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Callao Missouri | At 30% of gross you're in the ballpark.
My suggestion I would offer to spend some on land improvements before lowering rent.
If there is trees slapping the first 50ft, and harboring wildlife they should be gone yesterday. Does it need drainage improvement in any way?
10% of your rent check going to land improvements every year, will make a very quick return on investment for both parties. It also would be grounds for rent increase later on as production improves. As a land lord you have a wonderful opportunity to set on the seat of yellow iron in your free time. A D6C 10k, and a 40k hoe could be bought for 50 or 60k and still be worth that when you're done. You're tennant most likely has a trailer already that can move you around. Set on yellow iron on nice days when trying to hide from your wife. | |
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Serious rent questions.
