Originally Posted by wageslave
Originally Posted by wabigoon
We pushed it to the next to last bid. 141.4 acres, 31 cares good crop ground, the rest pasture brought $8,250. Who knows if we should have kept bidding.



Just wondering,
with 31 in crop and 110 +/- in pasture...
how in the world do you talk a banker into that?
and/or if you have the cash on hand, how do you ever beat a 2% CD in town on your million?
Unless you develop it into houses or malls I don't understand how you recover, let alone get a return, on your outlay in 2 lifetimes.....but then again, I'm not very smart.


Bankers don't mind loaning too much on land...you can't run off with it...can't hide it...they know if you don't pay they can sell it...if it doesn't bring what you owe they sell all your other assets....
This is exactly the farm crisis of the 80s....when interest went to 18 percent guys just couldn't pay....banks went down with them...