Thanks for the advice. I would not buy something if I was worried it could put me in a bad financial situation. Obviously I have no idea how much money I will actually have in 4 years, or what the housing market and interest rates will be. I was just trying to get some preliminary figures and ideas to keep in mi d for when I do start making money. I do also plan on saving a portion of my income for for savings and emergency funds.
As for only living once, that is true, and I would not mind traveling more. I spent around a month in Israel this summer, and loved it. I plan to make a return trip at some point in the next few years. I made a number of friends there and want to see them again. My family also owns a house in Mexico, which is an amazing place to visit. The problem with Mexico is a flight costs around $700-$800 last time I checked, which is rediculous considering it is only a 2 hour flight from Houston.
The reason I am interested in doing this is because I see it providing me long term enjoyment. If someone else wants to do something similar, I would be happy to save the work and risk and pay some dues. The thing is, I enjoy accomplishing things and then reserving the reward. In this case I don't mean financial reward.
Honestly the best way to do it may be as some sort of co-op. Yes, that would involve trusting other people for funds, but it may actually solve a number of other issues. This is all theoretical. Lets say 20 people got together and created a co-op. Since everyone using the range would be part owner, I assume there would be less issues with permits or taxes. I could be wrong, but since it's not public or for profit I assume you would have less hurtles to jump through. So then each person invests $10k to be part of the group along with $500 a year in maintanance fees. If someone wants out they can sell their portion to anyone that receives a 3/4 vote approval from the other owners. So that would allow for $200k for the initial land and construction, and $10k a year to keep it up. I have no idea if $200k is enough, or if a co-op circumvents any legal issues with building a range.
As for only living once, that is true, and I would not mind traveling more. I spent around a month in Israel this summer, and loved it. I plan to make a return trip at some point in the next few years. I made a number of friends there and want to see them again. My family also owns a house in Mexico, which is an amazing place to visit. The problem with Mexico is a flight costs around $700-$800 last time I checked, which is rediculous considering it is only a 2 hour flight from Houston.
The reason I am interested in doing this is because I see it providing me long term enjoyment. If someone else wants to do something similar, I would be happy to save the work and risk and pay some dues. The thing is, I enjoy accomplishing things and then reserving the reward. In this case I don't mean financial reward.
Honestly the best way to do it may be as some sort of co-op. Yes, that would involve trusting other people for funds, but it may actually solve a number of other issues. This is all theoretical. Lets say 20 people got together and created a co-op. Since everyone using the range would be part owner, I assume there would be less issues with permits or taxes. I could be wrong, but since it's not public or for profit I assume you would have less hurtles to jump through. So then each person invests $10k to be part of the group along with $500 a year in maintanance fees. If someone wants out they can sell their portion to anyone that receives a 3/4 vote approval from the other owners. So that would allow for $200k for the initial land and construction, and $10k a year to keep it up. I have no idea if $200k is enough, or if a co-op circumvents any legal issues with building a range.
