Posted by Lee in Iowa on October 31, 2007 at 22:30:04 from (66.172.198.105):
In Reply to: buying farmland.... posted by need your advice on October 31, 2007 at 19:46:32:
If corn drops back to $2/ bushel x 150 bushel will you still have $175 net income? In one of the posts the payment divided by the acres is $259 per acre. 150 bushel at $2 is only $300 income that only leaves $41 for crop inputs. Even at $3 corn you would only have $191 for crop input most of them figure $200 or better now. The only way might be the beginning farmer loan suggested in the other post, but his payments were $180 per acre borrowing $2150 instead of $3600 to $4000. I don't like to be negative, but if its not going to do you any good why buy it. You cannot count on land always going up, just look back at the 80's and look at what's already happening in other real estate. People bought houses with interest only loans thinking the market would continue to go up and now its not. I bought land in the 80's for 400 to 600 that would have brought 2000 or better in the 70's. I hope not, but that could happen again. My dad always said whenever there's a boom there's a bust sooner or later. Lee
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