Thinking out loud (farmers, grain, acres, house)

[topher5150]

So I got the wife's blessing to move out some where a little more rural, and I was thinking say I got an old farm with some fairly large sized barns, or grain storage etc...could I make a decent chunk of money off of renting to local farmers, or would costs/taxes be to much to make it worth while?

[Haakon]

Probably not, why would you think the local farmers wouldn't have their own barns to store things in?

You might make some decent money by renting the land for them to farm, depending how how many acres it is, what they plant and how good the harvest is, where it is and so on - lots of variables. You might get $250 / acre.

[601halfdozen0theother]

Depends on condition, of course.

The farm owner near me rents out her grain bins and hay shed and is making better money than from her fields. She can't rent her old machine shed, though, because it is too small for modern equipment.

So, if you're looking at a farm property for potential income, make sure that the structures are big enough for modern equipment and in good functional condition.

On the other hand, you can usually sell old metal buildings or bins for scrap.

[Submariner]

Unless the grain silo was new, I suspect it's usefulness is low. Equipment storage sheds might earn you enough to pay property taxes.

Where we live, we see old barns that lean and collapse each spring. I feel badly for the loss of these old barns. But it costs a bit to maintain them, there serve no purpose and when they collapse the property taxes are lower. So the land owners actually gain a bit by allowing them to fall down.

[Mr5150]

Originally Posted by Submariner

Unless the grain silo was new, I suspect it's usefulness is low. Equipment storage sheds might earn you enough to pay property taxes.

Where we live, we see old barns that lean and collapse each spring. I feel badly for the loss of these old barns. But it costs a bit to maintain them, there serve no purpose and when they collapse the property taxes are lower. So the land owners actually gain a bit by allowing them to fall down.

In my area, folk will dismantle an old barn, keep the siding. Then rebuild with either metal or wood and use the old siding and doors. Good to go for another 100 years! And looks great

[duster1979]

Because the nature of farming has changed so much over the years, most farmers have more unused buildings than they know what to do with.

You may be able to rent space in the buildings for offseason boat or RV storage, though.

[Submariner]

Originally Posted by Mr5150

In my area, folk will dismantle an old barn, keep the siding. Then rebuild with either metal or wood and use the old siding and doors. Good to go for another 100 years! And looks great

We have friends and relatives living in DC, where weathered barn wood holds a high value. But that is a different economy. Down there we know people who earn $150k+ and live in $500k homes. Up here people make $20k and live in $60k homes.

[StealthRabbit]

Originally Posted by topher5150

So I got the wife's blessing to move out some where a little more rural, and I was thinking say I got an old farm with some fairly large sized barns, or grain storage etc...could I make a decent chunk of money off of renting to local farmers, or would costs/taxes be to much to make it worth while?

You should have got in on the missile silo sales in 1970's & 1980s. Most of them were quite 'rural' and sold for under $20k

Some got turned into RV storage. There are still a few re-selling on occassion. But prices are now pretty high. $250k and up.

Farm structures don't rent very well. Usually better to find a higher value client than a farmer. Boat / rv/ heavy equipment. But... Access is expensive (paved and plowed roads / driveway during winter)

One of my friends bought an old dairy farm for its many structures, to house his WWII war chest. He has over 40 vehicles and various tanks, motorcycles, cannons, boats, armored troop carriers...

I will be using one of my farm shops for a 'men's shed'. Shop to share with others for mentoring / rv repairs / promoting men's health and well being. Modeled after NZ and Australia successes. It will not be a profit center, but will add value to others.