I travel for work often. An RV is a common means of living for people in my industry as it saves money in the long run vs hotel stays, apartments etc.
I currently rent an apartment with my wife in TX, but will be moving in June. On paper we will be moving to my parents home also in TX. Currently working in AL, and will be until Q3 of 2020.
The plan would be to buy the RV and tow vehicle and rent a lot at an RV park close to any particular job site. Then once able buy a small lot in CO to serve as "home base" between contracts. Maybe in the future buy lots in other states as to not need to move as much.
My question is how would one go about doing this? How would the property taxes work with land in a state I'm not a resident of? What kind of hurdles would one expect to come to, etc?
Some data:
Annual Salary $98k
Rent (TX) $800/m utilities inc.
Lot rent (AL) $450/m utilities inc.
Cost of RV $30k
Cost of tow vehicle ~$35k
Cost of land in CO $6k
Cost of land in AL $9k
Development cost (utilities, clearing, paving etc.) ~$10k-30k
Future auto payment $750/m
Future RV payment $200/m
No debt
TL;DR
I want to own and develop land in states othen than my home state but don't know the financial/tax implications of doing so.
Any advice is greatly appreciated, thank you.
Submitted March 09, 2019 at 05:18AM by rpmrecords https://ift.tt/2UquIDq
