bueller
Moderator
I think a good balance is a better approach. Some people save save save and their quality of life suffers for 50 years. Then they retire and die, never truly enjoying anything they've worked so hard for over the years.
Land Loan
- Thread starter mtholton
- Start date
Jordan Selsor
5 year old buck +
I always find it interesting to hear how some of you guys achieved your dream of owning a farm and your financial tactics in making that an other things happen. It's obvious their is more than one way to skin a cat. One thing that all of us had in common was a goal and a mind set to execute it. Except some of you trust fund babies out there (lucky bastards lol)...
I can remember looking through the STL post classified adds as a youngster and seeing land listings for 3-400/acre. An I'm only 30, hasn't been all that long ago in the big scheme of things.
I would show my dad these listings an remember thinking to myself why the hell wouldn't a guy buy the heck out of this land! I decided at a very young age come hell or high water I would own my own tract of land. Seems like the smart guys find easy ways to make large sums of money. I'm not that smart I guess. Only thing that worked for me was to work my ass off and keep my debt to income ratio in check so I could save... I started working construction. Made descent money but still cut lawns on the evenings and weekends to set aside extra cash. I remember my first commercial mower I bought. Had the cash to buy it outright but wanted to establish credit. Bank set me up with a cd an a payment schedule. Basically gave myself a loan lol. Well worth it. That mower defiantly kept my bank numbers moving in the right direction. It helped me buy my first house at 20. An a house at 20 is prolly what helped me land a smoking hot woman with a work ethic even better than mine. My wife could run circles around my buddies with an echo trimmer. Knew I couldn't let her get away haha.
An it has worked out well. We now owe less than 45k on our 287 acres. Once it's paid for I hope to use the equity to buy some crop ground! Couple more yrs. Hell maybe sooner if the right piece came along
I can remember looking through the STL post classified adds as a youngster and seeing land listings for 3-400/acre. An I'm only 30, hasn't been all that long ago in the big scheme of things.
I would show my dad these listings an remember thinking to myself why the hell wouldn't a guy buy the heck out of this land! I decided at a very young age come hell or high water I would own my own tract of land. Seems like the smart guys find easy ways to make large sums of money. I'm not that smart I guess. Only thing that worked for me was to work my ass off and keep my debt to income ratio in check so I could save... I started working construction. Made descent money but still cut lawns on the evenings and weekends to set aside extra cash. I remember my first commercial mower I bought. Had the cash to buy it outright but wanted to establish credit. Bank set me up with a cd an a payment schedule. Basically gave myself a loan lol. Well worth it. That mower defiantly kept my bank numbers moving in the right direction. It helped me buy my first house at 20. An a house at 20 is prolly what helped me land a smoking hot woman with a work ethic even better than mine. My wife could run circles around my buddies with an echo trimmer. Knew I couldn't let her get away haha.
An it has worked out well. We now owe less than 45k on our 287 acres. Once it's paid for I hope to use the equity to buy some crop ground! Couple more yrs. Hell maybe sooner if the right piece came along
M
MoBuckChaser
Guest
Maybe the Allendale farm will still be in my stable when you are looking. You have seen the deer on that place, plus good income!
Tree Spud
5 year old buck +
"I'm not that smart I guess."
I would not agree with that statement, you are smarter than you know. Based on your comments above and how you are approaching your financial mgmt, you are farther ahead than most. My Dad was a pretty respected financial person back home and growing up he would tell me that there 2 types of people ... those that make $100k/yr and live like they make $30k, and those that make $30k/yr and live like they make $100k.
He kept reminding me that it's not what you make, it's what you keep ... ;)
.
Jordan Selsor
5 year old buck +
At half a mil That one is out of league!
bwoods11
5 year old buck +
Do you guys recall that Harley Davidson commercial where the guy had to decide between the Harley and the dinette set. He went with the Dinette set, his friend drives away in the Harley.
Kinda reminds me of guys I know. They have brand new trucks, maybe new ATV, spend a bunch at the bar/restaurant but land it always too much of a luxury??
I've never owned a new truck or much for toys, but I'm happy with my decision to buy Ag/rec land!!
Kinda reminds me of guys I know. They have brand new trucks, maybe new ATV, spend a bunch at the bar/restaurant but land it always too much of a luxury??
I've never owned a new truck or much for toys, but I'm happy with my decision to buy Ag/rec land!!
Jordan Selsor
5 year old buck +
Nothing worth having ever came without working hard for it! Some guys just can't see that
An I love buying these type guys second hand stuff when they move onto the next knee jerk purchase:)
M
MoBuckChaser
Guest
I bought and sold a lot of items that came from knee jerks! And there are a lot of them eating depreciation for breakfast every day brother! LOL!
silver_yummies
5 year old buck +
Work out a land contract with the land owner.
Bigshooter19
5 year old buck +
One of my old bosses that was a millionaire told me the best thing to invest in is land and gold. But he made all his money in the stock market. My plan is to secure my future and when I have enough money or am comfortable I buy land. I have a home and 40 ac and that's all I will have for a long time. I wish I could buy more because price of land only going to go up but can only afford what you can afford.
Sent from my XT1093 using Tapatalk
Sent from my XT1093 using Tapatalk
M
MoBuckChaser
Guest
You want to look at a + or - sign on a piece of paper for 20 years, or sit in a stand looking at wildlife enjoying your property?
M
MoBuckChaser
Guest
And remember, whether you use the banks money or your own money, it will cost you 4-5% either way right now!
bueller
Moderator
I was on the same line of thinking, but you said it better!
Bszweda
5 year old buck +
And remember, whether you use the banks money or your own money, it will cost you 4-5% either way right now!
Are you saying because land values go up at 4-5 % its going to cost you that 4-5%? For me I can't enjoy a rural property because of my lack of time off.( 10 days a year on the property?) However if I saved money to the stock market I could maybe get an 8 % return over a 20 year period. Then when I am ready to retire purchase the property outright and enjoy it. (i'd still want to make some money on crop rental). I also would still invest in a typical 401k that wouldn't be touched until 59. I already own a small piece of property, but I am torn if I should take a loan out to buy more.
Are you saying because land values go up at 4-5 % its going to cost you that 4-5%? For me I can't enjoy a rural property because of my lack of time off.( 10 days a year on the property?) However if I saved money to the stock market I could maybe get an 8 % return over a 20 year period. Then when I am ready to retire purchase the property outright and enjoy it. (i'd still want to make some money on crop rental). I also would still invest in a typical 401k that wouldn't be touched until 59. I already own a small piece of property, but I am torn if I should take a loan out to buy more.
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