Farm Credit Canada requires 25% down payment. Almost impossible for young farmers

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I've seen a few homes online that range from $1-600 how true is it that i can buy these properties for that cheap?

Buying a foreclosed house from the current owner is called buying a pre-foreclosure. In this case you deal directly with the current home owner. There are many methods in doing this that you would find in many books. These books would explain how you are able to do this. Some of the books would have forms for your use and other useful information. You might purchase properties at a lender or bank foreclosure auction. Most of these properties are posted at the county recorder's office, the local newspapers and other media outlets that are legal in your state. In most cases the opening bid is made by the lender or bank. This opening bid would cover the balance of the mortgage loan, any legal and fees that the lender or bank incurred in completing the foreclosure. Once that bid has been made you would be able to make any bid above that opening bid. There is a lot of home work you would need to accomplish prior to you bidding at the foreclosure auction. The cost to rehab the property, the holding time before you are able to rent or sell the property as wll as other considerations in order to make a profit in obtaining this property. In most instances you would be required to have proof of funds prior to bidding. Some would allow a down payment of around 10% with the remainder due within 7-10 business days. If you are speaking of property that has gone through the foreclosure procedure and is now lender or bank owned property. These type properties are called Real Estate On Hand (REO) properties. Lenders would not sell properties direct to the consumer. Proof or funds could be a letter from your local bank, or a cashier check. Failure to complete the transaction would cause you to forfeit any down payment you would have made. These lenders or banks farm their properties out to local real estate firms to be sold. You would be required to contact a local real estate agent to purchase one of these properties. It would benefit you to be pre-approved for a mortgage loan as most real estate agents would not want to deal with a prospective buyer without proof they are able to purchase the property . You might would want to check these ads you are seeing. They could be ads for auctions and the prices are minimum bids. Also there are private individuals that are able to purchase many properties at one time at a significant discount from banks/lenders, called certified investors. They do what is called wholesaling properties to smaller individual investors. I hope this has been of some benefit to you,good luck. "FIGHT ON"

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I live in oklahoma and was thinking about starting a small farm. i was wonder how one goes about getting a farm tax id? i know it can be used on feed and farm supplies but what else can it be used for? what about fuel for tractors? also i heard you can use it to buy groceries for for your farm or ranch. thanks for any help.

You apply through your county assessor's office. You must list your farm equipment (which is subject to personal property taxes) and any livestock. Although livestock is not subject to PPT it must be listed. You can use the farm tax exemption ID to purchase supplies and equipment for your farm or ranch that are used for the production of farming income without payment of the OK sales taxes. Fuel is also eligible but few retailers sell the dyed fuel required by federal law. (Many places selling dyed fuel will sell it to anyone as long as it's not dispensed into the vehicle's fuel system or a tank attached directly to the vehicle.) Groceries for personal use are not included in the exemption Although the OTC does not specify a minimum number of acres, you must have at least 20 acres in production for profit to get agricultural treatment for real estate property taxes and the OTC generally won't issue the farm tax ID unless your property is listed with the county as agricultural.

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Is it communism, socialism. capitalism, market economy or mixed market economy? so, what do you think?

Mixed Market Economy. - A mixed economy is an economic system that includes a variety of public and government control, or a mixture of capitalism and socialism. - There is not one single definition for a mixed economy, but relevant aspects include: a degree of private economic freedom (including privately owned industry) intermingled with centralized economic planning and government regulation (which may include regulation of the market for environmental concerns, social welfare or efficiency, or state ownership and management of some of the means of production for national or social objectives). Elements of a mixed economy The elements of a mixed economy typically include a variety of freedoms: * to possess means of production (farms, factories, stores, etc.) * to participate in managerial decisions (cooperative and participatory economics) * to travel (needed to transport all the items in commerce, to make deals in person, for workers and owners to go to where needed) * to buy (items for personal use, for resale; buy whole enterprises to make the organization that creates wealth a form of wealth itself) * to sell (same as buy) * to hire (to create organizations that create wealth) * to fire (to maintain organizations that create wealth) * to organize (private enterprise for profit, labor unions, workers' and professional associations, non-profit groups, religions, etc.) * to communicate (free speech, newspapers, books, advertisements, make deals, create business partners, create markets) * to protest peacefully (marches, petitions, sue the government, make laws friendly to profit making and workers alike, remove pointless inefficiencies to maximize wealth creation) with tax-funded, subsidized, or state-owned factors of production, infrastructure, and services: * libraries and other information services * roads and other transportation services * schools and other education services * hospitals and other health services * banks and other financial services * telephone, mail and other communication services * electricity and other energy services (e.g. oil, gas) * water systems for drinking, agriculture, and waste disposal * subsidies to agriculture and other businesses * government-granted monopolies to otherwise private businesses * legal assistance and providing some autonomy over personal finances but including involuntary spending and investments such as transfer payments and other cash benefits such as : * welfare for the poor * social security for the aged and infirm * government subsidies to business * mandatory insurance (example: automobile) and restricted by various laws, regulations: * environmental regulation (example: toxins in land, water, air) * labor regulation including minimum wage laws * consumer regulation (example: product safety) * antitrust laws * intellectual property laws * incorporation laws * protectionism * import and export controls, such as tariffs and quotas and taxes and fees written or enforced with manipulation of the economy in mind. Still it is how will our NEXT PRESIDENT will manage our country. No matter how INTELLIGENT our LEADER is, if our FELLOW COUNTRYMEN do not obey there will be NOTHING except the PESTILENCES of our Human Power on our Government. If you fall SEVEN TIMES, stand up EIGHT ! ;)

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Im turning 16 and im getting a part time job. i want to own a house (farm house, lots of land) as soon as possible (hopefully 21-22 years old)so out of a minimum wage paycheck how much should i save? (percentage?) my sister is 18 and can't get credit cards (no stores give them to her) she has to wait until college for credit building...meaning i will too.

More importantly you need to start building credit. Get credit cards keep your credit score high and with 10% down payment of the price of the house you want you can buy anything.

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You always hear: unemployment rate high, less jobs, etc.. the thing i noticed is that there are jobs. there's hundreds available just on craigslist philadelphia alone, and i constantly see newspaper adds and stuff. the problem i see is that everyone expects a job that makes like 100k a year or an easy job. presidents always promise jobs, but it's like who wants a job? i feel like the jobs are there but people don't want to work. everyone wants to be a doctor, lawyer, etc.. nobody wants to be making 40k a year doing landscaping or whatever. plus if the government can pay you welfare and food stamps, who needs a job? my point is that nobody wants low paying jobs that include labor. i feel like too many people have the mentality: if i don't make 100k a year i'm not gonna work. does anybody drink what i'm porin?

I think that's true in a way. We've had it very good for very long in this country, and we're having trouble re-adjusting to new realities. But really, most people want jobs in the MIDDLE. Back in the 50s, and 60s, a guy with a high school education could buy a house, two cars, build a retirement fund and put two or three kids though college just with a regular factory job. A skilled or 'semi-skilled' job, most of which he usually learned at work. Every little town in the US had a factory--a car parts plant or a steel mill or a glass plant or a factory that made some kind of farm equipment or household appliance. These factories paid pretty well (some were unionized, and the rest treated their employees well to KEEP from being unionized). Anyway, if you grew up in one of these towns you knew you had a job waiting for you at the plant. Your dad worked there and you occasionally got to visit him there and have a tour. The plant held picnics and other social events so you knew people from there. You'd go to work there out of high school, and you could learn on the job and move up to be a foreman or supervisor or middle manager, if you had the smarts and put forth the effort. In the last 30 years or so all these plants have closed and moved offshore. So the people who would have gone to work there now have a choice. They can get a 6 year degree and get a good job (and $50k in student debt), or they can flip burgers at McDonald's. Now suppose you had one of these good-paying factory jobs. After 20 years you're making maybe $60-70,000 (in today's dollars). Now your plant closes. Want to go make minimum wage at McDonald's? Or are you going to look for another job that pays something close to what you made last year? I mean you still have the same mortgage payment, your eight year old needs braces, your fourteen year old is trying to get into State College, etc. You're in your 40s, you're not thinking about starting over from scratch. What is it that made you worth $50k last year but $15k now? What does it cost to live in a city like Philadelphia? Can you live in a safe, clean place and raise two kids on what these jobs pay? If you come from Mexico, you're used to busting your butt just to survive, so you're more likely to take a $7/hr job, share a room with five other people, and even send money home. We Americans are just not used to living that way!

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Open a checking account with a bank, like Bank of America, and ask them for a credit card that has a very limited max on it...like a $1000 limit. The key to building up credit is to buy stuff with the credit card, let a little interest form on the credit card, then pay off the credit card. If you buy stuff and then immediately pay off the credit card, then you don't form any credit history. Credit history is basically you forming a track record of paying off your debts. To get that track history, you have to create some debt. The easiest way is to use the credit card for a bit of shopping. Not like "omg, I'm gonna splurge at the mall!" shopping...no, that's the fastest way to get yourself into a debt hole you can't get out of. Instead, do targeted shopping...buy things with the credit card which you would normally have to buy anyways...like some groceries. Try not to rack up more than $100 or $200 on the credit card per bill, that way you can keep it in a manageable level. Let's say you used your credit card to buy $100 of groceries during the month. When teh bill arrives, then just make a partial payment, like $25 or $50. AT LEAST make the minimum payment...usually it's like $10 or something..it should say on your bill. By making a partial payment, you're letting the rest of the balance carry over to the next billing cycle as "debt", which the bank will earn interest on. However, you've also paid off part of it. The next bill that comes around...PAY OFF THE REST OF THE BALANCE. You see, Banks want someone who will accrue a little debt, but ultimately pay it back. It sounds illogical, and mostly because it is illogical. From YOUR perspective, you don't want any debt. But from the bank's perspective, they want some one who can keep some debt that they can farm some interest off of. But they don't want someone going $50,000 into debt and never paying it back. Over time, if you keep up this minor credit purchasing system, and letting it earn some interest for a bit, then paying it off, you WILL get a credit score, and it WILL be quite good. The DANGER of credit cards is that they disassociate your earning from your spending. MONDO IMPORTANTE! When you use a debit card linked to your checking account, you see that it's drawing DOWN money..it's SPENDING money. But when you use a credit card, all you see is how much is racking up. This gets some folks to forget how much income they bring in, and instead they focus on the max balance on their credit card. As long as they're not maxed out on teh card, they feel they can keep spending. However, when they look at their income, and pay their bills, etc, they realize they've spent themselves into a hole. When the interest on the card starts racking up, it can overwhelm your ability to pay it off. That's why you should do it in controled fashion. ALWAYS be aware of how much income you have coming in, and how much debt you can take on. AND, don't assume everything will be fine in teh future. Some folks take on a lot of debt, like credit card, house mortgage, etc, assuming they'll always have the job they're working, and plan according to taht. Then they lose their job...uh-oh, now what?! They're out of a job, they were just barely making it as it was, and plus they have this debt to top things off. Sadly, high school doesn't teach credit management. So, you get a lot of college students coming out and getting preyed upon by credit card companies as they go into college. They end up with $40k in student loans and another $40k in credit card debt ... they assume they'll pay it off later. And that's the big mistake...sometimes later never comes, and you're stuck a debt slave for the rest of your life. My credit score is 750+. I got it that high by doing exactly what I just talked about. These days, I use my credit card to make a few purchases, but I pay it off immediately when I get the cash. I use an online bank, so I don't have to wait for my CC bill to show up...I can go pay it whenever.

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Because the cost of everything is going up, cost of fuel to get produce to market, to run machinery etc. The cost of buying grain, the cost of wormers etc for livestock,livestock feeds, vets fees, more paperwork which takes time. Cost of employing workers, minimum wages now means there isn't as much 'cheap' labour anymore. That and the consumer has had a good few years of cheap food and is reluctant to pay more for their food, which means large supermarkets puts pressure on suppliers to get cheap produce, which means the farmer doesn't get a good payment for their produce. If they don't accept what is offered, they are left with their produce and so get nothing. Its a constant struggle to juggle everything and with the last 2 summers being a washout, the cost of grain has especially rocketed, it costs a huge amount to dry grain (approx £120 per tonne). It all has a knock on effect right down the line.

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My credit is below 500 so no dealers will finance me with a long pole, if i do not have a co-signer am i basically screwed? or is there some other way??? it's sort of urgent i need the car because i need a way to go to work. no work, no car... no car, no work!!!!

There are subprime finance companies that will finance you. Our dealership routinely gets customers financed with credit scores well below 500. And this is with a true lender that will report to the credit bureaus. Consider this; if your credit is poor, you're going to have to "buy" your credit back. YES, you'll be charged a high interest rate. YES, the bank will have more say so than you do many times on what vehicle you'll be purchasing. YES, most lenders will want to see a $1000 investment or more from your end. YES, you must be employed with a minimum monthly income of $1500 or more most times. If you're serious about rebuilding your credit, this is a great option for you. Most Buy Here Pay Here lots won't report your payment history to the credit bureaus so it will not aid you in building your credit. Plus, most BHPH lots will sell you older cars or higher mileage cars that may very well have problems. The subprime lenders I mentioned will have guidelines as to what vehicles they'll finance. Our lenders want a car 2000 or newer with 50,000 miles or less. That being said, you're more likely to get a newer more reliable car. We routinely finance sub 500 scores into '06 and '07 models with factory warranty. Some BHPH lots do report to bureaus though. So if you decide to do the BHPH car, just ask them if they report. We have a BHPH lot and we do report to the bureaus. We see this business as a true "farm system." If we can't get someone financed through traditional or subprime, we'll finance them in house if they have a good work history. Then, we'll report their payment history, and most times they're able to bulid their credit and buy on our new and pre-owned lot the next time. Yes, you could save up a couple grand and buy a car. Yes, you can go to a low-dollar BHPH lot. But neither of these is going to get you into a better credit position for the next vehicle purchase. It's your choice, but if you're serious about building your credit and you need reliable transportation, continue to look for a franchise dealer that specializes in subprime financing. They should have options for you. Good luck. Feel free to email me if you have any questions. I'd be happy to help.

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The current situation was caused by the 109th Congress and the President. They passed a law, in order to promote an "ownership" society that mandated Fannie Mae and Freddie Mac create a minimum number of low income homeowner loans. The problem is they failed to check how many qualified borrowers there were. Because they are market makers they are often the "marginal" investor. Effectively Congress created a price floor for bad debt. Since Fannie and Freddie carried an implicit sovereign guarantee this bad debt was effectively carrying the full faith and credit of the United States. The marginal investor is the only party with pricing power and determines the price of assets in that market. Because each financial market is interdependent they actually reset pricing in all markets for all things. They created the perverse situation in the banking system that it had a shortage of bad debt. The effect in the financial markets was to multiply the debt well beyond the original amount because all parties felt they could make the loan, keep the early interest payments and dump the debt onto others. The problem was when Fannie and Freddie met their obligation of loans, the market was gone. On August 17th, 2007 German banks faced a short term liquidity crisis of $23 billion dollars. Rather than extend emergency credit to them, the European Central Bank had them sell their American mortgages. They had to sell the debt in three hours to cover their obligations collapsing the market. Prices for all this good "bad debt" fell to 0. People become very rational when facing losses and no one would buy or sell this debt collapsing the private credit markets. Banks exist because private credit markets would extend too little credit to the world. Most banks have monopolistic or oligopolistic pricing power and so would extend less credit than they would in a competitive situation. The private markets extend this additional credit. The collapse of the private market for such an extended time means that the supply and demand curves no longer meet in the credit markets. If the curves do not meet in one market then they do not meet in any market. So the supply and demand curves for labor no longer meet. There are willing workers and willing employers but the employer cannot get a loan to cover the additional payroll. There are willing merchants and willing buyers but the banks are closing credit card accounts. There are willing farmers and willing tractor sales people, but no banks willing to extend farm credit and no private market to buy the credit . Until this bad debt gets cleared out of the system nothing can get better.

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How do people make it in the world today,it seems to pay your basics is quite an accomplishment

The first thing to do when you get your paycheck is ALWAYS pay yourself first. Whether its 20 or $50.00. Take the money and put it in the back. The rest is for bills. You can also look for a home that has perks such as seller pays all closing costs, seller will let you lease purchase. Find a good Realtor, a really honest one. Tell him exactly what you are looking for and your income. They will start to look for a house where some sort of financing will get you in. Also, maybe think about buying a double house (duplex) where you can rent the other half out for enough to pay the mortgage. Maybe find a roommate after you find a house and charge them a good amount of rent to help with the mortgage payments. They also are now offering 40 and 50 year mortgages. Buy the worst house in the best neighborhood and then spend the next few years fixing it up. It will give you a great return. We bought a very inexpensive first home, did minimum cosmetic repairs and sold it 2 years later for twice the amount. We took the extra money and used that for a down payment on a small but nicer home in a great location. A couple updates and again, in 2 years sold it for a profit of $50,000.00. Put that towards a farm and our payment were very low. Actually paid it off in less than 15 years. Hope this helps.