No crash in land prices coming. I"ll be really surprised if there is even a 10% correction.
So let`s just say that you could get the place for about $720,000. You maybe could borrow $600,000 of that if you had $120,000. to put down. The payments are going to run you around $3,500. a month or $42,000. a year, and I`d think other expences will at least equal that amount. You`d also want to be able to pocket around $30,000. a year with that kind of investment of money and labor. So, is there $115,000. a year to be made out of that ground, with the herd you have? Can you handle a bigger herd on that ground, and will the facilities handle the load? If you have to buy more cows or rent more ground all the expenses go up too.
I"m not setting in your chair, but from here it looks to me like a pretty sure and short trip to going broke. Which in my opinion is a pretty darn bad worst case. Now if I`m wrong and land prices change, say 30% down turn, while interest and everything else stays about the same... then... maybe...
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Today's Featured Article - Show Coverage: Godfrey, Illinois Country Days - by Cindy Ladage. Except for last fourth of July's Old Gold show in Springfield, Illinois, I don't remember when it was so hot. Nevertheless, the heat didn't keep vendors and visitors alike from enjoying the third annual Country Day's Event. Jane Elliott said the event was originally a one man show. "Barry Seiler, owner of Country Town Farm Supply store used to invite people up to the Johne Deere store. He would give hats and a free meal for everyone that brings a tractor." Elliott said while this
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