North Central Illinois | deflep - 3/17/2024 11:49
For me the rental ground is least profitable, owned ground carriers little debt (almost none) so my bottom line likely will not change it might even improve. I have good relationship with the landlords and my current thought is to talk with the landlords and see if they are willing to give a couple young guys a shot at renting the ground.
If you paid yourself the same rental rate on your owned ground as your rented land, would it still be more profitable?
Good for you for thinking of getting some younger guys help getting established. Just make sure that you have your conversations quickly after the first one. Word travels fast. Sometimes I've heard that I rented a new farm before I knew that I did. As soon as the neighborhood hears that you're downsizing, your landlords will probably be getting some rent offers.
You might suggest that the young guys in question approach the specific landlords with a "if you ever are to have something happen to your current tenant, I'd be interested" conversation before you have the conversation with the landlord. That way if they get an offer from someone else because of rumors going around they'll already have the person you recommend on their radar. |
Anyone downsize their farm operation? How did it go?
