Farmer Finds an Alternate Path to Income Growth

“A young man came in wanting to buy a farm which was far too large for him to pay for. He was farming a few acres but the income from that was not enough profit to make a living on. The sellers wanted a down payment of 10 percent which was out of reach for him - and then yearly payments for 15 years.

However, this young man figured he would be happy if he could buy half of that farm - so we figured out a way for him to make a deal with a neighboring farmer to buy the other half with the neighbor covering the entire down payment. The neighbor was more than happy to be able to buy the other half of the farm, so a deal was made that if the young man would default on his payments the neighbor would be able to buy the rest of the farm. This arrangement has been very successful and all are thriving.”

Richard Muhlbradt
Minot SCORE (Chapter #338)
Minot, ND