Want to become Farmer/Rancher

Sirraf

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So, this is a pretty radical idea of mine. I have always wanted to go out and own a farm or ranch and work it for a living. I don't know this first thing about it though. I have a good job and make good money, but this has always been a dream of mine. I currently live in Tennessee and would be willing to move to make it work. I was thinking Texas might be a place that would have alot to offer in the way of farming or ranching.

How in the world would I even get started with something like this? Does anyone have any experience or how I could make this work?
 

Silverstrike

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first thing is how many acres do you want like a 5 acre parcel or a 250+ type that is the first question that needs answering. Because if it's 5 then you are looking at 2 maybe 3 cows max.
 

IronSnake

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1) you need to get experience on a real ranch/farm
2) you need to start small, work your way up
3) getting a rural piece of land with a small house on it and farming a couple acres on your own accord (while also working a regular job) would be the best
4) pretty sure you can farm in Tennessee is the plot of land is correct

So keep your current gig. Downsize your commitments elsewhere, buy 5 acres in the middle of nowhere with good soil, build a barn, buy a tractor/equipment, and get to learning.
 

598

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Are you thinking hobby farm, or row crop? Row crop is incredibly capital intensive. There is big demand for talented and committed labor in ag, but recognize you are just someone else's employee. With much more variable hours that you cant choose.
 

Mpoitrast87

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Id watch videos of "cole the cornstar" on youtube. Hes a 20 year old kid who makes videos on farming and goes over expenses and all kinds of stuff. IMO Farming is financial suicide.
 

BlckBox04

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1) you need to get experience on a real ranch/farm
2) you need to start small, work your way up
3) getting a rural piece of land with a small house on it and farming a couple acres on your own accord (while also working a regular job) would be the best
4) pretty sure you can farm in Tennessee is the plot of land is correct

So keep your current gig. Downsize your commitments elsewhere, buy 5 acres in the middle of nowhere with good soil, build a barn, buy a tractor/equipment, and get to learning.

this
 

sleek98

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Without free or near free land you will likely not cash flow the mortgage unless you have a enough cash to pay for the land and the equipment up front, and even then you would be better off leaving the millions in an index fund and growing a garden out back.

I have only seen a farm be in the black after depreciation a hand full of times over the last 8 years of preparing tax returns. The best way I see to build wealth as a farmer is to break as even each year and let the land value increases. For example the family farm bought 75 years ago is now lining a major highway and you sell it off to development companies for millions when you paid thousands for the land.
 

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