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Iowa | I'll at least attempt to not give you crickets-
My parents bought farmland 12 times. 4 were cash deals. A 65 acre piece/that 80 I mentioned above/ and 2 acreages they bought and we bulldozed them since they hooked right on to a current farm. So really only 2.
Everything else had a mortgage attached to it at the time of closing. Two big things- The debt free deals were towards the end of their careers and keep in mind the first 80 was purchased in the early 70's for like 540/acre with the majority of the rest under 3,000/acre. That has helped no doubt. Smallest purchase at one time was 1.6 acres and the largest has been a 160.
As for me- I'll be surprised if I end up accumulating what they did during my time. And yes I've had to borrow money and expect I will again.
Got a story for you related to people BSing about finances- Years ago the neighbor was a big coffee drinker in town and was going out of his way to make it known he had all his land payed for. At the time Dad had money borrowed at Farm Credit. He went out to the mailbox to see a letter from Farm Credit and ripped it open. It was a statement but none of the numbers made sense. He got to looking and the letter was addressed to the neighbor- the mailman dropped it off at the wrong place. Turns out the neighbor was FOS.
I think this day in age it's pretty unwise to lie about such things. It's not much of a task to look up land records online and get a rough idea of what's what. I've nosed around in it a bit. My wild guess is roughly 1 in 5 purchases made in my area recently are all cash deals. | |
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How many debt free farmers?
