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| In full disclosure I created a new handle to maintain some anonymity. I have some friends on here and I'm not exactly ready to share this information.
Have been approached by a housing developer and talking some pretty hefty numbers on the land. I'm in an area that has several cities around and they are all expanding. I'm tired of farming in between all the other developments and the traffic on the roads has gotten pretty thick. On one hand its good for selling produce, flip side is its hard to move equipment on the roads. More and more close calls and even collisions are occurring.
Is a 1031 exchange still the best way to go? Not sure if there is a better way to go about it. Do you need to use 1031 if you sell farm 1 and purchase farm 2 in the same tax year? Not quite to the point of speaking with attorney yet but getting closer. I'm mostly just curious if anyone here has done it recently and anything they learned along the way.
What is the best way to find a farm to go to? Of course you have the big auction companies, but I'm not sure an auction works for our deal. How far away do you go? Ideally I'd like to find a place pretty secluded where we can keep to ourselves. It just sounds so appealing after living near so much population. I'm sure there will be some adjustment, would be nice if the wife didn't go to walmart 3 times a day lol
Lastly the physical move. Seems like a huge undertaking to move a farm shop that has collected stuff since the 1970's. Do you build new pole barns or if you have barns built in the past 10 years that are screwed together, are they worth moving? I certainly don't have time to do it by myself, but I imagine an Amish crew (they built them in the first place) would be able to do the work? Or would you be better selling them at auction with grain bins and starting with new stuff at new farm? Developer wants them gone and is looking to lower purchase price if they have to tear them down.
I guess the worst part is the fact I'm not ready to retire. Could just call the auctioneer and it all be gone in a day and not have to move anything. Probably have a 30 year career ahead of me still and have kids that may or may not want to farm some day. Talking enough money that I wouldn't have to work, but what message does that send to my kids? Plus I'd just be bored, and I really don't want to work for anyone else. I'm too set in my ways at this point.
Penny for your thoughts? | |
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Moving the farm
