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I have recently becme intersted in farmland as a rental property. It seems to have these four advantages over residental rentals:

1. Vacancy is not a problem.
2. No calls at 2 in the morning to fix things, no roofs to replace, etc. Not only does this make for a more pleasant landlording experience, but it also makes geographical diversification easier.
3. The amount of farmland is decreasing, whereas the amount of housing units is increasing.
4. The landlord might be able to get some recrational use out of the land without interfering with the tenant: fishing at a farm pond, or cross-country skiing in the winter, camping, etc.

Some risks I've thought of:

1. As agricultural technology increases yields per acre, the demand for acreage might dwindle more quickly than the nubmer of acres.
2. Goverment regulatory activity.

These are just of the top of my very novice head--I don't have any real estate experience whatsoever. If anyone on this board invests in farmland I would be love to hear your story and to get some pointers on how I could investigate this further. I would like in the future to do some sort of real estate investing beyond my own residence, but have at least 10 years before I could do so. I figure I can use that time wisely by choosing a field in real estate and learning as much as I can about it. I'm still in the choosing stage.

Thanks,

- Joe
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