Land search gets serious!!

[LeatherneckPA]

I've known for years that I was the executor for my parent's estate. I knew they wanted to split everything evenly, four ways amongst us boys. And I knew that they had plans to attempt to minimize the impact of long term care or taxes. But I didn't know what they were.

Last month Mom sent me a letter in Dad's handwriting. (He died in February.) Apparently they have sent $10,000 to each of us with the same letter, which tells us the money is ours to do with as we please although they hope we won't squander it. And there will be another $10,000 in January so it's in a separate calendar year.

Take that $20k, plus the $1500 month we are putting in savings, and come April we've got the makings of a pretty tidy down payment.

We are now going to begin a serious search for our 10-20 acres. Primary criteria will be: within 25 mile radius of downtown Williamsport
raw land
not on a State road
pond or running water would be nice
Got my eye on three pieces already. But we want to see them in as many seasons as possible before making a choice.

Hopefully, we can be living in a little cabin on the property weekends at least, by July 4th 2009.

[kldickinson1]

Keep on it!

My husband and I are saving for land ourselves. I'm going to use your post as inspiration to keep on track. I think we'll be about a year behind you in moving....Good luck!!!

[Cil]

While I know that people can give you up to $10,000 in a year and no one has to pay taxes on it, but if you are just getting it now and getting another 10 G's, I'd , because to me untrained eye, it looks like you're getting $20 G's in on year. Good luck in finding your land.

[MYellowRose]

Cil it looks to me like he got the first $10,000 in September of last year and the second is to come this month, January 2009, that's two separate years to my way of looking at it.

[LeatherneckPA]

You're correct Rose, it's two different calendar years, which is the way the IRS tracks it.

[Cil]

Okie dokie! I guess I read it wrong. No problemo! ;)

[CarolAnn]

LeatherneckPA,
What fun! Sounds like you've got a fantastic opportunity there. I did a bit of a Google-Earth / Google & it looks like a lovely, hilly area; my favorite kind of landscape!

Have you checked out S. Renovo? I found a 43 acre wooded piece there just now for right under 50K - maybe you could split it with someone?

[LeatherneckPA]

CarolAnn, I haven't really looked at Renovo because it's not even close to commutable for DW. Besides, every time I drive through Renovo I could swear I hear someone playing Dueling Banjos!! :o

I've got my heart set on this 8.5 acre piece 17 miles north of Williamsport. Checking things now like cost to run electricity in to the site, the depth of neighboring wells, and hopefully someone will even let me test their water quality.

I am getting SO excited, as this piece is perfect, except for the exorbitant price.