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Thread: Re morgage or try something else?

  1. #1
    Member Dundee's Avatar
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    Re morgage or try something else?

    Right guys I'm just about over this shit up to debt in the eyeballs.Got a house and 1/3ha but still paying morgage on house.

    Own a herd which is 90 odd cows which is fuck all.Average herd is 400 and average land is 140ha.We trying to keep a 100 year old farm going on 32 ha with 90 cows.

    Do we stop dairying and go dry stock on 32 ha?

    Wondering if it was worth re mogaging some of the herd, that took us 8 years to pay off.

    Any advice pm me or add to thread.Thanks in advance.
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    "Thats not a knife, this is a knife"
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  2. #2
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    Sorry to hear this

    I'm no expert at all but if your up to your eyeballs and only paying interest and not making much headway then it might be time to try something else. On the other hand there has been how many years of a poor milk payout....

    You could of course cut that brown fizzy stuff in a can from your diet, that will save a few pennies!
    Last edited by 223nut; 16-06-2017 at 07:49 PM.

  3. #3
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    That's a tough one DD, I would suggest you find a really good advisor or mentor, I think some one from within your industry? I have a retired ex dairy farmer mate in Reporoa who helps guys in that area with advice. There must be some one in your area? Good luck with whatever your decision is!
    Dundee, Dicko, mikee and 3 others like this.
    Boom, cough,cough,cough

  4. #4
    270 King of the Calibres oraki's Avatar
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    Tough one Dd. Unfortunately you don't have 'economy of scale'. I'm sure there could be a heap of improvements to be made that will return more $ in bank, but the interest paid is more than the return. Maybe a trusted advisor, or successful neighbour to use as a mentor.


    Or as Macca said. To bloody slow typing
    Maca49 likes this.

  5. #5
    Member Ryan_Songhurst's Avatar
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    Why dont you try add value to what you have dundee? Get organic certified or something, one of you work off farm? Re mortgaging is a long slippery slope...
    Would leasing the farm as a going concern cover you? Then you could both work off farm and know you have a set amount coming in which might be easier to work with?

  6. #6
    Member 199p's Avatar
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    I know fuck all about farming but an off the farm job would definitely help especially in this time of lower payouts.
    I would remortgage if it could be helped but with out knowing you financial situation there might be other ways you can save $$$ like debit consolidation loans and not having credit card debit.
    Konus binoculars " The power to imagine"

  7. #7
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    was in a similar position ten years ago. Differance ( maybe ) between us was I finally realised I hated milking dirty arsed dairy cows , and sold up.

    Have to say that there is life after farming - especially if you dont have that debt hanging over your head
    Dundee likes this.
    Cats have nine lives-which makes them ideal for experimentation...

  8. #8
    Member mikee's Avatar
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    I know things might be tough mate but sometime digging the hole deeper is not the answer even though it seems the best bet at the time.
    Maca49 has wise advise, sometimes a third party looking from the outside (in the same or similar industry) can see the trees thru the wood

    Good Luck which ever way you go.
    tetawa, stingray and Scouser like this.

  9. #9
    270 King of the Calibres oraki's Avatar
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    A neighbour has leased his farm out and is working at the local sale yards. 2 sale days, 2 on maintainence, cleaning up. The sale yards are mainly manned by retired farmers who have stock sense. He's happy, the lease doesn't quite cover costs, but saleyards give him guarenteed income, which tops it up. No more worries about weather, dollar etc. When he clocks out, he stops thinking,worrying about it. Starts thinking about it again on the way to work next day.
    Could work in with the pm I sent
    Dundee, gadgetman, Munsey and 4 others like this.

  10. #10
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    Some damn good ideas flowing in here. Aren't we a bunch of good buggers!
    Dundee and mrs dundee like this.

  11. #11
    Member Dundee's Avatar
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    Quote Originally Posted by Ryan_Songhurst View Post
    Why dont you try add value to what you have dundee? Get organic certified or something, one of you work off farm? Re mortgaging is a long slippery slope...
    Would leasing the farm as a going concern cover you? Then you could both work off farm and know you have a set amount coming in which might be easier to work with?
    Don't own the land
    "Thats not a knife, this is a knife"
    Rule 2: Always point firearms in a safe direction
    CFD

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  12. #12
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    going through something similar at the moment all I can say is health happiness and family is more important than money.best of luck whatever you decide.

  13. #13
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    Quote Originally Posted by berg243 View Post
    all I can say is health happiness and family is more important than money.
    Hard to believe at times but it is true

  14. #14
    OPCz Rushy's Avatar
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    Dundee I have sat here staring at a blank screen thinking to myself "what can I tell you" and after all of that time I am stuck for words. So I am not going to try to give you any financial advice. But I will say this. A man that can ask for help when he needs it is a real man by my measure. A man that places significant value on and is proud of his family's heritage is a real man by my measure. So go find someone financially savvy that understands your industry, understands your debt and your equity and who can consider your situation and who can come up with a sound course of action for you to follow. Now the important bit of my advice for you having come this far. When you find this fellah, listen to him and do what he advises you to do. Whether you think his ideas good or not, give it a fair go. That bit is absolutely non negotiable.
    P38, Shootm, veitnamcam and 23 others like this.
    It takes 43 muscle's to frown and 17 to smile, but only 3 for proper trigger pull.
    What more do we need? If we are above ground and breathing the rest is up to us!
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  15. #15
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    @Rushy damn you must be old for such fine advice
    veitnamcam, Beaker, Tommy and 2 others like this.

 

 

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