Brian: I got out of the service in 1978 at the age of 28. I had a JD "G" and a Ford 6000 commander for tractors. We bought a house and ten acres of ground. I rented almost 200 acres of ground with the biggest field being 20 acres in size. I only could get the small stuff the bigger farmers did not want to fool with. Rented livestock buildings on four different farms as well as the barn on the ground/house we bought.
My wife and I worked like slaves an walked every bushel of corn off the farm in a hog or cow/calf. We where able to get a toe hold. I was able to buy a NEW IH 1486 in 1981. Only kept it for six months and sold it an bought a JD 4440.
I was able to gain more ground as the farming crisis got worse in the mid 1980s. I was just handling money not making much of a profit.
I had to start working off farm just to cover family living expenses. I kept working off farm until 2005. We gained ground and assets in the early 1990s. My wife and I where farming 1500 acres and I still worked full time off farm all during the early 1990s.
We had to change what we where doing when her cancer got worse but we where able to pay the home farm off before she passed on.
The land values today are inflated right now. You just need to be building a nest egg and a good working relationship with a local bank right now. With grain prices coming back down there will be opportunities in the next few years to rent/buy ground at more reasonable prices.
There is an old saying that goes kind of like this. "Luck is when preparation and opportunity meet"
So build a nest egg. Gain knowledge and assets. Then watch for when there are reasonable rents/land available and then jump in hard.
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