Tiffany Lakosky PICS MUST SEE!!
02-11-2009, 07:03 PM
#12
Giant Nontypical
Join Date: Jun 2007
Location:
Posts: 7,367
RE: Tiffany Lakosky PICS MUST SEE!!
ORIGINAL: early in
That's much better. It looks like a record class rack to me!
ORIGINAL: bowmanaj
Need a better view?
My dad's been trying to sell his house for a year and 3 months. Crappy times
Need a better view?
My dad's been trying to sell his house for a year and 3 months. Crappy times
Dan
02-12-2009, 06:09 AM
#13
Join Date: Feb 2004
Location: Inverness, MS
Posts: 3,982
RE: Tiffany Lakosky PICS MUST SEE!!
We bought 500 acres 5 years ago and this is how it went down.
You can get a fixed rate loan through a farm credit type institution. You will need 20% down and you can probably get a rate of about 7% right now, fixed.
In your scenario, you will put $30,000 down, and finance $120,000 over 30 years, your payment will be $800 a month for principle and interest. Taxes will depend on your specific location.
If you set it up as a "farm" for income tax purposes, you will get a nice tax break on the interest paid.
You can get a fixed rate loan through a farm credit type institution. You will need 20% down and you can probably get a rate of about 7% right now, fixed.
In your scenario, you will put $30,000 down, and finance $120,000 over 30 years, your payment will be $800 a month for principle and interest. Taxes will depend on your specific location.
If you set it up as a "farm" for income tax purposes, you will get a nice tax break on the interest paid.
02-12-2009, 06:43 AM
#15
Fork Horn
Join Date: Apr 2003
Location: IOWA
Posts: 400
RE: Tiffany Lakosky PICS MUST SEE!!
You may find it difficult to get an ag loan for 30 years now. Some institutions are asking for larger down payment percentages and only wanting to go 15 years. It would be wise to shop around as much as possible to find the best deal for you, and definitely stay away from variable rate loans for long term investments. Nothing beats having your own little piece of the world and the satisfaction that comes frommanaging it to suit you. Best of luck to you!
