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Brazilton KS | Like Mike just said, we don't really have enough information to answer whether it is "normal" or not.
Only having income when you sell grain or livestock (or do custom work) is just the nature of being a business owner. Perhaps you were under the impression that money grows on trees, but that's not really how it works. You get it by selling stuff.
Who owns the farm? Are there other siblings, or is it all going to pass to your husband? Where do you live? Who pays living expenses? Who provides vehicles, utilities, housing, insurance, etc? Who is making payments on land and machinery, and how much equity is there in that? If all of those are being provided by the farm, plus income "whenever he sells something" then I could see the potential for that to be "a good income," or not. The '80s were a long time ago....the land market has recovered and moved well beyond them....I can't see much chance that land purchased in the '80s could be a "very bad land purchase" today, unless it had been lost along the way. I could certainly see it being bad in the late '80s and '90s, but today it's bound to be worth more then it cost back then and it's unlikely that a lender would have allowed a mortgage to run for thirty years without gaining any equity.
Just can't judge anything one way or the other without knowing more about what the situation actually is. | |
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What's "normal"?
