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and all his equipment down there and allows the contractors to load themselves up. He does keep it very orderly and maintains the woodland road to it. Before I mentioned paying by the month he would give me between $600-$3000 around every six months. Since I spoke with him in June I have received checks for $8000. That makes me feel like he’s really profiting much more than that. This makes me sound greedy but I’m trying to be fair. My kids want me to throw him out which is beyond my capabilities, and sell it myself. I don’t live there any more so to me that would be pretty impossible but I have no business head. The pit is near the middle of the 100 acres it sits in so selling it makes it awkward with easements and rights of way. Any other thoughts?thomas rubino wrote:Hi Stacey;
That is a tough spot to be in.
After renting it out to him for years @ $100 plus extra. You would need to determine if he really is being fair with how much is being hauled, and how much your take will be.
Is he keeping equipment there and loading these other contractors himself? Would it be possible to observe just how many loads are leaving ? Maybe a trail cam ?
I would try to know that information before approaching your relative about this.
You may be able to just renegotiate your deal. It is 2020 and rents go up over time. Be prepared for resistance., after many years he will think of your pit as his. He may threaten to walk away leaving you with no income from it at all.
It's possible a non relative might offer you a better price but again if you can't observe how much is leaving you will not really know.
How far away is this pit? Anyone live nearby?
At least right now your getting $100 for sure on an otherwise to you a worthless area.
Maybe, outright selling the pit to whomever (highest bidder) might be an option to consider. Cash in hand and no worries...
He stores all his rocks, large, small etc sifted top soil