West Central MN (between MMF and Larson's) | piratepride2 - 1/8/2016 22:53
Looking to purchase 64 acres of land close to the home farm. This would eventually be certified organic land. Looking at around $6000/acre. Currently we rent over 75% of our organic acres, and need to go expand on this as several landlords are reaching the age where they will be selling or either handing land rights over to children.
Any advice on things to consider when thinking about going through with this?
How easy are land load to get with today's current farm landscape?
What kind of rates and terms are you guys seeing?
At your age, I would do 2 things.
1) Go to FSA and check out their beginning farmer program. 2-3 different options. Do a google search and you can get a lot there. That is how we bought our first farm.
2) Talk to you lender right away too. They will likely need to participate in the loan. FSA may guarantee a portion but you will still likely need lender participation. If your lender does not understand these programs, you probably need to find a new lender as these are widely used programs. If they don't know them then they probably don't know ag that well and that doesn't bode well for you in future.
Good Luck |
Buying Land
