Leasing additional pasture: presenting attractive offers to owner?
I contacted the land owner behind my farm a few weeks ago. He owns a gorgeous 40+ acres that are lush and just waiting to be eaten by horses . The man is old and prefers to sell. My husband and I cannot buy it right now as we already have two properties that would need to be sold first.
There is a house on the land (that is not great) and has had tenants in it for 19 years. One problem is the tenants have not paid rent for a while and I think the old man just lets them live there since they've been there for so long. He told me it's hard getting them out.
Anyway, I am to contact him in about a month to see if anything has changed and he'd consider leasing. What would be an attractive offer to present as far as leasing the cleared land (not the house). Also, if it worked out we would perhaps do a lease to own, but the man is old and time is probably an issue.
Does anyone know what is costs to lease land by the acre? This is just cleared land and nothing else. We'd have to fence. We're in central NC area.
If you have an agricultural extension office in your county,
they will very likely have a report of what prices are being
paid for rental of various classes of land in your area. If that
fails, ask at places where farmers are likely to "hang out" when doing business such as the local feed mill, tractor supply and repair, seed and fertilizer dealer, etc. The proprieters of these places here the discussions among farmers and often know what is being paid for which land. You can point out to your neighbor that getting money from you for the rental of the pasture is better than getting no money. He most likely has to pay property tax on the land so when it is coming due would be a good time to make an offer. Plan on temporary fencing if he has the place for sale so you will be able to remove your fence if the place sells before you are in a position to make a purchase offer.