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Tractor Talk Discussion Forum

Re: crash course on land buying (long post)

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12-12-2012 07:20:32

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The cold hard reality is that nobody is going to loan you a million dollars without:

A.) A proven track record, not just a high credit score, but some kind of history of making the kind of money necessary to pay off such a loan.

B.) a solid business plan which reasonably proves you'll be able to repay the money

C.) A sizeable investment (downpayment) of your own to prove you have "skin in the game".

There's no shortage of people wanting to borrow money from banks. They can have people lined out the door if they want to lower their standards.

They HAVE to be selective, (aside from when the government thought everybody should get a loan and stuck their hands into the mix, creating the mess we've seen over the past 10 years.... but that was an anomaly.

Lenders can't afford to be nice. They can't afford to have "vision".

Vision is risk.

If they want to put their money at risk, they'd be much better off putting it in more secure corporate investment vehicles than investing in strangers off the street who want to try something new.

Banks don't want to hear "I'm going to rent half of my land to help pay you back"

They want to hear "I'm going to rent half of it, but when I can't find tennants I still have X income to continue making payments".

So - with all that said - you have to turn yourself into somebody the banks seek out.

You want to be a good investment.

Establish a solid track record of good income. Establish flawless credit.
Increase your experience so you can write a real business plan and prove how you're going to generate money.
Save save and save some more for an impressive downpayment.

Look at it this way - if you were to get the money, and then ran into trouble repaying it - you'd essentially )#($* yourself in a way that's going to make it veeerrrry difficult to get a second shot ever again. So don't be over anxious to move on it.

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