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Young Farmer Land purchase questions
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jdironman
Posted 4/23/2021 07:00 (#8968337 - in reply to #8968177)
Subject: RE: Young Farmer Land purchase questions


Nw Iowa
I agree with everything Boone said as the same reason everything short upside down etc is all this free money from government and paying people to stay home. ( government screwing with economy) Back to the land though there are some things in your favor. Between you and your wife you are probably not close to 3.5 million net worth even when farm and barn pd for. ( not in anyway looking down, just opposite, appreciate and respect a young person with work ethic) owning a piece of land especially with your hogs is a good thing and 3.5 million would not be a roadblock. The second part is the no step up in basis which kills us older guys trying to transfer cheap land but if land stays where it is at and goes up 1 or 2% besides return a yr it would be manageable because you are buying at current market. So at this point new legislation would not be so harmful to a younger guy for now. So while not exactly great news will not directly affect you yet at this stage of your life. Now as I see it the negatives, if you have a father or other relative that you were hoping to inherit something than that add some salt to your future as rather than inheriting something you will now be really only inheriting part of that. So may need to at least look at that. (If these laws come in fully which I think will happen but these aren’t budget matters so republicans have some bargaining power as of yet, so even though it is input on how you want to be hung, it will still at this point have input to hopefully soften or round the edges of this knife.) But if these laws go thru even watered down slightly it will change the way land has been thought of and will definitely throw more land on the market, probably much more. The other things that really have everything crazy is all money government has put in circulation and than the fact that sooner or later it will stop. Government interference never ends well. Usually creates more problems than it solves. If Democrats change voting and other laws and manage to stay in power next couple of election cycles, farming as we know it is over. These green agendas are not very well thought out and ag is though of as enemy, not food production.
Your advantage is that if you qualify for government young farmers loan and land fits your operation, it is the perfect scenario which doesn’t happen very often. So personally I would go for it but only you know if you and wife want it badly enough and if you can make payments and still sleep at night.
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