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Rookie needs advice with big decision
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<blockquote data-quote="Chief254" data-source="post: 1394573" data-attributes="member: 27066"><p>New to the forums and completely new to Cattle farming. I'll try and provide as much info as possible.</p><p></p><p>30 years old w/ wife (accountant) and 3 yr old daughter.</p><p>6 yr Air Force veteran. </p><p>Non farming related full time job. </p><p>Made $88k and $91k last 2 years.</p><p>My only debt is a house payment. No student loans, credit cards or auto loans.</p><p></p><p>My goal is to start a small cattle operation with hopes of it being profitable within 5-7 years. I have found 38 acres for sale on a farm that neighbors a good friend of mine. Asking price on the 38 acres will be $80k. The property is currently half pasture and half timber. My average quote for Timber harvest is around $21k. This $21k can be used in two ways. I can immediately pay it to the $80k loan. Or the second option is to use a portion to purchase the first 4 cow calf pairs. The remaining $13k can then be set in an account to make the monthly payment for the next 3-4 years. Est monthly payment is $360.</p><p></p><p>I can access close to $15k cash to make the initial cattle and equipment investment. My goal is to start with 5 cow calf pairs.</p><p></p><p>What do you guys think? Is there any way for me to be profitable within 5 years? What advice do you have for me? Is there another route that you believe to be better suited for my circumstances?</p><p></p><p>Thank you in advance.</p></blockquote><p></p>
[QUOTE="Chief254, post: 1394573, member: 27066"] New to the forums and completely new to Cattle farming. I'll try and provide as much info as possible. 30 years old w/ wife (accountant) and 3 yr old daughter. 6 yr Air Force veteran. Non farming related full time job. Made $88k and $91k last 2 years. My only debt is a house payment. No student loans, credit cards or auto loans. My goal is to start a small cattle operation with hopes of it being profitable within 5-7 years. I have found 38 acres for sale on a farm that neighbors a good friend of mine. Asking price on the 38 acres will be $80k. The property is currently half pasture and half timber. My average quote for Timber harvest is around $21k. This $21k can be used in two ways. I can immediately pay it to the $80k loan. Or the second option is to use a portion to purchase the first 4 cow calf pairs. The remaining $13k can then be set in an account to make the monthly payment for the next 3-4 years. Est monthly payment is $360. I can access close to $15k cash to make the initial cattle and equipment investment. My goal is to start with 5 cow calf pairs. What do you guys think? Is there any way for me to be profitable within 5 years? What advice do you have for me? Is there another route that you believe to be better suited for my circumstances? Thank you in advance. [/QUOTE]
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