Living off your land
We've been looking for a home with acreage. It seems that we can find small acreage. Most of this acreage (4-10 acres) has very pretty land with very ugly homes. We've also seen larger acreage (75-100 acres) with one or two homes. These pieces of property are quite a bit more expensive, although certainly much more reasonable per acre.
If I had my choice, I'd choose a smaller house we can pay for outright without any mortgage or debt. Ideally, it'd have a separate, small living quarters for my son, who will likely never be completely independent.
The larger pieces of land would require a mortgage. One piece of land, in particular, has two homes and almost 100 acres. We could either sell off one of the houses (it's at an edge of the property) or rent it out. It has tillable acreage but we don't farm. My health would not allow me to keep/board other people's horses. Anybody make a decent amount of money renting off farmland? Anyone have any ideas about how to make the best decision?
Renting farm land is common here in KY. I waiting for the guy's lease to come up on the 70 acres behind us (he did a 10 year lease with his cows and has another couple years). I hope he doesn't renew because I would love to have that to run my horses on - a couple nice springs on it as well. However, I bet he will renew again. I also know some who rent land for tobacco crops, etc. I think how much they rent it for sorta depends on what they plan to use it for since some crops and such will be harder on the land than others.
I dont' know how much they make renting the land. I doubt its enough to live off of, but probably enough to supplement an income nicely.
If you are looking to move to a different area we have a couple plots for sale around here with beautiful homes & 4-10 acres.
So, maybe a better question is this: Do you think you could pay most of the mortgage payment for a $200,000 mortgage renting out 50 to 75 acres of tillable land? This is IL land. It looks like the average mortgage payment for a 30 year mortgage would be about $1050. I used an online mortgage calculator.
If that's an an accurate estimation of the payments, it may well be possible to make much of the mortgage payments if we rented out crop land. It may be easier afford things if we purchased the property with two homes. Does this sound reasonable?
LOL - well I tried. Would love to have another horse lover move into our area.
I grew up in Michigan and lived to WI - Michigan is most definately the better choice of the two! LOL.
As to the question on your land - is their a realtor you could talk too? They may have an idea of what you could get in rent.
Sorry - I've got my dream home & acerage. We swore when we moved here we would never move again. LOL. Of course, depending where you are in IL - we might end up driving past as we go visit in-laws in WI.
Go to your County FSA Office and see what the average rent price is per acre for tillable land it varies a HUGE amount around the country and even in state. Here you can rent all the tillable land you want for $30 an acre go 150 miles south and its $125 go to Iowa and its more yet. Pasture land here runs $8 to $10 a head a month
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