What to do with land in KY
Need some advise.... I inherited some land, not much, over an acre in Kentucky. It's a small town area, Lilly in Laurel County Kentucky if anyone has heard of it. There was a mobile home on the property that was foreclosed on and taken away. I don't know what to do with the land. Put another mobile home on it and rent it out? Sell it? What have you done? Any suggestions? I have not done much research but any advice is welcome.
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Crystal,
I live about 5 minutes from Lilly. a beautiful rural area but kind of on the poor side. There are some manufacturing jobs in the area though so rental potential is there if you decide to put another mobile home on it.
The parcel is probably not large enough to lease for any kind of farming, but I have seen some folks squeeze as many mobile homes as possible and create a small mobile home park.
You might even get it surveyed for the potential of having a gas well on it.