Joined
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5,978 Posts
Hi,
Welcome to the board
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Glad to see another new farmer!
Not all of us are 'huge' operators (I guess that depends on your definition of the word), heck I'm just another little guy with 1,400 acres...
I inherited the farm, just like you did, from my parents. It was a bit rushed, and caught me un-prepared, which I did pay for - you shouldn't have that problem though, I would imagine
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If you're just starting, and don't have the $$$ to put on the table for land, it's best to rent in my humble opinion. You don't have a huge investment, and you will have cash-flow at the end of the year to use on other things - like machinery, buildings, bins, etc. Buying land is more cost-effective if you're looking towards the future though.
Can't tell you much about a 4420, as I'm an MF-860 man, so a JD fella will have to chime in on that one
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As for machinery, this is an issue of discussion with all of us - in my mind, when you're starting out, it's best to buy older (10 year old - 15 year old) machinery, it costs less and performs well for it's cost. You can always 'flip' it for newer equipment once you get your farm established
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Bankers usually look for a 30-70 split between Debt and your Worth.
Regards,
Christian
Welcome to the board
Not all of us are 'huge' operators (I guess that depends on your definition of the word), heck I'm just another little guy with 1,400 acres...
I inherited the farm, just like you did, from my parents. It was a bit rushed, and caught me un-prepared, which I did pay for - you shouldn't have that problem though, I would imagine
If you're just starting, and don't have the $$$ to put on the table for land, it's best to rent in my humble opinion. You don't have a huge investment, and you will have cash-flow at the end of the year to use on other things - like machinery, buildings, bins, etc. Buying land is more cost-effective if you're looking towards the future though.
Can't tell you much about a 4420, as I'm an MF-860 man, so a JD fella will have to chime in on that one
As for machinery, this is an issue of discussion with all of us - in my mind, when you're starting out, it's best to buy older (10 year old - 15 year old) machinery, it costs less and performs well for it's cost. You can always 'flip' it for newer equipment once you get your farm established
Bankers usually look for a 30-70 split between Debt and your Worth.
Regards,
Christian
