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Iowa | I'm interested in how others view things so I'll ask this- What's the way forward then for your average family farm that owns some land and would like to purchase more?
Standard operating procedure for the most part on our 2nd gen farm since the early 70's has been buy a farm/get it paid for as fast as reasonably possible / Hold back at least some of the "cash rent" that we pay ourselves since we farm it/pay the taxes on it and put it in the bank to either hopefully buy a farm debt free (has only happened twice on any sizeable amount of farmland) or at least have enough saved up to put down on a new purchase and only need a mortgage on the new farm. Then repeat.
Has worked in the past but keep in mind the first purchase was 540/acre the last 14,630/acre with the majority somewhere in between. I'll be the first to admit it's taking more paid for acres and/or time to save up the funds to buy the next piece.
That said- we're going to continue the slow/steady process going forward. I wish corn was $6 and land $8,000 but it isn't so I kind of feel like we better just play the hand we're dealt currently amd make the best of it.
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Land prices
