Yesterday's Tractor Co. Trusted Parts Supplier since 1995
Click Here or call 800-853-2651 
   Allis Chalmers Case Farmall IH Ford 8N,9N,2N Ford
   Ferguson John Deere Massey Ferguson Minn. Moline Oliver
 
Marketplace
Tractor Manuals
Tractor Parts
Classified Ads
Photo Ads

Community
Discussion Forums
Project Journals
Tractor Town
Your Stories
Show & Pull Guide
Events Calendar
Hauling Schedule

Galleries
Tractor Photos
Implement Photos
Vintage Photos
Help Identify
Parts & Pieces
Stuck & Troubled
Vintage Ads
Community Album
Photo Ad Archives

Research & Info
Articles
Tractor Registry
Tip of the Day
Safety Cartoons
Tractor Values
Serial Numbers
Tune-Up Guide
Paint Codes
List Prices
Production Nbrs
Tune-Up Specs
Torque Values
3-Point Specs
Glossary

Miscellaneous
Tractor Games
Just For Kids
Virtual Show
Museum Guide
Memorial Page
Feedback Form

Yesterday's Tractors Facebook Page

Related Sites
Tractor Shed
TractorLinks.com
Ford 8N/9N Club
Today's Tractors
Garden Tractors
Classic Trucks
Kountry Life
Enter your email address to receive our newsletter!

subscribe
unsubscribe
  
Tractor Talk Discussion Forum

Re: crash course on land buying (long post)

[Show Entire Topic]  

Welcome Guest, Log in or Register
Author  [Modern View]
JD Seller

12-11-2012 21:30:37
208.126.196.144



Report to Moderator

Rich Iowa: You had better be what your handle is to buy land right out of college with little or no money. Any bank or even FHA or Farm Credit is going to want to see a track record of some type of farming/income history. It sounds like you have little to zero record.

Regular lending institutions are going to want cash or collateral of at least 20% of the appraised value. The purchase price means nothing much it is what it appraises that counts.

So house and 40 acres will start at $400,000 and up around here. So you are talking about $80-100K for down payment or collateral.

If you are just finishing college at age 28 what degree will you have??? Or did you go to the service first??? These are questions that make a difference. Are you going to have large school loans??? That could sink any thoughts of land purchase. Those will be counted on any balance sheet you have.

There are first time farm buyer loans but they have down payment requirements that are at least 10-15% down.

You will find very few if any owners willing to carry a land contract in todays land market. Most land around me is sold with in DAYS if it has any kind of reasonable price.

Also there are hardly any owners wanting to help some stranger to start farming. It is too dangerous for both parties. The kid may get zero when the owner dies or the owner gets beat out of a reasonable value on his farm. There is 28 acres that is half tillable sandy soil. 1960ish house that needs some repair with one pole barn that is out dated. They are asking $250,000. It has been for sale for three years. It appraises at $175,000.


You are going to have to start out, like most of us did, by renting and building experience/financial stability. I have helped my children buy land and homes. They all had good jobs that they had been at for several years and money for down payments. Even then they had to start small and work up.

[Log in to Reply]   [No Email]
Rich Iowa

12-12-2012 06:04:43
173.30.131.95



Report to Moderator
 Re: crash course on land buying (long post) in reply to JD Seller, 12-11-2012 21:30:37  
I should explain a few things that I didn't make too clear earlier. I returned to school four years ago and have been taking classes parttime while working fulltime. I have been working fulltime since I graduated from high school, and had parttime jobs before that. So I do have work history. I also have had loans such as vehicles and 4-wheelers, ALWAYS paid off early.

I have no problem starting off small and renting while gaining experience and financial assets.

[Log in to Reply]  [No Email]
[Show Entire Topic]     [Options]  [Printer Friendly]  [Posting Help]  [Return to Forum]   [Log in to Reply]

Hop to:

TRACTOR   PARTS TRACTOR   MANUALS
Same-Day Shipping! Most of our stocked parts ship the same day you order (M-F).  Expedited shipping available, just call!  Most prices for parts and manuals are below our competitors.  Compare our super low shipping rates!  We have the parts you need to repair your tractor.  We are a Company you can trust and have generous return policies!   Shop Online Today or call our friendly sales staff toll free (800) 853-2651. [ More Info ]

Home  |  Forums


Copyright © 1997-2014 Yesterday's Tractor Co.

All Rights Reserved. Reproduction of any part of this website, including design and content, without written permission is strictly prohibited. Trade Marks and Trade Names contained and used in this Website are those of others, and are used in this Website in a descriptive sense to refer to the products of others. Use of this Web site constitutes acceptance of our User Agreement and Privacy Policy

TRADEMARK DISCLAIMER: Tradenames and Trademarks referred to within Yesterday's Tractor Co. products and within the Yesterday's Tractor Co. websites are the property of their respective trademark holders. None of these trademark holders are affiliated with Yesterday's Tractor Co., our products, or our website nor are we sponsored by them. John Deere and its logos are the registered trademarks of the John Deere Corporation. Agco, Agco Allis, White, Massey Ferguson and their logos are the registered trademarks of AGCO Corporation. Case, Case-IH, Farmall, International Harvester, New Holland and their logos are registered trademarks of CNH Global N.V.

Yesterday's Tractors - Antique Tractor Headquarters