes with having no mortgage and it is only going to get worse as my salary goes up.
The responsible thing to do  is for me to buy 50 to 100 acres in the valley region of VA and start building my BOL. I've got some property that I'm looking at now that is 89 acres of undeveloped fields and woodlands with a creek that runs through it for under $210k. Planning on putting 15000+ down on whatever property I buy and taking out a 30 year mortgage.
First thing on the list of upgrades is a well, small hunting cabin, and pole barn. The property I'm looking at now is a good candidate for subleasing acreage to the neighbor who raises cattle. I'd use anything made from subleasing to pay the property tax and add money to a development account for upgrades to the property. I'd like to see what others are doing on their bug out locations, and what kinds of features they have. I saw the pole barn thread and that has given me some great ideas |
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Posted: 10/25/2010 10:06:38 AM EDT
[#1]
VA (or anywhere East Coast) is NOT a BOL...
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Posted: 10/25/2010 10:10:04 AM EDT
[#2]
Oh really, and where do I need to go to be considered in a BOL worthy place. BOL doesn't do much good if I have to take a plane to get there.
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Posted: 10/25/2010 10:13:06 AM EDT
[#3]
Quoted:
Oh really, and where do I need to go to be considered in a BOL worthy place. BOL doesn't do much good if I have to take a plane to get there. you are correct. |
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Posted: 10/25/2010 10:14:53 AM EDT
[#4]
Quoted:
VA (or anywhere East Coast) is NOT a BOL... |
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Posted: 10/25/2010 10:24:05 AM EDT
[#5]
You should get yourself an airplane. That will change your idea of what you'd want as your BOL. You'd need enough foresight to fly away before they shut down the skies though. I would imagine the roads would be jammed up some time before they stopped people from flying.
Then you can go somewhere like here: 
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Posted: 10/25/2010 10:25:40 AM EDT
[#6]
Is that Galt's Gulch?
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Posted: 10/25/2010 10:32:24 AM EDT
[#7]
Quoted:
I'm going to graduate from college in May with no debt. My car is paid off, I rent my house from myself, and I make close to 40k a year plus benefits. In 2 years I'll make half again as much, and within the next 10 years I'll be making double that amount plus some. That said I'm getting killed on my taxes with having no mortgage and it is only going to get worse as my salary goes up. The responsible thing to do is for me to buy 50 to 100 acres in the valley region of VA and start building my BOL. I've got some property that I'm looking at now that is 89 acres of undeveloped fields and woodlands with a creek that runs through it for under $210k. Planning on putting 15000+ down on whatever property I buy and taking out a 30 year mortgage. First thing on the list of upgrades is a well, small hunting cabin, and pole barn. The property I'm looking at now is a good candidate for subleasing acreage to the neighbor who raises cattle. I'd use anything made from subleasing to pay the property tax and add money to a development account for upgrades to the property.
I'd like to see what others are doing on their bug out locations, and what kinds of features they have. I saw the pole barn thread and that has given me some great ideas First thing you need to learn is how land loans work, your not going to get a 30 year on raw land and it will most likely be adjustable/balloon also it will require a minimum of 20% down. Make sure you understand also that your interest rate will not be the 3-4APR you see for homes it will be higher and can be as high as 7. |
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Posted: 10/25/2010 10:36:21 AM EDT
[#8]
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The accuracy of the first post is very high. |
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Posted: 10/25/2010 10:37:31 AM EDT
[#9]
Quoted:
You should get yourself an airplane. That will change your idea of what you'd want as your BOL. You'd need enough foresight to fly away before they shut down the skies though. I would imagine the roads would be jammed up some time before they stopped people from flying. Then you can go somewhere like here: http://juxtapilot.flyblog.com/files/2008/04/landing_9054n_at_big_ck_id.jpg What is a cheap way to get into flying? I don't have the cash to just go buy a $40,000 plane for fun. |
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Posted: 10/25/2010 10:40:11 AM EDT
[#10]
Quoted: Please elaborate. I thought a BOL was somewhere reachable on reasonably short notice??Quoted: VA (or anywhere East Coast) is NOT a BOL... The accuracy of the first post is very high. Also, why is East Coast in general no good? Inquiring minds want to know... |
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Posted: 10/25/2010 10:43:18 AM EDT
[#11]
Quoted:
Quoted:
Please elaborate. I thought a BOL was somewhere reachable on reasonably short notice??
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The accuracy of the first post is very high. Also, why is East Coast in general no good? Inquiring minds want to know... Pretty much all of the East Coast between Boston and Elizabeth City NC is a massive target. Most of it is impassible when it snows hard, let alone during any kind of mass panic. |
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Posted: 10/25/2010 10:45:13 AM EDT
[#12]
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The accuracy of the first post is very high. On opinion , yes . |
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Posted: 10/25/2010 10:51:45 AM EDT
[#13]
Quoted: As in, massive target for nukes? or just storms coming up the coast. Quoted: Quoted: Please elaborate. I thought a BOL was somewhere reachable on reasonably short notice??Quoted: VA (or anywhere East Coast) is NOT a BOL... The accuracy of the first post is very high. Also, why is East Coast in general no good? Inquiring minds want to know... Pretty much all of the East Coast between Boston and Elizabeth City NC is a massive target. Most of it is impassible when it snows hard, let alone during any kind of mass panic. If the former, then you are talking about any urban area of maybe 100k and up, plus the burbs of same. Why not just harden in place? |
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Posted: 10/25/2010 10:52:44 AM EDT
[#14]
Quoted:
Is that Galt's Gulch? LOL, that's exactly what I thought when I saw that picture. |
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Posted: 10/25/2010 10:58:40 AM EDT
[#15]
Quoted:
I'm going to graduate from college in May with no debt. My car is paid off, I rent my house from myself, and I make close to 40k a year plus benefits. In 2 years I'll make half again as much, and within the next 10 years I'll be making double that amount plus some. That said I'm getting killed on my taxes with having no mortgage and it is only going to get worse as my salary goes up. Be sure that confidence is warranted! Also, if you want to keep it, don't get married... |
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Posted: 10/25/2010 11:01:16 AM EDT
[#16]
Quoted:
VA (or anywhere East Coast) is NOT a BOL... I don't know about that. I have a place on the coast that would work real well. Depends where you are. Mine is in southern Delaware, not much going on down there, and not a target. |
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Posted: 10/25/2010 11:01:54 AM EDT
[#17]
Check out Thunder Bay, Michigan near Alpena. Lots of nice islands out there to disappear to.
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Posted: 10/25/2010 11:08:18 AM EDT
[#18]
Quoted:
I'm going to graduate from college in May with no debt. My car is paid off, I rent my house from myself, and I make close to 40k a year plus benefits. In 2 years I'll make half again as much, and within the next 10 years I'll be making double that amount plus some. That said I'm getting killed on my taxes with having no mortgage and it is only going to get worse as my salary goes up. The responsible thing to do is for me to buy 50 to 100 acres in the valley region of VA and start building my BOL. I've got some property that I'm looking at now that is 89 acres of undeveloped fields and woodlands with a creek that runs through it for under $210k. Planning on putting 15000+ down on whatever property I buy and taking out a 30 year mortgage.
First thing on the list of upgrades is a well, small hunting cabin, and pole barn. The property I'm looking at now is a good candidate for subleasing acreage to the neighbor who raises cattle. I'd use anything made from subleasing to pay the property tax and add money to a development account for upgrades to the property. I'd like to see what others are doing on their bug out locations, and what kinds of features they have. I saw the pole barn thread and that has given me some great ideas And how do you plan to secure 50-100 acres in a SHTF scenario? Impossible. You'll live on 5-10 acres and squatters will rape the rest. I think your overspending and underthinking. |
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Posted: 10/25/2010 11:11:17 AM EDT
[#19]
You can get cheap, and REMOTE land in NE Nevada for 15k. Make nice with the locals and they will take care of you. Act like an East Coast prick/nutjob and they will fuck you quick.
Or just move to a place like Jarbidge, Nv. You will pine for the hustle and bustle of Elko... rofl. |
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Posted: 10/25/2010 11:13:27 AM EDT
[#20]
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. |
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Posted: 10/25/2010 11:19:00 AM EDT
[#21]
Quoted: Quoted: Quoted: VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. When SHTF, were will the millions on the eastern seaboard go seeking refuge?  You're welcome. |
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Posted: 10/25/2010 11:19:58 AM EDT
[#22]
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... I don't know about that. I have a place on the coast that would work real well. Depends where you are. Mine is in southern Delaware, not much going on down there, and not a target. The Delmarva is better, but not by much. But you're certainly right, not much is going on there. The nice thing about a Delmarva BOL is that even if the clock is rolled back 50 years, all that will change is the barbers digging out their old calenders. |
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Posted: 10/25/2010 11:21:37 AM EDT
[#23]
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. Yep, that continuous city that stretches from Boston, MA to Richmond, VA is right where I'm heading when SHTF. Why on Earth would I ever consider the Cascades or the Sierra Nevadas or Northern Michigan? Deathtraps. |
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Posted: 10/25/2010 11:22:38 AM EDT
[#24]
Quoted:
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. When SHTF, were will the millions on the eastern seaboard go seeking refuge?
You're welcome.  I don't know, where? Whole lot of incorrect assumptions working in this thread. Are you suggesting that the 10's of millions of northeasterners are going to flee the east coast by first going south hundreds of miles and then west?
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Posted: 10/25/2010 11:24:07 AM EDT
[#25]
Quoted:
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. Yep, that continuous city that stretches from Boston, MA to Richmond, VA is right where I'm heading when SHTF. Why on Earth would I ever consider the Cascades or the Sierra Nevadas or Northern Michigan? Deathtraps. Who the fuck is talking about a BOL in Richmond? You guys said "The east coast." Well fellas, the East Coast is a big place. |
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Posted: 10/25/2010 11:24:23 AM EDT
[#26]
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. A BOL so difficult to get to you'll need HMX-1 to get you there? |
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Posted: 10/25/2010 11:26:14 AM EDT
[#27]
Quoted:
Oh really, and where do I need to go to be considered in a BOL worthy place. BOL doesn't do much good if I have to take a plane to get there. Bugout doesn't do you any good if you're less than a tank full of gas from 50million people, either. |
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Posted: 10/25/2010 11:26:58 AM EDT
[#28]
Quoted: Quoted: Quoted: Quoted: Quoted: VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. Yep, that continuous city that stretches from Boston, MA to Richmond, VA is right where I'm heading when SHTF. Why on Earth would I ever consider the Cascades or the Sierra Nevadas or Northern Michigan? Deathtraps. Who the fuck is talking about a BOL in Richmond? You guys said "The east coast." Well fellas, the East Coast is a big place.  No it's not, and it is crawling with people. |
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Posted: 10/25/2010 11:27:07 AM EDT
[#29]
Quoted:
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. A BOL so difficult to get to you'll need HMX-1 to get you there? No, not at all. I'm talking about private places within 4 hours of where you live. Apparently there is a good reason why there is an entire other forum dedicated to this very thing. Half of you are talking about people trekking half the country looking for a place to squat. |
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Posted: 10/25/2010 11:29:16 AM EDT
[#30]
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. Yep, that continuous city that stretches from Boston, MA to Richmond, VA is right where I'm heading when SHTF. Why on Earth would I ever consider the Cascades or the Sierra Nevadas or Northern Michigan? Deathtraps. Who the fuck is talking about a BOL in Richmond? You guys said "The east coast." Well fellas, the East Coast is a big place.
No it's not, and it is crawling with people. If you lived on the East Coast, where would you go in a disaster? You gonna hop on a 747 and head out to Iowa? http://cohn.files.wordpress.com/2008/04/population-density.png ETA besides, by that logic, where do you think all those Californians are going? |
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Posted: 10/25/2010 11:35:06 AM EDT
[#31]
Quoted:
You can get cheap, and REMOTE land in NE Nevada for 15k.. Yeah you can get lots of land cheap out in the west. The problem is you guys have next to no water compared to the East Coast. He is not going to have a problem with water between the creek on his property and a well. |
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Posted: 10/25/2010 11:35:59 AM EDT
[#32]
Also, anybody living in an urban area than is NOT on the far edge of that urban area it not going anywhere in a major disaster. A large scenario was created a few years back of a nuke going off at the port of Long Beach. The resulting likely scenario shocked even myself. You aren't going anywhere unless you get on the road in less than 15-20 minutes and live on the outskirts. Then surrounding region will be swamped by refugees, many of which didn't even need to leave their home, but fled out of panic.
I will see if I can find that report. |
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Posted: 10/25/2010 11:38:52 AM EDT
[#33]
Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: Quoted: VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. Yep, that continuous city that stretches from Boston, MA to Richmond, VA is right where I'm heading when SHTF. Why on Earth would I ever consider the Cascades or the Sierra Nevadas or Northern Michigan? Deathtraps. Who the fuck is talking about a BOL in Richmond? You guys said "The east coast." Well fellas, the East Coast is a big place. No it's not, and it is crawling with people. If you lived on the East Coast, where would you go in a disaster? You gonna hop on a 747 and head out to Iowa? http://cohn.files.wordpress.com/2008/04/population-density.png ETA besides, by that logic, where do you think all those Californians are going? I know where they will be going, but I am not the one looking to survive some mythical circle jerk holocaust by buying some cabin in the middle of nowhere. But I also know that the state of Nevada has a contingency for that situation and natural barriers to keep most of these people out, not that the gas supply will last long enough for many of them to get here anyway. Most of them will idle out of gas in their city/area of origin. |
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Posted: 10/25/2010 11:39:59 AM EDT
[#34]
Quoted:
I'm going to graduate from college in May with no debt. My car is paid off, I rent my house from myself, and I make close to 40k a year plus benefits. In 2 years I'll make half again as much, and within the next 10 years I'll be making double that amount plus some. That said I'm getting killed on my taxes with having no mortgage and it is only going to get worse as my salary goes up. The responsible thing to do is for me to buy 50 to 100 acres in the valley region of VA and start building my BOL. I've got some property that I'm looking at now that is 89 acres of undeveloped fields and woodlands with a creek that runs through it for under $210k. Planning on putting 15000+ down on whatever property I buy and taking out a 30 year mortgage.
First thing on the list of upgrades is a well, small hunting cabin, and pole barn. The property I'm looking at now is a good candidate for subleasing acreage to the neighbor who raises cattle. I'd use anything made from subleasing to pay the property tax and add money to a development account for upgrades to the property. I'd like to see what others are doing on their bug out locations, and what kinds of features they have. I saw the pole barn thread and that has given me some great ideas First thing first move far out west, try like Montana. If SHTF then droves of sheeple will be migrating west. And with Norfolk, DC and Baltimore right there, you would be competing too much. |
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Posted: 10/25/2010 11:42:51 AM EDT
[#35]
Quoted:
Quoted:
You can get cheap, and REMOTE land in NE Nevada for 15k.. Yeah you can get lots of land cheap out in the west. The problem is you guys have next to no water compared to the East Coast. He is not going to have a problem with water between the creek on his property and a well. True. There are reasons why so many people do, and have for a long time lived here. We have plenty of water, some of the finest farming land in the world, a climate that is generally forgiving, and tons of rivers to travel on. Anyone suggesting that some tidal wave is going to sink the East Coast out to the Appalachin Trail, might as well plan for Yellowstone and the essentially super volcano it is popping like a zit on the face of the Earth. The west would not be safe from missile attack either. Where do you guys suppose we keep all of OUR good stuff? Yeah, we have the Naval base, and D.C. above us here in Va, but a little study of nuclear impacts and fallout will put your mind at ease (if you live where I do anyway.) |
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Posted: 10/25/2010 11:43:25 AM EDT
[#36]
Quoted:
Quoted:
You should get yourself an airplane. That will change your idea of what you'd want as your BOL. You'd need enough foresight to fly away before they shut down the skies though. I would imagine the roads would be jammed up some time before they stopped people from flying. Then you can go somewhere like here: http://juxtapilot.flyblog.com/files/2008/04/landing_9054n_at_big_ck_id.jpg What is a cheap way to get into flying? I don't have the cash to just go buy a $40,000 plane for fun. Russian AN-2 Colts can be had for as low as $20,000 in air-worthy condition. They cost about $350-$550 per flying hour to maintain. They are hardy planes and were made to fly in cold conditions like Siberia. They have a large interior and can seat up to 14 combat loaded troops. They are using in a lot of places for skydiving as they were used for insertion of small Spec-Ops groups. 
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Posted: 10/25/2010 11:49:36 AM EDT
[#37]
Here we go. Serious thing to consider:
http://www.rand.org/pubs/technical_reports/2006/RAND_TR391.pdf |
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Posted: 10/25/2010 11:52:11 AM EDT
[#38]
Quoted:
Quoted:
Quoted:
You should get yourself an airplane. That will change your idea of what you'd want as your BOL. You'd need enough foresight to fly away before they shut down the skies though. I would imagine the roads would be jammed up some time before they stopped people from flying. Then you can go somewhere like here: http://juxtapilot.flyblog.com/files/2008/04/landing_9054n_at_big_ck_id.jpg What is a cheap way to get into flying? I don't have the cash to just go buy a $40,000 plane for fun. Russian AN-2 Colts can be had for as low as $20,000 in air-worthy condition. They cost about $350-$550 per flying hour to maintain. They are hardy planes and were made to fly in cold conditions like Siberia. They have a large interior and can seat up to 14 combat loaded troops. They are using in a lot of places for skydiving as they were used for insertion of small Spec-Ops groups. http://upload.wikimedia.org/wikipedia/commons/a/a2/3-1cc-area-51.JPG An2s are cool, but I'd double the purchase price and say that $550 is a minimum for DOCs if hanger, insurance and engine reserve is factored in. You're also going to need to fly 3-5 hours per month for the most basic currency, because a An2 is not a Cessna 150. The cockpit is completely counterinituitive, and likely in Cyrillic to boot. There is a reason why the Russians flew them with two pilots or a pilot and engineer. All things considered a Cessna 172 with a STOL kit is the better Bug Out Plane. |
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Posted: 10/25/2010 12:00:22 PM EDT
[#39]
anything east of the Missisippi river is fucked.
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Posted: 10/25/2010 12:04:13 PM EDT
[#40]
What makes you think Obama will LET you earn that much money?
Your likely to pay even more taxes later then you can imigine now. I read somewhere the way we're going people in thier 20's now will be paying over 80% taxes when they reach thier late 40's early 50's... I can only hope that is wrong and will never happen. But hey thanks from an old guy, someone needs to pay my SSI, God knows the ploiticians pissed it all away. |
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Posted: 10/25/2010 12:07:17 PM EDT
[#41]
Quoted: VA (or anywhere East Coast) is NOT a BOL...  |
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Posted: 10/25/2010 12:08:42 PM EDT
[#42]
Quoted:
anything east of the Missisippi river is fucked. Yeah because the citizens of Houston fared well when Katrina wrecked NO.
How about them WATTS riots? Mt Saint Hellens anyone? There are good & bad points to any location. Personally I'd rather have farmable land, in a relatively comfortable climate with plenty of water. |
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Posted: 10/25/2010 12:09:15 PM EDT
[#43]
Quoted: anything east of the Missisippi river is fucked. Says the man who lives on the NE end of the Ring of Fire. |
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Posted: 10/25/2010 12:13:59 PM EDT
[#44]
Quoted:
When SHTF, were will the millions on the eastern seaboard go seeking refuge?
You're welcome. Honestly, I'd count on them never making it out of the cities NYC= 6 million liberals crammed into a tiny space.... |
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Posted: 10/25/2010 12:51:16 PM EDT
[#45]
Thumbs up for thinking about bug outs. Hey truth be told folks, a lot of washington dc bigwigs have bugout locations in the mountains of virginia. West texas is a good idea for out of the way places. They problem is you need a deep well the access the acquiver. East or west oklahoma would be another option. Land there is still pretty cheap.
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Posted: 10/25/2010 12:54:23 PM EDT
[#46]
You do know that the entire east coast will be gone should the SHTF right?
Before you protest the west coast will be gone as well. Stay in the middle. |
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Posted: 10/25/2010 1:16:32 PM EDT
[#47]
Quoted:
Thumbs up for thinking about bug outs. Hey truth be told folks, a lot of washington dc bigwigs have bugout locations in the mountains of virginia. West texas is a good idea for out of the way places. They problem is you need a deep well the access the acquiver. East or west oklahoma would be another option. Land there is still pretty cheap. And for someone living in VA, TX is over a days drive. |
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Posted: 10/25/2010 1:22:44 PM EDT
[#48]
Quoted:
Quoted:
Quoted:
VA (or anywhere East Coast) is NOT a BOL... The idiocy of the first post is astounding. Millions upon millions of acres of National Forests surrounded by sparsly populated private land and farms oft times requiring 4 wheel drive or even feet to access them are not good for a BOL? Maybe you guys should spend some time lurking in the Survival Forum before you offer any more expert opinions. what irony. 
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Posted: 10/25/2010 1:24:39 PM EDT
[#49]
Quoted:
I'm going to graduate from college in May with no debt. My car is paid off, I rent my house from myself, and I make close to 40k a year plus benefits. In 2 years I'll make half again as much, and within the next 10 years I'll be making double that amount plus some. That said I'm getting killed on my taxes with having no mortgage and it is only going to get worse as my salary goes up. The responsible thing to do is for me to buy 50 to 100 acres in the valley region of VA and start building my BOL. I've got some property that I'm looking at now that is 89 acres of undeveloped fields and woodlands with a creek that runs through it for under $210k. Planning on putting 15000+ down on whatever property I buy and taking out a 30 year mortgage.
First thing on the list of upgrades is a well, small hunting cabin, and pole barn. The property I'm looking at now is a good candidate for subleasing acreage to the neighbor who raises cattle. I'd use anything made from subleasing to pay the property tax and add money to a development account for upgrades to the property. I'd like to see what others are doing on their bug out locations, and what kinds of features they have. I saw the pole barn thread and that has given me some great ideas What is it that you do for a living? Just curious. |
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Posted: 10/25/2010 1:38:44 PM EDT
[#50]
Mortgage interest on property is not tax deductable. Only taxes on primary and vacation homes is deductable. If there is no house on the property it is not deductable.
You will also have to pay property taxes. DON'T GO INTO DEBT TO PAY LESS TAXES. |
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