Personally, I took a different route. The first thing I bought were cows, then rented land for them for a cow calf operation. That gave me schedule F income, etc. Absolutely get assets that generate a revenue stream. Iron depreciates, land has rental value but not much else without livestock and equipment.
Once you get the revenue stream going, save, save, save for a down payment. I know everyone wants a fixed interest rate for forever terms. Starting out sometimes thats not possible. My first 10 years the only way I could get serious money was on a 1 year note. Every year the note came due and as long as I paid the interest the note renewed at the new interest rate. Over the course of the year I paid as much on principal as I could to cut the interest meter. I sucked, and I worried over it constantly but in the end I paid the farm off way quicker than I would have any other way.
First I bought cows, then more cows. Ended up working on shares for a guy cutting and rolling hay. He let me use his equipment for some of my own work in return for pay. So I started selling a little hay and had hay to feed the cows. Then, I found a place I wanted and it was cheaper to buy than rent for the cows so I bought, as described above. I bought junk equipment as cheap as I could since, at that point every penny I had was going to paying down principal on the land note. At the end of 10 years the farm was paid off. Then I started improving the cows and the equipment, but more effort on the cows as they were making me the most money. Last thing to happen was updating the equipment. Its been 22 years but everything is mine, paid for, with a positive bank balance and cash flow.
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Today's Featured Article - Grain Threshing in the Early 40's - by Jerry D. Coleman. How many of you can sit there and say that you have plowed with a mule? Well I would say not many, but maybe a few. This story is about the day my Grandfather Brown (true name) decided along with my parents to purchase a new Ford tractor. It wasn't really new except to us. The year was about 1967 and my father found a good used Ford 601 tractor to use on the farm instead of "Bob", our old mule. Now my grandfather had had this mule since the mid 40's and he was getting some age on him. S
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