What would you build on a vacant lot that was yours to do anything with? The ideas are endless considering just how much you can do with a vacant piece of land. Hopefully you’ve had a chance to check out our article about the things to consider when purchasing land. In it, we revealed some factors that affect what you can actually do or build on the land. Of course, the location of the lot will also have a great influence on what you can use it for. Regardless, there are tons of ways you can start generating some cash from your land. Here are 12 ideas to get you started.
Lease it to other businesses - The first option is to simply lease the land out to other businesses who are looking for a spot to conduct its operations. Depending on the size of the lot, you may wish to split it into multiple units. It’s also a good idea to consider the types of businesses that you are trying to lease the lot too. This way, you can determine whether it’s necessary to build any structures on the lot.
Run a campground or RV park – This second option works well in spacious outdoor lots that are surrounded by nature. You likely wouldn’t have to build much in terms of structures either.
Tiny house park – With this one, you can take the idea of a campground or RV site a step further. By building miniature cabins or even tiny homes, you can rent them out to visitors. This generally works better if you are near some sort of ski resort, in cottage country or something else along those lines.
Rent it out for a variety of purposes – You can rent the land out for just about anything you can imagine – so long as the characteristics of the land itself allow for it. From renting it out to horse owners, photographers or videographers. The options are endless.
Convert it into solar or wind energy farm – If you want to contribute to the renewable energy scene, you can convert your land parcel into a renewable energy farm. You may choose to focus specifically on wind, solar or both. The first option requires you to purchase or construct wind turbines, while the second option requires solar panels.
Create several storage lots – Decide whether you are going to offer outdoor or indoor storage. If you are choosing indoor, then you will need to build some storage structures. However, if you choose outdoors it is recommended that you target landscaping and construction companies. Both of these types of businesses have lots of materials that can be stored outdoors without any shelter. Of course, you can always choose to offer both indoor and outdoor storage.
Turn it into parking lots – You’ve probably thought to yourself at some point after paying a hefty parking fee that those people who own the lots must make a killing. Well, if your land is in the right spot, perhaps you can make some money by charging others who wish to park there.
Mining and natural resource extractions – Who knows, maybe you’ve stumbled upon a piece of land that is rich in a particular resource. If so, it may be lucrative to mine or extract these resources.
Farm the land – Have you ever wanted to start your own farm? Well, now you can with your vacant lot. Take a moment to decide whether you will populate it with livestock or other crops.
Use it for timber-related purposes – If your lot is covered in trees that are high quality wood, then that itself could be lucrative. If this is the case for you, then you may decide to use the land for timber-related purposes.
Easement access – Believe it or not, tons of lots are inaccessible by road. Or, there’s always room for a shortcut shall we say. On that note, depending on the positioning of your lot, you may find people who are willing to pay for easement access. This essentially allows them your permission to travel across your lot in exchange for a fixed fee.
Sell advertising space – If you’ve got a good lot that borders high traffic roads, then you could make some money by building some billboards. Selling this advertising space to businesses can be a good source of income.
If you’ve decided that land investing is your choice of real estate, now you have 12 ideas of what you can do with it. Today's market is filled with many opportunities for the savvy investor. Our Elite Legacy Education trainers will introduce you to proven strategies that can help you launch your career as a successful real estate investor.
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