Buying Advice New farmer need tractor advice for a smart purchase.

[mobilemike73]

Most tractor manufacturers and dealers offer competitive financing. Always a bonus to pay cash but with 0% from 60-84, it makes it more attractive to finance sometimes and leave the cash reserves intact. I have more money than time (sounds snooty and I promise I'm not) but I can't sit in the tractor for 3-4 days to mow what could be done in 1 day. Same goes for running a disc. You could get a 25 hp and. 4-5' disc and use it for your 40 acres and be at budget but I would rather spend the money and buy big. That gives me more time to work and make the money to pay for it. I would be considering a 60-75 hp tractor minimum and go from there. 4wd can make up some for going with less hp but if you got a 4wd 75 hp or up you could prolly run 10-12' disc for example. Also get the bigger loader with bigger tractors

Brett

You make many good points. The $10k I have set aside is just for the tractor itself. I'm willing to do cheap financing as long as the payments don't totally make the operation a loser.

 

[2ndhalf]

Thanks for the research! That MF is a nice tractor. Do they still make parts for tractors that old or would I be stuck searching junkyards and the internet to find parts?

A good question.. a call to a MF dealer could answer that.

 

[mobilemike73]

Not to mention it's actually work and any repairs kill you with unexpected costs. Fluctuations in fuel and commodity valuations. Unless your growing gold from corn seed, I don't see how you can make a living in 40 acres. I was assuming this was a hobby farm for tax reasons or fun. Can see it be profitable.

Brett

Yes this is a part time job for me for making a few extra bucks and writing off a nice truck. Not a hobby but not trying to pay the bills with it either.

 

[2ndhalf]

You make many good points. The $10k I have set aside is just for the tractor itself. I'm willing to do cheap financing as long as the payments don't totally make the operation a loser.

I didn't now this the whole 10k was for just the tractor.. you have tell me these things.. I had a 10k tractor budget and didn't know it

Here you go John Deer 183 Tractor and Loader

 

[mobilemike73]

Your corn planter and he also has a picker... Picker is only one row though that will take a while to pick 40 acres with a one row but it can be done. I did 20 with a one row and it wasn't too terrible.

Farm Equipment

Now Just need a wagan for behind the picker and your all set for corn.

I'm still under your $10k... we haven't bought seed yet.

I've seen these one row corn pickers and surprisingly they seem to work pretty well. I could never afford a combine so it would either be something like this or hiring out the harvest operation.

 

[2ndhalf]

I've seen these one row corn pickers and surprisingly they seem to work pretty well. I could never afford a combine so it would either be something like this or hiring out the harvest operation.

They do i've used them.

 

[bigtiller]

I have considered that as an option. Do you get 30% before or after expenses?

I provide the land, he provides everything else.

 

[jeff9366]

I've got a 9-5 job. I need a hobby and the business part of me likes trying to make a few bucks doing something I enjoy. Also looking forward to the tax advantages.

Your first and most valuable tax advantages come with tax-defered retirement contributions.

If you have a 401-K at work, are you maxing contributions?

Whether or not you have a 401-K, have you established and funded IRA accounts for both you and your spouse?

Have you looked at your finances long term and set a parameter NOT to draw Social Security until age 70? One of the best plans to insure financial security in old age for you and, with the survivor's benefit, for your spouse.

 

[motownbrowne]

If you're a master gardener and want a hobby, buy whatever tractor you want and a nice tiller. Hire someone to put your acreage into hay and then have someone cut it. Either rent it to them or do it on shares. Then use your tractor and tiller to plant an acre or two of whatever you like growing. Sweet corn maybe, or pumpkins, or cut flowers, doesn't matter. Boom, now you're a farmer. File your schedule F, buy yourself a truck, write off your expenses, and have fun.

My advice would be to not spend money on old junky equipment to try to produce a commodity crop on 40 acres with the expectation of being profitable. Old iron is great, but if you are going to rely on it for tone sensitive ag activities like tillage, planting, and harvesting, you need to be well versed in repairing your machines, and you NEED a backup plan. Have you met very many route crop farmers with one tractor? If your tractor won't run and you've got hay on the ground or seed in a planter and there's rain on the way, your "hobby" just got a lot less fun. In fact, it just became wasteful and counterproductive.