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Tractor Talk Discussion Forum

Re: crash course on land buying (long post)

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MFPoor

12-12-2012 05:57:10
72.4.0.230



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Over the years, I've made more buying and reselling small farms than if I'd held them and farmed them. By doing so, I've had the opportunity to work with a number of "beginners" with minimal resources and big dreams. The one thing that separated the winners from the losers (in terms of who the banks were willing to work with) was the winners had a detailed business plan to show bankers they had some clue of how they would pay back the money they were trying to borrow. Just walking in and telling them you have a dream and a passion ordinarily won't cut it.

Talk with bankers. Talk with an attorney. Talk with real estate agents. And consider taking a few ag management courses (on up to a full blown degree. NOTHING trumps a good education) A GOOD real estate agent and/or a good banker will not want to waste their time working a deal that is hopeless from the get-go. They'll recognize the POTENTIAL for a sale if you have it, but they're gonna want to see you have a fighting chance before they spend hours and hours just to be turned down.

About 15 years ago, I bought a 90 acre tract just down the road from me. I had no intentions of keeping it. In 2009, a young man approached me about buying it. He had little more than you speak of, but he had a solid plan to make the property pay for itself. (along with some good credit history) He got accepted, bought the place, and is now farming quite a bit more ground. He's after me to sell him another tract I'm wanting to sell. (we just need to agree on a price) Point is, you CAN do what you want, you just have to prove to a sometimes skeptical banking world you know enough to make a dream become a reality.

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Rich Iowa

12-12-2012 06:10:25
173.30.131.95



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 Re: crash course on land buying (long post) in reply to MFPoor, 12-12-2012 05:57:10  
Thank you for the help. I am still working on a business plan. Have a very good idea on what I plan to do, just haven't gotten it all down on paper yet.



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