Bankruptcies of the 80s

[flea beetle]

Have a shot at 800-900 acres touching my home quarter. Fighting with myself whether it is a need or a want. As farma says, schtoopit price. But also right next door....

[Partners]

In 80's borrowed lots at 19% interest.
Paid it all off in a few yrs.
Wheat was 8 bucks..
Neighbors rode the system and paid half price later.
Now they all BTO's..

[flea beetle]

If you or your family is in it for the long haul and you can manage it, go for it.

If prices fall after I buy I will have paid for it's future appreciation, lol. Thats not ideal but it always tends to recover over time..... make sure you have enough, or someone younger that will carry the torch.

Well I am in my 30’s and my kids are all under 10, so hard to make that call yet.

It kinda makes sense when to rent the same amount of land is over half the payment to buy it...but that can all change I guess.

[flea beetle]

In 80's borrowed lots at 19% interest.
Paid it all off in a few yrs.
Wheat was 8 bucks..
Neighbors rode the system and paid half price later.
Now they all BTO's..

I have more respect for you than them, sir!

[seldomseen]

Timing is everything in this game!

At one time i thought i started farming at the very worst time. Now i think i started at the best time!

[blackpowder]

Well I am in my 30’s and my kids are all under 10, so hard to make that call yet.

It kinda makes sense when to rent the same amount of land is over half the payment to buy it...but that can all change I guess.

I used the cheaper to rent than own idea. Until it wasn't.

[AlbertaFarmer5]

Principles schminciples......
Principles are disposable in business. Didn't you learn that in university?
You won't get far if you let your moral compass guide you!

When did you become a Liberal?

[Guest]

In 80's borrowed lots at 19% interest.
Paid it all off in a few yrs.
Wheat was 8 bucks..
Neighbors rode the system and paid half price later.
Now they all BTO's..

exact same shit happened here they are important fellas now
mr . devine sure helped us with his 8% interest , though

[GDR]

Well I am in my 30’s and my kids are all under 10, so hard to make that call yet.

It kinda makes sense when to rent the same amount of land is over half the payment to buy it...but that can all change I guess.

At double the payment of rental prices seems like a good deal to me providing you can cash flow the payments, remembering that the principle portion is after tax money. Have to take some part of that payment out of the farm profitability equation and realize you are also saving for future or retirement.

If general population is expected to park 18% of their paychecks in RRSP accounts plus their home mortgage equity I justify principle payments that way in my mind and separate from the interest portion.

[blackpowder]

If your paying any amount of taxes in your 30s you could handle more payments.
Be smart, but dont waste your best years being the constant impending doom guy, you'll miss out.