Wednesday, May 28, 2008

Thoughts on regifting......

Ok, so I want to know what you all think about this. I received an external hard drive that I have no use for, I already have one, but the problem is, I don't have any documentation to return it. I do however have a graduation gift that I need in a couple of weeks for a very good friend who I know would like it. He would have no idea where I got this from or that I am regifting it. Is it ok for me to give it to him? Let me know if this is tacky or ok, thanks! :)

Tuesday, May 20, 2008

Mineral farm land money

in yesterdays mail I received confirmation from the bank that the lease will be paid out to me by June 25th. I had to send in the endorsed bank draft, then they submit it for payment from the company leasing our land, who has 30 (banking) days to pay. So, I was excited to see that all the paperwork had been taken care of and that I should be receiving my $2250 by late June. Yeah! Just in time to make my 2nd $2100 payment to my parents. Oh well, at least I won't have to take the money out of my savings to make the payment to them. That will make it easier.

Has anyone else ever dealt with bank drafts like this before? The whole thing is new to me and I'm somewhat concerned about how they work.....

Friday, May 16, 2008

So, I think I have decided what to do about paying

back my parents. Thank you to all of you who weighed in on this, I appreciate your advice greatly!! I am going to pay them $2100 every 3 months through April 2010. That final payment will actually be $4779.05, but it's the best I could do to get it paid off exactly 3 years after I borrowed it. Although I liked the idea of leaving it in my savings and collecting the interest myself, I think the thrill I will get out of paying this down sooner to them will be so much more worth the interest I would be earning. It will be really nice to update my spreadsheet with a 10% reduction in debt every few months. Now, if I could just get them to remember to take the first check I wrote them to the bank. Sheesh! I wrote it 4 weeks ago! At this rate, they will have 2 checks to take in before they know it! Oh well, at least I know I have written it to them. Thanks again to all who left me comments, I really do appreciate it!

Enjoy the weekend!

Monday, May 12, 2008

Rethinking my payment plan...

to my parents. What do you all think of this? I was going to start paying them back $2100 every 3 months. They are expecting payment once a year of $2100 for the next 10 years. But due to the misunderstanding of the payment terms, I want to get this paid back to them ASAP. As in, by April 2010, I want this debt to them paid off. But I was thinking about it this weekend and since they aren't expecting another payment from me until next April, why don't I wait and make my next payment then? Now, I could make them a payment then of $10,000 and pay the balance the following April. OR, I could just pay the $2100 as expected and the following April (2010) pay the balance in full. The reason I started thinking about this was that if I left the money in my savings longer, rather than paying the $2100 every 3 months, I could take advantage of earning more interest on my money while it sits there. So, what would you do? Either way, I am going to have this paid off to them in April 2010, making the length of the loan 3 years instead of 11 (10 years of payments of $2100, 1 year after the loan was made.) Help! I really need some feedback on this one! What to do, what to do.....Thanks!

Wednesday, May 7, 2008

Well, we signed a lease on the mineral farm land

So, the meeting with my relatives and the lawyers yesterday was interesting, to say the least, but thankfully it was also productive. We came to a decision on the 3 offers and signed our leases today and sent them back to the company. Now, we wait, 30 days from now I will have a cashier's check for the initial land lease, yeah! From there, we wait until drilling begins, hope for the best and big royalty checks! :) I'm not getting my hopes up too much, I will feel very blessed with anything at all that we make off this land, and if all it amounts to is the initial land lease payment, I will be happy with that too.

Now, for the entertainment part of the meeting, as expected, several of my cousins had already signed the original lease offer we received about a month ago for a piddly amount and no option for royalties. Now at the meeting while seeing the other offers, they asked if they could switch lease options. Um no! They didn't seem to understand that they had signed a legal leasing document and there was nothing they could do about it. I'm sure they are kicking themselves about it now, but it was their own fault for jumping so quickly. That's not to say that if we had waited longer we might have gotten a better offer too, but maybe we wouldn't have either, so we made the best decision that we could with what we had. Hopefully it works out for us, but like I said, if I never get anymore than the original lease payment, I'm happy with that.

Monday, May 5, 2008

Let the bidding begin...

About a month ago, I received a message from my brother that a company in Montana wanted to lease our land in North Dakota to drill for oil. Well, since then, we have been approached by 2 other companies that also would like to lease our land. So, tomorrow my brother and I will join several of our cousins, and an aunt and uncle to discuss our options with an attorney and try to figure out what best to do. So far the best offer I have seen is for $500/acre and a 3/16th royalties. I have done some research about the land in North Dakota and am shocked to find out there is SO MUCH information online right now in regards to this. Apparently North Dakota is becoming a very popular place for this type of drilling, so we'll see what comes of it. Should be interesting. If nothing else, it will be amusing to watch some of my cousins foam at the mouth at the thought of this money. I'll let you know what I find out.