Posted by JD Seller on October 26, 2014 at 21:04:25 from (208.126.198.123):
In Reply to: How to expand?? posted by dmiller on October 26, 2014 at 20:03:12:
What the right thing to do changes with the business climate your in. Right now equipment will be a better buy before any land purchases. Here is my reason for saying this.
Land is at record high prices right now. The price of land has started to slip back but it will be a slow thing to happen. Being ready to buy land in 4-5 years will more than likely be better than buying today.
Equipment has been at record prices as well but its value will fall faster. The larger farmers mostly have pretty late model lineups of equipment. So when they have to tighten their belts it will effect the equipment market first.
An example of this is corn planters right now. I bought a real nice 16 row planter for a 1/3 of what it would have brought a year ago. The demand for larger used equipment has already taken a huge hit in price.
As for quitting your job and farming full time. I got to do that when I was about ready to retire. It will be real hard to make a good living on a farm in the next few years if the crop prices stay low. It will take a while for the inputs to adjust to the new reality of lower crop prices. You need a consistent income for your family. Todays farming makes doing that real hard unless you already have the capitol to get up to speed.
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