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Story time. How did you buy your first farm?

T

Trapshooter1

Well-Known Member
The thread below got me thinking about how every single persons path to land ownership is going to be different I'll start with my story and see if others want to share there's. My goal was to buy land and farm on my own.(Not necessarily hunting related land)

Just out of school I started in a small sales business that would make about 15k a year, and I worked at it and got up to 40-45k a year(not a lot but i didnt have much over head as i was working on commission). I did that job for 8 years and it got me started in this life.
(On top of my seasonal sales job I worked construction, worked for hog farmers doing chores and plowed snow in the winter time) Every single thing helped

I didn't have enough money to buy a tillable farm like I wanted to. So I took my earnings and started buying rentals. The first one for 35,000 dollars. Second one was a Duplex for 67,000 dollars.(this is all pre covid)

The Rona hit and everything went crazy, houses went way up. During this time I had slowly been buying older machinery a piece at a time so that I could farm.

I finally got an opportunity to buy 120 acres, (a private land sale)(no auction). A mostly tillable tract with a really good whitetail/turkey hunting aspect to the farm. So I sold the rentals (the rentals went up quite a bit by that time) and poured it all into machinery and the down-payment for the farm. I was all in.
The year I bought the farm I lost the sales job, and got married during that year and had a baby.(Talk about a nerve racking time) was still farming and doing some construction jobs.

Things have really stabilized since then, I've been driving truck for 2.5 years and still farming. I think about those times and wonder if I was a little crazy going through with such a transaction with such instability. Fortunately I have a pretty understanding banker, that understood the circumstances. And helped me through. Since I bought my farm, I really haven't bought or sold any properties because I feel that a lot of stuff is greatly over priced. And I will continue to be patient. I'm still keeping my eyes open.

I've had help along the way, which I greatly appreciate. At the end of it all, work hard, invest well, if you have a little help it won't hurt, and ya have to have a little luck to make it happen. And a good banker.

I've been very fortunate about the opportunities that have been presented to me. Just about anyone can make it happen ya just have to want it. I'm no one special just a deer hunting farmer that wants to make it all go.
 
I will keep mine short.
Grew up on a farm and ALWAYS had farm blood in me.

I was on a tractor with a plow at age 10 farmall super MTA dad pd me $1.00 / hr.
I was the oldest and work needed to b done.

As a sophomore in school I started my own small hog herd, if I remember right with 2 sows.

My mom and dad raised hogs. Then came my own crop of wheat, I think I got $5.00 a bushel that year.

Saved saved saved my money from that and after graduating from high school one year later bought my first farm at 19.

1979 - 60 acres with a house and buildings for $42,000, put $8,000 down, got married 1 year later.

My wife and i were able to buy more farms as they came up that joined r property
.
Never sold any just bought with no regrets.
.
 
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Great idea for a thread! And great story!

I'm fortunate to have been raised by great parents who've always drove home the idea of save, save, save. Working and making money growing up and through school, I never spent much on typical kid "stuff" and just slowly accumulated more and more savings. Fortunately I was able to earn scholarships for school so I wasn't forced to deplete my savings egg much during that period of life like most are forced to.

I've always been eaten up with land and trees, and farming and whitetails etc., and dreamed of owning land but never really thought about seriously doing it.

Fast forward to a year after graduation and a several parcel, marginal quality tillable auction went up in the center of an incredible isolated whitetail area I knew well, and already hunted permission on around. The deer and age were there, but in a farming dominated "prairie" type area it surely would be bought by a farmer. We knew the potential it had, but I remember walking it several months prior and knowing it would go higher than we (my brother and I) could ever afford. Auction was set for March '20, and due to Covid ended up being the first online auction in that area. It was an inherited property with no reserve, and we were the one and only bid. 52.7 acres of rolling tillable with a hedge trees perimeter around it, and access from N, W, and S. Right place at the right time. We still can't believe it to this day.

The coolest part to me of it all, is that the place was a complete open blank slate. I have learned more through real life trial and error about trees, grasses, farming, design, re-design, re-planting, failure etc. etc. etc. It truly is a blessing I can't describe.

If you build it they will come. There was NOTHING living there on day 1. Now on growing season #6 we've caught up with three 6+ yo bucks, there's pheasants, turkey poults, fawns, rabbits, the birds are out of control, and there just keeps getting to be more critters every year. I can't put into words the fulfillment and joy the property brings me.

BUY LAND
 
Married in 2000 bought 50 acres northern wi. Wi a bunch of equity in our house and refinancing mid 2000s with super low interest rates ! Sold that pc and bought 80 acres in southern up. Of Michigan. Lots of deer but small. Got divorced in 2015 kept land she got retirement and cash . Sold up. Farm in 2018 and bought 80 in southern iowa! Moved here in april 2020. Got divorced in 2022! ( huge mistake marrying that one! ) took my cash after judge orderd whole farm to be sold!! Ended up starting over with a 40 acre pc now in a great section! Trying to turn that into the " ultimate 40" and will decide to keep or sell and upgrade in the future ! Just keep on keeping on!!! Cant go wrong with land!

Sent from my SM-G996U using Tapatalk
 
I bought an 80 acre parcel when I was around 30 yrs old . They were asking $24k for the 80 in NW Minnesota. At first I thought it was a typo…

It was a 4 hour drive, but I bought it for 22k, and it had over 2k a year in CRP.

I hunted up there a few times, the very first night I sat up there I saw a beautiful 10 point 155 inch type buck. I was thinking (good decision)!

Within 2 years I sold that farm for $60k and bought a bigger parcel 218 acres in the same area.

I added a parcel in Lucas County, Iowa for $1100 an acre around the same time . The equity in the farms has allowed me to buy bigger over time . It’s been a great ride and I’ve thoroughly enjoyed it !
 
Already some GREAT stories here, congrats gents, keep them coming. Short, short version...I had a dream of having my own land going back over 45 years ago, when I would "use" my Study Hall period in HS to draw my dream farm. :) My real farms now look nothing like the drawings of yesteryear, but...the dream of owning land carried through the decades of my life. (Something that I think is noteworthy..."dreamers", in my experience, are the ones that are going to achieve more over time, etc. They will find a way...)

Graduated college in 1985 and had nothing, actually negative nothing if you count a modest student loan debt. But, just as MLK did, I had a dream. :) Lived very frugally, never had a new truck until years later when I was 45 years old, worked a "real" job, but then also lots of moonlighting as a handyman, deck builder, roofer, furniture mover, hog barn constructor, concrete pourer, etc, etc, to get money for tools AND save/pay down debt on house.

Was totally debt free by about 35 years old...bought 180 acres a couple of years later using savings and re-fi on the house. Now, approaching 30 years later and nearing retirement and having paid everything off, etc, just bought an additional 80 acres, closed last Friday. Will buy another section(s) in the near future too. I would agree that it is harder to make the numbers work these days, but it is still doable to those that have the dream and the drive.

Semi-related thought...I can usually tell pretty quickly who will achieve their dreams v. not. Because as soon as they start talking, IMO, they reveal whether they will get there, or not.

Dream realizers = they don't start explaining themselves right off with reasons why something can't/won't happen, they talk in terms of "when", even if "when" is YEARS down the road. They also have an idea as to "how" something can be brought to bear, even though it is likely that the "how" changes, and changes often, as time goes by. They are "possibility" thinkers and generally optimistic, seeing themselves as in control of their destiny, etc.

Dream non-realizers - "It's hard...", "It's not fair...", "It must be nice...", "You don't understand...", etc, etc. With talk like that, which reveals the heart of the man, you're beat before you start. It's never their fault, it's always someone or something holding them back, keeping them down, etc, etc.

PS. You get to choose which one of the above you would prefer to be.
 
Closed on my first farm, an 80, at the end of 2021 at 32 years old. I knew I wanted to buy land when I was in college. I still remember sitting in the computer labs at ISU looking at whitetailpropeties.com all the time and dreaming. It was my #1 goal in life, to own my own farm. Whenever I would visit my parents always showing them super cool looking farms and all the pictures online hoping they would get excited and want to help buy one. Haha my christmas list for years or when I would get asked what I wanted for christmas only had one thing on it, "80 acre farm". Bought my 80 for 388k. In 3.5 years its probably gone up in value by close to 100k and also spits me out a nice little return on the 30 acres tillable every year.

How it actually come to fruition was lots of work and discipline. I worked as many hours as I could while in high school & college at Fareway stocking shelves and bagging groceries. Out of high school i went to community college and lived at home instead of going straight to a four year school, community college alone for two years saved thousands. Once at ISU I lived in the cheapest apartments i could find. I managed to pay for all of college on my own and had about $400 left to my name. My one summer internship turned into a full time job and I'm still there. I lived at home with my parents again out of college for a few years and that was huge, saved thousands I'm sure. I didnt go and buy an expensive car or go travel, I saved.

My first job my parents set up an investment account where an automatic $25 was sent to off each paycheck. I continued that all the way up to the day I made my downpayment, that mainly was my down payment. The weekly automatic increased a lot from just $25 once I started working full time.

Bought my house for only 135k in 2017. I feel really lucky on that, it seems after that houses in town have really shot up. I've always worked as many extra shifts as I can get at work. In 13 years now I've made a little over 100k extra in picking up extra shifts. For several years now as well I've been mowing lawns and snow blowing drive ways in town for people, $30, $40, $50 a cut or driveway really adds up quick. No special equipment, just the same mower and snowblower I mow my own yard with. I've hauled away brush, cut limbs etc as well. Basically all the yard work jobs just came from the community facebook page, easy. I've helped build decks as well. For a couple years I donated plasma as well, stupid easy. I just mowed a lawn last evening, $40 in 25 minutes.

I dont go on big expensive vacations to resorts or out of country etc. I do RAGBRAI and go to Colorado to visit family and bike & hike. I drive cheap vehicles, my truck is a 97 f150. And im actually selling my wrangler ive had for 13 years as a daily driver and today buying a used chevy cruze with only 118k miles for only $2000. As my income has gone up and I do well at work I've kept grinding with the yard work side gigs and I've not let lifestyle creep catch up to me. I still dont pay for internet or any tv subcriptions etc, I just use a basic antenna. No coffee runs and I try not to grab food eating out more than once a week, pack lunch to work everyday rather than buying in the cafe.

I've been super displined and continue to do so. Living frugually like this from what I see my peers and others is definitely not normal. But, it works for me and its what I know. Its not hard. Seeing my networth grow so much just feeds to the fire, I dont stress about money/expenses. Put your money in a high yield savings account, invest in the s&p and shovel it in. Invest your money and watch it grow, its incredible. I'm not normal.

Hindsight I should have bought something sooner, I should have looked at loan calculators sooner than I did to realize I could have bought something a few years sooner.

What holds most people back is their mindset. They have to have a new house, newer vehicles, and go out to eat all the time. They want instant gratification. I've stopped trying to help/encourage some of my buddies anymore, they just scoff at the idea, but dont worry, every couple years they upgrade their pickup truck, go out to eat for lunch everyday etc. Saving a few dollars here and there and seeing how much that can add up in 5, 10 years etc doesn't work for them, they're blind.

How bad do you want it?
 
sep0667 said:
Closed on my first farm, an 80, at the end of 2021 at 32 years old. I knew I wanted to buy land when I was in college. I still remember sitting in the computer labs at ISU looking at whitetailpropeties.com all the time and dreaming. It was my #1 goal in life, to own my own farm.
Click to expand...
I loved your story man! Awesome! It’s true, your level of discipline is not common.
 
sep0667 said:
What holds most people back is their mindset. They have to have a new house, newer vehicles, and go out to eat all the time. They want instant gratification. I've stopped trying to help/encourage some of my buddies anymore, they just scoff at the idea, but dont worry, every couple years they upgrade their pickup truck, go out to eat for lunch everyday etc. Saving a few dollars here and there
Click to expand...
Most people are too busy "Keeping up with the Jone's". Get a raise or a higher paying job? "Upgrade" their "standard of living". It's a rat treadmill trap.
 
I knew an elder lady that had 33 acres of wooded riverbottom.
Have hunted it since about 1985ish with permission.
In 2009, she called me and asked " you're a roofer right", I said yepper.

She explained her house was in dire need of new shingles. She asked me if she bought the materials, and I did the labor...... BAMM!

don't hate on me guys:)
 
Bucksnbears said:
I knew an elder lady that had 33 acres of wooded riverbottom.
Have hunted it since about 1985ish with permission.
In 2009, she called me and asked " you're a roofer right", I said yepper.

She explained her house was in dire need of new shingles. She asked me if she bought the materials, and I did the labor...... BAMM!

don't hate on me guys:)
Click to expand...
Are you telling us you got 33 acres for the labor on a re-roof job?
 
sep0667 said:
Closed on my first farm, an 80, at the end of 2021 at 32 years old. I knew I wanted to buy land when I was in college. I still remember sitting in the computer labs at ISU looking at whitetailpropeties.com all the time and dreaming. It was my #1 goal in life, to own my own farm. Whenever I would visit my parents always showing them super cool looking farms and all the pictures online hoping they would get excited and want to help buy one. Haha my christmas list for years or when I would get asked what I wanted for christmas only had one thing on it, "80 acre farm". Bought my 80 for 388k. In 3.5 years its probably gone up in value by close to 100k and also spits me out a nice little return on the 30 acres tillable every year.

How it actually come to fruition was lots of work and discipline. I worked as many hours as I could while in high school & college at Fareway stocking shelves and bagging groceries. Out of high school i went to community college and lived at home instead of going straight to a four year school, community college alone for two years saved thousands. Once at ISU I lived in the cheapest apartments i could find. I managed to pay for all of college on my own and had about $400 left to my name. My one summer internship turned into a full time job and I'm still there. I lived at home with my parents again out of college for a few years and that was huge, saved thousands I'm sure. I didnt go and buy an expensive car or go travel, I saved.

My first job my parents set up an investment account where an automatic $25 was sent to off each paycheck. I continued that all the way up to the day I made my downpayment, that mainly was my down payment. The weekly automatic increased a lot from just $25 once I started working full time.

Bought my house for only 135k in 2017. I feel really lucky on that, it seems after that houses in town have really shot up. I've always worked as many extra shifts as I can get at work. In 13 years now I've made a little over 100k extra in picking up extra shifts. For several years now as well I've been mowing lawns and snow blowing drive ways in town for people, $30, $40, $50 a cut or driveway really adds up quick. No special equipment, just the same mower and snowblower I mow my own yard with. I've hauled away brush, cut limbs etc as well. Basically all the yard work jobs just came from the community facebook page, easy. I've helped build decks as well. For a couple years I donated plasma as well, stupid easy. I just mowed a lawn last evening, $40 in 25 minutes.

I dont go on big expensive vacations to resorts or out of country etc. I do RAGBRAI and go to Colorado to visit family and bike & hike. I drive cheap vehicles, my truck is a 97 f150. And im actually selling my wrangler ive had for 13 years as a daily driver and today buying a used chevy cruze with only 118k miles for only $2000. As my income has gone up and I do well at work I've kept grinding with the yard work side gigs and I've not let lifestyle creep catch up to me. I still dont pay for internet or any tv subcriptions etc, I just use a basic antenna. No coffee runs and I try not to grab food eating out more than once a week, pack lunch to work everyday rather than buying in the cafe.

I've been super displined and continue to do so. Living frugually like this from what I see my peers and others is definitely not normal. But, it works for me and its what I know. Its not hard. Seeing my networth grow so much just feeds to the fire, I dont stress about money/expenses. Put your money in a high yield savings account, invest in the s&p and shovel it in. Invest your money and watch it grow, its incredible. I'm not normal.

Hindsight I should have bought something sooner, I should have looked at loan calculators sooner than I did to realize I could have bought something a few years sooner.

What holds most people back is their mindset. They have to have a new house, newer vehicles, and go out to eat all the time. They want instant gratification. I've stopped trying to help/encourage some of my buddies anymore, they just scoff at the idea, but dont worry, every couple years they upgrade their pickup truck, go out to eat for lunch everyday etc. Saving a few dollars here and there and seeing how much that can add up in 5, 10 years etc doesn't work for them, they're blind.

How bad do you want it?
Click to expand...

You are a bad ass my friend!!!!
 
Love this thread and reading the stories.

Here goes as short as possible leaving out many details.

Ran a lawn business as soon as I could drive, always worked constructions jobs. Went to college, worked 35 hours a week while in college on top of it and did roofs on weekends. I didn't have a ton of fun in college like most people, but to me work is fun. Hated living in the dorm so moved out after 1st semester. You are required to live in the dorm for the first year unless you commute. I fibbed and told the university I moved home. In reality I bought a complete dump of a fixer up house just off campus. I was 18 years old. This was the days of "stated" income that could be used to get a loan that eventually, in part, caused the housing crisis. Totally remodeled the house inside and out as I could afford to buy construction materials. Literally ate hot dogs and ramen noodles. Drove a truck with 300,000 miles. Lived in house thru the rest of college and got roommates who paid rent thus I lived "rent free". Sold first house for nice profit after graduation. Flipped houses for a while. Bought some multifamily stuff. Housing crisis 2009? was awesome from an investment standpoint. Picked up stuff dirt cheap.

Bought first "farm" around that same time period. 35-acre wooded tract in Michigan. Moved to Iowa over a decade ago now. Bought a foreclosure on 7 acres in southern Iowa. Rinse and repeat, fixed it up and eventually sold. Started selling all residential holdings and flipping that into Iowa dirt. Decided fixing farms was way more fun than fixing houses so been doing that since.

If I could go back in time, I'd just say I'd have moved to Iowa a decade earlier and stopped the housing stuff and focused on land sooner. No regrets though.
 
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