Posted 10/31/2023 07:55 (#10463440 - in reply to #10460942) Subject: RE: Buying farm ground
GrainTrader - 10/29/2023 13:17
farkfamilyfarm - 10/29/2023 10:46 I have farmed my whole career watching others farm ground that I had a chance to buy in my early 30’s. I would say I have been overly conservative in my management, and maybe should have stuck my neck out when younger. Ground right next to us. I will admit it still bothers me to this day. I was highly discouraged by my elders to expand the farm. Everyone has that story of the one that got away. I had a chance to purchase another farm across the road at auction and it went for $12,500. Sometimes you just have to step away. I rather enjoy being pretty much debt free at 58 and not sure I want to dive in. All the the ground around me is sewed up for a long time. I still enjoy farming and try to be grateful every day for what I have, and not worry about the ones that got away I don’t know what to tell you, I would probably tell you to go for it, as long as you can sleep at night.
Doug, just something to remember if you are farming and making a living and in the path to retirement some day. My grandfather is a very smart and conservative person, but was aggressive about buying land. He still has regrets for not buying the so and so farm and then the other so and so farm. And he will tell you that when you drive by them. But he is a very grateful person and always follows up with “but we didn’t go broke doing it”. That is of value too. Being tight is ok, but loosing sleep every night for 20-30 years ages a person to where it’s not worth it.
All good info there...but there's two kinds of losing sleep to factor in... there's the once or twice a year (usually the night after seeing someone else at planting or harvest farming "the one that got away"... and then there's the multitude of sleepless nights of "will it ever rain / will it ever stop raining, how am I ever going to pay for this farm if everything doesn't go just right 4 out of 5 years". Those sleepless nights are far worse and happen far more often at today's prices and interest. Different for everybody, that's the challenge. Lots of good advice in this whole thread... but one problem, we're not him. Probably much easier decision at 48 as opposed to 68.