It can't be this difficult...what am I missing

[BTRANCH]

Don't know if this helps or not, but try Lone Star Ag Credit 877-234-0736.

First Ag Credit 800-687-5261

Capital Farm Credit (could not find a phone number).

The owner finance option is very good if you can find someone. Typically, the interest rate is lower and the terms could be more flexible. We just paid our five year note off that was owner financed.

 

[csutton]

If it was me, (I'm a young'n too) I would look at the big picture. I have learned that cattle and ranching does not happen overnight. First, I would try to locate jobs in the new town (if possible a current job transfer). Look for a rent house in new town. Then, after finding a job, and a place to live, I would sell the house in TX. Stay there for at least a year. While renting this house and working at the new job, find an area of the new countryside that yall like. I would then talk to realtors in the area and get preapproved through a land bank type commercial lender or the local bank in the new town. Then start shopping for the most economical solution. Main thing is, banks like to see stabilty. Especially on income.

This is just my 2 cents worth

 

[EAT BEEF]

We have our last farm in Ohio in contract right now and I'm looking for land all the time so we can do a 1031 ex.Opposite problem I guess but I don't want to give 25% to to uncle sam.Anyway if you want me to send you land listings and web sites just let me know.

I've seem some owner finace deals I'll try and find them if you would like.Theres some decent places in eastern ok.

If it was me, (I'm a young'n too) I would look at the big picture. I have learned that cattle and ranching does not happen overnight. First, I would try to locate jobs in the new town (if possible a current job transfer). Look for a rent house in new town. Then, after finding a job, and a place to live, I would sell the house in TX. Stay there for at least a year. While renting this house and working at the new job, find an area of the new countryside that yall like. I would then talk to realtors in the area and get preapproved through a land bank type commercial lender or the local bank in the new town. Then start shopping for the most economical solution. Main thing is, banks like to see stabilty. Especially on income.

This is just my 2 cents worth

the quote from csutton came up while I typeing this. This may be the best advice you have gotten yet

 

[texasgal0919]

If it was me, (I'm a young'n too) I would look at the big picture. I have learned that cattle and ranching does not happen overnight. First, I would try to locate jobs in the new town (if possible a current job transfer). Look for a rent house in new town. Then, after finding a job, and a place to live, I would sell the house in TX. Stay there for at least a year. While renting this house and working at the new job, find an area of the new countryside that yall like. I would then talk to realtors in the area and get preapproved through a land bank type commercial lender or the local bank in the new town. Then start shopping for the most economical solution. Main thing is, banks like to see stabilty. Especially on income.

This is just my 2 cents worth

This would be wonderful and we have thought about and tried this route. I know I sound awful, don't I? LOL The problem we have with renting things is that no one will rent to us because we own pitbull terriers. We have tried and tried to call people, get references saying how our dogs are not "people eaters" but people see it as a liability on their rental propert(which I totally understand). Renting is not even an option for us due to this. I wish it was because it sure would cut down on the stress level but it isn't. What can I say...Our dogs are our babies

 

[texasgal0919]

Don't know if this helps or not, but try Lone Star Ag Credit 877-234-0736.

First Ag Credit 800-687-5261

Capital Farm Credit (could not find a phone number).

The owner finance option is very good if you can find someone. Typically, the interest rate is lower and the terms could be more flexible. We just paid our five year note off that was owner financed.

Yes it definetly helps. I am going to try these numbers and hopefully get some good info. I guess I just need to be a little more persistent. It is not like we are taking out a loan on cattle or equiptment...just land. And I would think they know that if we did not pay our loan payments that there is no way we could "destroy" the property like you could a home. I would think the land would not lose it's value. It just seems so low risk to me..but I am not a bank so what do I know?lol :lol2:

 

[csutton]

Is there a time frame on when to move? If not then I would forgoe the renting and buy a small house in the new town. (one that can be sold relatively easy) Then stay there a year or so and then look to buy a piece of land. I would try to find one that can be had with a minumal down payment to keep as much cash saved for the land. Remember if you are able to sell the "new" house then any extra out of that can go towards your land purchase plus this also shows the bank that you can pay for a substaintial debt. There are ways to make it work sometimes you just have to get creative.

 

[EAT BEEF]

If you did want to rent a house I have a rent house on a quarter sec in south central ok it's a crappy house but liveable.If you guys would help build fence and clear brush(when you had time) I might not charge you any rent and let you run a few cows.

 

[texasgal0919]

Is there a time frame on when to move? If not then I would forgoe the renting and buy a small house in the new town. (one that can be sold relatively easy) Then stay there a year or so and then look to buy a piece of land. I would try to find one that can be had with a minumal down payment to keep as much cash saved for the land. Remember if you are able to sell the "new" house then any extra out of that can go towards your land purchase plus this also shows the bank that you can pay for a substaintial debt. There are ways to make it work sometimes you just have to get creative.

I did not think of this. That is a good idea. I know in small towns you can get a home for 20-30k. Not a nice home by any means but that kind of stuff does not matter to us at this point.

 

[Hippie Rancher]

Why don't you look for a job on a bigger ranch or try to find somebody that will trade a lot and hook up for labor on a working place part time. Find a creative way to get the experience you seem to need both in the bankers' eyes and probably in general.

Put that down payment in a secure investment and let it grow (not by much, I know) while you pursue your ranching/management education.

That would give you time in a new location to watch the market and find a place that was really suitable for you.

 

[Caustic Burno]

Something smells real fishy here. You have someone claiming to have a sizeable down payment to buy land or a farm and no bank wants to touch them. There is something else that has not come out. You walk in the bank here and want to buy a 100,000 dollar piece of property with 20% to 30% down and can show financial resposibilty to pay your note, your fixin to have a note. Financeing cows is another thing.

 

[Hippie Rancher]

Something smells real fishy here. You have someone claiming to have a sizeable down payment to buy land or a farm and no bank wants to touch them. There is something else that has not come out. You walk in the bank here and want to buy a 100,000 dollar piece of property with 20% to 30% down and can show financial resposibilty to pay your note, your fixin to have a note. Financeing cows is another thing.

Settlement, lottery, gift, or inheritance? I was wondering something like that too - hard to get ahead and have a big chunk when you are established, much less "young".

 

[dun]

Something smells real fishy here. You have someone claiming to have a sizeable down payment to buy land or a farm and no bank wants to touch them. There is something else that has not come out. You walk in the bank here and want to buy a 100,000 dollar piece of property with 20% to 30% down and can show financial resposibilty to pay your note, your fixin to have a note. Financeing cows is another thing.

Settlement, lottery, gift, or inheritance? I was wondering something like that too - hard to get ahead and have a big chunk when you are established, much less "young".

I think the buggaboo may be the changing locations and no gauranteed employment at the new location.

 

[texasgal0919]

Something smells real fishy here. You have someone claiming to have a sizeable down payment to buy land or a farm and no bank wants to touch them. There is something else that has not come out. You walk in the bank here and want to buy a 100,000 dollar piece of property with 20% to 30% down and can show financial resposibilty to pay your note, your fixin to have a note. Financeing cows is another thing.

ughh.. here we go. I don't want this thread to be locked please so I will not even go there

 

[texasgal0919]

Something smells real fishy here. You have someone claiming to have a sizeable down payment to buy land or a farm and no bank wants to touch them. There is something else that has not come out. You walk in the bank here and want to buy a 100,000 dollar piece of property with 20% to 30% down and can show financial resposibilty to pay your note, your fixin to have a note. Financeing cows is another thing.

Settlement, lottery, gift, or inheritance? I was wondering something like that too - hard to get ahead and have a big chunk when you are established, much less "young".

Inheritance..that's funny
No it is all money we have saved. None of it was handed to us. I guess things used to be different where the banks would loan to young people because they needed farmers and ranchers but nowadays it is very difficult.

 

[DavisBeefmasters]

Okey dokey, I'll give it a shot...

Banks are cracking down right now on loans on anything they can't resell quickly... thus, if you are looking at bare land it equals high risk to them for a fast sell, should they need to sell it. Now if that land had a house... that's a different story...

I would recommend you look at a piece of land with a house on it (whatever the condition) and you can trade up, remodel, or replace after you save up some more.

Just my thoughts on the subject.

 

[ETF]

This was discussed in an earlier post

http://cattletoday.com/forum/viewtopic.php?f=3&t=44947

but unfortunately the answers haven't changed. Farm Credit is your only option for a long-term fixed rate on raw or large tracts of land, unless you can luck into owner financing. And as other posters have said, credit is tightening up by the hour. Good luck.

 

[Red Bull Breeder]

Do you have a for sure area you want to relocate to. If you do you need to make a trip to the area and find out whats available there to you. Check with local banks in the area you want to relocate to and see if they have any farms that they are forclosing on, if they have they will probaly make you a deal. Most banks would rather have a big down payment in there hand than take a chance on a auction.

 

[KenB]

Do you have a for sure area you want to relocate to. If you do you need to make a trip to the area and find out whats available there to you. Check with local banks in the area you want to relocate to and see if they have any farms that they are forclosing on, if they have they will probaly make you a deal. Most banks would rather have a big down payment in there hand than take a chance on a auction.

Good advice,
The banker should know alot of people in the area as well, and may know of someone that is retiring, or just wants to sell.

 

[kerley]

I think Dunn hit the nail right on the head. New location, New or no job, possible risk.

 

[TexasBred]

Lenders don't mind you moving around or changing jobs but you better be able to prove to them that in doing so you are improving your position in the same field or a very similiar field and that you left you old job because of this "step up" the ladder. Someone just coming into town on a wing and a prayer won't have a chance regardless of past performance.