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Re: Re: Re: Ideas on purchasing a farm
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Posted by kyhayman on December 10, 2003 at 15:05:48 from (152.163.253.66):
In Reply to: Re: Re: Ideas on purchasing a farm posted by JohnDeereBMan on December 10, 2003 at 10:17:17:
A couple of thoughts, I like your timothy idea, it has been good to me. My top money maker. At top production I can push 4 tons an acre on 1 cutting. I'm wholesaling at $120 a ton FOB and it outsells alfalfa 2:1. As far as buying a farm, I cant give you exacts on where you are b/c I dont know the local dynamics. I bought 222 acres when I was a junior in college (1987). Had worked hard in custom work and saved all I could. It was tough to pay for, only way I could borrow what I needed was on an annual note. Managed to pay it off in '92. Then I worked for 10 years trying to build up some decent machinery, I farmed with junk. A lot of it I hauled home in buckets. Just in the past 3 years have I really focused on improving my cows. Was also able to pick up another 100 acres in 2000. What have I learned? I have to be a businessman first. I keep good records, can tell you my costs to the penny per unit of production, per acre of land, and per hour of my labor. That way I can focus my labor where it makes me the most $. Nothing is sacred, any asset that doesn't produce, leaves; any enterprise that isn't working out gets cut. Lastly, have a plan, with goals (target and challenge) right now I am focusing on cutting my costs 5% annually and increasing production 5% annually. I've yet to make it on both ends but I have made progress on both each year.
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