Posted by Smalltowner on October 27, 2014 at 07:38:27 from (32.179.111.124):
In Reply to: How to expand?? posted by dmiller on October 26, 2014 at 20:03:12:
I've been in the blacklands of Texas all my life and have observed that the big farmers who actually farm and make a real good living all either inherited the land from family, or, purchased the land with inherited money, or, purchased the land with big money made in business ventures. The latter two we call "gentlemen farmers" as opposed to the real professional farmers who run inherited family farms on which they grew up etc. A few of the more energetic small acreage operators have done well via mortgaging the property to buy equipment to do custom ag service work. 16 hour days, etc., but they love it. They then rent as much land as possible and make a little on it too. Good farm land is just too expensive to purchase and then try to farm and make a decent profit after land payments. A better plan in my area is renting pasture/grazing land and investing in cattle. My father built up a herd over 20 years this way while holding a full time job in town. He retired from the job at 62 and enjoyed his ranching until 75. When he passed on in '94, he left my mother in real good financial shape.
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