Yes but every dollar you borrow or equipment is one less you can use to  buy land.  Also, machinery is short term debt with bigger payments than long term land loans.  Look at your total equipment payments per year and see what land this would buy with long term debt.  Yes, you need equipment to farm but just get what you must have, not what you want.  You can farm several acres with $100k worth of equipment or do the same acreage with $500k or more.

Majority of farmers wish the had bought more land, not equipment, when asked what they would do differently if starting over.