I am in contract on a house that sits on 80 acres 40 min NE of Traverse City, Michigan. The house may need some minor repairs to make it a rentable/STR property. But when looking at the other 79 acres, what types of things should I be looking for during inspection? Should I have a professional inspect the land in case I want to do future projects on it? Also, does anyone have ideas on what else I can use the property for to gain passive income? I was thinking of doing primitive camping at first and then maybe building treehouse lofts as capital comes in? Thanks for any insight or guidance!!!
Congratulations! sounds like a dream. Check with township first as it is probably zoned Ag. which different township have different rules on what you can do on your land. Check how many splits do you have, maybe you can split and build on it to rent. If it open field, can it be rent out for hay to keep it ag zoning for low tax? Lease out the land for other farmers to grow crops?
See if you get it rezoned and split off other parcels to sell.
Thanks for reply. I did check on the splits. There are 11 splits that can happen on this property. It is zoned rural residential. It can be leased out to farmers depending on the soil quality. I plan to STR the property and the only way to get to it is via a utility road and then the entrance is an easement on some one elses property. I am not sure how happy renters are going to be to have to drive down this utility road to get there.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you