Buying a farm

[Dave]

Nearly 50 years ago when I was in college people were saying it couldn't be done. The ones who listened to that advise are still living in town. Those who ignored that advise all seem to have ranches now. Was it easy? No. Did they quit the day job? Yes, but not for 10 years or more.

 

[cow pollinater]

Another thing to consider... Are you married? I was at your age and started my ranch in opposition to constant complaints and then wound up losing just about all of it fifteen years later in divorce.
If you're single, jump! get your name on it before someone else does.

 

[snoopdog]

I'll also say this. Me and my dad didn't get along when I was your age, I lost him 6 short years later. He ran a mechanic shop, I left for the service and he had to pay someone to do what I did, and wasn't happy. When I got out he hired me back at a decent wage, but our working styles were different, and we just couldn"t get along. How I wish now I would've made an extra effort on my part. Treasure your folks, even if you don't see eye to eye.

 

[Cress27]

I'll also say this. Me and my dad didn't get along when I was your age, I lost him 6 short years later. He ran a mechanic shop, I left for the service and he had to pay someone to do what I did, and wasn't happy. When I got out he hired me back at a decent wage, but our working styles were different, and we just couldn"t get along. How I wish now I would've made an extra effort on my part. Treasure your folks, even if you don't see eye to eye.

I love farming with my dad wouldn't trade it for the world helped him mow about 30 acres of hay today. I really want the farm. And got my dads opinion on buying the farm today he detoured from buying. I don't wanna leave the family farm but then again there is not enough room for me and him both to do what we want he farms for a living and has no other income.

 

[kenny thomas]

When I was your age $500 an acre land was beyond my reach it seemed. I never took any chances. I could have had a lot more land payed for if I had taken a chance.
Go for it if you feel you can make it work.

 

[Jeanne - Simme Valley]

How far away from your home farm to this new one?

 

[Cross-7]

2 acres per cow at 2000 an acre.
That's buying in for 4000 a cow.
I don't see how you could go wrong.
Most places here are around 10k per cow to buy in.

 

[Cress27]

How far away from your home farm to this new one?

It's about 10 miles from where I live. And about 3 miles from where I work

 

[farmerjan]

I don't see alot of down side to buying this farm. Close to work, close enough to the family without being "right on top of them". If it isn't what you want you can always sell it down the road. I don't know the area, but land prices here are certainly not getting much cheaper.
If there is not enough room on your dad's farm for both of you in the future, then there is no way for you to farm there unless and until you lose him. Hopefully that is not for MANY years down the road. So it sounds to me that the only way you will be able to farm is to do it on your own. One thing that maybe caused your dad to not endorse the deal is that he sees you going out on your own, doing things different and making your own decisions and his losing "the final say so". so to speak. Not that he is a bad person, but many parents have trouble letting go. He sees this as you being independent of him and he may be afraid of losing his "help" also.
I don't see any big negatives if you want to farm, unless you are going to over extend yourself financially. You can work more and harder while you are this young and be able to enjoy it more a few years down the road.
You never did say if you were married? If so, does your wife have an opinion? If not, now is the time to do it before a family makes it more complicated.

 

[Cress27]

I don't see alot of down side to buying this farm. Close to work, close enough to the family without being "right on top of them". If it isn't what you want you can always sell it down the road. I don't know the area, but land prices here are certainly not getting much cheaper.
If there is not enough room on your dad's farm for both of you in the future, then there is no way for you to farm there unless and until you lose him. Hopefully that is not for MANY years down the road. So it sounds to me that the only way you will be able to farm is to do it on your own. One thing that maybe caused your dad to not endorse the deal is that he sees you going out on your own, doing things different and making your own decisions and his losing "the final say so". so to speak. Not that he is a bad person, but many parents have trouble letting go. He sees this as you being independent of him and he may be afraid of losing his "help" also.
I don't see any big negatives if you want to farm, unless you are going to over extend yourself financially. You can work more and harder while you are this young and be able to enjoy it more a few years down the road.
You never did say if you were married? If so, does your wife have an opinion? If not, now is the time to do it before a family makes it more complicated.

No I'm not married but might as well be lol but it's not official. Me and her just bought a house not a few miles from my dads farm. It's in a small subdivision but it was close tothe family farm. And it was a good deal but. Her opinion on buying a farm is "do what ever you want but I don't think it's a good idea"

 

[Jeanne - Simme Valley]

Ooops. There's the snag that can derail these plans. "IF", she's "the one", and is not 100% on board with the farm, you have an uphill battle. "IF", she was on board, I would sell house & move onto the farm land. Why have two mortgages?

 

[Cress27]

Ooops. There's the snag that can derail these plans. "IF", she's "the one", and is not 100% on board with the farm, you have an uphill battle. "IF", she was on board, I would sell house & move onto the farm land. Why have two mortgages?

The farm don't have a house on it that's the only bad thing about it. And she's supportive of the farm she just don't wanna be in a bind trying to make ends meet

 

[snoopdog]

Yeah, you're gonna have to make a decision, trying to keep a house in a sub, and buying the farm is probably not where you want to be.

 

[shaz]

I don't see alot of down side to buying this farm. Close to work, close enough to the family without being "right on top of them". If it isn't what you want you can always sell it down the road. I don't know the area, but land prices here are certainly not getting much cheaper.
If there is not enough room on your dad's farm for both of you in the future, then there is no way for you to farm there unless and until you lose him. Hopefully that is not for MANY years down the road. So it sounds to me that the only way you will be able to farm is to do it on your own. One thing that maybe caused your dad to not endorse the deal is that he sees you going out on your own, doing things different and making your own decisions and his losing "the final say so". so to speak. Not that he is a bad person, but many parents have trouble letting go. He sees this as you being independent of him and he may be afraid of losing his "help" also.
I don't see any big negatives if you want to farm, unless you are going to over extend yourself financially. You can work more and harder while you are this young and be able to enjoy it more a few years down the road.
You never did say if you were married? If so, does your wife have an opinion? If not, now is the time to do it before a family makes it more complicated.

No I'm not married but might as well be lol but it's not official. Me and her just bought a house not a few miles from my dads farm. It's in a small subdivision but it was close tothe family farm. And it was a good deal but. Her opinion on buying a farm is "do what ever you want but I don't think it's a good idea"

I married a city girl after the farm was up, running and profitable. Your not going to see anything but extra work and time and likely having to subsidize the farm for a while. You'll be working 80hr/week and have no extra income I'm afraid.

My wife is ONLY on board with the farm because it's paid for a lot of crap SHE wants. She's making enchiladas tonight so I can't complain.

 

[Dueyb]

Similar to your situation starting young, I had to decide if I wanted land or cows first. I chose land. If you can afford it and you want it, buy it. Keep your job. Most people are not willing to do what it takes to buy a farm these days. They say it's too expensive and then just complain. Land may be too expensive I agree, but it has always been too expensive and it always will be. Take in someone else's cows on a per day basis. Rotate your pasture with cross fence or electric wire and get a spot sprayer. You get fairly low risk cash flow, flexibility, no/limited hay costs, and can focus more time on fixing up the place. Just rotating and spraying for a few years can really make a place shine. Rent, borrow or hire any other equipment. Lease out the hunting rights, cut some timber, whatever it takes to pay the bills till next year. Believe me there are days I wish I'd just bought a fishing boat, but I know very few people that ever regret buying a farm as long as you enjoy it and don't get in a position where you HAVE to sell.

 

[uhwcuw]

we got a farm 6 yaers later we sold becuase of the amount of debt.

 

[Brute 23]

Ooops. There's the snag that can derail these plans. "IF", she's "the one", and is not 100% on board with the farm, you have an uphill battle. "IF", she was on board, I would sell house & move onto the farm land. Why have two mortgages?

The farm don't have a house on it that's the only bad thing about it. And she's supportive of the farm she just don't wanna be in a bind trying to make ends meet

Got an update on the purchase?

 

[greggy]

we got a farm 6 yaers later we sold becuase of the amount of debt.

What debt.

Extra debt from extra running costs.

or

Just the debt was always going to be there and cows cant pay for it ?

You cant make money here with a farm using cattle unless your very big.