Re: Can it be done? Farm purchase

Posted by MarkB_MI on April 23, 2008 at 02:54:01 from (216.234.120.103):

In Reply to: Can it be done? Farm purchase posted by wanttofarm on April 22, 2008 at 21:39:10:

I suppose you might be able to pull it off, depending on your crop. 75 acres all planted to wacky tabacky should give you a decent cash flow.

Do the math: Assuming you finance 100 percent and get a loan at 6 percent annual interest, that's $45,000 per year just in interest. Tack on insurance, taxes, utilities and repairs and you're pushing 100 grand. Hmm, I may have to retract my first statement; I'm not so sure it will cash flow with cannibis.

Anyway, this is all a moot point because in the current climate it will be next to impossible to get a loan unless you have at least ten percent of the purchase price in cash and a job that pays well enough to make the mortgage payments without any farm income.

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