Re: Why does it have to be so hard?

Posted by John (C-IL) on December 04, 2006 at 19:34:36 from (152.163.100.74):

In Reply to: Why does it have to be so hard? posted by Youngfarmhand on December 04, 2006 at 18:22:47:

Going to buy a farm? You won't have any trouble at that level. You will need a huge down payment because none of the conventional lenders will want to deal with you for such a small deal.

Going to own machinery? Your tractors and parts will cost the same as the guy that farms 1000 acres. Your repair costs per acre will be double to triple the average.

Going to buy fertilizer, chemicals and seed? The local dealers will be happy to deal with you but don't expect the best prices. Want to work weekends and evenings? Hope that you have a cooperative dealer.

Going to borrow your operating money? Most banks will want at least 2 year's schedule F returns. Going to finance out of your pocket? THe best deals are to pay cash early.

I hate to be cynical about all of this, but I am just where you want to be. Farm 120 acres, I trade labor and machinery work with a local farmer, have a full line of machinery and work full time off of the farm. THe only return I get is a nice place to live, beyond that the farm pays for itself and I avoid therapy by turning off the phones and radios and enjoy the agrarian lifestyle.

Good luck with your pursuit, develop a plan, gather a few advisors that you can trust and show them the plan, be open minded to suggestions, find a banker that will work with you and go for it.

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