How to Finance a Farmland Purchase

Written by on September 5, 2019 in Stuff with 0 Comments
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If you know you were born to live on a farm but are severely lacking the acres to begin, it may be time to think about purchasing your farmland.  Many people don't even start the process of buying farmland because the amount of land and the price to purchase may be too overwhelming.

There are plenty of ways you can finance and get help with beginning a farm and realizing your dream.  Just check out some of these fantastic deals on Michigan hunting land or farmland available for purchase right now.  If you can't wait to get started, here are some of the ways that you can finance your farmland and start living your dream.

Create a Marketing Plan

If farming is new to you, you are going to need to write a farming plan that will help you to decide on your goals and help you stick to a budget and plan.  If you are planning on raising animals, you need to make sure there are veterinarian's close enough to help you take care of your animals.  You also will want to make sure the crops you are growing are in demand, and you have a precise supply chain method to cash in on your harvest.

Government Programs

If you have no previous farming experience, this is the time to gain some.  If it is possible in your area, you can take on an internship at a local farm so you can begin to gain some knowledge.  Any experience that you can show to lenders can significantly increase your chances of securing your loan.

In addition to gaining working knowledge, some classes are offered to help you with the business side of running the farm.  This can help you figure out how to monetize your land and make the most out of your investment.

There are also particular loans available through the Farm Service Agency and USDA Rural Development map that can assist you in securing your loan. But you will need to make sure you have your plan and experience ready, so you are an attractive candidate for their assistance.

Networking

Another great resource that you can use to help you begin on your farming journey is a program called National Farm Transition Network.  This program is designed to help retiring farmers and rising potential farmers get together for succession planning.

If you can link up here, you can potentially take over a fully functioning farm and have the opportunity to learn from the owners while going through the buyout process.  This is one of the best ways to finance your farm and set you up for long term success.  Learning from someone who has been through literally anything on the farm that can go wrong and right can be quite helpful.

Securing a farm lease may not be the most straightforward purchase, but if it's your dream, it's worth it.  If you are set on owning and operating your farm, take some of the advice above, and use all the resources available to you to help you learn how to maximize your investment.

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