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So if you have equipment to do the job as long as it is well maintained and land prices are over inflated are you better off to build a shop and run the iron you have or just say F it and buy land and newer equipment. If I knew that borrowers would let me have the right of first refusal I would buy, buy, buy, but I don't have the spine for that. I have enough iron to do what I have now. I can build a shop, keep everything kept up, do I need more acres?? If I don't need to change iron I am money ahead???
 

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Pretty personal question that only you can answer, some people won't be happy until they own the whole world, next guy is happy with what they have. It all depends on you and your situation.

Sounds to me like you are happy with what you have, don't know you at all though, but if my first impressions are right keep what you have.

If my first impressions are wrong buy whatever you can.

Both choices have risk which I'm sure you are well aware.
 

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If you are making a nice living where you at now personally I'd build a decent shop and work on cleaning up my farm and equipment. I have no idea what your situation is, how old you are and whatever but I have observed when some people around here get pretty well set financially some will start buying land and can't stop. Then it's more land, more equipment, more help, more stress and it turns into a cycle they can't seem to stop. You can be a BTO and manage people and equipment and possibly be a slave to the finance company and dealers or have a beautiful farm where you can work with family, run and maintain all your equipment, own everything and enjoy the little things.

We have a few family farms around us each irrigation farm has a couple sections, the drylanders are sitting at around four thousand acres. They do it themselves with some help but seem to be living quite comfortably, they seem to have time and run decent equipment. A couple have built new shops recently. One thing about here though is the price of land has skyrocketed so it's tough to justify more land.
There are also a couple super farms slowly encroaching from the south, they buy the land, replace the irrigation equipment then we see them twice a year basically when they plant and spray then when they harvest with the odd service truck chasing pivots thrown in between. Never met the people that actually own the place.

This might be something you should discuss with your family.
 

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If you are making a nice living where you at now personally I'd build a decent shop and work on cleaning up my farm and equipment. I have no idea what your situation is, how old you are and whatever but I have observed when some people around here get pretty well set financially some will start buying land and can't stop. Then it's more land, more equipment, more help, more stress and it turns into a cycle they can't seem to stop. You can be a BTO and manage people and equipment and possibly be a slave to the finance company and dealers or have a beautiful farm where you can work with family, run and maintain all your equipment, own everything and enjoy the little things.

We have a few family farms around us each irrigation farm has a couple sections, the drylanders are sitting at around four thousand acres. They do it themselves with some help but seem to be living quite comfortably, they seem to have time and run decent equipment. A couple have built new shops recently. One thing about here though is the price of land has skyrocketed so it's tough to justify more land.
There are also a couple super farms slowly encroaching from the south, they buy the land, replace the irrigation equipment then we see them twice a year basically when they plant and spray then when they harvest with the odd service truck chasing pivots thrown in between. Never met the people that actually own the place.

This might be something you should discuss with your family.
Some pretty solid advice right there!:)
 

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I would agree that setting your self up to expand is a good practice. I would nt buy land just to buy more land especially at over inflated rates. I would set myself up to be more efficient and than buy the land I want like stuff close to home or good ground etc.
 

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if the price of oil stays low/economy stays stressed/whatever... then maybe this next year will be a great time to build a shop, get a good crew doing quality work at a reasonable timeframe instead of the exact opposite of each of those when things wind back up again ;)
 

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I would agree that setting your self up to expand is a good practice. I would nt buy land just to buy more land especially at over inflated rates. I would set myself up to be more efficient and then buy the land I want, like stuff close to home or good ground etc.
X2.
 

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Some pretty solid advice right there!:)
Thanks :)


Another thing I was pondering today is if you have young children and you do buy land maybe give each one a quarter. The idea is it will get them more involved and interested in farming with you. When they come of age they can sell it, rent it, farm it, anything but it gives them a start and possibly it'll give you an better idea of your family's future plans. I realize it's off topic but giving your offspring a direction for their future is better then a promise.
 

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Thanks :)


Another thing I was pondering today is if you have young children and you do buy land maybe give each one a quarter. The idea is it will get them more involved and interested in farming with you. When they come of age they can sell it, rent it, farm it, anything but it gives them a start and possibly it'll give you an better idea of your family's future plans. I realize it's off topic but giving your offspring a direction for their future is better then a promise.
that's a good plan actually, although my dad never got me enthusiast into farming that way, I was actually never interested in farming until I turned 17 the problem was I hated biology and was more of a mechanic, but I knew i didn't want to be a mechanic full time so farming was a good option.

I'd build a shop, nothing nicer than fixing semi's and working on your own equipment and having it in perfect shape for the next year.
 

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that's a good plan actually, although my dad never got me enthusiast into farming that way, I was actually never interested in farming until I turned 17 the problem was I hated biology and was more of a mechanic, but I knew i didn't want to be a mechanic full time so farming was a good option.

I'd build a shop, nothing nicer than fixing semi's and working on your own equipment and having it in perfect shape for the next year.

Just remember that the shop does not make the mechanic but the mechanic makes the shop.
 

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I think the idea of running older equipment and waiting for the value of land to soften is what I am trying to do although we have bought a few newer pieces in the last four years. I am trying to concentrate on growing more bushels off of less acres and do a better job of farming the ground we have now, seems to be easier to get over less acres and still have time for other things like others said such as kids, yard, sometime at the lake. Have to make time for yourself and family or else what is the point of all of it!
 
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