|
| I am not wildly successful so take this fwiw:
Was in an almost identical situation to you 6 years ago. Grandpa got sick and decided to hang it up. He only farmed a rented 160 and I was able to take it over. He allowed me to use his equilment which I eventually inherited but it wasn't much. Couple old tractors an wore out 8 row planter and some tillage equipment, the rest was hired out. My first year I didn't change a thing ran his equipment and hired the harvesting done. Next year I found a decent deal on a 7700 and bought it. That paid for itself in two years and you can't replace what you see from having your butt in the combine seat. Few years later I upgraded to a 12 row 7000 and have added a few wagons. I have not picked up any ground yet but the older guys take notice of a young man that works hard and does a good job. One has told me he wants me to farm his ground when he retires. No guarantees on that- well see what happens. I have made and saved enough that I am prepared to buy a farm when it becomes available. Doesn't matter if 'some big farmer is running up the bid.' You can compete too.
Few things I wish I'd known:
Find a specialty crop. Seed beans, non GMO corn or beans, waxy corn something that takes a little extra work but makes extra money.
Interview your banker like he interviews you. You have to be able to have good honest conversation with him. Not all are that way.
2 self employment jobs suck. Get one stable one that allows reasonable flexibility.
Farming is fun but there will be tough times you'll be glad you have off farm income. As much as I'd love to farm full time its nice to have security.
You can raise really good crops with really old equipment.
Rent every crappy little bin you can find that no one else will use. There's been years storage has doubled my net income. Especially by allowing mentk grow specialty crops.
Get two or three times the planter you need. If you work off farm you need to get as much done as you can when weather allows.
Personally, I think 500 acres is a fantastic start. If you are worried about starting with that and having old landlords you might as well give up now.
Edited by Deere4020john 9/18/2018 21:58
| |
|
How is a young farmer going to make it?
