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What would you pay to own a piece of the farm?

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  • What would you pay to own a piece of the farm?

    My husband and I are contemplating gathering investors to invest in a local luxury horse farm that has been for sale for forever and a half. It's 64 stalls, individual and group grass turn out, multiple tack rooms, wash stalls, grooming stalls, heated indoor area, jump field, Olympic sized dressage ring and a club house.
    There would be very horse experienced management, onsite vet tech and trainers as well as a lesson program.
    Its a good property however is in a bit of disrepair and in the middle of a mild flood plane.

    We'd want to sell the stalls like condos and so everybody would own their stall however still be governed by a common set of rules (like condos owners and the condo association) we'd also hold off on selling several of the stalls so we can use them for boarding and personal use.

    The property would hold events, a lesson program and be very community oriented.
    We live in a pretty darn wealthy area as well as a pretty darn horsey area.

    So, my question is; How much would you pay for a stall? Not how much CAN you but how much would you?
    Keep in kind the property in nearly 2 million.

  • #2
    I wouldn't get involved with that on a dare. Sorry. I either want to own the whole thing so I can boot out the crazy people that will inevitably sneak in under the radar or none of it so I can leave when the crazy people outweigh the benefits.
    McDowell Racing Stables

    Home Away From Home

    Comment

    • Original Poster

      #3
      There would be extremely strict rules as well as tight barn management. If the rules are broken the governing body would be given the option to buy the stall at a very low price. We write it into the contract that you can lose your ownership rights if you screw up. Trust me, we've covered that base.

      Comment


      • #4
        Too much like regular boarding, which I hated. Rather invest in my own place, which I did. I would do a lot of researching how much interest you would get in that. Let us know what happens, interesting concept.

        Comment


        • #5
          So it would be like a HOA? For me? not a dime. I got involved with a HOA in an 'equestrian' property and almost immediately wanted out, but it took six years to GET out. This sounds even worse from my perspective, so if I sell my horse I still have this stall that I have to sell? Who controls who buys it, you or the 'owner'?

          Comment


          • #6
            What is the advantage of buying a stall versus just being a boarder?

            Comment


            • #7
              I would never want to be locked into a barn where I have no say over the barn manager, trainers, obnoxious boarders, etc. It sounds like a horrible idea. People who board want the option of leaving if things go bad.

              Comment


              • #8
                I think usually ownership = control, and in this case the stallowner really doesn't have any control.

                I throw this idea out there in case it helps you get the deal done: conservation easements. If you can use the tax break (or have investors who can) you could put conservation easements on the property so it can no longer be developed, and you get a large tax benefit. Might be worth looking into.

                I'd be very cautious about investing in a large boarding facility -- it would be a very high risk investment. Have you "run the numbers"? Are you/your husband going to be doing a lot of the work? If you have to hire everything, that usually does not correlate with making money.

                Good luck, though, it sounds like a beautiful facility.
                https://www.facebook.com/SugarMapleFarm
                Follow us on Instagram: https://www.instagram.com/peonyvodka/
                www.PeonyVodka.com

                Comment


                • #9
                  IMO it sounds like you want people to board at the place, but instead of paying a monthly fee, you want them to contribute a larger, one time, lump sum so you can buy the place. Sounds like you want to set yourself up for a disaster...
                  come what may

                  Rest in peace great mare, 1987-2013

                  Comment


                  • #10
                    It's got to be a lump sum + some sort of monthly fee, right? To cover feed and labor and upkeep?

                    And what about LIABILITY? If the barn gets sued, ALL of the "owners" are at risk?

                    What would happen if YOU wanted to sell, and some of your owners don't?

                    Comment


                    • #11
                      I really think you need to read all the crazy boarder or I hate my BO threads on here. Then rethink this. You can't cover all evantualities in a contract because horse people constantly think up whole new levels of crazy. If it is such a great horsey area, buy it and have a boarding operation, host events, whatever, but then everone has the magic get out of jail free 30 day clause
                      Originally posted by The Saddle
                      Perhaps I need my flocking adjusted.

                      Comment


                      • #12
                        I agree with everything the others have said but being on a 'mild flood plane' certainly would have ruined it for me completely!
                        Sue

                        I'm not saying let's go kill all the stupid people...I'm just saying let's remove all the warning labels and let the problem sort itself out.

                        Comment


                        • #13
                          Originally posted by rustbreeches View Post
                          You can't cover all evantualities in a contract because horse people constantly think up whole new levels of crazy.


                          Exactly.

                          Comment


                          • #14
                            We have two such arrangements in my area. One is older and stalls are regularly advertised around 25k. I think they go between 15 - 25k depending on their location, size and the need to sell etc. The other is brand spanking new and a beautiful facility. I recall the new facility is 30k per stall? (I could be low on that figure).

                            Both have monthly fees and both are in prime areas with expensive board. I think at both monthly fees are in the $700 range (if you were just a boarder with no stall ownership it would cost about $1000 per month).

                            Comment


                            • #15
                              Sounds like a complete and total nightmare - you couldn't pay me to go near it.
                              ---
                              They're small hearts.

                              Comment


                              • #16
                                I can't say I'm seeking that kind of arrangement, but if I was somewhat interested, the things that I'd need to see would be:

                                * Board in that area is very expensive and existing facilities are consistently full
                                * If I was not using my stall it could be rented out by the management company and net me a reasonable return on my initial investment.
                                * The corporate structure made it so that if/when the business folds I'd get most of my investment back from the sale of the land.

                                Comment


                                • #17
                                  I cannot see any positives to the situation. Like others have said, you couldn't pay me to do it!
                                  "You can't fix stupid"- Ron White

                                  Comment


                                  • #18
                                    Originally posted by tangledweb View Post
                                    I can't say I'm seeking that kind of arrangement, but if I was somewhat interested, the things that I'd need to see would be:

                                    * Board in that area is very expensive and existing facilities are consistently full
                                    * If I was not using my stall it could be rented out by the management company and net me a reasonable return on my initial investment.
                                    * The corporate structure made it so that if/when the business folds I'd get most of my investment back from the sale of the land.

                                    This. It'd have to meet all the same criteria as a house you buy for investment, good location, easy to rent, etc. and I still doubt I would buy into it.
                                    Courageous Weenie Eventer Wannabe
                                    Incredible Invisible

                                    Comment


                                    • #19
                                      Originally posted by Laurierace View Post
                                      I wouldn't get involved with that on a dare. Sorry. I either want to own the whole thing so I can boot out the crazy people that will inevitably sneak in under the radar or none of it so I can leave when the crazy people outweigh the benefits.
                                      ^^^ This. It would only take one crazy to create a legal, emotional, and safety nightmare for everyone involved. And being in a flood plain is just plain terrifying.
                                      Lowly Farm Hand with Delusions of Barn Biddieom.
                                      Witherun Farm
                                      http://witherun-farm.blogspot.com/

                                      Comment


                                      • #20
                                        Stallominiums..

                                        My husband suggested that several years ago.

                                        I asked him where we'd find people that gullible.

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