For some background, I am inheriting what I would call a modest amount of farmland. Although I grew up around agriculture, have no real first hand experience in crop farming. We have no intentions of selling the land but to rent it out on a yearly basis. So just looking for some advice in this area. A few questions come to mind.
1. This land has been rented previously, and I'm sure the renter would like to continue to farm it. How do I know what a fair price per acre is? Just a hunch but I think he was given a pretty decent haircut in the past for personal relationship reasons so don't just want to charge what he was paying previously.
2. Should I want to explore other bids on it, how does a guy go about that? Is there some service/source/website, etc. that you can go to, where you can find potentially new renters?
3. The whole rental contract thing will be new to me, anything to be on the look out for in that regard where I don't end up getting screwed over down the road?
4. Finally, should something happen to me, and my wife/daughter don't want to deal with the headache, if someone wanted to engage and hire a Farm Property Manager, where would they look for something like that? I'd hate for them to just sell it if it becomes a burden on them which I could see as this isn't really their thing, but paying someone to deal with it could be appealing.
Thanks. If anyone is willing to pass along a contact info to chat offline, I would be receptive and appreciative of that as well. I'd buy you a beer or 12 at Jack Trice sometime.
1. This land has been rented previously, and I'm sure the renter would like to continue to farm it. How do I know what a fair price per acre is? Just a hunch but I think he was given a pretty decent haircut in the past for personal relationship reasons so don't just want to charge what he was paying previously.
2. Should I want to explore other bids on it, how does a guy go about that? Is there some service/source/website, etc. that you can go to, where you can find potentially new renters?
3. The whole rental contract thing will be new to me, anything to be on the look out for in that regard where I don't end up getting screwed over down the road?
4. Finally, should something happen to me, and my wife/daughter don't want to deal with the headache, if someone wanted to engage and hire a Farm Property Manager, where would they look for something like that? I'd hate for them to just sell it if it becomes a burden on them which I could see as this isn't really their thing, but paying someone to deal with it could be appealing.
Thanks. If anyone is willing to pass along a contact info to chat offline, I would be receptive and appreciative of that as well. I'd buy you a beer or 12 at Jack Trice sometime.
