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Thread: Steve Romick: Forget Gold, Buy Farmland

  1. #1

    Steve Romick: Forget Gold, Buy Farmland




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  3. #2
    I have some , I would have more , but then there is property tax.

  4. #3
    Quote Originally Posted by oyarde View Post
    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.

  5. #4
    Property tax on vacant land in Indiana is not that expensive.
    Few men have virtue enough to withstand the highest bidder. ~GEORGE WASHINGTON, letter, Aug. 17, 1779

    Quit yer b*tching and whining and GET INVOLVED!!

  6. #5
    Quote Originally Posted by oyarde View Post
    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!

  7. #6
    Quote Originally Posted by Lord Xar View Post
    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 .
    Last edited by oyarde; 12-08-2013 at 07:37 PM.

  8. #7
    Quote Originally Posted by mosquitobite View Post
    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 .

  9. #8
    Quote Originally Posted by mosquitobite View Post
    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 .



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  11. #9
    Oyarde your inbox is full.
    Few men have virtue enough to withstand the highest bidder. ~GEORGE WASHINGTON, letter, Aug. 17, 1779

    Quit yer b*tching and whining and GET INVOLVED!!

  12. #10
    Quote Originally Posted by mosquitobite View Post
    Oyarde your inbox is full.
    I think I dumped it .

  13. #11
    Quote Originally Posted by Lord Xar View Post
    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 .

  14. #12
    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.

  15. #13
    Why forget about one or the other?

    Both are very, very prudent long term financial decisions.
    "Like an army falling, one by one by one" - Linkin Park

  16. #14
    Quote Originally Posted by Dr.3D View Post
    Yep, and the rent from leasing it out to farmers doesn't even come close to covering it.
    Huh? Around here it sure does!
    Last edited by Tod; 12-10-2013 at 07:53 PM.
    "Sorry, fellows, the rebellion is off. We couldn't get a rebellion permit."

  17. #15
    Quote Originally Posted by Seraphim View Post
    Why forget about one or the other?

    Both are very, very prudent long term financial decisions.
    Yes

  18. #16
    Quote Originally Posted by Tod View Post
    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 .....



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  20. #17
    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.



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