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Tractor Talk Discussion Forum

Re: crash course on land buying (long post)

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Paul

12-12-2012 07:17:37
66.44.133.112



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Lot of good advise, I'm mostly repeating I guess....

Talk to banks, find out that wont work, they have the govt house loan setups, can't work with farmland interest rates and equity is way way too high....

Talk to credit unions, find out they are friendlier, but won't cash flow for you. Better than a bank, but same basic problem...

Talk to Farm Credit Services find out they are the best deal as they are the ones tailored to ag land, but you will need 50% cash to make it approved. Everyone is scared of the current ag land bubble....

Talk to FSA, get into the beginning farmer program, that will lower interest quite a bit, but you have a world of paperwork to get done, on and on. You will not be allowed to cash rent the land you buy, you might be able to crop share it so you are making farm decisions, but they want to deal with farmers, not landlords, you will find many issues to comply with. Might as well get this checked out so you know where you stand....

Find some land to buy, have 50% cash to put down, and sign up the paperwork you did above.

This will be your process. Don't skip the banks and credit unions, but you'll end up with the last 2 most of the time.

It's hard to own farmland when you don't own any to begin with, no equity, the big farmers can easily get bigger with a 40 or 160 here and there and cost average all their land costs; you need to make that first purchase cash flow sometime soon so you just can't pay what they can..... It's very hard to break into the farmland game...... Did you notice you need 50% cash these days, that is a big hunk of cash on even a 40.....

Paul

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