I got a loan for the land upon which the structure behind me sits and when I found it in 2023 I had no idea you could get a loan for farm land much less undeveloped land in this country that had no structure on it when I found this land on Zillow and I came to see it I immediately fell in love with it but I just knew I could not afford this land out of pocket and also afford to put a structure on it so I just figured that was kind of the end of the
road for me luckily I am very intense at researching things online so I went home opened up Google to just see I looked up landl in the Northeast in Upstate New York and Farm Credit East popped up as a lot of you know that is where my loan is held Farm Credit is a nationwide system of financial co-ops that make it easier for everyday people basically to get involved in farming or they support a lot of the already existing Farmers by issuing loans and they also offer payroll and different things to just make it easier
for you since I'm in the Northeast Farm Credit East popped up but there's Regional Offices across the country so if you're in California or somewhere else it will be called something different but still Farm Credit so in this video I'm going to break down the terms of my loan with you and before I do that I always like to say finances are personal I've read so many personal finance books this is my sixth real estate transaction no two Investments are the same trying to directly compare mine to yours or your unique financial situation is just
something I wouldn't do uh I would not overanalyze it too much to the point where you never take action there's always going to be a little bit of risk incurred when you do something like getting a loan or buying buy land or buying a barn there's always going to be risk incurred but there's obviously a way to go about this smartly by doing your due diligence and homework so that's why I'm always happy to be financially transparent with you guys on here somehow someone will still criticize this Below in the comments or say I'm misleading
you but I really just sharing exactly what has been my truth with this process also happy New Year so with that let's dive in my land is 6.74 Acres of rural land in Saratoga County New York if you want to look up where that is go for it I am right outside of skyville I am 20 minutes away from Saratoga Springs which is considered a pretty desirable small City in Upstate New York it's a pretty affluent area and I'm about 15 minutes from the Saratoga RAC trck those of you gamblers watching this know it's the
oldest racetrack in the country and pretty much the the centerpiece of Saratoga and why the area is generally a pretty affluent area therefore my land is pretty desirable by investment standards and I wanted it to be within 20 minutes of a place that would have people that would make the drive to come to my barn and maybe take part in workshops or pick your own a lot of people when they buy Farmland they're so done with Society they're like I want to be 2 hours away from everyone I know that's fine if you're in a
homestead and not try and turn a profit or anything like that you are more than welcome to post up away from everybody you're going to find the cheapest land that way if you want to have some element of the public coming to your space as part of the way you earn money which is what I'm attempting to do here in 2025 then you do just want to take the those things into consideration but my land is 6.74 Acres my monthly payment to Farm Credit East is $950 I had many different options right I could have
done 20% down 25% down and I went with 30% down I did this because I wanted to pay off the land more quickly again that's just my personal preference you wouldn't have to do that that's what I chose and I also had a 10 or 15-year payoff structure possibly even a 20-year one I went with 10e payoff structure again because I just wanted to get it done I wanted to pay it off and not be paying interest for the rest of my life personal preference that means that my payment comes to around $950 a month
if you guys want to do the math on what my land costs you you can or I can just tell you it was $160,000 for 6.74 acres of land in Saratoga County again this is an expensive County this is a sought-after County uh Saratoga is one of the top three most sought after areas in New York state right now it's been over a year since I've held the loan which means I'm now down to a little less than 9 years paying it off I would like to try and pay off the loan sooner than 9
years hopefully I can again just to avoid uh the interest and other things that are accured on it I got the loan in 2023 interest is 9% uh if I maybe can renegotiate that in the future we'll find out but I have found that Farm Credit East is a very responsive responsible kind lender I've never had a lender care about me the way they do know this is not sponsored by them uh they they made sure to put me in contact with people in the local office if I ever have a question about anything they
answered me and I'm not even kidding an hour when I had an issue needing a notary public a few months ago I called them up and said do you guys have a notary there and they go come on in we'll get you all set up here it was free it's like that's just the type of lender that they are uh this summer every summer each Farm Credit office hosts a brunch an outdoor lunch for all of its lendes so I will be going to that this summer The One near me at the Washington County Fair
grounds had 800 people in attendance last year and it's really cool it's everyone at these long outdoor tables laughing eating together and that's just the type of stuff that they do for people if you're a part of the Farm Credit family I also love Farm Credit sends me these Roundup emails which is how I actually found the USDA grant program I am in was in a Farm Credit East Roundup email that they sent me and I click through all the links I found a lot of helpful stuff through those emails they send me they also
send me physical assets they round up uh leading Industries you know what's taking off in the farming World things you might want to consider investing in that you wouldn't know about they kind of aggregate all that data for you and put it in fun graphs and I'm a dork and I like to look at it sometimes I make videos off of it I can't sing their praises enough so uh yeah that's my biggest payment every month right now I paid for the barn in cash because I was able to get a loan for the land
so when people say oh she's being dishonest about that no I am not uh there is a lot that goes into explaining what this Barn costs if you've ever had something built from scratch you understand it's not just one figure that bundles up this whole thing there was electric there was well lines there was a septic tank there was woodworking there were subcontractors I have to go through the paperwork to find out what that final figure is or I could just break it down piece by piece which I am doing in my substack I will
link to below you guys I'm first and foremost a writer I write in a newsletter slashonline magazine every single day and I post two articles per week there that is my preferred method of breaking down numbers and money so I will link to that below otherwise I will continue to work through all of the different topics here with you guys I do love being on YouTube and screaming at my phone as well in this space that has an echo I'm leaving the floors uncovered like this on purpose because it will allow us to do messy
work shoppy woodworking type things in here and just sweep it up when we're done it is still a barn I know people say oh it's so insulated oh look at the Loft oh there's a bed it is still a barn and I want it to stay that way before I do my sign off I do want to remind you you do not need 6.74 acres to feed your family or even turn profit I saw a great video yesterday of someone detailing how oneir of an acre made them $85,000 in produce sales so we have the
technology today to farm smarter and not harder no hate to the farmers who have been managing multi- thousand acres for a century it's hard work I just believe we're about to see a new type of farming where people are realizing you need less than three acres to do everything that you think you want to do and that makes it much more affordable you don't need to buy land in a fancy horse racing County either just pick a plan old County with a business friendly Town board important call the town and find that out business friendly
Town board and you need like two acres if you want some of the benefits that come with registering officially as a farm with the state you were in I would just look up what that acreage minimum is it can range from uh 3 to 10 acres but again all of this is personal to you this is just my personal experience I was born and raised in Albany New York that's how I knew that Saratoga was an affluent area uh cuz I'm from only an hour away so times there is benefits and value in buying the
land close to what you know close to what you knew growing up I'm very familiar with the nature and the woods here and that just felt comfortable to me I did not want to do this in Florida where I know nothing about the palmetto bugs or the alligators watching me in the ponds I just wanted to be up here and freeze to death instead naturally with that like I said Happy New Year you guys I have so much content coming your way on this channel and I always sign off with $24 trillion worth of land
is now going to be for sale right now over the next 20 years it has started farmers are retiring they're over the age of 60 they are exhausted I would much rather you buy this Farmland before foreign entities Wall Street and corporations buy it right that's why I share this stuff cuz I think we will have a much more enriched future if we drive down the road and pass 15 small farms happy families kids running outside beautiful native plants then driving down the road to see a very dystopian corporate massive ad conglomerate structure in the
distance that kind of makes you feel like you're in this dystopia and health Escape anyway bye guys
