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Owning a farm with limited cash flow, saving $ or Increasing income....

Thanks to everyone for sharing the points above - good stuff.

Although I’m a very new landowner and have a lot to learn, one of the things that has worked well for us is having investment properties. We’ve flipped a couple of homes and have a couple of rentals. With the income from the land and the excess on the rental properties, it will cover a large amount of the land payment. My wife isn’t a hunter and currently stays home with our kids. This has helped her be more acceptable of the land investment since we’re not really changing our ‘personal’ finances, savings, etc. Just offering as an idea in case it helps someone else.
 
I was blessed to be able to divert some inheritance funds (thanks Verne and Elizabeth) towards my farm purchase after watching the rec land market for numerous years. One of the best decisions I have ever made but wish I had taken the plunge 5-10 years earlier. In hindsight, I am confident that I could have managed the cash flow earlier but my conservative nature keep me back. My advice to those who are serious about owning rec land, take the leap of faith as soon as you are able - I doubt you will regret the financial challenge 5 years into it.
 
Hardwood11 said:
Well, depends a lot on what type of farm. A 40 seems small, but can often be the right size for many hunters. We own a 52 acre parcel that has produced multiple quality bucks in MN, despite the poor regulations.
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Agree, I hunt a 50 acre permission piece and it feels really big due to the topography of it and having no road frontage.
 
BJohnson said:
I was blessed to be able to divert some inheritance funds (thanks Verne and Elizabeth) towards my farm purchase after watching the rec land market for numerous years. One of the best decisions I have ever made but wish I had taken the plunge 5-10 years earlier. In hindsight, I am confident that I could have managed the cash flow earlier but my conservative nature keep me back. My advice to those who are serious about owning rec land, take the leap of faith as soon as you are able - I doubt you will regret the financial challenge 5 years into it.
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I told you so!! :) :) I am glad it all worked out for you!
 
I would be fine with a small farm, 20-40 acres in the right area. Mixed cropland and timbered creek type area would be my choice.
 
Bow_and_Arrow said:
Thanks to everyone for sharing the points above - good stuff.

Although I’m a very new landowner and have a lot to learn, one of the things that has worked well for us is having investment properties. We’ve flipped a couple of homes and have a couple of rentals. With the income from the land and the excess on the rental properties, it will cover a large amount of the land payment. My wife isn’t a hunter and currently stays home with our kids. This has helped her be more acceptable of the land investment since we’re not really changing our ‘personal’ finances, savings, etc. Just offering as an idea in case it helps someone else.
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Yep! I use the laundry money from some rentals we own to feed my hunting habit. Doesn’t impact our family finances.


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Check hunting land prices in different areas of state i know big difference just a county or two distance can make!! Also some of the best hunting farms have almost no farming value! Good tillable is nice but drives up price fast! Get a "hunting " 80 for 250k to 275k. Add decent tillable and upper 300k to 400k in a hurry!!

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EQIP document with cost share. It’s a “big document” but skim through this. WOW!!!! There’s a lot of funds out there for stuff folks wouldn’t even realize!!! Look at table of practices at beginning. I’m skimming through and see “gravel road, 6” deep gravel” on your land - wow! I understand why but didn’t realize there’s cost share. So many examples- this is great!!!!!


 
Sligh1 said:
EQIP document with cost share. It’s a “big document” but skim through this. WOW!!!! There’s a lot of funds out there for stuff folks wouldn’t even realize!!! Look at table of practices at beginning. I’m skimming through and see “gravel road, 6” deep gravel” on your land - wow! I understand why but didn’t realize there’s cost share. So many examples- this is great!!!!!


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Hey Skip, this doc link is for 2018 Equip Program. Do you have a link to current program or is the 2018 still to date?
 
Thanks for the precious advice. I also think about getting a farm somewhere in the Midwest and living near the woods with my wife because I’m tired of cities. I grew up in a small village in England and knew how to handle land. It needs some planning, but I think I will be ready to make the final decision soon.
I’m not like the people from https://wealthyliving.com/money/rick-ross-net-worth/ and know how to work and how to earn money in a fair way. That’s why I want to return to this simpler life after living in a city for many years. Here life is more real.
 
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