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Southern Alberta | City friends have been indicating that I would make much more money buy taking the land purchase money and buying houses in the nearest big city and renting them out. It is a much more stable income and houses are relatively cheap right now. The friends who have some rental properties seem to be doing great, but I have no experience.
It is very tempting to buy land as I am a farmer first and it is what I do. However, I plan to retire in 10-15 years and a good other source of income would allow me to transfer the farm to my kid much easier.
Seems like 1/2 the people I get opinions from think that the US $ is going to tank hard and this will push commidity prices sky high and land prices will automatically increase.
Other 1/2 think the great depression or a deeper recession is coming and that will have higher interest rates and lower commodity prices much like the early 80's.
I am just trying to listen to all opinions out there and form my own.
Most every farmer tells me that land is overpriced when they bought it, but looks like a steal 10 years later on. | |
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good time to buy land?
