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Buying a farm
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<blockquote data-quote="farmerjan" data-source="post: 1581685" data-attributes="member: 25884"><p>If you want to farm, then this sounds like a good deal. No you won't be able to make the payments in full from the cows. If there is a problem with the "hay to feed the calves" that you keep on the other property, then utilize the hay from your property. I would definitely try to find someone to make the hay on shares and not put a fortune into equipment for at least the first year. If you are at all handy, start going to farm sales. Buy second hand, do a little work on it and get by as you improve the soil. You might find someone who can/will make the hay for a few years on shares. Here the landowner gets 1/3 the haymaker gets 2/3. Seems unbalanced but if you figure the money they have in the equipment it isn't so far out of line. It might even give you some to sell over and above what the calves eat at your grandpa's place.</p><p> </p><p>They aren't making anymore land. If this is an area you want to be, and you can get the loan, it might be tight for awhile, but you will have something to show for the sacrifice down the road. As has been suggested, you can grow your herd slowly, keeping heifers or even buy a few breds at a sale here and there. </p><p>My son and I started out that way. We rented land, pastures, whatever. Have lots of equipment, but it came slowly. Old Farmall H that I rake with on small parcels. Bought and financed a good bit of equipment from a friends estate sale when he died from cancer. Rent his farm from his widow and pay a very steep price for it but it is central to where we do most of our farming. He now has bought a 75+ acre farm and the 25 cows and calves we can run there, make the payments. Not the fertilizer or anything, but the basic mortgage payment. The house was bought separately, 2 years later, and it is rented and that makes the house payment for now. </p><p>We are working hard to get to where he wants to be at retirement. If he had the opportunity you have, and it was where he wanted to be, we would have it paid off by now and be having it alot easier. Here land is 5-10,000 an acre and it is hard to find. Sales are often in the 1 mil for a 150 acre farm if it has anything decent on it. Put a place to live, like a trailer for awhile, on it and sell your house in the subdv. Less travel time will make it easier to do work there, when you are off your "real job".</p></blockquote><p></p>
[QUOTE="farmerjan, post: 1581685, member: 25884"] If you want to farm, then this sounds like a good deal. No you won't be able to make the payments in full from the cows. If there is a problem with the "hay to feed the calves" that you keep on the other property, then utilize the hay from your property. I would definitely try to find someone to make the hay on shares and not put a fortune into equipment for at least the first year. If you are at all handy, start going to farm sales. Buy second hand, do a little work on it and get by as you improve the soil. You might find someone who can/will make the hay for a few years on shares. Here the landowner gets 1/3 the haymaker gets 2/3. Seems unbalanced but if you figure the money they have in the equipment it isn't so far out of line. It might even give you some to sell over and above what the calves eat at your grandpa's place. They aren't making anymore land. If this is an area you want to be, and you can get the loan, it might be tight for awhile, but you will have something to show for the sacrifice down the road. As has been suggested, you can grow your herd slowly, keeping heifers or even buy a few breds at a sale here and there. My son and I started out that way. We rented land, pastures, whatever. Have lots of equipment, but it came slowly. Old Farmall H that I rake with on small parcels. Bought and financed a good bit of equipment from a friends estate sale when he died from cancer. Rent his farm from his widow and pay a very steep price for it but it is central to where we do most of our farming. He now has bought a 75+ acre farm and the 25 cows and calves we can run there, make the payments. Not the fertilizer or anything, but the basic mortgage payment. The house was bought separately, 2 years later, and it is rented and that makes the house payment for now. We are working hard to get to where he wants to be at retirement. If he had the opportunity you have, and it was where he wanted to be, we would have it paid off by now and be having it alot easier. Here land is 5-10,000 an acre and it is hard to find. Sales are often in the 1 mil for a 150 acre farm if it has anything decent on it. Put a place to live, like a trailer for awhile, on it and sell your house in the subdv. Less travel time will make it easier to do work there, when you are off your "real job". [/QUOTE]
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