How to Build Your Dream Farm - The Right First Piece | Dream Farm w/ Bill Winke
Вставка
- Опубліковано 5 жов 2024
- I am calling this mini-series: "My Journey" and it follows the steps I took that allowed me to turn $12,000 into nearly 1,000 acres of land over a period of 13 years. Ethan Stubbs joins me for this series as he is just starting on this journey himself and he can ask plenty of questions that will help him, and others, to get started. This mini-series will have seven parts and I will drop them here as quickly as I get them edited. When it comes to land, it definitely pays to dream big!
HuntStand Pro Whitetail app: www.huntstand....
Early 30s and I have a paid for house and 80 acres. Ethan, do what I did… save save save, you don’t need the newest phone, a new car/truck, cable/ internet, or eating out all the time. Make things last. And don’t just save, invest. Work side jobs like mowing and snowblow ing. Everyone has more $ than what they think, most just spend it. Keep it simple and form good habits and in 10 years you’ll be thanking yourself.
Sam, that's awesome, that's the Dave Ramsey approach to life. Don't buy what you can't afford. I try my best to live within my means and save as much as I can.
Love to hear people doing this! Great work!
Great advice Sam. Thanks for the input.
This guy is living the dream! Should get our primary residence paid for this year then on to purchasing a secondary farm.
Love the new content Bill! My land story started around 2015. I started a side business with the intent to buy some land. I actually wrote the goals down on paper. Worked hard, saved money, and then bought my first piece in 2020. Three months later picked up another piece. My point is anyone can do it. I absolutely love owning land! Tagged out the last 2 years on bucks on my own dirt. Anyone reading this if you have a dream to own land chase it down and catch it!!
Those are great words of encouragement Wade. Congrats for living the land dream. I also tell people that land is a forced savings account. The mortgage forces you to make regular payments and that equates to equity in the land. As long as the land is appreciating a bit faster than the interest rate you are paying for the part you borrowed, you are also making money on the bank's money. Maybe you don't want to sell it, but if you had to you could and you would have a nice lump of cash. Better than buying a new truck on credit! Good luck on your journey. You are off to an awesome start!
Ethan, get ready to work for what you want and sacrifice what you deem you don’t really need. In the end it will pay off. Long road yes, but well worth it! Best of luck. I’m doing the same and I’m 56. At least you have time, lol.
Thanks, Steven! It will be a long road, but hopefully, it all pays off in the end. Good luck to you as well!
Good words, Steven, and good luck to you also.
Possibly the best smile on UA-cam!
Ethan has the pearly whites.
@@bill-winke He is definitely talking about you. My dad says I have a face for the radio!
Awesome information here! I’m 20 years old and want to start the process of getting my own land. So helpful! Thanks guys!
Thanks for watching Luke! We hope you can pick something up along the way!
Thanks for the support Luke. Good luck on your journey.
This is an awesome video on many levels..
I’m at the point of my life too where I find it rewarding to help the kid I once was.. but only the kid that worked like I did.
Your angle on the hunting/video industry is at a different level.
Keep it rollin
Thanks Sean. I agree. It is rewarding to see people make a plan and then do the work to achieve that plan. That sort of success is still out there for anyone. It just takes the commitment and the time. Don't expect good things to happen fast, though. They just don't. Thanks for the good words.
Fantastic. You should take us along when ethan starts to look at homes/properties!
We will do that. I think he has his eye on an 80 acre piece in a different part of the state, but it may be just a touch out of his price range right now.
Thomas, that’s a great idea. I’m definitely willing to do that.
Good episode! We bought our farm in IL in 1997 for what would be literally 75% less than current market. Back then blue collar salaries could do this. Fast forward 25 years and so much has changed. I’m not sure it’s doable for working class anymore? At 50 I realize now how blessed we were, but I genuinely feel for those like Ethan looking to start in this market. I still believe it can be done, but you have to buy the right property, size, and have higher income to make it happen. Always dream big couldn’t apply more these days!
Agreed. I think it can still be done too, but it will take a lot longer because the starting point is so much smaller. That should not keep people from starting, however. The younger guys just need to remember one thing - it can still be done. Dream Big and have a great day.
My dad and uncles bought their Illinois farms for 300 an acre in 1992. I'm blessed to have these farms. Still trying to buy my own or add on to what will be my inheritance chunk. Good luck Ethan.
This video series is as good as it gets for me! Thanks for posting.
Thanks for the nice comment. I appreciate it. Have a great day.
This will be a great series, it will be exciting to see Ethan get his first property.
Thanks for watching Mitchell! I hope I can pull something off this year!
Agreed with regard to Ethan. Thanks for the comment and for the support.
I finally pulled the trigger this last year and purchased my first property. Started small at 20 acres in southern MN. It had a lot going for it-terrain, good access in the north and south, about 3 total acres for food plots. It's been a dream of mine for a long time. Already have loved doing chainsaw work out there and improving the place. Hopefully a good start and much more to come!
What’s the price per acre up there? I have family in Bloomington but I’ve lived in north Texas my whole life
@@iamtheshaker anywhere from 6000-8000 depending on split for tillable, woods etc. On the higher end if it's closer to a city and buildable and in an area known for good deer. Mine was 6800 per acre. It has hard pavement access, 2 buildable sites and good diversity.
@@ryanstever6906 that’s about the same as down here, except our huge deer are 150” and weigh 180
Congrats Ryan. Keep saving up for the second piece and keep your eyes open for a good value. It might take a while, but it will come along. Good luck.
As a young man in the Arkansas real estate business, I love listening to the podcast and videos of you and many others. Keep them coming, on tract to purchase my first farm this year or the beginning of next year! Best of luck to Ethan also on his first purchase.
That's great Carter good luck to you too. Thanks for the comment.
Thanks, Carter, good luck to you as well!
This was absolutely in the wheelhouse of what the youth have going on. It’s certainly not easy. What a great episode guys. Valuable Valuable info.
It can still be done, it just will take longer than it took me back when I started in 1995. Thanks for the support and the comment.
Thanks for watching Shane. I guess the saying, "Nothing worth having comes easy" holds true!
Great information here. I really appreciate all the information you have shared in your videos. And good luck to Ethan.
Thanks Afif. I appreciate the comment. Have a great day.
I’m 33, always loved the outdoors but don’t have family that hunt, so I joined a lease 3 years ago. Today I placed an offer on 33 acres of land! I hope to improve the 12 acres of timber (a rarity in my region of north Texas) add food plots (also a rarity in Texas), and use the rest to grow my own grass fed beef.
That sounds like a great starting point. Being as young as you are, there will be plenty of opportunities to grow your landholdings over time. Good luck on this venture and congrats.
@@bill-winke thank you sir. Excited for the dream farm series!
I liked this video to support Ethan's dream! I also think this series will be great.
Thanks for watching Drivingtacks!
Thanks. We appreciate the Like and the comment. Have a great day.
Good video. Teaching the youth real-estate value. Better to hold land than cash!
For sure. There are better investments that have been proven historically than land, but land is safe and it is there to enjoy. It is pretty hard to enjoy owning part of the S&P 500 index fund! Good luck.
@@bill-winke amen to that brother! I have got involved in bitcoin over the last few years. Very good investment but the end goal is always land. Take your profits from other markets and secure them in land is good strategy to consider also.
It started for me in 2021. I picked up 40 acres in Arkansas cash. Then I talked to an Agricultural type lender. I picked up 40 more using the first 40 for collateral. I then picked up 65 more acres. Now I'm working on an additional 80 acres. That will put me over 200 acres. The problem is, that I don't have money to improve it.
Congrats, you were able to move really fast! Regarding upgrading: If it's the dream farm, the key is to get it first. You have time to fix it up later. Getting the land is the hardest part. Plus, a lot of what you can do to fix it doesn't take much money - just time and effort. For example, timber stand improvement requires a chainsaw, some caution and a strong back, building Poor Man Food Plots also takes very little equipment - a chainsaw, a backpack sprayer and a shoulder-mounted seeder - and some effort. You can always add the equipment and the bigger plots later when you can afford them. However, if you bought the property to improve it for hunting and then resell it, you will likely need to make the improvements sooner so having some budget left over to afford improvements (maybe bulldozer time to make a few lanes or plots in the timber, maybe small farm equipment to clear and plant bigger plots, etc. Great start! Good luck.
@@bill-winke Thanks for the comment. You just help me make my decision. I am going to get the 80 acres to add to my land. I will pull my hunting tent back out for another year. Exciting for sure.
Very interesting series!
Thanks Landwrecked. I appreciate the comment. Have a great day.
Thank you Bill for the videos. Is this part of the dream farm series or is there a 2nd channel. I searched "Bill Winkie Dream Farm" and these videos were offered. I just watched your latest/last video of this past season. And want to follow the farm projects series. Thank you.
Awesome video Bill. Great mentor for Ethan and the rest of us young guys trying to get into the game. Thanks
Cole, the first one is the hardest. After that it gets easier, but you still have to be savvy so you keep moving forward. Don't buy anything that you would not be willing to keep for the rest of your life, even if you plan to resell it. That will keep you focused on doing your research and not just jumping on what looks on the surface like a good deal. Good luck and have a great day.
He surely is. I'm very blessed to be able to work with someone so knowledgeable on so many topics! Thanks for watching Cole.
Great info Bill, looking forward to the rest of the series. I'm hoping to start purchasing property next year. With prices this high in Southern Iowa it makes it tough to even start out with a small piece.
That's all you can do though, Josh. I don't think there is any panic right now as I don't think prices will keep climbing as fast as they have. But, within the next couple of years it would probably be a good time to get started. Good luck.
Great video guys! Ethan if you can swing it buying land is a great investment, the value will only go up and there is always a market to sell and reinvest.
Absolutely! I'm going to do everything I can to invest in land.
Thanks TJT. Have a great day.
I’m currently in the process of trying to find my first property. This series couldn’t have come at a better time.
Good luck, Andy. I am pulling for you.
Great video and the true American dream own land! Ethan at your age if you could find someone who would owner finance you a property may work better in the aspect of not having to put so much money down.. I was once there and still going now for a bigger farm.. I bought my first house and farm at age 25 i lived at home and saved all my money for my down payment..it was 60 acres with a house owner financed i put in the sweat equity cleaned the property up fixed up the house and sold it after 5 years and doubled what I paid for it.. (keep in mind that with a home if you live there so long you dont pay capital gains on it as you would with selling just land)and now at age 34 I own a 230 acre farm and hope to keep growing... keep working hard and save up that money and chase the dream because it won't chase you!
That's awesome, it sounds like you're living my dream! It seems like a good partner can be key at this point in my "buying" life. Thanks for watching!
@Ethan Stubbs I look forward to seeing the video one day of your first farm and yes it is a dream but it comes with a lot of hard work that most aren't willing to do but you yourself have one of the best mentors there is in the outdoors to guide you just take your time and listen to everything he tells you! Best of luck and yall keep up the good videos!
@@OutdoorswiththeFletchers thanks for the support! I’m definitely going to soak up all of the information I can. I’m definitely blessed to have a role model like Bill in my life and I don’t take that for granted! Have a great day.
Thanks so much for the insight, the nice comment and the support. Have a great day.
Great series and I look forward to following along.. As a landowner in the Midwest, I've learned so much about buying along the way.. Ethan has yourself as a great mentor and I'm sure he will make the right choices.. He may also want to work as a land agent to learn more about land and expand his network in the area he is interested in buying.
Thanks David. Ethan got his real estate agent license and will likely do some land sales on the side. Believe it or not, Ethan is still in college! He is a hard worker and will very quickly learn a ton about this land business.
David, I've been working closely with a real estate company for over a year and have learned a ton. I just received my license and will start the process of selling land soon!
Very valuable topic. Thank you for sharing, excited to watch the rest of the series!
Thanks Daniel. I appreciate it. Have a great day.
Love HuntStand
It is a really nice app. Thanks for the comment Steve.
You Must have quite the wife to support you to fulfill your dream like that.. I'm looking forward to hearing more of the process!
Agreed. We didn't have anything so we didn't have anything to lose. Have a great day.
is Ethan dating his daughter or something? This is going to be a great series. in a similar situation and this is perfect timing thanks Bill I am very thankful you are putting these out for us to see they are very valuable.
Nope Rob, not dating. But Ethan will be a good catch for some lucky girl some day. I appreciate the support and the comment. Thanks for taking the time. Have a great day.
Very interesting series, I am in a similar position but have a little different outlook. I know real estate is different in every part of the country but it does not seem to me that now is the time to jump in to a piece of property just to get started. I don’t feel that if you bought right now that you would build any equity or added value to a property in the next few years. It truly looks like the market is going to plateau or maybe slightly dip. I think it might be a better idea to just keep saving and wait and see how things shake out.
You need to look at USDA financing. $0 down in rural areas and less acreage restrictions. If you are looking at land with a house to be a primary it is by far the best way to go.
Thanks, Dave, I will definitely do that!
Thanks for the input Dave. Much appreciated.
Good video guys, I'm in the process of putting together that first down payment as well! I think patience plays a parting it too with the way the market is looking lately
Alex, I agree. If you find something that looks like a good value now, I would not wait on it though. However, a year from now the prices may be a bit less, but I don't see a crash. There are still lots of people looking for land. Good luck. I can't wait to read where you pull it off.
Bill, great content here as always. Really enjoy listening to you. My questions is, did you do your own research on the different tax programs for buying and selling land to find the best fit or did you have someone to lean on for that info? If so, a friend or an agency of some sorts?
I have studied that stuff some and have talked to other people who have bought and sold a lot of land, but the main resource for me has been a good accountant. I have the same accountant since 1997. He is very good and knows my situation better than I do. I only use him for tax advice, I handle my own day to day books at home.
Great info and content
Thanks for the comment. I appreciate it. Have a great day.
Good stuff!
Thanks RWeber. Good luck to you. I appreciate the comment.
Great content Bill, wish me luck going to see my neighbor in a couple hours to talk about a chunk of timber that borders my acreage...hoping hes willing to sell!
Let us know how it goes. Good luck.
If you can buy your first house, build some equity in it, sell it for a gain, do that a couple times, you have the credit and some equity to work with. I couldn’t buy my first land until I was in my early 30’s. Keep your debt low. That’s how I did it. Now I have an 80 and a 50 acre chunk. I could buy more but you can only maintain so much on your own.
My 2nd property had enough timber value to pay the entire property off. In 25 years my kids can do another harvest for good gains. Timber value can make or break it too.
That's a good point Steve. I could have bought more in southern Iowa where we owned the previous farm, but I was already tapped out on time just trying to keep up with what we had. Have a great day.
The toughest part of buying land in this market. Competition. Good deals are swept up by investors with cash on hand. Every farm I called to look at was under contract within a week. Sophisticated market, not very many "good deals" anymore unless your buying it off the courthouse steps.
You are right. But I do think that is changing in several parts of the Midwest from what I am hearing while on my consulting trips. Land is sitting on the market slightly longer now in some areas. But, to be ready for action, you need to understand various areas well in advance so that when something comes along, you don't have to start from scratch deciding if it makes sense. It takes effort, like anything else that makes money, but for anyone who loves land, this is the kind of effort we love.
Keep saving Ethan. Make smart financial decisions and watch the market. Currently we’re at a peak and I foresee a crash in property value. These interest rate are going to continue to climb however. We really need a break politically. Establish active credit. Get a 1-2000$ loan and pay it off over a year. Get a credit card and only buy gas with it. Getting your foot in the door is the hardest part for sure. Most great land here is purely inherited and becomes ran down within 7 years. Keep an eye on those spots.
That's what I've been doing over the past year or so. I am saving almost 70% of every paycheck, and I have established a good credit score. I am currently maxing out my Roth IRA contribution as well! Thanks for watching Jay.
All good advice. Thanks Jay. I don't see a crash in our part of the Midwest (still too many people interested in buying and the properties aren't staying on the market very long), but I do see the prices flattening (that has already started) or maybe going down a bit. Have a great day.
Bill, being a 23 year old guy in the market of buying, why don’t you touch on how much it’s all inflated and what you would do in today market just starting out. By the way I’m liking the “dream farm” series.
Alec, to get right to the point, I would start saving as much as possible so you can make a down payment when the time comes. That is the most important first step. Then you can look for something that is a decent investment (ideally a bit below market value) and buy even if you have to start with a small piece and build up. Good luck.
I use hunt stand I'm in pa it's great app to use
Thanks Brian. It does some cool stuff that OnX doesn't do. Both are good, but HuntStand seems to work best for whitetail hunters who have a specific farm they are hunting. Have a great day.
@@bill-winke thanks yep in pa they have land set aside for owned by the county's that is set aside for hunting they dnt advertise it but found 500 acres on hunt stand and nobody hunts it never would of known if it wasn't for huntstand
Ethan, would you like to live in southern Illinois for a while? I’ve got a great value property that sounds like it fits your dreams.
I saw in are earlier video you use a battery-powered rider that you stand on. Can you share what brand it is and where purchased? Has it been a good thing? Thanks Ron Cass
Ron, they worked pretty well, but I guess the company has focused all their energy on making and selling these to the law enforcement market. They are called TuoreV. Good luck.
Any advice when you’re looking into taking over land from a parent?
Yea don’t have any brothers and sisters
Make sure that it’s ok with your other siblings if you have any other wise years from now there may be hard feelings
Kurt, I think you need to make sure there is no expectation of what you are going to do with it. If they expect you to keep it forever, you better know that right up front because you could create some friction if you decide to sell it. Otherwise, I think those deals are pretty straightforward. Hire an attorney with experience in land deals to handle the purchase documents, the title work and the closing and you should be good.
A tip to you guys out there as we buy and sell.
In over 10 land deals the common thread we see now is you have to go with the seller's agent.
I own farms and ocean front and 2 farms in question I did not get I tried to bring my agent into the mix.
Bad move unknowingly on my part.
First one was in Iowa in 2003 zone 5 area.
My friends were hunting a farm that went up for sale they said dude get over here and look at this place. Farm was on the market for like 30 days by that point.
I offered 1700 an acre and all the neighbors went bonkers.
Started a bidding war and I walked away.
It ended up selling for 22 or 2300 an acre.
If I went right to that selling agent I'd own that place today.
I see lots of funny biz going on and maybe this tip helps you maybe not.
The last farm I bought never hit the market and it's a very rare place. No neighbors in the middle of a nature preserve and I had to pay top money for it.
You can't humm and haw if it's good cause I see people buying sight unseen.
That's right. That's what I did on the recent stuff I bought. Sometimes you are stuck because another agent brings you the opportunity and you feel obligated to keep him/her in the deal, but anytime you find out about it through other sources, definitely go to the seller's agent. Good luck.
@@bill-winke bill I had been to your place with Rich B from wp.
I owned just east of you in Bloomfield.
Looking to sell in Ohio and come back now as a resident landowner.
@@jerimahjohnson8698 Rich is a great guy. He never let me down and I did a lot of projects with him.
@@jerimahjohnson8698 $2200 or $2300 per acre property n 2003? Zone 5 is crazy. In 2000 I passed on buying property East of Bloomfield for $400 an acre.
Side question: how was hunting in Michigan
I enjoyed the tradition of hunting Michigan and I did have one good private property to hunt that belonged to a guy I worked with so I enjoyed some good action. I hunted public land in northern Lower Michigan one time on opening day of the rifle season (just once and never again, that was a war zone). The biggest difference is obvious, the age of the bucks was just not the same as it is in many other Midwest states. That's all there is to it. Give them age and the Michigan bucks can be just as big as almost anywhere else.
@@bill-winke thank you for the reply. Your assessment is spot on with my observations
Dr. Grant Woods on growing deer tv has a real good video on burning cedars.....something I know you are into.....he is burning 200 acres
I saw that one Jim. I need to watch it all the way through before I strike the first match! Thanks and have a great day.
@@bill-winke he is on the proving grounds 2.....he sold his big property like you and is starting from scratch on a connecting piece
Step 1: Buy 30 years ago
I think 100 acres is the new dream instead of that 1000. Still a dream but you can’t get caught up trying to match what the people were able to do before. It is a completely different world.
You will surprised what you can do once you get into it. You start small and build. It's still possible, it will just take longer. At least twice as long.
With higher prices, it definitely makes it harder to buy that much land. I will do my best to get there though!
@@ethan_stubbs I went from growing up in a trailer park to getting 3.5 acres with a neighbor who thankfully didn’t care that all my deer died on his property (haha) to now 15 acres by age 30 and a plan for 100 by the time I’m 40. It’s a hard dream and, honestly, often depressing but you just gotta keep chugging and keep focused. Best of luck, man!
I think the days of having contiguous 500+ acre tracts are over in most good areas. There has been so much land division, and in turn, more landowners to convince to sell. Consequently, you may need less land to harvest a mature buck. There is an upward trend of allowing bucks to mature and social media pressure helps this.
I'm hoping to do the same thing myself I'm working hard to get few more bills paid for an hope an pray I can find something...I'm going to take a loan on my 401k for my down payment...my problem is like you said I have a family an it's only my income supporting us...affording the payment right now for me an land is so high right now
Good luck Josh, but remember: family first. At the very least be sure that you are comfortable selling the first one if needed to build up a cash cushion for your family. Then you can start to acquire land toward the goal is just owning land. But again, be sure to take care of your family first or it will never work.
@@bill-winke the one we own now is family owned...but it's mine.. I was going to use it as a rental to help on payment or taxes...I just got to get my bills to the point I can afford a payment on land a lone
"How to build your dream farm before you have any real financial obligations"...
It helps of course, to be young and not have other mouths to feed, but usually young guys don't make much money either, so it is relative. If have already decided it can't be done, you are definitely right about that. For you it can't be done. Have a great day.
Did you meet your goal of Ethan owning ground by the end of the summer???
Not yet. He has a modest down payment ready to go, but still looking for a piece he can afford.
First
We always appreciate the support Kurt.
i'm think'n your going to need 20 min.
We ended up with seven episodes in the mini-series.