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My family is thinking of starting a farm…?

Field of wheat on a farm

So, my family is looking at a 75 acre property of farmland 9 miles out of Ann Arbor, MI. I guess it’s my job to question all the necessary questions they have. :)

We have never owned a farm before, and we want to own one that maybe we can make some money on and have fun with. We want to start small.

The farm already has 2 small barns, a stable, and a quonset hut, not to mention two fenced in pastures, slaughterhouse, and a chicken coop. It was built in 1899, but everything is pretty sturdy, If we bought the farm, we will do some small fixing up, too.

So, here are my questions, if you can answer them:

  • How much would it cost to own a couple of hens and broilers, maybe some sheep, and some goats (yearly)?
  • We want our farm to be self-sustaining. What crops would we need to do that? How much would those crops cost?
  • To earn a small more money, we were thinking of growing some flowers or pumpkins and maybe doing some fruit trees or raspberries. Would this be a excellent thought? How much would this cost?
  • Of course, we want the standard veggies, too, like tomatoes, lettuce, cucumbers, squash, onions, and herbs. Costs?
  • Would hiring a farm manager be an excellent thought?

As I said, we want to start small. Is this doable for a family of four? We’re all super excited if it will work out. If it isn’t, though, what could we change?

Obviously, we wouldn’t be using up all 75 acres with the above. My parents we talking about renting the space to other farmers, then sharecropping. We would certainly try to grow our own straw/hay, but we don’t reckon we could manage a whole cornfield.

Thanks in advance!