WatchSo after being layed off and finding short contract gigs across the country, I am tired of the IT industry. I have a small inheritance coming and am thinking of buying farmland with it. Though I currently reside in Socal, am thinking more of Sonoma county to avoid water issues.
Just wondering anyone on here have any experience and what about the land values. People say that farm land is in a massive bubble and is at the highest in decades-especially the corn belt states(midwest). But how about here in Cal? I did come from a farming family, so not a total novice. Just wondeirng if anyone have any agricultural land ideas?
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Monterey, CA
What kind of IT work do you do?
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Denver, CO
No personal experience from it, but something I have thought about and looked into some. I think trying to make a living from running a small farm is a brutal and unforgiving road. Maybe if you find a niche that you can service -- selling at farmers markets, etc., you might be able to make it work. Organic farming is an expensive and time consuming process to get going (qualifying for organic farming is not quick or easy), so that "niche" is probably not a good place to start. You should be ready to ratchet back your standard of living / expectations significantly. You should be prepared to work a lot, especially when you don't want to. If you have any thoughts of animals of any sort, you need understand what you are getting into from a commitment level (e.g. vacations just got a lot harder).
It's hard to know without doing it, but my gut tells me that experience and context is hugely important in farming -- more than many other pursuits. Your family farming background will be helpful, but probably nowhere near enough for you to be successful -- try to find some local farmers to befriend, you will need them on your side.
I'd say either a soft-launch of getting a canning garden going and growing it into something more substantial would be one approach. Maybe working on an existing farm for a few years to learn the ropes. I would try to feed myself and family from the farm, but not expect to make any / much money for a while, and have the resources to deal with that. Start as a "hobby farmer" and see if you can make it work for you.
I too have read that farmland is in a bubble, and I think that's an important consideration, but not likely to be in the top 3. You can work an awful lot to not make much money. Can you put up with the work, can you survive without much income, will the drastic social change be something you enjoy/embrace, or will it drive you bonkers?
Best of luck.
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Madison, WI
It's more about living simply.
http://www.simplesolarhomesteading.com/contact.htm
Agriculture is tricky now that the super farms took over, here is an example of specializing. http://www.wegrowgarlic.com/
When I was a kid, when I got home from school, I went to the garden for a couple of hours before dinner, then sometimes we went out after dinner too.
I'm in IT as well, and I'm tired of it as well, but for now I have to stick with it because I'm turning into a lazy American, the money is not bad, and it can be hard to get back into IT once you leave it. Around where I live farmers markets are big, CSA or community supported agriculture is big, health insurers will give you a discount for it even.
You can work at the CSA farms and get your CSA shares for free, I miss the differentiation of the small dairy farm, those were the funnest most hard working jobs I have ever had.
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I own farmland in the midwest, I know nothing about CA farmland though I currently live in the bay area. Farmland has proven to be a good investment, we bought after the last bubble in mid eighties not quite at the bottom but close. It has increased in value about 500% plus has provided a decent cash rent return each year. I would not currently buy as the prices are too high IMO. 8 to 10 K an acre and up for top quality land in Illinois or Iowa. This is currently supported by cash rents in the 400 to 500 an acre range and very profitable grain prices. The price of corn in particular is driving this as it is currently profitable to pay such rents with corn at $6.00 plus a bushel. (not that many years ago $200 rents were at the top) Farmers are getting rich. How long this will last is any ones guess but weather permitting we could see a gigantic corn crop this year and the potential for a crash in prices.
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About $7k an acre here in Ohio. So, a 100 acre plot = $700k.
Per my friend, the price raised fast and is leveling off now. Be careful. If you buy at the top and the commodity pops, you are f***ed.