|
ecmn | banks look at debt ratio's and other numbers. spending 10k on custom or 10k on an annual payment. you might be better off having some of it custom done for the first couple years. owning a truck vs hire it done. in the beginning its easier to hire it done. you dont have to spend money on insurance, liscense, repairs, and when are you going to haul grain when you are doing field work?
also the cash flow for down payment money, that 5k for down payments might be better sitting in the checking account or used for operating money.
for a starting from scratch i would get a few pieces to get started and hire the rest done.
we are in the same boat, want to own everything from planting to hauling and everything in between. but working with a bank, and asking accountant some questions we realize that the next 5 years will be hiring drying,storage,hauling even though it is a little more expensive then owning it works out on paper better in the long run.
Edited by easymoney 4/27/2013 09:10
| |
|
How much is needed to start a farm?
