Rich, I think I saw that piece of ground, was it right on the Raccoon river?
What we did in 2007 when we moved back to Iowa was go to the USDA/FSA office. The FSA office loaned us 106K and US Bank-through the Beginning Farmer program loaned us 106K. The FSA loan guaranteed the loan from US Bank, they were both 20 year ARMs.
My wife has a good job and we didn't need the income from the farm to make it cash flow, but the farm couldn't operate at a loss or we would be sunk.
The FSA wants you to show that you know what you're doing, you need records on past, profitable, production no matter how small of acreage you've been running.
I am not going to buy anymore tillable ground until this bubble pops, which it will no matter what the BTO's say. I think you and I are only going to be able to afford marginal land even after the bubble, for the foreseeable future.
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