Financing a new barn?

[MossRoad]

Then put off building until you can afford to do so.

Steve

It doesn't answer your question, but I agree

That makes three of us.

 

[MossRoad]

Everyone should do a net worth statement.

Add up the value of everything you own. Cash, stocks, bonds, retirement accounts, cars, tractors, barns, art, etc....

Then add up the value of all your debts. Credit card bills, mortgage balance, tractor loan balance, car loan balance, etc...

Subtract that from the own column and that's how much you're worth.

 

[smstonypoint]

Everyone should do a net worth statement.

Add up the value of everything you own. Cash, stocks, bonds, retirement accounts, cars, tractors, barns, art, etc....

Then add up the value of all your debts. Credit card bills, mortgage balance, tractor loan balance, car loan balance, etc...

Subtract that from the own column and that's how much you're worth.

I agree, but include the value of your home under your assets (assuming you own rather than rent).


Steve

 

[EddieWalker]

From what I understand, barns and outbuildings will rarely appraise for 50% of what they cost to build. I would be surprised if a bank financed them without tying it to the equity of the house. While important, buyers do not want to pay what it cost to build it when buying a home.

 

[buckeyefarmer]

Many treads on barn builds and costs.

Maybe i missed it, but i never saw the barn size. Apm, and others sell pole barn kits at decent prices and include construction dwgs. My 30x48x12 was around $10k in material, no concrete. A building with a gravel floor is better than no buildings.

 

[kenmac]

That makes three of us.

yep. every time you finance, you become a slave to the lender .I don't want to be someones slave

When you finance. You don't own it until it's paid for. You miss a payment, late payment,etc, they can come take it.
Many vehicles are taken daily from someone that had every intention of paying the loan back

I bought a new Z turn paid cash, just had my 40x80 poured in concrete, paid cash.
Sure ,I could have borrowed the money. I just don't like being a slave to the lender.

 

[kenmac]

Everyone should do a net worth statement.

Add up the value of everything you own. Cash, stocks, bonds, retirement accounts, cars, tractors, barns, art, etc....

Then add up the value of all your debts. Credit card bills, mortgage balance, tractor loan balance, car loan balance, etc...

Subtract that from the own column and that's how much you're worth.

yep, only problem I have is, I have no cc debt, no mortgage, no vehicle payment, no tractor payment.

If I had a loan, I would only have one at a time. Too many loans and something happens and you can't work, you better have the means of paying back what you borrowed .

When you have debt, you have risk. Too much risk isn't good. My wife's brother is finding this out the hard way. He financed everything (way over his head) His health has declined, and his employer put him on short disability. He claims he can't pay his bills on his disability check.

 

[smstonypoint]

Many treads on barn builds and costs.

Maybe i missed it, but i never saw the barn size. Apm, and others sell pole barn kits at decent prices and include construction dwgs. My 30x48x12 was around $10k in material, no concrete. A building with a gravel floor is better than no buildings.

I've designed several sizes, 40x60' being the smallest. $50k in materials, all in I estimated and priced. That was for a larger size barn, maybe 60x80 or 40x80. Gabriel style barn, so I'll have a 2nd floor to store or use as a living area or something.

I don't want to come across as judgmental, but it seems to me that the OP has Mercedes tastes, but a Kia budget.

Steve

 

[Redlands Okie]

But he does have a good idea on asking for advice or ideas on terms and types of possible loans. Many in these forums are very knowledgeable and perhaps someone will have some suggestions to help answer his question. Although I do think some advice as has been given for things to beware of can be useful. Unfortunately loans are not a subject that are in my skill set. Be interesting to see if any have some ideas.

 

[cold1313]

I don't want to come across as judgmental, but it seems to me that the OP has Mercedes tastes, but a Kia budget.

Steve

Isn't that statement alone judgmental? Feel free to stop replying to this thread as you are of no help - You know nothing about me, my budget, my income.

The point of this thread was to find Ag programs that might assist me with things like this. I know there are programs for starting out new farms, specialty crops, wet land preservation etc. I'm tired of seeing a few massive local farmers around here getting tons of grant money because they have worked the loop holes enough to afford a grant writer as a full time employee.