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Creative leasing/buying farm land
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<blockquote data-quote="carla" data-source="post: 24278" data-attributes="member: 113"><p>I talked with my neighbor last night and we have made an agreement on leasing the place. We just need to get all the details in a contract. He said that he would carry the note on it if I would give him $50-$60,000 down. But I would have to refinace my place to come up with that much down. That takes me back with the problem with the cattle loans. As earlier suggested, if I sell the cattle to pay off the notes then I won't need to lease the place because I won't have enough cattle to run on it. Catch 22!He says that he wants enough up front so that he can move closer to town. His health is a factor in this situation. He doesn't appear to be in a big hurry to move. You know how older farmers are that have been on the farm for 30 years. I know my dad was the same way. Yet, he has advertized it and had some lookers. That scares me that any day he is going to sell it. Any ideas on financing the down payment of $50,000? I have more than that equity in my place, but I hate to try and refinance that, even at a later date, because of the good interest rate that I have. It would make my payment go up on that too. I appreciate everybodys replys and are looking forward to more. Thanks!</p></blockquote><p></p>
[QUOTE="carla, post: 24278, member: 113"] I talked with my neighbor last night and we have made an agreement on leasing the place. We just need to get all the details in a contract. He said that he would carry the note on it if I would give him $50-$60,000 down. But I would have to refinace my place to come up with that much down. That takes me back with the problem with the cattle loans. As earlier suggested, if I sell the cattle to pay off the notes then I won't need to lease the place because I won't have enough cattle to run on it. Catch 22!He says that he wants enough up front so that he can move closer to town. His health is a factor in this situation. He doesn't appear to be in a big hurry to move. You know how older farmers are that have been on the farm for 30 years. I know my dad was the same way. Yet, he has advertized it and had some lookers. That scares me that any day he is going to sell it. Any ideas on financing the down payment of $50,000? I have more than that equity in my place, but I hate to try and refinance that, even at a later date, because of the good interest rate that I have. It would make my payment go up on that too. I appreciate everybodys replys and are looking forward to more. Thanks! [/QUOTE]
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