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personal question?
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Gary, Eastern Iowa
Posted 2/26/2013 17:17 (#2928095 - in reply to #2928015)
Subject: RE: personal question?


Gary Edwards Anamosa, Iowa

Guess I am going to disagree with most on here.  I was in the Viet Nam war and then came back to farm in late 70's with high priced land (for then) and high interest rates in the 80's.  When the neighbors got together everyone talked about how bad things were, all I could say was that at least nobody is shooting at me.  Point is things may look bad today, but it sure isn't the end of the world.  You just have to hunker down and fight your way through it.  First off what ever you do don't sell the cows.  The cows are what will get you on your feet again.  Second is move your debt to as long term as you can.  Interest is cheap now so lock it in for as long as possible.  I don't know how much land you own or what it is worth but if you don't plan on selling it, that is the best place to put your loans.  If the land market should crash you don't care what it is worth in the future as you have it locked in and you aren't going to sell it anyway.  Work with your bank, the government, or an insurance company like Metropolitan Life and you should be able to get a 20 year loan at 4% or less and a 50% balloon payment at the end of 20 years.  Now you will have the cash flow to make it all work. Now hunker down and get er done.

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