Thinking of haying/farming for profit- many questions

[Jason14j]

You mentioned several times that you have to turn this into a profitable farm or you will lose it. Why not just lease the land to someone that knows how to manage it and just attempt to break even on taxes etc. Sell some of the equipment if necessary to cover any legal expenses associated with the inheritance. Continue your normal life until you have the knowledge and money to invest in a full time venture. Also there's plenty of ways to make money on land and does not involve conventional farming/hay making. Several other ideas that come to mind are leasing a few small plots for mobile homes, catfish farming, herbs, christmas tree farming, pines for paper mills, nursery for flowers / plants, fruit orchard, organic products sold locally, sasonal attractions like a pumpkin patch, strawberry patch, host events (dont forget woodstock), maybe just choose a career that has nothing to do with the land and work from home.

 

[nybirdman]

You need to look at alternative crops not enough land to make money on hay.Grapes,apples ,truck farm vegetables etc.A few years before pay back.

 

[bobm6996]

If you have jobs now can you continue working and move to the farm? If you only have to be concerned about insurance and taxes annually then there have been some very good suggestions on how to create revenue opportunities that might pay for them. And as time passes you will learn more and more along with finding more revenue sources from the property. But, if you your expectations are that day one you can quit your existing jobs and go live on 80 acres with no other source of income then you probably will have to seel it because that is more than likely not possible.

 

[CJMomo]

Also there's plenty of ways to make money on land and does not involve conventional farming/hay making. Several other ideas that come to mind are leasing a few small plots for mobile homes, catfish farming, herbs, christmas tree farming, pines for paper mills, nursery for flowers / plants, fruit orchard, organic products sold locally, sasonal attractions like a pumpkin patch, strawberry patch, host events (dont forget woodstock), maybe just choose a career that has nothing to do with the land and work from home.

I have been posting to other forums as well for info on other ways to make profit other than hay. I only mentioned hay on this forum because a) that is what this thread is for and b) that is what has been growing there most of the past 30 years. Started with what I knew would grow there. It is a pretty remote farm so I am not sure that many event or seasonal attractions would do very well. But I am definitely looking into all options. Thanks for some suggestions, you gave me a few more to look into! As far as leasing it and breaking even on taxes, that isn't really an option. If I can't get it to produce a decent income in a reasonable amount of time I would be forced to sell it. I can't afford to sit on a property just to say I own it. Although it would be a last resort and break my heart to do so. Thanks again!

 

[CJMomo]

If you have jobs now can you continue working and move to the farm? If you only have to be concerned about insurance and taxes annually then there have been some very good suggestions on how to create revenue opportunities that might pay for them. And as time passes you will learn more and more along with finding more revenue sources from the property. But, if you your expectations are that day one you can quit your existing jobs and go live on 80 acres with no other source of income then you probably will have to seel it because that is more than likely not possible.

No I do not expect to move immediately there and quit my job and have an income on day one. The distance between the farm and where I live now, and operate my own business, is too far to live there and work here. The farm is too remote to move my business there. I am trying to figure out now if it is possible to live and work here as we are now for the first years getting things going and still have time to manage the farm and get things going quick enough. But if it isn't going to be possible to ever get enough income off of the property for it to become our income where we can move there full time, there isn't any point in delaying the inevitable and selling it. So that is why I am looking to learn what I can about each option, what options I haven't thought of, and what is just impossible so that when the time comes we are ready to make the right decision instead of hastily selling our farm that we love so much and regretting it. Or worse jumping into something that will inevitably lose us the farm and everything else. I understand there are risks, as with any business, but I am trying to see just how likely it is that it won't work I guess.

 

[Jason14j]

As a word of encouragement I saw a video of a couple in an urban California city that made their living of 1/10th of an acre, including most of their food (family of four adults i believe).

 

[CJMomo]

Thanks very much Jason12j I could use a little encouragement at this point! haha! My ultimate (way down the road) plan is to produce an income with most of the farm and use the acreage up front that isn't farmed anyway to raise our own chickens, milk cow, the whole nine yards. But first things first. And one thing at a time! ha!

 

[TripleR]

Check out some of bp fick's threads, he is working a small operation and doing quite well though there is a lot of labor involved; may work for you; may not.

http://www.tractorbynet.com/forums/rural-living/217450-self-sufficiency-small-steps.html

 

[CJMomo]

Check out some of bp fick's threads, he is working a small operation and doing quite well though there is a lot of labor involved; may work for you; may not.

http://www.tractorbynet.com/forums/rural-living/217450-self-sufficiency-small-steps.html

Thanks TripleR I most certainly will!

 

[grnspot110]

Location will be a big factor! Are you close to a bigger city? Many horses raised in your area? If so, check with owners on what type of hay they want. Same as with other crops, example: truck farming will be difficult in outlying areas due to market possibilities!

Also check in with your local extension office. ~~ grnspot