Old farmer nehbor up the road has bought about 3000 acres here in se Nebraska over his lifetime...he is 83 ....told me he never bought a farm he didn't think was too much at the time...his first farm was 150/ acre....he paid it off in 3 years....last one he bought a few years ago around 7500..
My grandad was the same way...he bought one one time and paid it off with his first crop....that will just never happen these days with the safety net of fed crop insurance....
Someday you may look back and say boy I should have payed up and got that farm...
Back when land was cheap, it didn't take long to pay a farm off, if you were good at managing money, and had a good crop. It'd be hard to do that today, especially with the land prices around here. I had chances to buy more land when I was younger, but wanted to wait until I had one paid off, before buying another one. Big mistake......one I see now. I'll never be able to buy more land around here now. I'm too old to want to go in debt again, and it's not worth what it's bringing.
