Steve Romick: Forget Gold, Buy Farmland

[TaftFan]

 

[oyarde]

I have some , I would have more , but then there is property tax.

 

[Dr.3D]

I have some , I would have more , but then there is property tax.

Yep, and the rent from leasing it out to farmers doesn't even come close to covering it.

 

[mosquitobite]

Property tax on vacant land in Indiana is not that expensive.

 

[Lord Xar]

I have some , I would have more , but then there is property tax.

Where are you guys learning/getting this "farm land"? I am in los angeles and I've been told by a few real estate people I know that "don't buy in areas you can't manage yourself" etc.. unless I guys there are management companies around that you can hire.

But, how do you know its good farmland - is the topsoil healthy?

Gosh, i am such a neophyte with these things!

 

[oyarde]

Where are you guys learning/getting this "farm land"? I am in los angeles and I've been told by a few real estate people I know that "don't buy in areas you can't manage yourself" etc.. unless I guys there are management companies around that you can hire.

But, how do you know its good farmland - is the topsoil healthy?

Gosh, i am such a neophyte with these things!

What I own are two types , tillable and timber . The tillable , I lease most out , but used to farm it , the timber , I just hold and pay tax on twice a year. On Farmland ,if it has been previously producing , you can find out what the yield was by asking . I grow some food myself still on a little. The rest I lease yr to yr and can assume it back any winter and start using it myself again if I wish . As far as renting out , there are two common ways around me . Percentage of profit , or straight amount per acre per year . I get a straight amount for mine . Mine is all paid for except one small pc that is attached to the home I currently live in. The balance I owe on that and the house , just the land would bring that .

 

[oyarde]

Property tax on vacant land in Indiana is not that expensive.

I can cover mine , but I realize in many states you would not be able to . It does prevent me from doing other things though , like farming Christmas trees or something . That would not be profitable enough after tax to be worthwhile to me .

 

[oyarde]

Property tax on vacant land in Indiana is not that expensive.

True , but you have it forever . Which is something to consider for me as an old guy . Otherwise , I would buy a little more .

 

[mosquitobite]

Oyarde your inbox is full.

 

[oyarde]

Oyarde your inbox is full.

I think I dumped it .

 

[oyarde]

Where are you guys learning/getting this "farm land"? I am in los angeles and I've been told by a few real estate people I know that "don't buy in areas you can't manage yourself" etc.. unless I guys there are management companies around that you can hire.

But, how do you know its good farmland - is the topsoil healthy?

Gosh, i am such a neophyte with these things!

If you ever decide to purchase some I can help you out .

 

[fr33]

The investment value varies depending on location and other factors. If you are even remotely close to a growing city, like for example, Dallas/Ft Worth area, buying farmland can make you money by developing subdivisions but not through agricultural purposes. Not until the dollar collapses.

 

[Seraphim]

Why forget about one or the other?

Both are very, very prudent long term financial decisions.

 

[Tod]

Yep, and the rent from leasing it out to farmers doesn't even come close to covering it.

Huh? Around here it sure does!

 

[oyarde]

Why forget about one or the other?

Both are very, very prudent long term financial decisions.

Yes

 

[oyarde]

Huh? Around here it sure does!

Doc lives under a rock , he is out west I imagine , there taxes are high , leasing for grazing etc , is very low.....probably a guy could make a buck or two , but you would have to bust ass , go into eggs , chickens , something like that .....

 

[Madison320]

The question is: "What will the government do when the dollar crash hits?" If the government takes a free market turn, which I think is possible, then farmland will be a great investment. But if the government takes a fascist turn, which I also think is possible, owning farmland might mean you have a big bullseye painted on you.