Current Events > If you inherited 20 acres of farmland would you sell it or try to rent it out?

(+) Yeah! (+)

what are your thoughts
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Sell it
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why not live on it?

https://www.youtube.com/watch?v=3iHl4eY7jig
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Rent it.
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assassinCrash posted...

Sell it

TheDarkCircle posted...

why not live on it?

SK8T3R215 posted...

Rent it.

well fuck
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Depends on the area, as if it was in proximity to an up-and-coming town that I thought I could make even more money on down the road selling it to a developer, probably keeping it and renting it would be a better idea for the short-term. If not, probably just sell.
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selling it would give me a more instant cash flow, while if i was able to rent it out provided it was in a decent area to be able to be built up that would provide a much higher income over time

although i have no idea how i would be able to negotiate a decent deal for all that
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Depends. If I had money in the bank, I'd try to rent some out. Maybe half. Then use the other half to grow grass-fed cattle and make tons of money by selling the meat when the cattle are fully grown.
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K181 posted...

Depends on the area, as if it was in proximity to an up-and-coming town that I thought I could make even more money on down the road selling it to a developer, probably keeping it and renting it would be a better idea for the short-term. If not, probably just sell.

it's rural as fuck, the nearest town has a population of like 300 lol
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id live out my harvest moon fantasies
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BignutzisBack posted...

K181 posted...

Depends on the area, as if it was in proximity to an up-and-coming town that I thought I could make even more money on down the road selling it to a developer, probably keeping it and renting it would be a better idea for the short-term. If not, probably just sell.

it's rural as fuck, the nearest town has a population of like 300 lol

Yeah, I'd just sell it and move on in that case. Already own a rental property as it is, so not in the mood for something very far away that I could make more money in the longterm them with with solid management.
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I'd probably hold on to it and repeatedly tell myself I'm going to do something worthwhile with it before eventually selling it years down the line.

I'd buy some horses and live there







shut up
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Rent it. If it's real farmland, the renter should take care of everything for you as they need it in good shape to money themself
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Rent it out, have the renter fix up a nice farm, and when I've given up on life find a way to kick his ass out and live on my renovated land.
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Unsugarized_Foo posted...

Rent it. If it's real farmland, the renter should take care of everything for you as they need it in good shape to money themself

Yes it is currently being rented out
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assassinCrash posted...

Sell it

BignutzisBack posted...

Unsugarized_Foo posted...

Rent it. If it's real farmland, the renter should take care of everything for you as they need it in good shape to money themself

Yes it is currently being rented out

That's cake then. Rent it for sure. You always have the equity for the land and you're getting money for it right now- just sell it later if it's a hassle and make money now.
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WilliamPorygon posted...

I'd buy some horses and live there

shut up

WilliamPorygon posted...

Not my fault youre into that shit.
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Depends on what the going price for land rentals is currently for farming, what the going price for land being sold, how many tillable acres there are, etc.
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Chicken posted...

Not my fault youre into that shit.

I didn't say it was, I was just waiting because I knew you'd show up and lodge another complaint that the site's mods haven't sent a SWAT team over to shoot me yet.
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live on and work it

assassinCrash posted...

Sell it

Rent it out.

I mean, my grandfather's actually doing that at this moment, my father would likely do that when he inherits it, so I'd probably carry on and do the same thing in time.
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Probably sell it because I would absolutely suck at running any kind of business or operation. I can't even do my own taxes.
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Probably use it as a range.
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Sit on it. Your not going to find anybody to sell or rent that land to in an area that's rural as a 300 person town. Someone in that town probably owns 2,000 acres compared to your 20. The land is basically worthless unless your a hunter
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Idk. Land where I live is sadistically expensive. It would solve a lot of problems to simply own property. I would consider zoning a portion (closest to the road) to build on and sell the rest.
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I'm keeping mine. Gonna raise bees on it.
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I'd wait til June when growing Marijuana will be legal in my country, and plant a Marijuana farm

Is it just land or are there buildings?

My family has about 100 acres so we lease about 60 of them out to a farming company. Independent farmers don't really exist as much as they once did. Even 60 acres barely covers the property tax with maybe a grand left over.

Either sell it or sit on it. Unless there are buildings. That changes things depending on what they are.

Neither. I would jump for joy. I've been experimenting with 19th century farm techniques, combined with modern techniques for five years, with astounding results. I have been limited to 1/3 acre. 20 acres would be enough to easily make a six-figure income yearly, and buy almost no other food for my family.
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Being a farmer ain't the same as it used to be. As for selling or renting? I'd rent for sure, income coming every month rather than 1 lump sum. That and you'd still own the mineral rights in case something else popped up.
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What crops are you selling on 20 acres to make 6 figures?
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PoopPotato posted...

What crops are you selling on 20 acres to make 6 figures?

Organic, and a wide variety, vegetables, fruit, and herbs. Focused on restaurant supply. I use an interlocking sowing pattern rather than rows, allowing 2-4x more edible produce per square yard. I use a heavily modified version of the Bio-Intensive method.
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Having inherited some property, always rent when you can. You can always sell later (and for more money because there is rental income attached) and the taxes are lower. The only reason to sell is if you get a high ball offer and want to pass on long term wealth to say get debt free faster (or if no one wants to rent the land and you don't want to worry about the property taxes).
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Build a house on the property and live there.
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How much longer do you think these hipster, organic, locally supplied restaurants are going to be around? Because I have a feeling that when they start having families in the next 5 to 10 years, the grocery store will look much more attractive
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SpoonRebooted posted...

20 acres would be enough to easily make a six-figure income yearly

wut
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Blbmbr666 posted...

Depends on what the going price for land rentals is currently for farming, what the going price for land being sold, how many tillable acres there are, etc.

In general farmable land in the corn belt of the US rents for around $1000 an acre a season. If its low producing soil and in an area known for hay and rye, closer to $500 an acre per season
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PoopPotato posted...

What crops are you selling on 20 acres to make 6 figures?

Certain types of mushrooms and Garlic can net over 25K per acre, and in the case of mushrooms, they can be grown vertically as well
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BuzzyTheCat posted...

Blbmbr666 posted...

Depends on what the going price for land rentals is currently for farming, what the going price for land being sold, how many tillable acres there are, etc.

In general farmable land in the corn belt of the US rents for around $1000 an acre a season. If its low producing soil and in an area known for hay and rye, closer to $500 an acre per season

Uhh. No it doesn't lmfao.

Source: My family farms in Central Ohio. Nobody will make money off renting $1000 an acre lmfao.
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Sell it... Unless it came with money as well, in which case Id be happy to have no neighbours.
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Blbmbr666 posted...

BuzzyTheCat posted...

Blbmbr666 posted...

Depends on what the going price for land rentals is currently for farming, what the going price for land being sold, how many tillable acres there are, etc.

In general farmable land in the corn belt of the US rents for around $1000 an acre a season. If its low producing soil and in an area known for hay and rye, closer to $500 an acre per season

Uhh. No it doesn't lmfao.

Source: My family farms in Central Ohio. Nobody will make money off renting $1000 an acre lmfao.

I just spent the last 2 years consulting for an agriculture company in southern Illinois. For staple crop land farmers were getting anywhere between $800 and $1200 per acre per season. The longer the contract the closer to the $1200 they got. The dustbowl fields that couldn't sustain anything except forage and cover were renting a lot closer to $500.

That said, for staple crops no one is making profit at all these days unless they are automated and heavily invested in technology like RTK and controlled traffic patterns. Whether the land is rented or not.
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BuzzyTheCat posted...

PoopPotato posted...

What crops are you selling on 20 acres to make 6 figures?

Certain types of mushrooms and Garlic can net over 25K per acre, and in the case of mushrooms, they can be grown vertically as well

Herbs, especially saffron ($25 a gram) can be tremendous money makers also. Getting an organic certification raises the selling price of all produce. Combine that with the spacing technique that I use, staggered planting, in-season crop rotation, yes, it can be done. It's a ton of planning and work, but with practice, patience, and luck, it not unreasonable. I sold $5,000 out of my 1/3 acre last season, and would have had more had a late frost not killed 110 tomato seedlings, my first rotation of herbs, and 250 hot pepper seedlings of five varieties.
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BuzzyTheCat posted...

Blbmbr666 posted...

BuzzyTheCat posted...

Blbmbr666 posted...

Depends on what the going price for land rentals is currently for farming, what the going price for land being sold, how many tillable acres there are, etc.

In general farmable land in the corn belt of the US rents for around $1000 an acre a season. If its low producing soil and in an area known for hay and rye, closer to $500 an acre per season

Uhh. No it doesn't lmfao.

Source: My family farms in Central Ohio. Nobody will make money off renting $1000 an acre lmfao.

I just spent the last 2 years consulting for an agriculture company in southern Illinois. For staple crop land farmers were getting anywhere between $800 and $1200 per acre per season. The longer the contract the closer to the $1200 they got. The dustbowl fields that couldn't sustain anything except forage and cover were renting a lot closer to $500.

That said, for staple crops no one is making profit at all these days unless they are automated and heavily invested in technology like RTK and controlled traffic patterns. Whether the land is rented or not.

You do realize that at $1200 an acre, farmers would have to yield 300 bu/A for corn on every single acre to break even before input costs are even calculated in?

My family is turning profit on grain crops on rented and owned land, I honestly don't think you know what you're talking about tbh. Unless you were consulting for a company that rented land specifically for research purposes and not for profit farming.
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Blbmbr666 posted...

BuzzyTheCat posted...

Blbmbr666 posted...

BuzzyTheCat posted...

Blbmbr666 posted...

Depends on what the going price for land rentals is currently for farming, what the going price for land being sold, how many tillable acres there are, etc.

In general farmable land in the corn belt of the US rents for around $1000 an acre a season. If its low producing soil and in an area known for hay and rye, closer to $500 an acre per season

Uhh. No it doesn't lmfao.

Source: My family farms in Central Ohio. Nobody will make money off renting $1000 an acre lmfao.

I just spent the last 2 years consulting for an agriculture company in southern Illinois. For staple crop land farmers were getting anywhere between $800 and $1200 per acre per season. The longer the contract the closer to the $1200 they got. The dustbowl fields that couldn't sustain anything except forage and cover were renting a lot closer to $500.

That said, for staple crops no one is making profit at all these days unless they are automated and heavily invested in technology like RTK and controlled traffic patterns. Whether the land is rented or not.

You do realize that at $1200 an acre, farmers would have to yield 300 bu/A for corn on every single acre to break even before input costs are even calculated in?

My family is turning profit on grain crops on rented and owned land, I honestly don't think you know what you're talking about tbh. Unless you were consulting for a company that rented land specifically for research purposes and not for profit farming.

Low productivity land in Illinois is considered under 200 bu/A for corn harvested traditionally. Hence my "only suitable for cover and forage" comment.

I was on contract with a surveying and assessment company. I actually work for a machinery and technology manufacturer. Basically, when they assessed land that was going to be unprofitable, I came in and would attempt to put together a package of software, machinery, and other solutions to make the farmer profitable over a 15-30 year time frame.
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Probably a mix of renting and using it as a vacation home.
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