Posted by K Effective on September 02, 2019 at 17:08:50 from (99.184.108.123):
In Reply to: Buying Land-Advice? posted by tree-farmer on September 02, 2019 at 11:19:24:
We were taught in college that immediately adjacent land was typically worth 10% more to you than to others, due to road travel, etc. Former/current family ownership has sentimental value, and maybe a good working relationship with current owner, maybe the opposite.
Owning your 80 free and clear is good on the balance sheet, but if it puts your cash flow numbers close on expenses (ie:income off of only a small portion of the acreage) , it may not help. Without a previous mortgage and payment history, your credit rating might be zero, which requires a more sympathetic loan officer. We had good experience with Farm Credit Services for our purchase/construction loan.
My middle son, fresh off his Masters degree has a zero credit rating, with a bunch of cash in the bank, but mouth-breathing loan officers only worship at the altar of FICO. You need an expert.
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Today's Featured Article - Sunday Drives - by Cowboy. Summer was finally upon us here in Northern Maine. We have two types of industry up here, one being "Forestry" (Wood Products) and the other "Farming" (Potatoes). There is no shortage of farm tractors and equipment around here! I have been restoring old Farm Tractors for the past 6 years, and have found it easier and less expensive to hit all the auctions and purchase whole tractors for parts needed. My wife who works at a local school, and only has weekends and summers off, while on t
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