Post by kenmb on Sept 30, 2022 7:29:29 GMT -6
I think you are on the right track Oatking where I see your main consideration is wondering if it is worth helping the guy. I certainly like the idea of working directly with someone like you have. So it really comes down to whether the guy is screwing around or is committed. Maybe that is easy to figure out, maybe it isn't. Some guys it is pretty easy to see they are putting their obligations last while they spend on their own indulgences. Others maybe not quite so easy. A tractor payment is one thing, I suppose it comes down to why he had the payment. If the engine piled up on the previous one then maybe adding a new expense is not a bad move for him. If he got something newer and more comfortable just because he had to put more hours in than the previous year then maybe he is looking out for his own self first. Hard to tell.
I do agree 5 years sounds like a short time frame. I have no idea how land can cash flow like that but if both parties agreed then perhaps it is possible. Or perhaps the new guy thought it was possible, until reality came knocking.
It's really hard to pass judgement on a guy even with your first hand info. I wouldn't disclose my inner most financial dealings to a guy I owe money to. However I would be one of those guys it would not be hard to tell if I am making an honest effort to meet obligations. But there are guys who do honestly think they are making the best decision for themselves and who they owe (let's say it involves a tractor upgrade) but then life hands them a reality check.
I like what 10inch said about a 2nd agreement. It is the ultimate reality check. The guy gets an opportunity to sit down and really think about where things are headed. If he is committed, signs on again for a little longer payment, and then fails then I would have a clear conscience taking everything owed to me.
It seems it comes down to deciding if it is worth being more generous or pulling the plug. I don't know if extending the term a few more years is generous. May be it is just being more realistic for both parties. A 2nd contract would give both of you a chance to re assess the entire arrangement. No difference then what other institutions do with refinancing arrangements and such.
I do agree 5 years sounds like a short time frame. I have no idea how land can cash flow like that but if both parties agreed then perhaps it is possible. Or perhaps the new guy thought it was possible, until reality came knocking.
It's really hard to pass judgement on a guy even with your first hand info. I wouldn't disclose my inner most financial dealings to a guy I owe money to. However I would be one of those guys it would not be hard to tell if I am making an honest effort to meet obligations. But there are guys who do honestly think they are making the best decision for themselves and who they owe (let's say it involves a tractor upgrade) but then life hands them a reality check.
I like what 10inch said about a 2nd agreement. It is the ultimate reality check. The guy gets an opportunity to sit down and really think about where things are headed. If he is committed, signs on again for a little longer payment, and then fails then I would have a clear conscience taking everything owed to me.
It seems it comes down to deciding if it is worth being more generous or pulling the plug. I don't know if extending the term a few more years is generous. May be it is just being more realistic for both parties. A 2nd contract would give both of you a chance to re assess the entire arrangement. No difference then what other institutions do with refinancing arrangements and such.
