Barn Rental Price?

[terra8186]

I just purchased a house with two barns that was adjacent to our farm. We are going to rent the house. I am going to use one of the barns and the other one somebody stopped by and asked if I was interested in renting it out. I want to rent it but I don't know for how much.

The barn is 40x60 x 12' high pole barn. It has two slider doors and is not in great shape. The barn is steel siding and a steel roof that has small leaks. It has 2 large doors and a service door. I would estimate the barn to be 30 years old. It has a dirt floor.

The guy that wants to rent, wants to keep his construction equipment in the barn.

My questions: 1. What is a fair price
2. Do I do this on a month to month
3. Any idea where I would get a sample contract

 

[LazyARanch]

I just purchased a house with two barns that was adjacent to our farm. We are going to rent the house. I am going to use one of the barns and the other one somebody stopped by and asked if I was interested in renting it out. I want to rent it but I don't know for how much.

The barn is 40x60 x 12' high pole barn. It has two slider doors and is not in great shape. The barn is steel siding and a steel roof that has small leaks. It has 2 large doors and a service door. I would estimate the barn to be 30 years old. It has a dirt floor.

The guy that wants to rent, wants to keep his construction equipment in the barn.

My questions: 1. What is a fair price
2. Do I do this on a month to month
3. Any idea where I would get a sample contract

Good Morning Terra,
well I thought I'd answer but my response is going to mean a lot more work for you! :nod: I think I would check with an attorney as far as any rental contract, you would want it to be in YOUR best interest, so first of all, protect YOURSELF. Secondly, it's hard to evict if someone decides to quit paying rent. Another option would be to have him do repairs and improve on the building so you are left in better shape than before, but no matter what, make sure he is responsible for any damage done to the building by his occupancy, and that YOU are NOT responsible for any damage or theft to his equipment while on your property.

I would consider a "fair price" to be what you are content with. It would be more money if YOU had to do any improvements, less money if he would agree in writing to do some improvements. Make sure you take photos or videos of the property prior to him renting, again, to protect YOURSELF.

I'd start off with a short term lease (month to month, or 3-6 months) to see how it will go. You can always sign a longer term contract with him if he's a good occupant.

Just a few options to think about. Hope this was helpful....

 

[kerley]

Do you really need the extra money. There will be extra traffic, people smoking, possibly lots of noise, leaving gates open exc. And always a big mess to clean up when they vacate. It's your barn so good luck.
Tom.

 

[Bez+]

Don't

You will need it some day and it may be hard to get it back

Plus a tonne of other reasons

Regards

Bez+

 

[DavisBeefmasters]

Everything said above...

PLUS...

what if the silly person injures himself/herself on your property and then decides to sue you... insurance policies, attorneys, and grief -- not my favorite combination of 3

...scary that what you used to be able to do you now can't because you like to keep what you've earned.

 

[terra8186]

Thanks for the replies. Your comments are making me think.