I am relatively new to real estate investing but I have inherited some commercial property. It is an appx 1.7 acre empty lot. I was hoping to get some advice on how to best proceed investing/cultivating this land to generate some income or how to best proceed with an empty commercial lot. Some other questions: Perhaps would it better to just sell it? Could holding it long-term be of any benefit? I have been paying county and city taxes on it and they add up to over $2000/year and wanted to know if there was something else I could do to help make this property more of a lucrative investment.
Thanks in advance for any help and advice!
If you could be more specific and describe the property. Is it in the middle of a large city or out a ways. What type of properties are around it. Are you willing to invest $100,000; $1,000,000 or higher on it. Need more perspective. Thanks.