Up for a challenge... Talk some sense into me! :P
Broadstruck
Posts: 30,497 ✭✭✭✭✭
So I haven't bought much in the last few months as I've been thinking of selling everything to purchase a 105 acre farm.
Should I do it?
Have at it! 
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Are you healthy and strong enough to take care of a farm? Lot of satisfaction in owning/caring for a farm, but a lot of work as well. I'm probably too lazy to do so.
I have bought and sold my collection over multiple times in my lifetime. I always figure that is a great way to keep from getting bored and it helps pay for stuff when its needed. I would go for the farm and start over on the collection since that is what I have done in my personal life.
If the market is conducive to selling could be a good time to take your profits,if any, from your collection. After all they are not making anymore land. Good luck.
Not for a 105 acres... however there's many ways to make the land pay for itself along with upkeep.
No question for me. I like coins but land is my favorite.
My goal is to own more than Ted Turner. Only a few hundred thousand acres to go.
Sell coins. Buy land. Buy more coins.
Like asking for advice on a coin, short of having pics, more detail is needed about this land.
House?
Barn?
Wooded vs open?
Steep vs flat?
Creeks, ponds, swamps?
If I recall correctly, you were/are an architect so I'm sure you know more than most about land and its ability to be enjoyed.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
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I don't know... Last time I heard about this, the guy bought the farm and was never heard from again.
Go for the farm and buy more coins later.
HAPPY COLLECTING
Nothing wrong with trying something new!
But since you have a lot of neat, unlisted stuff, it may be worthwhile to have them catalogued first
Where is the farm and would you need to hire a staff to run it?
Do it. I'm contemplating the same thing, except maybe 35-50 acres. Mine is more of an effort to stop collecting so many different things ( hoarding ).
Kids are nearing college age...ill prolly sell for tuition costs.
It's all there like a PCGS Secure Plus single top pop Gold CAC
Green Acres comes to mind.
"It's all there like a PCGS Secure Plus single top pop Gold CAC ."
Well then.........see ya at the closing.
"If I say something in the woods and my wife isn't there to hear it.....am I still wrong?"
My Washington Quarter Registry set...in progress
Buy the land
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Taxes are taxes. Never should on yourself.
In that case then, congratulations!
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Depends on what will bring you the most enjoyment in life. If you are content with the study of numismatics and pride in owning the tangible objects of history, then keep the coins. If buying the farm will bring happiness and prosperity to you and your family, well then you have to follow this path.
I trust you will be involved in the hobby in some regard for the rest of your life, as you have always been a passionate collector and frequent poster here on the forum.
I wish you nothing but the best in making his decision, Frank.
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"Coin collecting for outcasts..."
Do your homework and then do what's best for you and your family.
In honor of the memory of Cpl. Michael E. Thompson
You only live once... Best wishes with your decision
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Well, I guess that depends on what you have, if I need it and your price.
Is the land in an area where you could flip it for a profit?
Are you looking at settling down?
Is there a rumor of a large "lost" cache of coins on this land?
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If you fell like the farm is for you and your future do it. wisdom and data will be your guide.
Think in depth and pray if your inclined and bounce it off several people in your circle at least a few. I would take some paper and in 2 columns write pros and cons make it 10 each and set that information on your minds scale and go with it.
As long as you buy a farm and not.........."just bought the farm"
One thing I have learned this past year.........life is way to short. And I mean that!
Way to short to not to enjoy what you love and love to do what you enjoy.
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Buy the farm. The value will surely go up...
coins are not an investment.
Land is.
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Coin collecting is not a hobby, it's an obsession !
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Is there a way to do both? Buy this farm and keep most of your collection?
Ive often asked myself if I'd rather have my coins or this or that. I've pretty much resigned myself to keeping the coins I have and riding them to the (near) grave and focusing the same intense energy I put towards them into new interests as they come along. Your coins seem pretty unique and would be hard to replace or beat if you had to start over.
Good advice.
One more idea. If you do purchase the land be sure to bury a few tin cans with coins inside. Then upon your departure to the great coin show in the sky, future pickers will unearth the cans. Then when they are put up for sale, will forever be known as the "Broadstruck Hoard"
Too funny.
But I was thinking what Lex said: "...people are no damn good, but they will always need land. And they'll pay thru the nose to get it..."
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I vote for the farm...just be sure and think it all the way through! Do you own a pickup? Does it come with equipment....tractor with needed implements. Are you going to work the farm? Sounds like you are thinking about leasing some of the land. Investigate the taxes thoroughly. I saved a bundle by putting my land into wildlife conservation here. Those are my random thoughts off the top of my head!
I wouldn't do it.
I am a tad crazy and up for adventures, heck right now I'm looking at jobs on the other side of the world.
But I don't know the first thing about farming. I have a brown thumb and most things in my garden die. I feel like nothing would grow.
If I had livestock animals I couldn't bring myself to take them to the slaughterhouse, I'm too soft.
Plus I would miss having a coin collection.
TomB gave sound advice.... However, from what I have learned about you on this forum, you would do that anyway. Also, I think you have already made the decision, and are just looking for inputs to be sure you have considered all the angles... If it were me, I would likely go with the farm, which would be a major move since I have never sold a coin....land, the country/property have always appealed to me. Used to have forty acres in northern AZ...Let us know what you decide... Cheers, RickO
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So I guess you don't want to buy my Sac Error Collection ......
..... Do what you need to do. I always do. Be Happy.
Is the land you are looking at in CA or CO as the cash crops there make mega bucks.
Sure. Then you can sell the farm to buy coins.
Yup, this.
I know someone that did this as well and burned out on the farming part. Leased his land to the neighbor and now watches the neighbor make him money!
Will you need to invest in any heavy equipment to run the farm? That could get into six figures very quickly.
I do like the idea of the farm and I would say go for it.
What they say in Iowa about buying farmland is "They're not making any more of it."
Which of course should also be true of classic coins. Sounds like you're in a win/win either way.
But MFH's advice above is sound.
If you can sell coins high and buy the real estate low, of course you should do it. I did the same thing myself a while ago.
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Better put a contingency that "John" approves it with a sticker on the roof. For flyovers. You're welcome.
Would your collection cover the entire cost of the farm or just a down-payment? How rare are your coins? Would you be able to replace them? Is the farm a bucket item list, or a new business venture that has the potential for generating money to rebuild your collection if you decided to do so? Not that my advice is worth anything, but these are the questions I would ask before I rendered such an opinion.
Which ever decision you make I hope to still see you on the forum. If not? You'll be missed.
Either way, I wish you well.
If you are a young man <50 go for it. If you are no longer a young man >50....NO!
Is this a retirement plan? Farming is not an easy to great way to earn a living in my opinion. My father was a farmer, and he came to the conclusion that it was worst than gambling. During the droughts you got lousy crop yields and lose money. During the good years, everybody else did well too, the prices from the crops were low. It's hard to win.
If you going to grow stuff on the land, 105 acres isn't that much. My father tilled about 130 acres, and it paid like a part time job when it paid at all.
About the only way a farmer made any serious money was if a developer came along and wanted to buy his land. That sometimes becomes difficult because politicians sometimes decide "to preserve farmland," and limit the farmers' property rights.
I sound negative because I couldn't wait to get off the farm and live closer to civilization. That was the great thing about going to college. it was the ticket out, and I took advantage of it.
If you are going to retire, and be "a gentleman farmer," more of a hobby than an occupation, life in the country can be relaxing. Still 105 acres can be a responsibility. For example somebody threw some live blasting caps away on property I own in Delaware. Fortunately a friend saw the stuff and took care of it. If someone had been injuryed on the property they could have come after me legally. Currently I have the land in an LLC which costs me more money to maintain that the rent the property earns.
I'd love to sell the land, but for family reasons I can't. This stuff about loving or being friends with your relatives is way over rated.
You do not say what kind of farm - if it is land and you rent to others, your risk is not that great If it involves crops or animals and you doing the work - don't quit your day job.
Not all land is a great investment. There is a thing called "location." There are also issues with land that floods when it rains. And for goodness sakes get a full title search before you buy. Real estate law is very complex.
As you saw in my previous post, the land I have now in Delaware is a pain in the butt that worth nothing so far as I'm concerned.
Real estate and/or land never goes down in price? Keep dreaming. Real estate in general is in a down market for another 17 years. It takes time to work off a 52 year rally (1955-2007). While a barn and home can be rebuilt, they aren't cheap to do so unless your family is in the building business or your farm is in Amish country. Commodity prices have been in a real funk for the past 5-8 yrs. Hard to say where they are going in the future with various controls, regulations, and speculations in play. In particular most of the grains are still near 20-25 yr lows. Your biggest headache will be trying to counter Wall Street hedge funds and banks.
While they aren't making any more classic coins.....they are certainly slabbing more of them every day, which increases supplies to collectors. Our market has taken that a reason to continue to lower slab prices.
Happy Thanksgiving Everyone,
Thanks for all your positive and negative responses as they are greatly appreciated!
What about owning a collection such that its value doesn't compel such choices?
"Got a flaming heart, can't get my fill"
Buy the farm and a metal detector.
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