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Eastern Iowa | One of my landlords called today and was asking questions about buying a grain bin. I bought my farmstead and 40 acres from him a few years back and rent the remaining ground he owns around my house from him. He was wondering what kind of agreement we could work out over buying a grain bin.
His initial thoughts were, he would buy the grain bin, I would rent it from him, and after so many years I would own it. Sounded like there are some tax advantages for him maybe? Grain bin storage is something I don't have currently and being a young farmer, the lack of capital has prevented me so far from putting up a grain bin my self.
Anyone have any experience doing this?
What would good terms be?
Pros and Cons both for him and me?
He is retired and owns the ground, doesn't farm it.
Thank you. | |
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Landlord wants to pay for a Grain Bin???
