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Re: Need some advice!
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Posted by JWC on February 21, 2002 at 15:22:35 from (130.74.184.124):
In Reply to: Need some advice! posted by J.C.F. on February 21, 2002 at 13:46:41:
I agree with John in Maryland on many points. Start by preparing a budget excluding machinery purchases, but including fuel, repairs and labor. Make reasonable projections for yields and prices and see if anything is left over. Take into account debt service for putting a crop in the ground and alternative return on your time. You have a farm free and clear; don't risk it for the sake of farming. It would be wise to complete your college education before over extending yourself. If you have your own money you can do what you want, but if you must borrow the money you will likely need to demonstrate to the lender that repayment is possible. If your banker won't lend you the money with out a lien on the farm wait until you can do it on your terms. If a local farmer will rent it for a guaranteed return use that money to start purchasing your machinery. Playing around with a few acres is a hobby, 90 to 120 acres requires some serious business planning especially if it is going to be your primary income. Family sentiment or tradition is a great thing if financially possible. I go round and round with my mother about fences on the family farm. She sold her cattle in 94 and I sold mine in 96 and she still wants me to build new fences. I told her the existing fences would hold all of our cattle. By the way you did not give us the amount of your projected equipment budget.
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