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Iowa | I'm not sure what state you're in but I know in Iowa you can make leases up to 20 years and register them with the state, so even if the land is sold the new owner is forced to keep the lease going. Also if he is wanting to sell you the land along with the equipment a longer contract deal is probably in both your best interests because you should be able to structure something where he can spread out the income and save on taxes and you can spread out payment and pay lower or no interest on the deal. I would also check out the FSA 50/50 loan program, that could at least get you a 3%ish rate on half of the land if you purchase, no matter if you're a beginning farmer or not. If you work out a crop share/rent to own deal there at least used to be some programs out there that would give a tax break to the retiring farmer. | |
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Farm Hand to Farmer (Seeking Advise)
