Buying a farm

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Jeanne - Simme Valley
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Re: Buying a farm

Post by Jeanne - Simme Valley » Sun Jun 02, 2019 5:11 am

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


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Re: Buying a farm

Post by Cross-7 » Sun Jun 02, 2019 6:01 am

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.

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Re: Buying a farm

Post by Cress27 » Sun Jun 02, 2019 9:04 am

Jeanne - Simme Valley wrote:
Sun Jun 02, 2019 5:11 am
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

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Re: Buying a farm

Post by farmerjan » Sun Jun 02, 2019 10:34 am

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.

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Re: Buying a farm

Post by Cress27 » Sun Jun 02, 2019 11:44 am

farmerjan wrote:
Sun Jun 02, 2019 10:34 am
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”

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Re: Buying a farm

Post by Jeanne - Simme Valley » Sun Jun 02, 2019 2:25 pm

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?
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Re: Buying a farm

Post by Cress27 » Sun Jun 02, 2019 2:35 pm

Jeanne - Simme Valley wrote:
Sun Jun 02, 2019 2:25 pm
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

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Re: Buying a farm

Post by snoopdog » Sun Jun 02, 2019 7:10 pm

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.
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Re: Buying a farm

Post by shaz » Mon Jun 03, 2019 5:00 pm

Cress27 wrote:
Sun Jun 02, 2019 11:44 am
farmerjan wrote:
Sun Jun 02, 2019 10:34 am
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.
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Re: Buying a farm

Post by Dueyb » Mon Jun 03, 2019 9:01 pm

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.

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