Posted by Frank41 on January 14, 2016 at 10:15:44 from (104.240.115.154):
In Reply to: What a Thursday posted by notjustair on January 14, 2016 at 09:04:41:
It is better to buy ground that you have not beeen farming so you get 100% increase from that parcial. Whereas something you have been farming, you only get another 50%. The big thing is the location. That is worth a sizeable amount. I passed up some ground that I rented on 1 side and owned on 2 sides of it. It would have given me mile rows on 240 acres. I passed because we had just bought a piece and were in debt for $300K. It would have taken another $300K to $400K to have done this. That was in 1998 and ground was $3000-3500. I kick myself for not doing it as we had other ground free and clear. Now ground is $9500-12500.
Yes the 80s were different. I had a chance to buy a good laying 80 across the road from some that I was farming for $1600. But I had just bought 45 acres for $3950 in 1979, farmed it for 2 years and sold it for $2700. Then we bought 60 acres that was closer for $2500. It is always easier to look back. But it is much better to lucky than smart.
Good luck. If you have enough cash to not go too deep in debt, go for it. I don't know where you are at but here in central IL, I would give that in a heart beat. Could you buy it on contract and pay the sellers, or some of them more interest than they will get elsewhere but less than banks will charge you? If not, lock in rate and no flex rate or balloon.
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