Hi all,
My mother currently leases 122 acres to a local farmer, my brother leases 100 acres to the same local farmer and my wife's mother leases 100 acres to another farmer. Total acreage is 322 acres. The 3 farms are within a 12 mile radius of each other. Both farmers who are renting the farms claim single farm payments etc. My brother in law and I have discussed the possibility of entering into a farming partnership and renting the entire farms from our respective parents. We would continue with our full time jobs so would farm on a part time basis. Surely it is better for us to be receiving subsidies and possibly making a profit? Both of us work in the private sector and have a working knowledge of farming and relevant Teagasc certs. However, we are both 40 years of age so we would not qualify for young farmers scheme.
My question is (1) are we mad to consider renting the farms from our respective parents, and (2) what farm ideas would work where we have some chance of making a profit (taking into account rental costs etc)?
Thanks in advance.
My mother currently leases 122 acres to a local farmer, my brother leases 100 acres to the same local farmer and my wife's mother leases 100 acres to another farmer. Total acreage is 322 acres. The 3 farms are within a 12 mile radius of each other. Both farmers who are renting the farms claim single farm payments etc. My brother in law and I have discussed the possibility of entering into a farming partnership and renting the entire farms from our respective parents. We would continue with our full time jobs so would farm on a part time basis. Surely it is better for us to be receiving subsidies and possibly making a profit? Both of us work in the private sector and have a working knowledge of farming and relevant Teagasc certs. However, we are both 40 years of age so we would not qualify for young farmers scheme.
My question is (1) are we mad to consider renting the farms from our respective parents, and (2) what farm ideas would work where we have some chance of making a profit (taking into account rental costs etc)?
Thanks in advance.