Posted by kyplowboy on October 31, 2007 at 20:35:37 from (63.146.226.90):
In Reply to: buying farmland.... posted by need your advice on October 31, 2007 at 19:46:32:
I am in the same boat! 56 acres next to my grand mother. Been in the family since late 1700's (land grant for envolvment in revolution) sold off in '83. If you are tight with the owner and she don't care to wait for the money, and you can qualify for a begining farmer loan try USDA. I close Monday on the 56 acres, $2150/acre, 100% loan for 40 years, at 5.375%, payments of $7,200 year for 40 acres of crop land, rate locked in, no early payment penalty. It has taken 9 months to get it done, but I do not see how it can be a bad deal. When the farm was sold in 83 it sold for $600/accre, even with inflation they are still doubl'n thier money, that is better than some have done on wall street. I feel land, even if you have to put some of your off farm money into it, is still the safest long term investment you can make. The granddad part just makes it worth more to you. Good luck and let us know how it works out.
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