Bucksnbears
Well-Known Member
That was a good watch.
Caught myself tearing up a couple times.
Caught myself tearing up a couple times.
DMarley83
DMARLEY83
I watched a lot of that when it aired. Learned quite a little. I've heard of 21% intrest rates but dang that would hurt!
Think about that. Say a farm is thumping along at a 10% ROI… which is really good …. Say it’s 50% paid for…. @ 20% interest you are broke.
But farms weren’t even doing 10% roi. Most were just making it even with no debt. Some losing $. Hence the collapse!!!! The great farm corrections have happened 2 times in last 100 years. I would GUESS there’s another one in our lifetimes. Maybe not …. But I sure would be prepared for one.
Farm crisis of 80’s is another reason hunting land had “no value”. “Waste ground”…. If you couldn’t make $ on good black dirt & couldn’t hold onto that- u sure ain’t gonna wanna have timbered land!!!!!!
Nrharris
PMA Member
This topic is always interesting to me. Im really conflicted on it. It was terrible for a lot of guys, but that's when my family really got their start farming. My grandpa started from nothing in the 60's. He sold the family car to buy a tractor to start farming. He bought where our home farm is in the late 60's. My family expanded their land base in the 80s and 90s when guys were afraid to buy. Dad bought a lot of land that cash flowed right from the start. His banker talked him out of buying several other pieces of land that he should have bought but it's easy to say that after the fact. My dad owns a short 1200 acres of land all within 4 miles of home. Without the crash, there is no way we own anywhere near that much land today and I probably wouldn't be farming today. So even in a crisis there was tremendous opportunity for some.