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Nebraska | So last night I was hanging out with a colleague from Florida that has crazy amounts of money. He drives a $250K Mercedes. We started talking about Ag and that I'm from the Midwest. He goes "I just bought farmland in Iowa". I don't remember the exact number but he paid mid $3,000/acre and the CSR was 36. It was for 240 acres. Paid cash. He showed me the email. Bought it sight unseen. The county began with a "C".
I told him to be cautious, a bubble is near. He goes "Nope, I'm good for 5-10 years and making a 20% return." This guy didn't get where he is for being dumb and a bad business man. Did he get a good deal on the land or did his adviser pull the wool over his eyes? He then said the next thing he wants to get into is cattle but doesn't know how.
Edited by jermrief 3/14/2013 10:14
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Iowa Land Investor
