Leasing?

[flarenuphope]

Hi all, I have little free time on my hands recently (full time student, part time job, other side jobs, volunteer). I am also doing an internship all summer, and most likely it will be out of state.

I currently have 7 horses, many of them I have no desire to sell, and all of them are great.
We are buying an additional farm that has trails that connect to Cedarville Park, and when we get through with remodeling the place, an arena.

I was thinking, since I have little time on my hands that it might be best to lease out a few of my horses but it would only be partial lease, on farm. I am more then willing to give lessons, and possibly haul to shows for the right people. I would also like that if the person is under 18 they join 4H.
I would not charge a lot, maybe for the horses grain bill (it’s like $15 a week per horse) and maybe 1/2 of that horses spring time vet bill...

I have never dealt with leasing before, so I was wondering if anyone else has had experience with it? What did you think? What’s the best way of going about it?

 

[Wait4It..boom]

If you are serious about leasing, my suggestion is be specific on the type of person and ability you would allow to ride any or each particular horse. It may be a turnoff for a leasee but I would also have them ride that horse in front of you or you give an x number of lessons to ensure this person rides the same way you do. Important for me too is that a person "corrects" my horse the same way I do. I'm firm but not harsh. But I'm also pretty picky about my horses. If you're not, these may not be issues for you. I leased one of mine to an intermediate beginner and I had to continue to ride as well because I quickly found he developed bad habits and she didn't ride the same way I did, which was confusing for him on occasion. Unless you have the right people matched to the right horse, you'll find yourself supervising more than you expected. Which in your case, may not benefit you if you already have limited time. You may find yourself undoing things engrained in your good horse and asking yourself later "would it have been less time to just ride them myself vice fixing problems and supervising?" Good luck!

 

[DQ2B]

Do yourself a favor and have a written lease agreement that spells out your terms and conditions.

 

[Wait4It..boom]

Do yourself a favor and have a written lease agreement that spells out your terms and conditions.

Recommend those terms also state how many times the horse can be ridden per week (max) and the leasee shall still pay regardless of whether they ride. Tried a pay per ride agreement in the beginning and it was more hassle than it was worth.

 

[fredsaid2]

If you're asking negligble payment is it even worth having someone on your property in the event of an accident/potential lawsuit?

 

[HeavyChevy75]

Put everything in writing. Things like, how many times the horse will be ridden, if the horse needs special things(shoes), on farm lease, participation in events, a defined number of days to exit lease, helmet must be worn, closed toe shoes etc. Also if it is someone 18 the parent needs to sign not the kid.

 

[Eventer29]

You also need to decide who is responsible if the horse is injured while being ridden or handled by someone leasing them. That is one of my biggest worries with leasing.
Def write up a contract or find a suitable one to use. Remember you as the owner can make just about any stipulations you want. If you want the horse only ridden with a pink saddle pad with green polka dots.... But seriously be picky about who you lease to and make them sign an agreement that they will follow your rules.

 

[highnote]

If you're asking negligble payment is it even worth having someone on your property in the event of an accident/potential lawsuit?

AGREE! Unless you either already have equine liability insurance, leasing out a horse is not worth the risk (in my opinion). Most homeowners insurance won't cover anything related to horses if you are receiving compensation ($$$$ equals business to them). You'll have to take out a separate business policy if you don't have one... and I doubt you'll make enough on the lease to even break even once you pay for the insurance.

That doesn't even touch the subject of "what happens if your horse gets injured" if it could be the fault of the leaser.

I would certainly have a well written contract... but even that isn't enough. You also need equine insurance if you are leasing, teaching lessons, boarding, etc.

I've seen enough people get burned (MAJOR LAWSUITS!) to steer clear of leasing... as tempting as it would be (I want my mare exercised too) the risks outweigh the benefits in most cases.

If you already have an equine business liability insurance policy... then go for it, as long as you also have a well written contract.