Posted by K Effective on September 02, 2019 at 17:08:50 from (99.184.108.123):
In Reply to: Buying Land-Advice? posted by tree-farmer on September 02, 2019 at 11:19:24:
We were taught in college that immediately adjacent land was typically worth 10% more to you than to others, due to road travel, etc. Former/current family ownership has sentimental value, and maybe a good working relationship with current owner, maybe the opposite.
Owning your 80 free and clear is good on the balance sheet, but if it puts your cash flow numbers close on expenses (ie:income off of only a small portion of the acreage) , it may not help. Without a previous mortgage and payment history, your credit rating might be zero, which requires a more sympathetic loan officer. We had good experience with Farm Credit Services for our purchase/construction loan.
My middle son, fresh off his Masters degree has a zero credit rating, with a bunch of cash in the bank, but mouth-breathing loan officers only worship at the altar of FICO. You need an expert.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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