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N. IL | They may not be mortgaged but probably taking interest waivers on machinery and cheap operating loans (seed/chem def. pay, etc) betting on the come with another high dollar crop. Easier to talk lender into loaning operating on a profitable acre than lend you $10K+ on newly acquired land. It all works until next years crop isn't worth what you thought.
I am sure there are cash purchases with plenty of operating funds, but not every situation has millions after tax in the bank and not borrowing any money while running new paint parked in a new shop next to their new house. With the new gator and pickup in the garage. LOL | |
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Land Prices???
