Posted by paul on November 30, 2022 at 11:50:51 from (66.60.196.195):
In Reply to: Re: Land Value posted by jhwis on November 30, 2022 at 10:45:48:
Back in the 80s the land across the road from me was foreclosed, banker eventually offered it to dad for about $1000. It didnt pencil out at that, we were losing money on every bu we grew.....
Someone bought if for under $900 I believe.
Now its worth $10,000 I suppose.
Dang.
Well, farming is always cycles. Decade long cycles.
Best to buy low and sell high.
But as long as you dont get caught selling low and buying high, you will probably be able to do ok.
If you have a bunch of cash to throw at $12,000 land, it works here pretty good at todays prices, even a little lower.
If you need to borrow more than 50%, then it looks like a terrible losing deal..... pledge all your assets into the loan collateral and you are really trying to climb a steep mountain!
I bought a few acres for $7-8,000 an acre in the last decade. Put $850 an acre of tile into it the first year.
It has been a good thing, money maker; but I hit the right timing on crop prices. If prices had dropped to a bit below average then Id be working hard to stay even!
Long term cycles, need to average what you are doing, good years and bad years..l.
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