You have a lot of thinking, figuring and accounting to do before you even consider making this decision. 150 acres isn't a "Big" farm these days and the only plus is that it is debt free. If you plan to grow cash crops such as beans, wheat and corn the profit margin isn't huge on a per acre basis. You need a history of how the land produces, what it needs traditionally for nutrients a desire and ability to adapt to and adopt modern farming practices vs farming like it is 1970 or even 1980. Throwing cash at new toys and such isn't always feasible and wise and neither is using old worn out equipment that may be undersized for the job at hand.
For all intensive purposes you are going to be (literally) a business owner and one who does not understand every aspect of his / her business and how to properly manage it and make wise decisions is destined to fail. The farming business is especially difficult because you cannot control Mother Nature and with the size of your projected operation you don't have a lot of acreage to dilute loss, debt, costs, etc over.
Time to get the pencil out and some ag economics books...
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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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