Posted by GeneMO on August 09, 2012 at 12:09:42 from (71.1.115.9):
In Reply to: start in farming posted by nick girgen on August 08, 2012 at 23:56:02:
Plan on buying the land in a year or two.
Go to the USDA and apply for a first time farm owners loan. They will loan you 100% of the money. Other places you will probably need a big down payment. I think they will also give you an operating loan to buy machinery and livestock.
Dont try to save the money. You will never get it done by trying to save it. Land has been doubling in value every 7-10 years. By the time you save some money, inflation will have eat up all your savings.
Some folks think land may be peaking. But you will never be able to save enough to buy land. It will just keep going up enough to keep you out of the market.
You buy it, let the government float your loan and then pay for it. Plus the interest and farm payments are tax deductible.
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