I've got a dream but need advice.

[Stephen Sparks]

Hi everyone, my name is Stephen.  I'm 62 and I'd like to create a passive income so I could quit working a job. I'm a tad stressed because I'm not as young as I once was, and my wallet isn't too thick. I make about 50k a year and I'd like to recreate that with passive income. 

The only thing I have going for me is I own three acres free and clear in Marion county Florida, about 60 miles from Daytona Beach. 

What to do with this land? The county tax appraiser says the property is worth about $49,000.

I'd LOVE to have a multifamily built on it but like I said, thin wallet. I was toying with the idea of putting pads down and renting spaces for people to park RVs , but that's  my desperation thinking. 

I really want to do this. I want to leave something worthwhile for my son. 

What would you do in my situation? Thank you for your kind advice, in advance.

[Brendan Winans]

Stephen, you’re in a real position to build something, but the key is to move with strategy, not emotion. You own an asset outright, that alone gives you options. But options only matter if you’re clear on what you’re trying to build.

You want to replace $50K in income. That’s the target. Everything should filter through that lens; how fast something cash flows, how much it costs to get there, and how hands-on it will be.

First step to consider is to get a zoning and land use report from the county. Don’t make assumptions. You need to know what’s allowed on your land before anything else. That includes septic, electric, water, and road access. You also need to understand how many units or vehicles you're allowed to place and what codes apply.

RV pads might feel like a last resort, but if zoning supports it, that could be your quickest path to cash flow. Especially if you can do it in phases. You don’t need to develop all three acres at once. Build one pad, rent it, and use that to fund the next.

You also have the option of bringing in a partner, someone who wants to place a manufactured home, or a small builder who sees value in joint ventures. You bring the land, they bring the capital or labor, and you structure it to get a share of income or equity. That only works if you stay in control of the land and terms.

Multifamily may be the goal, but it doesn’t need to be the first move. Focus on what gets you from zero to your first dollar of passive income. Once you have momentum, you can scale. Until then, it’s all theory.

You’re not stuck—you just need a clear path and the discipline to follow it.