How much to lease land for?

HappySevenFarm · #1 12/09/14, 07:01 AM

What's a fare price to lease 3 acres of land and the use of your barn for? It would just be for the next 3 months. My son asked if his friends could put 6 horses in the field and wanted to know how much. I have no idea what to ask so any help would be appreciated.

Thanks, Happy

COWS · #2 12/09/14, 07:54 AM

6 horses will eat the grass to the ground so be aware of the damage. Be sure the horses are actually going to leave at the end of the lease period.

COWS

BlueRose · #3 12/09/14, 09:15 AM

Make sure they are going to be respondsable for the fencing and any work that needs done in the barn with your approval. How often are they going to check on the horses. Are they going to put out aa round bale or feed squares will the be responsable for waters? How much are they expecting you to do?

Like cows said 6 horses can destroy 3 acres real fast if they are not cared for and have plenty of hay.

Get everything in writing.

Check with the feed stores and your county extension office to see what the going rate is for your area on the rent.

K-9 · #4 12/09/14, 02:01 PM

What ever you decide to lease the land for plan on enough extra to cover rehabbing you fields in the spring. As wet as it has been this year in KY with 6 horses on 3 acres they will destroy the field by spring so plan on disking, dragging, and reseeding it come spring. I just did several acres and it came to a little over 150 an acre counting lime, seed, and fertilizer, I had my own equipment so I didn't have to hire that out or it would have been more. Obviously you will not need to lime and fertilize just because of the horses but it would be a good time to do it if your pasture needs it, but plan on seed, fuel, and equipment time.

I would think at least 300 a month but obviously that is something you will have to decide for yourself, just don't let them take advantage of you. If they are renting the pasture and barn that is one thing, if you are providing boarding (ie feeding, watering caring for) the price is much higher, most places that is at least 200 dollars a month plus feed costs per animal.

Paumon · #5 12/09/14, 03:14 PM

If your son's friends are going to be coming onto the property to look after their horses then you should check with your insurance agent to find out how much of an increase there will be in your homeowners insurance payments for liability coverage. If any of those people or their animals are injured while on your property you could be looking at insurance claims to cover their medical costs.

rambler · #6 12/09/14, 11:10 PM

Boarding a horse is maybe $125 a month on the cheap side. So they would be looking at $750 a month at a real place.

If you aren't touching anything, can be less. If you aren't supplying any feed beyond the weeds in the loafing area, can be less.

You need to cover your insurance costs. Horse gets out, car hits it, you the owner of the property will be named in the proceedings. Doesn't matter if you are at fault in any way, you need the insurance co to be doing the legal maneuvers, not you by yourself.... Also when you take money you are in business; kid gets hurt on your property its a business deal kid, parents, hospital, all come after you first, you need to talk this over with your insurance, see what the rider will cost.

You need to cover electric for lights and water. Water heater too?

You need to cover wear and tear on the building and the fence, there is always wear and tear.

3 acres of grass could be hayed and make 500 bales of hay, should make a buck a bale profit, so need to cover the lost $500.

Horse people have a reputation - fair or not; can be 9 good ones but boy oh boy, that 10th one will make your hair fall out with outrageous demands and missed payments..... That might be worth a little extra to make up for the aggravation......

If you make your deal too cheap 'just for a couple months' will they really move out in 3 months? Hard to leave cheap rent.......

Just some thoughts.

Paul

HappySevenFarm · #7 12/10/14, 06:53 AM

Thanks for all the things to think about. I'm going to stop at the extension office today and ask some questions. The field they will be in was plowed 1 1/2 years ago but nothing was ever done after that so the ground kind of settled. My neighbor is going to disc it probably end of February so that I can seed it. They know that it will be short term accommodations.

I do have another field I may let them lease after that though but will need electric fence put up first. I will wait till I think about it more and find out more info on this before I offer that field. The extra income every month would be nice to help make the mortgage payment.

rambler · #8 12/10/14, 04:39 PM

Wasn't sure if you were looking at this as a favor and cheap, or looking at it as some income and fair to both sides.

You know what I mean.

Good luck with it, ask more questions as you think of them.

Do look into the insurance angle, there is just too many lawyers to not have that covered. In my state there are special regulations absolving horse boarders from getting involved in a horse accident; but you got to hang up the right piece of paper in your barn telling people that for it to apply, so going with the insurance so you get the proper setup is important....

Paul

HappySevenFarm · #9 12/10/14, 06:29 PM

Actually for a favor and just cheap till end of February then after that if they want to continue as a source of income.

I do have that disclaimer hanging in the barn and the girl knows this as she trains horses and goes to horse shows all the time. I'm guessing most people here in Kentucky that work with horses understand that law but will ask my insurance company just to be sure.

Muleman · #10 12/10/14, 06:49 PM

Arkansas has a state wide limited liability law also concerning horse related activities, but as a lawyer told me. Put a hurt child in front of a jury and see what they do, regardless of what the law says? I had 8 mules on 5 acres and they kept it down to dirt. Other considerations, make sure if they get out and someone hits one, you have insurance to cover it. keep in mind doing it as a favor for no payment you will have slightly less liability than doing it for payment. I am not saying I would not do it, I can imagine cases where I would help someone out. I can also imagine cases where I would not consider it?