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North End I-15 | When I returned to the farm I had also leased a farm equal in size to my fathers . I had no machinery . Dad and I talked it over and decided to go with one line of bigger machinery to farm both places .
We ran separate operations with one line of equipment . I bought 1/2 of his equipment @current auction prices and he carried the paper. only new thing we bought was a 4x4 tractor . It worked well for us . Each had their own farm but shared equipment 'labor and expenses. It was a good way to get started . After 5 years I leased my dads place as he retired . Bought his half of the equipment . After another 5 years I bought his farm , He carried the contract which provided him good retirement income @ no risk . He carried a first mortgage and it was tough to expand as he would not aggree to a pay off .
Some how managed to double the size of operation again but it was tough .
And so 40 years after the start it is all paid for and no debt . It was a long hard pull but sure worth it ,
Dad would never help with any financing other than his own machinery or land contract, His interest rate was par with the banks at the time .
It was tough to finance new land as he would not budge off his first mortgage and lenders were always wanting first position on any land contract. The exception was FmHA . but they thought the farm was to big to be a family farm , Thier thinking was stuck in the 1930's when a JD D +160 acres, a milk cow and a garden was enough :>)
I was 29 and had been teaching school prior to coming home. | |
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Returning to the Farm
