Our situation is we are about to inherit an 80 acre farm that has been growing hay for many years, and 20 years ago also had cattle on part of it. My husband and I have absolutely no experience or knowledge on farming of any kind. We have always wanted to get into it and have dreamed of moving to the farm. (My husband lived there for many years when he was younger).
Basically my questions are- is it insane for us to think of taking over the farm and doing the haying ourselves with (at the moment) no experience or knowledge on farming? We are hoping to have enough time to learn what we can, but we aren't sure what time we have before we have to do something one way or the other with the farm. We have also considered raising cattle.
Our other option would be to lease the land to someone who knows that they are doing, but all the research I have done doesn't come up with that make enough money for us to be able to have that as an actual income. Am I right in reading that you either crop share or cash rental (which comes out to very little income)? Or do you do a cash rental plus a percentage of the crop? We don't intend to make a ton of money at any of this, but in order for us to keep the farm it would have to produce enough income for us to live off of that solely. Otherwise we will be forced to sell and that is the last thing we want to do.
Any advice or info is greatly appreciated.
Basically my questions are- is it insane for us to think of taking over the farm and doing the haying ourselves with (at the moment) no experience or knowledge on farming? We are hoping to have enough time to learn what we can, but we aren't sure what time we have before we have to do something one way or the other with the farm. We have also considered raising cattle.
Our other option would be to lease the land to someone who knows that they are doing, but all the research I have done doesn't come up with that make enough money for us to be able to have that as an actual income. Am I right in reading that you either crop share or cash rental (which comes out to very little income)? Or do you do a cash rental plus a percentage of the crop? We don't intend to make a ton of money at any of this, but in order for us to keep the farm it would have to produce enough income for us to live off of that solely. Otherwise we will be forced to sell and that is the last thing we want to do.
Any advice or info is greatly appreciated.