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Buying a farm
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<blockquote data-quote="Brute 23" data-source="post: 1619472" data-attributes="member: 6291"><p>There is only one way I would do this deal.</p><p></p><p>1) you and your wife are completely debt free</p><p></p><p>2) both off yall are currectly maxing out your retirement funds (401ks, IRS, etc) and will continue to so after the purchase.</p><p></p><p>3) yall have at least 1 year worth of cash in savings that will not be used for this deal in any way shape or form as back up.</p><p></p><p>4) yall have a proper partnership agreement with who ever involved that addresses the "three Ds". It also needs to include insuance on the partners. </p><p></p><p>OR only yalls name is in the deed.</p><p></p><p>Some great advice was given about getting a 30 yr note and you can always pay it off faster, no more than 25% of income, borrowing equipment, etc.</p><p></p><p>I will add, dont let this property dictate your whole life. It can be a blessing or a curse. Dont skip on thing like retirement for it or let it become a financial burden. Property can be bought and sold and bought and sold at any time. </p><p></p><p>Finiacially what you do from age 20-30 years old can dictate your whole financial future. There is no replacing time.</p></blockquote><p></p>
[QUOTE="Brute 23, post: 1619472, member: 6291"] There is only one way I would do this deal. 1) you and your wife are completely debt free 2) both off yall are currectly maxing out your retirement funds (401ks, IRS, etc) and will continue to so after the purchase. 3) yall have at least 1 year worth of cash in savings that will not be used for this deal in any way shape or form as back up. 4) yall have a proper partnership agreement with who ever involved that addresses the "three Ds". It also needs to include insuance on the partners. OR only yalls name is in the deed. Some great advice was given about getting a 30 yr note and you can always pay it off faster, no more than 25% of income, borrowing equipment, etc. I will add, dont let this property dictate your whole life. It can be a blessing or a curse. Dont skip on thing like retirement for it or let it become a financial burden. Property can be bought and sold and bought and sold at any time. Finiacially what you do from age 20-30 years old can dictate your whole financial future. There is no replacing time. [/QUOTE]
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