Posted by rankrank1 on April 16, 2011 at 15:39:10 from (69.171.171.103):
In Reply to: Farming For A Living posted by rrlund on April 16, 2011 at 11:32:40:
thurlow said: (quoted from post at 23:26:46 04/16/11) Actually, it's not THAT difficult to make a small fortune farming........
...and the punchline that I have always heard for that one is to "Begin farming with a BIG Fortune and you will end up with a SMALL fortune when you are finished farming"... LOL
Actually, there has to be still some money in farming. I know a few people that have inherited a few hundred acres and actually do okay. Since they inherited the land their costs are less since there is no large mortage on it. They use affordable equipment - not new expensive stuff but not old outdated junk either.
Also know of another family near me that just keeps paying crazy prices for land or even small farms with run-down houses. Since they frequently let the houses sit vacant they are simply buying the land. First thing they do is invest in the land by installing field tile immediately. They are either making big money or at least making enough to keep current on debt payments. Since they farm full time there is no toher money source unless they started rich.
This all said. No way would I want to have to go out and mortage all the land that I buy (or lease), mortage all my equipment, mortage all my input costs, and then try to make a livable profit with everything being mortaged. However, Money can be borrowed now at cheaper rates than ever, so maybe the large debtors are smarter than I think.
This post was edited by rankrank1 at 15:46:16 04/16/11.
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