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Southwest Missouri | Buying land is always good, as long as it works out. I am only being slightly facetious. We can all look back and see where we could have bought land and made it work. We can see where we bought land and it worked. The problem is when it does not work.
You really need to look at your realistic yield expectations. Then, look at expected prices for crops. I would spend several hours with a calculator figuring out the best case, worst case, and most likely situations. Then, figure out how the payments will be made during the bad years.
I am glad I bought the land that I did when I did. But, if I was not able to make the payments, it would have been bad. You need to figure out if it will work for you. The fact that someone will loan you money does not at all mean that you should borrow it. Bankers do not have your best interests at heart. See the sub prime mess.
Good luck! | |
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Another chance to buy farmground
