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| The OP has the right mentality IMO. I'm in the same camp. If you buy too high and if it goes down hard you may not get another shot to buy for another 10 years.
I've heard some old established guys admit that a lot of success depended on when a farmer started out. The guys that started at the exactly wrong time bought land on the high, and it took many many years to work out of and missed opportunities because of it.
If you follow Warren Buffet's mantra you should be scared of buying when everyone else is confident it's can't lose deal and you should buy with confidence when most others are scared. "Be scared when others are greedy. Be greedy when others are scared." | |
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Land Prices and Mean Reversion
