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west central illinois | It's interesting a while back while riding with my 85 year old grandpa down the road he starts in with. I could have bought that farm years ago for $125 an acre, I bought this farm for $400 an acre. Then we turn a corner and he says. Watched both of these farms sell for $250 an acre. And then the best. That guy there gave $80 an acre.
I told him jokingly you should have bought them all! His reply. They wouldn't pay for themselves at that price back then and I didn't have the money.
So the moral of my story is? It's always too high but in the long run 10 to 30 years later, it always goes higher. That is a proven fact. There are ups and downs but from a young guys perspective it makes more sense to be buying as throwing money away renting, but it takes rented ground profit to pay for the bought ground. | |
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Land Values and how to pay for it
