You have a lot of thinking, figuring and accounting to do before you even consider making this decision. 150 acres isn't a "Big" farm these days and the only plus is that it is debt free. If you plan to grow cash crops such as beans, wheat and corn the profit margin isn't huge on a per acre basis. You need a history of how the land produces, what it needs traditionally for nutrients a desire and ability to adapt to and adopt modern farming practices vs farming like it is 1970 or even 1980. Throwing cash at new toys and such isn't always feasible and wise and neither is using old worn out equipment that may be undersized for the job at hand.
For all intensive purposes you are going to be (literally) a business owner and one who does not understand every aspect of his / her business and how to properly manage it and make wise decisions is destined to fail. The farming business is especially difficult because you cannot control Mother Nature and with the size of your projected operation you don't have a lot of acreage to dilute loss, debt, costs, etc over.
Time to get the pencil out and some ag economics books...
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Today's Featured Article - Trailering Your Tractor - by Curtis Von Fange. One of the fun things of summer and fall are the parades and tractor shows that go on across America. Many owners of tractors travel long distances to attend these shows and they usually take their restored iron along with them. Safe trailering practices and inspections will ensure that the event is a fun one. A good habit to develop when using a trailer is to give that �quick look over� before taking it on a trip. Before hooking up to it check the tongue for proper operation. The latche
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