Help! Looking at leasing horse farm
I'm looking at leasing a horse barn. It has 15 stalls, and indoor/oudoor, on 15 acres.
This would be my first time leasing so I'm stumped on what I should ask.
Its already a boarding/riding lesson facility. And I was hoping that if I leased it, I would be able to keep the income the farm generates. Any specific things anyone asks and/or takes into account when thinking of leasing/purchasing a property?
I would ask if you are responsible for the normal wear and tear of a horse or many. Are you responsible for repairs and upkeep. Ask if you get the income that the farm generates or if that goes to the owner, and if you get the income be sure to have it in writing. Are you allowed to lease out the stalls or pastures to new people looking for a place to board their horses or are the owners responsible for that.
Those would be some of the questions I would ask.
You'll need an agreement about who carries insurance - liability for riders and hrse handlers getting hurt is you - but who carries insurance on buildings? Also things like air conditioning/heating, water heaters, etc... Lease must spell out who pays for fixing and if owner fails to get repairman out within 2 calendar days leasee can pay for repairs to a licenses/insured contractor and deuct that cost from monthly leasing costs - or something like that.
Then ensure you have ALL that equipment inspected and issues fixed BEFORE leasing the facility, with your independently hired contractor doing the inspections. In Fla we've heard of resturants/gyms/etc being leased where they expected leasee to pay for new/repaired air conditioners, and even leaky roofs - so have it spelled out so there is NO quetion of who repairs fencing, water lines, stalls, etc.
Neither you nor the owner want to think the other guy is paying for it - one of you would surely be disappointed! :cry:
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