Refuge

Scott · 08-21-2008, 12:07 AM

I'm thinking of Buying a "fixer-upper" in Wyoming for about $60,000.

10-15% down...$6,000-$9,000 from my 501(k), feds will take $600-900 plus tax the income.

However, I'll save about $5,000/year in income taxes by being a Wyoming resident, since Wyoming doesn't have income tax.

In a couple of years I'll have saved enough in income taxes to pay for the down payment.

Is this a "no brainer?"

What's the downside?

TKDLady · 08-21-2008, 12:10 AM

Are you going to do the fixing up or are you going to contract it out? I think if you can do it you should do the majority of the fixing up. It would be a great stress reliever. I say go for it. Wish I lived in that area again. I miss the Black Hills.

Scott · 08-21-2008, 12:17 AM

Quote:

Originally Posted by TKDLady

Are you going to do the fixing up or are you going to contract it out? I think if you can do it you should do the majority of the fixing up. It would be a great stress reliever. I say go for it. Wish I lived in that area again. I miss the Black Hills.

Yes, a sort of Long term Hobby of Love is how I see it.

I'd have to contract out some things (ELECTRICAL WORK), but I'd do most of the heavy lifting, depending on the place like this:

I travel to Newcastle every other week. This would represent a small increase in time away from home

TKDLady · 08-21-2008, 12:21 AM

I think you should do it if it makes you happy. I am going to Rapid City in January and I can't wait. I have been through Newcastle a few times when I was in college. I think Wyoming is very pretty country too. Good luck with it all.

Duke · 08-21-2008, 03:43 AM

Sorry for my ignorance Scott but I must have missed something.

The title of this topic is Refuge which makes me wonder, is this a place for you only? My apologies if I'm way off base, I just don't understand the content given the title.

Scott · 08-21-2008, 07:57 AM

Quote:

Originally Posted by Duke

Sorry for my ignorance Scott but I must have missed something.

The title of this topic is Refuge which makes me wonder, is this a place for you only? My apologies if I'm way off base, I just don't understand the content given the title.

It would be a second home, but my primary residence for tax purposes.

IE, a tax shelter, a "refuge."

F&L · 08-21-2008, 09:37 AM

Quote:

Originally Posted by Scott

I'm thinking of Buying a "fixer-upper" in Wyoming for about $60,000.

10-15% down...$6,000-$9,000 from my 501(k), feds will take $600-900 plus tax the income.

However, I'll save about $5,000/year in income taxes by being a Wyoming resident, since Wyoming doesn't have income tax.

In a couple of years I'll have saved enough in income taxes to pay for the down payment.

Is this a "no brainer?"

What's the downside?

It's a good plan. I'd try to find one that's in fairly decent shape(No foundation problems, structurally sound and preferably with a good roof). Asthetics like carpet and paint are minimal cost. Bathroom and kitchen renovations can be costly, but they are about the only improvements that add to resale value.

Scott · 08-21-2008, 10:02 AM

Quote:

Originally Posted by F&L

Quote:

Originally Posted by Scott

I'm thinking of Buying a "fixer-upper" in Wyoming for about $60,000.

10-15% down...$6,000-$9,000 from my 501(k), feds will take $600-900 plus tax the income.

However, I'll save about $5,000/year in income taxes by being a Wyoming resident, since Wyoming doesn't have income tax.

In a couple of years I'll have saved enough in income taxes to pay for the down payment.

Is this a "no brainer?"

What's the downside?

It's a good plan. I'd try to find one that's in fairly decent shape(No foundation problems, structurally sound and preferably with a good roof). Asthetics like carpet and paint are minimal cost. Bathroom and kitchen renovations can be costly, but they are about the only improvements that add to resale value.

Did you look at the place linked in my post#3?

I've just driven by it.....looks like a couple of trees in the front need to be taken down before they fall down and create some serious problems....I'm not THRILLED with the location, but the neighbors seem to be good (no cars on cinder-blocks), and its not next to RR tracks.

boedicca · 08-21-2008, 10:52 AM

It's only a good deal if they include the llama in the purchase price.

Scott · 08-21-2008, 10:58 AM

Quote:

Originally Posted by boedicca

It's only a good deal if they include the llama in the purchase price.

Standard Equipment: Every home in Wyoming has an Attack Llama used to protect The State from Maurading DNC candidates.

boedicca · 08-21-2008, 11:21 AM

What an excellent idea. After all, look what happened to Tubbs after she endorsed Obama.

Scott · 08-21-2008, 11:26 AM

Well, looks like I must live in Wyoming for One year (defined as 186 days) in a Domicile before I can claim residency.

Currently I spend about 104 days/year.

So I only need 82 more days.

boedicca · 08-21-2008, 11:28 AM

Hope you really like The Llama.

Scott · 08-21-2008, 11:33 AM

Quote:

Originally Posted by boedicca

Hope you really like The Llama.

Everything's Relative.........