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Tractor Talk Discussion Board

Am I being wise, or stupid???

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Posted by Luke S on November 18, 2006 at 07:34:25 from (65.161.251.246):

I have been in a debate with myself for a year or so, and I think I am about to reach a decision, but I thought I'd seek out some advice here. To give those of you who don't know me a little background, I am 25 married for 6 years, have a steady job with good income as does my wife, we aren't rich, but paying our bills and saving some too. My wife is pregnent with our first child. We have a farm that is about 70 acres in east central Missouri, that we run our own horses and a couple cows on, and I bale hay for a hobby and for some extra income. I have about 50 acres of real good hay ground. This year I baled about 2000 square bales and had extremely good succes. Sold every bale of it no longer than 30 days after it was baled. I get $3.50 a bale for 50-55lb bales of orchard grass/fescue/clover mix and I sell only to the horse market. My mother is my biggest customer as she owns a big boarding stable in St.Louis and she feeds 5,000 bales a year. I have other smaller customers who want to buy from me as well. My problem is storage and handling of the small squares. I have a small barn loft that'll hold 400 bale's, but that is it. My propostion is to build a 40'x70'x15' shed that is closed in on two sides at first to save money, and maybe later I'll close in the other two sides if I want. I can get this shed built for about $8,000-9,000. I have enough savings to do it but I don't want to pull that much out because I think we need to have a good nest egg built up for when our baby arrives next spring. I have a very good banker, who will loan me the money to do it, and I can borrow it against my farm. I do not owe money on anything else, no vehicle payments, no credit cards, only my farm, which I currently owe about $155,000 on, and it is valued at about $310,000-$350,000. What am trying to decided is, is it wise to build this new shed to allow me to make more squares to sell. I could be my mothers exclusive supplier if I wanted, which would give me $17,500 income in sales the first year, seems like a good investment to me, as the value of the shed will only add to the value of my farm, and it will allow me to have more income also, and it'll give me a place to store some of my round bales also. Maybe this is all crazy, I don't know? If I had a shed that tall I could also get a New Holland bale wagon that would make my operation even more efficient and allow me to do more yet. My wife and I really like doing the hay, it is fun, we don't have to buy hay, and it can provide good income also. But I have a relative who constantly tells me how stupid I am for messing with hay, and that building the shed is not a wise use of money? Seems like a good investment to me? Should more than pay for itself the first year, and then it is just another paid for asset to my name? Am I thinking smart or have I lost it?

Thanks for listening.

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