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Amherst WI | Do you mind if I ask your age?
When I was younger I had baby boomer neighbors who got the home farm free from dad telling me I should buy land because I was throwing my money away renting. That's easy to say when you have an asset making you money without any debt payment attached to it. They really struggled to see it through someone else's set of circumstances.
I did not have the capacity to repay a land loan at the time. I had a fleet of machinery I had to pay for. Once I got that paid down and we weren't always expanding (adding more machinery debt) I was able to buy my first piece of land on a land contract with favorable terms and it was probably priced 10% under the market at the time.
I'm not trying to make some boomer hate post here but much of the land bought during their career (if they survived the 80's) would cash flow itself a few years later paying for itself and eventually a few years after that making enough ROI to pay for more land they could buy. That's simply not the case today, and myself and GT and others who are the older Millennials are sitting here asking ourselves WTH to do when all the math tells us an answer we don't want to hear while the 70 year old's think we can't afford land because we have a new iPhone that came with the plan.
It's just bad timing for us. | |
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Farm economics from below
