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SESD | Here's my situation, hope you guys can give some good advice. I know there are somewhat similar threads, but.......
I have been offered(along with 2 other farmers) a 1/4 of ground. The price is $300,000 total, first to say yes gets it. 114 farmground with 103 farmable and 46ac pasture. Owner is figuring 1K for pasture and 2250 for crop. The nonfarmable acres are wetland areas of which there are about 5 located on the sides of the field. The pasture also has some wetland, maybe 8ac or so.
I don't own any ground yet, so this would be my first purchase. I'm wondering if you guys would wait for some better ground, which may not be better terms or purchase this ground and not worry about what happens later.
A possibility down the road may be to trade this 1/4 for a better and closer one for a little to boot. The one 1/4 is 5mi, the other is 1mi and all farmable. This landowner's father is in bad shape and will be handing this better 1/4 to another son after he passes.
I can get the money through FSA at 5.125% up to 100% of assessed value. This would make payments over 17K/yr. Fairly high rent for the area would be $100/ac. and county average is about $70. Have chased some ground the last couple years to almost 3K with no luck, but they were good 80's.
Just looking for some input. I'm on the fence about my decision and just lookin for more info.
Thanks
JR | |
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Advice on land purchase.......
