cancel
Showing results for 
Search instead for 
Did you mean: 

Land renting - New and dont know anything

I'm interested in buying land to rent out in the future to bolster my income while I work and eventually be my main source of income. I have only an unimpressive high school education, a cdl, and no ties or real knowledge of agriculture. Are college bussiness classes my only option? What books should I read? What should I study and be good at/what can I leave out? My goal is to be a successful landowner not a farmer myself though Im not averse to the idea, I just have training in other areas already that I dont want to go to waste.
0 Kudos
5 Replies
Highlighted
Honored Advisor

Re: Land renting - New and dont know anything

I would say with anything, understand what you`re investing in.  If it`s a farm know the ins and outs of the drainage, like tile and a ditch to tile into or irrigation if that`s what the farm has or needs.  Know the soil types and productivity the "crop suitability rating".   But I would say attend a farm auction just to observe, what is the auctioneer bragging about and what is he soft peddling about a farm. Talk to the attendees, ask their opinions on how good the farm is and what they think it will bring.   If they`re one of the bidders, they won`t say much Smiley Happy but others won`t be shy to give their thoughts.

Re: Land renting - New and dont know anything

I suppose it would be good to start out as partial owner with someone more experianced as well.
0 Kudos
Honored Advisor

Re: Land renting - New and dont know anything

This is just my opinion, but probably not.  Everybody has their own ideas, even my Dad when I farmed with him, I loved him and we got along really well, but we had different thoughts on what we wanted, we were of different generations, he was looking to retire and I still had thoughts of farming the world.  

 

A neighbor stopped by wanting us to rent his farm when I wasn`t there and Dad told him "no thank you" well that isn`t the answer I would`ve given and I was of course mad for a while.  Maybe it was for the best, but something about "too many chefs spoil the sufflay"  Smiley Happy   

 

Sometimes even brothers fight like cat and dogs, but if they`re on the same page they can set the world on fire, but it`s rare.

Re: Land renting - New and dont know anything

Thank you very much for your input. I still need to build some capital before I start any of this, but more importantly I need more sources. Is there a "becoming a wealthy land baron for dummies"? What about location/distance from nearest community. I would want my potential tenants to have the easiest time possible moving their hard worked products to buyers. I dont want to buy a chunk of property but the only way to it is an hour long atv ride over the hills. What is most desired/required of farmable land aside from good soil and predictable weather? How underdevoped the land is to much to be sellable? Or does that not matter as long as theres grass, cattle, and a local butcher? Again thank you for your help. Also im stuck in alaska for a few months and I live in puyallup wa, most farms are being turned into rows of town houses, or are not nearly big enough for the animals people have in them. Ide have to do some driving to get to an auction.
0 Kudos
Honored Advisor

Re: Land renting - New and dont know anything

There isn`t a "Being a Land Baron for Dummies" book that I know about  Smiley Happy though I`ve said a hundred times that if some of these 10 cent millionaires around here wrote a book on "How I did it" I would definitely buy a copy.  Smiley Happy

 

Land in the Pacific northwest of renting out cattle grazing lands is way outside my wheelhouse. But just some general things to consider is property taxes, as governments get more liberal and of course unsustainable, more services will be shifted to the local levels, therefore federal and state promises will eventually be funded off of property taxes.  So to buy property in a sensible conservative area where the local politicians won`t put up with that crap is a plus. 

 

Another thing is land  payments, if you finance it will come from "after tax dollars", which can be tough as I can attest to right now personally.   Uncle Sam thinks you make +$100,000 income but after your "child support" also known as "farm payments", there isn`t much left after feeding both your uncle AND your banker. 

 

But the best of Luck to you  Smiley Happy

0 Kudos