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SW MN and Gold Canyon AZ | In my area the banks will only allow loans on $3000 to 4000 an acre anyway on land bringing 7 to 10000. with local bank interest rates that amount would be 225 to 250$ an acre which is less than cash rents here. Leave that amount on a 20 yr note and keep your operating capital high. Of course you have to come up with the balance of the cost of the land in cash or mortgage pd for land which is risky.
Its better to keep short term payments ahead and leave long term alone.This gives you a cushion for bad yrs. | |
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Land buying and payment
