Saturday, February 28, 2015

Ten Things To Know Before Buying Farm Ground

On AgTalk we get a lot of questions just like the one I had when I graduated college.  How in the world will a poor guy like me ever own any farm ground?

I waited too long and passed up a lot of good opportunities.  I blamed it on my support system.  I never had anyone behind me who agreed with my goal and passion until I met LuAnn in 1999.

One poster gave what I thought was some really sound advice last week on Crop Talk.

1. Start looking now and get connected quietly
2. Pile the cash away
3. Study soil maps and drainage
4. Identify and verify property lines
5. Make sure you know about all easements and liabilities and contracts and leases connected to the land
6. Pay the first one off fast
7. Be offensive but set your limits and obey them and don't be afraid to low ball or walk away as appropriate
8. Keep off farm income rolling in as long as it makes sense
9. Have a plan or at least discuss thing with your father. You have a chance to grow the entire pie which helps the entire operation especially if he is on board
10. Start looking now, yes I said it twice

FWIW. Have bought several hundred acres in the last 18 months. Deals are out there, just gotta be patient and look and be ready. The deals never make it to the headline internet chat. The record high ones do. Picked up one piece last year for under 4K and pulled 200 bushel corn and 70 bushel beans off it this year. Just gotta look and be patient.

This is one of those really good threads that appear from time to time and worth your reading if you are interested in farm ground.  I bet my readers could write some really good stories if I could just get you to comment!

Many of you younger readers I've talked to could really benefit from this list.  Actually doing it and applying it to your own situation may require the support I felt I never had.

My door and email is open to you and I might even talk on the phone with you.

Ed

1 comment:

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