Posted by Fixerupper on August 19, 2010 at 18:34:26 from (207.199.205.40):
In Reply to: Re: land auction posted by jeremy in NE on August 19, 2010 at 18:17:15:
There's must be some off-farm money buying that land. If the buyer is a common farmer who has to borrow the money he's going to need maybe 60% down, possibly more, which is 994,000. That leaves about 663,000 in principal or 102.00 per acre per year principal on a thirty year note. I don't know how much the interest would add to that. The 102.00 plus interest per acre wouldn't be too hard to swing, but what common farmer has a cool mil for the down payment? Jim
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