I am looking into buying, renting, or going Contract for Deed on a ranch. The problem is I have limited credit and collateral. I do have over 15 years ranching experience and used to own my own agri-business.
What are some alternatives I can use to get my own land to start my dreams?
2007-03-01 09:55:29 · 4 answers · asked by Lonewolf 3 in Business & Finance ➔ Renting & Real Estate
I currently live in NE South Dakota and am looking to buy a ranch/farm in South Dakota, North Dakota, or Montana. If anyone know how I can get into a farm or ranch with low income and credit, please let me know.
2007-03-03 18:17:14 · update #1
If I were looking in to buying a ranch I would go to the Bureau of Land Management to find available government land. There are grants available from the Department of Agriculture and other agencies. As a farm kid myself I would suggest to acquire a place that you can manage by yourself or with the help of your family, in other words don't bite off more than you can chew.
2007-03-08 10:52:38 · answer #1 · answered by Bryan A 3 · 1⤊ 0⤋
Check into Hud Programs or Small Buisness Loans for Agricultral. They are out there. Also talk to Mortgage Broker's who know Farm Land and how to finance it. If you need some banks email me I have about 10 of them and can give you some advice. Try not to go Hard Money. Many will try to steer you in this direction. Help with a Deal in Napa Valley, CA where the Farmer was paying Hard Money and than told him I could get him a lower rate with bank and he was pissed because he just closed with his Hard Money deal. I have to call him next year. Will do there Wine in the deal..hahaha
2007-03-01 19:48:33 · answer #2 · answered by Openthathouse.com 4 · 1⤊ 0⤋
I am a Realtor in Brookings, SD and we happen to have a ranch on the edge of town for sale. 18 acres, stables, large out-building and a rather nice 3500 sq ft home. If it is something you are interested in, I can get you in contact with some lenders to see what they can do with your credit / collateral.
I will get you information if you are interested
email me: dustin@brookingshomes.com
2007-03-09 12:54:58 · answer #3 · answered by dusmul78 4 · 0⤊ 0⤋
Get financial backing from a friend or another rancher that can help you out for a while. Then you can arrange to buy them out. Draw up contracts and papers. If done correctly this can work.
2007-03-07 16:50:59 · answer #4 · answered by Pepper 6 · 1⤊ 0⤋