Ideas on purchasing a farm

Posted by JohnDeereBMan on December 09, 2003 at 21:12:01 from (206.181.244.94):

Hello! I am 20 yrs old and interested in farming part time in the future. I am from Central NJ, near NYC and currently enrolled in college. I was just wondering if i could get some advice on getting started on purchasing a farm. I have grown up on a hog farm, but over the years parts of it were sold off to development. We are pretty much the only farm in our town, and one of the closest farms to NYC. My dream is to have a farm one day, but i do not expect my farm to be around much longer. Land is going for over 150,000 an acre, and eventually the farm will become home to McMansions. I would like to stay in the state of NJ, and buy a preserved farm from the state. This would cost me 350,000 to 400,000 dollars. My father who currently owns the farm plans on retiring at 55 in 3 years. At that point, the farm will be sold because he hates the congestion. The way i have things figured out, i will be out of college, and out of grad school by then. I have not really talked to my father about this yet, but i was wondering if there was a way he could use a small portion of cash from the sale of the farm and use the 1031 plan to become a partner in the farm. As a result, he would not loose as much to the government. I figure that i would mortgage the remainding portion. I think this is probably the only way I could get into farming in my area. Farmland in the area is rented out at very cheap rates (100 acres for $500 per year on township land), and I would like to grow timothy hay mixtures. My goal is to have the farm pay for itself (or at least a portion). I sure would like my children (in the future) to grow up on a farm like i did, and i think a farm would be an excellent investment even if it is preserved. If anyone could give me advice on purchasing a farm, 1031 exchanges, or just advice on starting out i would greatly appreciate it. Im not sure if my idea would work out, but your opinion would be appreciated. Thank you for your time and consideration.
P.S.
I have a JD BNH, Oliver 880, IH B-275, Ford 8n, and a Domestic Hit And Miss engine. My father also has a bunch of Jd's,Massey Fergusons, and Fords

Follow Ups:

• Re: Ideas on purchasing a farm Ovil Winburn 12:46:13 12/11/03 (0)
• Re: Ideas on purchasing a farm Marrk 09:42:27 12/10/03 (0)
• Re: Ideas on purchasing a farm bill in MA 07:16:24 12/10/03 (0)
• Re: Ideas on purchasing a farm Nolan 07:06:44 12/10/03 (3)
  • Re: Re: Ideas on purchasing a farm JohnDeereBMan 10:17:17 12/10/03 (2)
    • Re: Re: Re: Ideas on purchasing a farm kyhayman 15:05:48 12/10/03 (1)
      • Re: Re: Re: Re: Ideas on purchasing a farm Mike (WA) 18:26:04 12/10/03 (0)
• Re: Ideas on purchasing a farm paul 05:58:40 12/10/03 (4)
  • Re: Re: Ideas on purchasing a farm dhermesc 07:20:03 12/10/03 (3)
    • Re: Re: Re: Ideas on purchasing a farm Mike (WA) 08:10:41 12/10/03 (2)
      • Re: Re: Re: Re: Ideas on purchasing a farm dhermesc 13:20:19 12/10/03 (1)
        • Re: Re: Re: Re: Re: Ideas on purchasing a farm Mike (WA) 18:18:45 12/10/03 (0)
• Re: Ideas on purchasing a farm Nebraska Cowman 03:23:06 12/10/03 (0)
• Re: Ideas on purchasing a farm JF 03:13:36 12/10/03 (0)

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