Posted by NY 986 on July 13, 2018 at 05:31:10 from (184.53.49.112):
In Reply to: Buying a Hobby Farm posted by StrikeForce on July 12, 2018 at 20:49:25:
Some good comments being made here. I will say as to the premise of making the hobby farm pay for itself I am skeptical. You could find a niche such as organic or vegetables but then the chances are strong that market floods with product reducing profitability. The barriers to entry are to low to prevent competition from entering unlike an automobile factory where extremely few have the means to produce a product. People here are WAGging as to how a bank is going to feel on a loan. The farm you talk about is more than a McMansion which is outside the comfort zone of a number of lenders. For the sake of being clear you said you are from SE PA but did not say exactly where this this farm is. Land is extremely valuable there and at the same time there is immense competition there for it so buying it on the cheap very seldom happens. The Amish and Mennonites bid ground considerably past its economic worth for farming. Are you married? If so and by some chance you pull this off and a third of your monthly pay goes to the mortgage and the mortgage is going to be a long haul how is she going to feel about it? It might be sunshine and roses today but 5-10 years down the road she may be tired of not living to the full potential of your paycheck to pursue your dream.
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