Re: How about free?

Posted by Indydirtfarmer on August 14, 2003 at 09:32:09 from (66.83.236.250):

In Reply to: How about free? posted by Indydirtfarmer on August 14, 2003 at 04:42:55:

The long and short of it is, I think the arraingment is a good one, EXCEPT for the fact that I can do all of the work, realize very little in return the first year, and not be sure of a second year. The cash lease on the land will be a sure thing. Starting up the hay operation will be a little less than sure.
She had the lawyer contact me becouse he knows me, and she is 88 years old, and doesn't get out much. When the lawyer called, we met at the woman's house, where she did most of the talking. Her father farmed the ground for 60 years. I knew him. I have no worries about dealing with her. My concern is what happens IF she dies in the next year or two.
The land is worth quite a bit. It is next to a large shopping mall. The family wants to get ahold of the cash. She wants to keep farming it to save the tax status, and becouse her family has been on the land for so long. My attorney seems to think the ground is worth nearly a million dollars. I don't reasonably expect the family to let me keep giving them $1000 a year, when they can cash in on it.
If the arraingment was for at least 3 years, I know that I can come out on top. If it ends up being just one year, I'll make a few bucks, but not enough to warrent all the work involved.
This is good farm ground, but it is prime development property. I just don't want to do all of this for little or nothing.
My attorney is drafting a letter, that will spell out a short term/ long term lease, and a "buyout option", that will reimburse me for my expences, should this be a one year thing. I don't know if she'll go for it or not.
I have all the crop land that I want. The hay business is where I'm making my profit's at this time. I don't know if I'll even want to do corn/soybeans on it.
I realize that she own's the property, and has the right to make a few bucks too. I just want to see this become a mutually benificial arraingment.
What I'm going to propose to her is no rent the first year. I'll do the work. She furnish's the seed and the fertilizer, and we'll go to "her" terms on the second year. If the land sells between now and the first years end, she or the estate will owe me for my efforts, based on my current custom rates.

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