Sell the farm and live the life of Reilly?
- Thread starter Jack The Lad
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ivuernis said:
I wouldn't 'bet the farm' on any of that-not for the next 60 years anyway.
The OP seems to like the idea of luxury-so there goes the farm I guess.
Enough of the mumbo jumbo-JTL-€2.5 million buys you time if nothing else. Time you can spend educating yourself so that you will be able to make your own informed decisions. Unless you had no option other than farming, I would be inclined to look at something else that you can make a living at for the foreseeable future.
But of course, one thing that hasn't been mentioned is that the €2.5 million is still a 'paper profit' until you sell the farm.
CCOVICH said:
Conventional oil and gas reserves will be mostly depleted in HALF that 60 year time frame and don't bet the farm on any combination of non-conventional oil, nuclear, biofuels and/or renewables being able to fill that gap without a drastic change in the way the world goes about its business.
ivuernis said:
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Oops, I just fell asleep on the keypad there.
You say potato, I say never mind the potatoes and sell the farm-I still don't believe that it's going to be worth the trouble for the next 60 years (the timeframe originally alluded to) to own a farm in Ireland.
At this stage the 'we are all doomed unless we change' is beginning to merit a thread of it's own so that we can focus on the question originally asked by JTL.
Take the money and run.
CCOVICH said:
Don't get me wrong, I'd sell the farm too if it was mine and worth €2.5m. I'd probably be far less concerned about all that aforementioned stuff too if I had that kind of money in the bank.
CCOVICH said:
Ok. I will wait until I have enough posts accumulated and can let rip in the "Letting off Steam" forum.
Just married a farmer myself a little while ago, so I know where you are coming from. We have been discussing similar situation to yours... but mine is in for the long haul and will never sell.
Meanwhile I'll continue to dream of that lovely beach scene......
Send us a postcard of you ever get there, and tell the missus I'm jealous already!
Meanwhile I'll continue to dream of that lovely beach scene......
Send us a postcard of you ever get there, and tell the missus I'm jealous already!
bearishbull
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have you thought about alternatives to conventional farming like organic-which is growing increasingly popular,leisure activities ,holiday homes or building houses and selling some? i'd seriously think a lot about this and assess all your options and consult a professional,you may be able to out a lot of your 2.5mill into a tax efficient scheme/investment.
i'd personally invest in several well diversified funds and some fixed income depending on income requirement per year.i think your too young to do nothing so consider a new career or a new business to buy.you'll soon get bored of doing nothing if you just sell up and live of the income from investing your lump sum.
i'd personally invest in several well diversified funds and some fixed income depending on income requirement per year.i think your too young to do nothing so consider a new career or a new business to buy.you'll soon get bored of doing nothing if you just sell up and live of the income from investing your lump sum.
You obviously have a very valuable asset. The reason why farmland has become so expensive in ireland is because of the housing market. House prices have driven the price of agricultural land way beyond its agricultural value. As land prices have risen less land has come on the market as farmers are reluctant to sell an asset which is rising in price. If you sell it will other family members not look for a share of the proceeds, afterall you inherited through your family. If it were me I would probably hold onto half of it for security and sell the other half. Alternatively I would invest in farmland in other countries where land prices are more correlated to their agricultural value. Thats the problem with ireland its such a small country that the property market has distorted everything from manufacturing to agriculture.
DrMoriarty
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So — you own half of a farm worth €2.5 million and half of a €55K annual salary..?Jack The Lad said:
Jack The Lad
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Ruth said:Just married a farmer myself a little while ago, so I know where you are coming from. We have been discussing similar situation to yours... but mine is in for the long haul and will never sell.
Meanwhile I'll continue to dream of that lovely beach scene......
Send us a postcard of you ever get there, and tell the missus I'm jealous already!
Hi Ruth,
Don’t want to be the cause of any sense of “what could have been” with regard to your husband selling farm. What I’m doing here really is trying the idea out in a safe way, and seeing if I can generate ideas or concepts that could be an alternative to actually selling up. There are some very smart people with good ideas and experience on this site. Although, having said that, selling up is certainly an option, though more of a “final-solution” type option. I’ve been of the opinion for a while that we farmers need to think ouside the box… we’re all millionaires, we are really! The electric fences that run around the perimeter of our farms are to fence the cattle in; not the farmers.
Jack The Lad
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bearishbull said:
I have looked at all of the above. The only one to suit would be building houses/ selling sites, and am currently involved in same. Problem is… there’s only x number of sites available to sell… and perhaps if I were to sell the farm in entirety, having the possibility of sites would attract a broader range of potential buyers, and hopefully put the pressure on in the auction room.
You are dead right about me getting bored doing nothing. I like to work, and I work hard. But I’d like to be fairly and maybe even generously rewarded for my work… which is why farming breaks my heart.
Ideal situation, take time off, educate myself a little more, then start a business from scratch.
Jack The Lad
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joe sod said:
Holding on to some of the farm would definitely be on the cards…. That would make up most of the property file in my portfolio, and would be handy to have as collateral should I ever need any. Plus, it’s the family farm (see The Field, to understand farmers and land!) Certainly I would feel responsibility for my parents welfare- they did hand it over to me. They do have their own source of income, but I would have absolutely no issues topping that up and making sure they have enough. Tax efficiency would be the byword there.
Jack The Lad
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DrMoriarty said:So — you own half of a farm worth €2.5 million and half of a €55K annual salary..?
Ha haaa! Reality bites!
Should have mentioned that not falling out with Mrs Jack is number one priority.
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Jack........farming is a hard job as you clearly explained in previous posts' but would you realy want to be lying on a beach scratching your This post will be deleted if not edited to remove bad language.for one you would go crazy..........as you know its all go running a farm and to go from one thing totally opposite canbe a massive culture shock and in some cases can lead to serious illnesses.
you have many many options in great favour to you but DO NOT SELL UP! your farm is worth 2.5M so what......! you can make half of that and still have half of your farm.HOW!? depending on acreage you can easily sell property individually for private dwellings as people nowadays go crazy for property in the countryside.thats just 1 idea
2.5M is useless if you do nothing with it.in todays world its still alot of $$$ but it can very easily disappear.
Jack in reference to your wife.......you are a farmer who are all hard workers and on the go from early morning till late at night.do you really want a quiet boring life with nothing to do.that will kill you! keep the farm till your at least 45 then sit back..........tell your wife to get the boots on and get stuck in rather than taking all away hoping for the life of reilly!
you have many many options in great favour to you but DO NOT SELL UP! your farm is worth 2.5M so what......! you can make half of that and still have half of your farm.HOW!? depending on acreage you can easily sell property individually for private dwellings as people nowadays go crazy for property in the countryside.thats just 1 idea
2.5M is useless if you do nothing with it.in todays world its still alot of $$$ but it can very easily disappear.
Jack in reference to your wife.......you are a farmer who are all hard workers and on the go from early morning till late at night.do you really want a quiet boring life with nothing to do.that will kill you! keep the farm till your at least 45 then sit back..........tell your wife to get the boots on and get stuck in rather than taking all away hoping for the life of reilly!
Jack The Lad
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X-Man said:
Aah now… will have to defend Mrs Jack. I may have given the impression that it’s all her idea and so on. Nope. Not the case. We are side by side on this idea. She works hard too… has a job, does her own thing, fantastic woman and good looking too!
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Jack The Lad said:
sorry Jack but wasn't trying to offend you or your wife.my advice is regarding your current state of affairs........you are taking in 50kPYear.not bad may i say but hard work to earn such $$.
with the current boom in ireland and especially in property you could make an absolute killing in selling some land.whats the acreage of your property.would a golf course be out of the question!!!!!
Jack The Lad
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Duplex said:
It's an option. I know of some farmers who have done likewise, and gone further afield... France, U.S. and New Zealand. I wonder though if in my case that would be frying pan to fire. What would I have. A decent amount of cash....A similar farm... more work for two or three years setting up, getting to know new governmant, legal, Tax, scientific parameters... whew. It's a good suggestion but may not be for me.
That website is excellent, by the way, for anyone thinking of buying land in UK
Jack The Lad
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X-Man said:
Oh man, no offence taken whatsoever. Your contribution is very appreciated.
I know a guy who turned his farm into a golf course. He has to be up at 5 in the morning trimming the green etc for early punters, and has wondered if he did the right thing... maybe he's a little too hands on, and could get more workers, and look at time management and management techniques. I own a total of 165 acres... not sure if it would be suitable for golf due to layout and location. But perhaps sublet it to an established golf course "chain", if such a thing exists? maybe.
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