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NW Iowa | Hard to give any advice when we don't know the location, whether or not he has any siblings, how elderly his parents are and how well situated they are in their farming career, the skill set of the young man, etc. If he were my son and I was in a financial position to do so, I would loan him a down payment on a 40 to 80 acre piece with buildings on it with the binding contract for it to be paid back. Generous interest rate and terms. Have him apply for any programs (low interest loans, interest buy downs, forgivable loans) available to beginning farmers. There is always the option for the parents to annually gift money to the couple to eventually pay off the loan for the down payment. Pay the going rate for the hours that the son works on his parents' farm and then let him borrow whatever equipment he needs for no charge or a negotiated reduced charge. Those acres gives them a base from where they can figure out how to proceed. Non-traditional agriculture, livestock, off farm job(s), repair shop, whatever. | |
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What Advice Would You Give to a Young Couple Trying to Start Farming?
