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Discussion Starter #1
My wife and I recently bought 30 acres. The property has three fenced areas:

1) Home + ~5 acres
2) ~5 acres
3) 20 acres

I know nothing about and have limited interests in farming and/or ranching. Currently, the neighbor has a dozen horses which graze on the back 20 acres. I would like to learn more about the possible income opportunities from the excess land.

So, have any of you leased land before? If so, what where the costs? If it's $100/year, it's not worth the trouble, but I honestly have no clue how much income potential this idea has. On the flip side, I don't expect to get rich on it either :).

The 20 acres is terraced and has water access. The ~5 acres is pretty flat. Both sections are 'natural'.

Have a good day!
Michael
 

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I farm here in Nebraska, and the going rate here for hard grass pasture is $145/ animal unit for 6 month grazing period. Usually this is May15 to Nov 15. Year round should be more. It would seem to be about $1/ day for additional time. If it is tilled crop land, that is usually rented on shares or a set amount of cash rent. I do my rented ground on shares mostly 1/3 for the land owner and 2/3 for my end, with the inputs shared on this basis also. Cash rent seems to be about $125-$160/acre for irrigated land with location and soil types deciding the applicable rent. Non irrigated land would be just under $100/acre. Hope this helps. Your local extension agent would be able to help you with the going local rates too. 8)
 

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I think the price Schmitty listed would be a little high locally around here but he did mention going to the extension office and that is really good advice. You just need to find out your states land grant university (in your case that would be OSU, land grants are almost always listed as "your" STATE or *SU for short such as OSU, or ISU in my case) they will almost always have a county extension office many times associated with the local fair ground (not always) and they carry a list of stuff like local average land lease costs, as well as custom farming charges such as tillage, mowing, harvesting, planting etc.
The extension office is your friend when it comes to a multitude of questions you will encounter as land owners.

Edit to add, here is the directory for the Oklahoma state university extension offices by county.

http://countyext2.okstate.edu/
 

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Discussion Starter #4
Thanks for the info guys! Now, I can approach this from a more educated direction.

Have a good day!
Michael
 
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