Re: Equipment Loans

Posted by kyhayman on December 01, 2006 at 05:18:55 from (64.12.116.74):

In Reply to: Equipment Loans posted by Youngfarmhand on November 30, 2006 at 18:23:20:

Tom in TN gives the best advice I have seen in years on starting out. Its the same path I followed. Borrow money for things that appreciate in value like land and buildings that generate income, dont borrow for things that depreciate in value.

I worked 8-10 hours after school every day on the farm, saved all I could. Everything I made, I invested in cows. Equipment I rented or leased except a trailer. When I finally had a little money put back I bought land. I had 60K saved up when I got my first farm back in 1987. I was in college. Only loan I could get was a demand note. Got 250K to buy the farm. I made the choice to live with my parents and rent the farm house out to generate cash flow.

I didnt start buying equipment until up in the 90's, and then I bought junk and paid principle on the loan on the land. My first tractor was a 560 long, and a POS. My first hay rake I bought in the scrap iron pile. It wasnt until 1999, 4 years after the farm was paid off that I started getting decent equipment. I was was 30 before I got married and well into my 30s before I had kids.

Replies:

• Re: Equipment Loans Allan In NE 05:28:28 12/01/06 (0)

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