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#1 endrow

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Posted 20 August 2020 - 02:03 PM

They are saying right now a house only lasts a couple of hours when put on the market in this area ... A 72 acre Farm in Lancaster County sold for $3.45 Million this week on auction 



#2 Vol

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Posted 20 August 2020 - 04:16 PM

They are saying right now a house only lasts a couple of hours when put on the market in this area ... A 72 acre Farm in Lancaster County sold for $3.45 Million this week on auction 

 

Why are you still farming?.....at least there anyway?

 

Regards, Mike


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#3 somedevildawg

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Posted 20 August 2020 - 08:02 PM

Why are you still farming?.....at least there anyway?
 
Regards, Mike

They are saying right now a house only lasts a couple of hours when put on the market in this area ... A 72 acre Farm in Lancaster County sold for $3.45 Million this week on auction

It’s like that all over the country, house that may have had to have “special buyers” are being snapped up....flight out of the cities.

#4 stack em up

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Posted 27 August 2020 - 09:13 PM

Why are you still farming?.....at least there anyway?
 
Regards, Mike


If he’s anything like me, no amount of money could get me off this farm. Been in my family since 1874 and it will stay that way as long as i have anything to say about it!

Although if I could get endrow to sell out in PA, he could do a 1031 exchange here in SW MN and I could certainly spend some of that moldy money!
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#5 swmnhay

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Posted 28 August 2020 - 07:45 AM

Chatted with a realtor in SD.He was saying there is way more out of state buyers lately.He said a lot from MN and Washington.So people wanting to move from more liberal states to a more conservative state.


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#6 somedevildawg

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Posted 30 August 2020 - 05:10 AM

Chatted with a realtor in SD.He was saying there is way more out of state buyers lately.He said a lot from MN and Washington.So people wanting to move from more liberal states to a more conservative state.


That Governor they have in SD is sharp....another non-politician.

#7 swmnhay

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Posted 31 August 2020 - 04:46 AM

That Governor they have in SD is sharp....another non-politician.

Not only easy on the eyes she has a brain 


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#8 endrow

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Posted 31 August 2020 - 08:24 PM

That Governor they have in SD is sharp....another non-politician.

I remember reading about her in a farm publication . She quit college to come back home to run the family farm after her dad was killed in a farming accident and she finished her education at night online. Very impressive story .


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#9 swmnhay

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Posted 01 September 2020 - 05:53 AM

I remember reading about her in a farm publication . She quit college to come back home to run the family farm after her dad was killed in a farming accident and she finished her education at night online. Very impressive story .

Just read on Wikipedia they also diversified the ranch into hunting and have a resteraunt also.The ranch grew enough that her siblings all returned to help work the family businesses 
 

most all people I know would prefer her as our governor then what we have in MN.Memes all the time having western MN AnnexEd by SD etc.

 

Talk of her being future presidential candidate.


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#10 PaMike

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Posted 03 September 2020 - 10:09 AM

They are saying right now a house only lasts a couple of hours when put on the market in this area ... A 72 acre Farm in Lancaster County sold for $3.45 Million this week on auction 

 

These crazy auction prices just make it that much harder to do a family transaction. Heck, my siblings would say they are "giving me a deal" by letting me buy dad's farm for 3.2million. I mean they are saving me over 200k right....???


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#11 r82230

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Posted 03 September 2020 - 01:56 PM

These crazy auction prices just make it that much harder to do a family transaction. Heck, my siblings would say they are "giving me a deal" by letting me buy dad's farm for 3.2million. I mean they are saving me over 200k right....???

$250K by my calculations, if your talking the same acreage / price.   :cool:

 

A work-a-round that can help in that situation:

 

Farm has two values, one as a farming entity the second as a development entity.  The work around, is to buy siblings out as farm land value (entity), with a provision that if the purchaser sells/develops within a certain period of time (10 -20 years), the siblings would get their portion of the developmental value.

 

I've seen cases where one kid gets (or buys) the farmland, then sells it within a couple of years as development property.  The siblings that sold at at a reduced value are not always happy to say the least. :o   Put yourself in both sets of shoes and see how comfortable you would be, is what I tell folks.

 

Is there a perfect answer in every case?  I'd say NO, but there can be something that is more equitable than one side taking advantage of the other side, by getting the lion's share.

 

Larry


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#12 endrow

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Posted 05 September 2020 - 06:27 AM

These crazy auction prices just make it that much harder to do a family transaction. Heck, my siblings would say they are "giving me a deal" by letting me buy dad's farm for 3.2million. I mean they are saving me over 200k right....???

 Did you hear a farm sold along 897 at the Weaverland  Quarry. ,and the price was crazier. Not sure i should share i heard from a non reliable source . Maybe 50ish in acres $3.65 ? Two farmers will split the land 50 acres ?



#13 endrow

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Posted 05 September 2020 - 07:30 AM

$250K by my calculations, if your talking the same acreage / price.   :cool:

 

A work-a-round that can help in that situation:

 

Farm has two values, one as a farming entity the second as a development entity.  The work around, is to buy siblings out as farm land value (entity), with a provision that if the purchaser sells/develops within a certain period of time (10 -20 years), the siblings would get their portion of the developmental value.

 

I've seen cases where one kid gets (or buys) the farmland, then sells it within a couple of years as development property.  The siblings that sold at at a reduced value are not always happy to say the least. :o   Put yourself in both sets of shoes and see how comfortable you would be, is what I tell folks.

 

Is there a perfect answer in every case?  I'd say NO, but there can be something that is more equitable than one side taking advantage of the other side, by getting the lion's share.

 

Larry

I am going threw the same battle here 2 off farm and one on farm in regards to children. We still farm with our son . Our daughters have interest in the farms and they chucked alot of bales and milked alot of cows well into there 30s .  They are the   10th generation to farm here , on my moms famliy farms . My wife and i think maybe sell the farms while the still have some value , but the kids want to hear nothing of it . Farming in this area will never be like it was the last 200 years     


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#14 Vol

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Posted 05 September 2020 - 09:34 AM

Your without a doubt correct endrow on your thoughts of "Farming" in your area. Population increases will forever change it whether you want it or not. You have a very tough decision to make and it will affect most everyone in your family for sure. I think many of us will be facing the same exact thing very soon or in a few years. May your future decisions be Divine in nature and peaceful for all.

 

Regards, Mike


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#15 haydust

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Posted 20 September 2020 - 07:59 AM

For that much money our Family farm would be moved.  My pride/ego only goes so far past sense.  If I could sell 70 acres for $50K an acre like mentioned above, I could buy 720 in northern Missouri and decent dirt.  I'm okay with my great grandkids telling the story about me moving the family farm 50 years ago. lol


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#16 mx113

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Posted 25 September 2020 - 01:01 PM

I love where I farm. I would not consider selling it as farm land for a reasonable price. Now if some large corporation wanted it and was willing to pay big for it, I am sure that I could love farming somewhere else!



#17 haybaler101

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Posted 25 September 2020 - 10:05 PM

Just got the appraisal back yesterday on farm next door that I have rented for 25 years. Landlady passed away a month ago. Looks like my boys are going to tap the young farmer program thru FSA and buy 170 acres with a house for an even one million, or $5300/acre plus 100k for the house.  155 acres tillable.


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#18 Vol

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Posted 26 September 2020 - 02:03 PM

Those young farmer programs are very helpful. My youngest son was losing some riverbank caused by erosion from hydroelectric generation. He went thru NRCS and they developed a restoration plan that include 6 figures worth of rip rap and installation costs. They have paid 90% of it. A tip of the hat to President Trump's administration for making young farmers a priority in this country. 

 

Regards, Mike



#19 haybaler101

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Posted 26 September 2020 - 05:59 PM

Those young farmer programs are very helpful. My youngest son was losing some riverbank caused by erosion from hydroelectric generation. He went thru NRCS and they developed a restoration plan that include 6 figures worth of rip rap and installation costs. They have paid 90% of it. A tip of the hat to President Trump's administration for making young farmers a priority in this country. 

 

Regards, Mike

Yeah, the boys can borrow money for about half of what I can and finance up to 40 years if needed.



#20 endrow

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Posted Yesterday, 01:26 AM

Just got the appraisal back yesterday on farm next door that I have rented for 25 years. Landlady passed away a month ago. Looks like my boys are going to tap the young farmer program thru FSA and buy 170 acres with a house for an even one million, or $5300/acre plus 100k for the house.  155 acres tillable.

Congratulations to your family .Is this FSA loan program the same as the Beginning Farmer and Rancher loan program.




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