Posted by picassomcp on January 07, 2015 at 08:53:15 from (50.107.46.15):
I am considering buying land as I would like to grow my farm. I have looked around a bit and have talked with local real estate agents, I have my eye on a couple pieces, mostly smaller parcels, and most have some trees and swamp, leaving 50% or less as tillable. This makes them hard to cashflow. I'd like to buy a piece of land that would pay for itself by farming it. Is this a pipe dream? I have outside income that can help support the farm, but I would feel better about spending money on land if I knew the land could pay me back. Is it possible to buy land that can pay for itself at all?
Also, it seems that lenders want a significant amount down to finance land, typically 30%-40% down. well, sheesh, thats alot of money to put down, and that makes buying land pretty difficult all by itself.
The other thing, the nice ag land that does get sold seems to never be advertised, it just gets sold without the public really knowing, how can I get the word out to local landowners that maybe considering selling some land?
These are all HUGE hurdles, any ideas on how to overcome any of these? I look around me, and within 2 miles of home, there are 4 farmland owners that I am guessing will sellout in the next 5-10 years. I would like to position myself to be in the buyers seat when the sale happens. Any ideas that could help a young inspiring farmer?
A bit more info: land in my area is selling for $2,000-$2,500 for nice land. Usually this means a 40 that is 10-20 acres woods and/or pasture, 5-10 swamp or meadow, 15-25 tillable.
Yields run about 85-135 bu corn and 20-35 bu soybeans. Clay based soils, generally heavy ground that is more apt to drowned out than to burn up. This is Central MN, Mille Lacs Benton County Area
Based on the above info, does $2,500 acre pencil out? is land in this area at these prices, with these yields a good investment? I wish it were more clear to me, I value your opinions and ideas regarding acquiring land.
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