Posted by Dave H (MI) on October 03, 2015 at 11:38:06 from (50.108.117.249):
In Reply to: Re: Buying a farm posted by Spook on October 02, 2015 at 16:46:17:
Yes, the dairy operation you mention is the one really big operation that I was referring to. Our daughters played basketball against each other so we have had frequent contact with them over the years. They have even taken hay from me in years when the horsey folk are in revolt and the market takes a dump...but to get back to your subject...
You and I are philosophically at opposite ends of the spectrum on this issue, which is good because if I adopted your perspective I never would have gotten up from in front of the TV. I feel that you are more likely to succeed if you do NOT require substantial assets. Obviously, if you come from a BTO family and you have access to those assets then you have the chance to succeed faster, but you may also go down in flames because you have no idea how to scratch the ground without a house sized tractor and you are likely heavily leveraged. I could write volumes on this topic and, believe me, the problems are legion, but... a smaller farmer on rented fields using older equipment has the potential to generate a strong return on investment (ROI). He will need a steady off farm income stream. He will need to be able to do most of his own maintenance and repairs. He will need to be willing to work really hard. He will need to be willing to ask questions of those who are in the know...no matter how it feels to ask.
We are lucky to have these forums to gain knowledge and have dialog like this. I appreciate the chance to express my opinions. I will concede one point. If you are planning on your small operation evolving into something more substantial, buying land and larger equipment for example, you need to really plan carefully or you will end up with a BTO's overhead that you cannot afford. I'm doing fine, but I am juggling a lot of balls. It is not for everybody.
I have to stop here or this will go on forever... :)
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