Brian806 This farm may only come up for sale once in your lifetime. The biggest regrets I have are the farms close by that I skipped buying. They both would have turned out OK. I just did not want to go in too deep in debt. The sad part is I went way deeper in debt just a few years later on other land that was not as valuable.
The one farm had 225 acres total with 175 tillable acres in it. I was farming it. I was paying $20,000 rent each year. The owner offered it to me for $175,000 basically $1000 per tillable acre. He would have carried the loan for 5 years at a fixed rate and then new interest rate for the balance of the note. The payments would have been $27500. This was in 1986. I just did not feel I could afford the extra $7500 each year. Corn was under $20 and beans where in the $4 range. The sad part is he sold it to a friend and I kept farming it. I was paying $30,000 in rent by 1990. That proved I could have made the payments. My Brother bought the farm in 1999.He gave $4000 per acre on the total acres, just over a million dollars. So That farmed gained $800K in value in about 15 years. He could have sold it in the last year or so and doubled his investment.
So if you can see anyway to make it work then do it. IF you do not I will guarantee you will regret it. Just work your butt off getting the debt paid off ASAP. Do not just make payments. If you have an extra $500 throw it at the note. Anything over your payment goes directly to principle. My wife and I paid off our first land in 7 years doing just that. It was a 15 year note. We made the scheduled payments and then threw any extra money we made on the note as well.
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