I am looking for some advice and information on way of saving my families farm.
It is not from forclosure either. My father-in-law plans on selling it and moving to another state. We are are looking for ways for us to either purchase it or way for him to get the money he need to move without selling it. It has been in my husbands family for a long time and all his children want to see it say that way.
My question is how to we come up with the funds to purchase it?? We are talking about $500,000 to $1,000,000. Do we try to all get a loan together, look for investors, or a single person to help us? Any information or help I would really appreciate.
I hope that I posted this on the right section. If not pleae let me know and I will post it else where. Thank you very much!!!
No dianadaisy. mcwagner was referring to the business. If you are looking at the farm as a piece of property like a personal residence, then just buy it. If you are talking about the business then we can give you some help analyzing it to help figure out what the purchase price should be and how you can get it financed.
Yes I am talking about a personal residence with farm land attached. It is not really a business. The only business part is renting the land out to be farmed.
I want to purchase it. It is a little more than We are able to get a loan for.
My question is how do I even get started in trying to find financing or investors to help with such a purchase? Is this forum for business investing only? I just need to know away that I can come up with money or something to help keep my families farm in our family. Or at least point me in the right direction, PLEASE!!!
If this is not the right area for this question let me know. I appreciate your help if you have any.
It is obvious from your posting that you are very distressed about this situation, but no one can help you if you are not providing the right information. You need to provide more information and stressing the situation with capital letters and multiple forms of punctuation does nothing to help your cause.Is the property classified as agricultural? How many acres is it? Do you have money to put down? If your parents are selling it why can you just not make an offer? What you can do is get multiple children together and all go on the loan together as multiple borrowers on a second home.
Yes, I am very stressed over the situation. I am sorry if I was not clear with some of the information. Really, I didn’t know what kind of information would be needed. I am sorry if I came off in a negative way. I was not meaning that at all.
A little information about the property. It is 50+acres, classified as agricultural. We have a small amount for a down payment. There are also some siblings that maybe able to assist in the process.
By the way, I do know that there is nothing I can do to stop him from selling it. But, I can at least try. I was just trying to get some help from some people that might be able to help. I am sorry if I came off rude. I didn’t get a very friendly welcome either.
Thanks for all the information that you have provided. You did help point me in the right direction.
I am sorry I did not mean to get on your case like that, but I wanted to let you know that people here will try to help you if they have the right information. Another thing you might try is talking to your FIL and see if he will give you some equity to help with the down payment. Since you are a direct family member he can give you a gift of equity.
50 acres is a lot of land. Do you really need all of it. Think about this for a minute. If the Farm House and barns are really where the memories are for your family maybe you could buy it from your FIN and then sell a portion of it to a developer. Now before you go crazy let me explain…
Depending on how the farm is laid out you folks could possible sell a good portion of it and not even be affected by it. I’ve seen families do this around here. The family farm consists of a House a few outbuildings and a barn. Most of the acreage is in fields which have trees dividing them. these people kept half the acreage for the family and sold the rest. They weren’t really interested in getting up a 4am everyday to milk cows. What they did do is turn it into a Christmas Tree farm. They have been very successful.
In the fall they do a corn maze and a haunted hay ride on about 3 acres, and in the winter they take people out by tractor pulled wagons to cut their x-mas trees. Christmas trees don’t require a ton of attention. It’s work, don’t get me wrong, but they split it up and the farm pays for it’s self.
Thank you Very, Very, Much! You all have helped alot. Alot of the ideas we already knew or thought of but, just didn’t know where to begin. Now i have alot of research to do to get things going. I really appreciate all your help and advice. Maybe I’ll be back as an investor in a business one day soon. Thanks again :biggrin