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Little known gotcha's in life
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<blockquote data-quote="BrokenBackJack" data-source="post: 295101" data-attributes="member: 642"><p>I hear what you are saying. One way is to call your renter and ask him about payment and if he says the bank is holding it up tell him you NEED a call from his banker confirming this. We had to do this one time with a prior renter and the banker called us right away. You then can ask the banker how long before you can expect your money and what is holding it up. Is it the virus thing or is the renter in financial trouble?</p><p>Springs work is going to be late and if you have to sit without someone farming it for a year or have to find a renter quickly and they need to get more operating money it can get hairy. Don't be afraid to ask your renter these questions. It is good business and if it bothers him find another renter. Renting out farmland isn't a difficult task as most want more land.</p><p>We also have told both of our renters that our contract isn't cut in stone so if something comes up where payment won't be on due date to let us know, and do it much sooner than the due date and then we can discuss when payment can be expected and let it slide if need be. If you don't let us know and payment isn't made on time they risk losing the farm land. The current renters know where we sit and they are calling or texting how things are going all the time. We work with them and they work with us. Just have a good relationship with each other and be honest and upfront and we all get along fine. Business is business and you have to be aware of what is going on.</p><p>I sat on quite a few boards back in the day and i always told my friends that friendship ends at the doorway. If they come before the board i will rule by the way the laws are written and friendship has nothing to do with it. As a person renting out land or whatever it is the same thing.</p></blockquote><p></p>
[QUOTE="BrokenBackJack, post: 295101, member: 642"] I hear what you are saying. One way is to call your renter and ask him about payment and if he says the bank is holding it up tell him you NEED a call from his banker confirming this. We had to do this one time with a prior renter and the banker called us right away. You then can ask the banker how long before you can expect your money and what is holding it up. Is it the virus thing or is the renter in financial trouble? Springs work is going to be late and if you have to sit without someone farming it for a year or have to find a renter quickly and they need to get more operating money it can get hairy. Don't be afraid to ask your renter these questions. It is good business and if it bothers him find another renter. Renting out farmland isn't a difficult task as most want more land. We also have told both of our renters that our contract isn't cut in stone so if something comes up where payment won't be on due date to let us know, and do it much sooner than the due date and then we can discuss when payment can be expected and let it slide if need be. If you don't let us know and payment isn't made on time they risk losing the farm land. The current renters know where we sit and they are calling or texting how things are going all the time. We work with them and they work with us. Just have a good relationship with each other and be honest and upfront and we all get along fine. Business is business and you have to be aware of what is going on. I sat on quite a few boards back in the day and i always told my friends that friendship ends at the doorway. If they come before the board i will rule by the way the laws are written and friendship has nothing to do with it. As a person renting out land or whatever it is the same thing. [/QUOTE]
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