Invest in my own property or buy?

Question

Long store short, I have a duplex on a 45 acre farm in rural Virginia. Half is long term, half is short term. 20 acres are leased as farm land and another 20 is wooded. I’ve pondered the idea of clearing land, building a secluded pond and putting a “glamping” cabin as another short term rental on it. We’re 10 minutes from a popular lake and my current str has surpassed my expectations. Should I invest in my own property, saving money on land costs, or purchase another property else where?

Ryan Dunn · Answer

You have a great thing going for you. I would look more at the build out of the short term play. By looking at the cost of each option. The pond and camping sounds cool. But it is all about the ROI. Maybe get the cost of each option or a good ballpark. Then add it here or start a new post so we could help with real world number and could give you more directions. But sounds like a few good starts

Jeffrey Smith · Answer

I’ve been quoted $20,000 to build the pond, which was a rough estimate. As far as the house, I would get someone to complete the outside and I would finish the inside and do all of the electrical, plumbing, trim, etc. and contract out the drywall myself. I’m thinking one possibly multiple sub 1000 sq ft cabins.

Invest in my own property or buy?

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