I'm new to the site and looking for some advice. I inherited a 1-acre plot of land in Sunsites AZ but I am from New York and have no idea about the area. From what I can see from Google maps, there is not much around. That being said, here is what I feel my options are:
1. Hold on to the land - Property taxes are about $50 a year and who knows if someone will develop out there in the future.
2. Sell it - Based on other land selling in the area, it's worth about 10k. Use the money to find another investment.
3. Put a Mobile or modular home on the property and see if I can get some rental income
4. Start a vineyard? - I see some other agriculture in the area (Pistachios, apples, vineyards). That seems to be a trendy thing to do. :-)
I can see that the area is historic and picturesque and may have some interest to nature lovers. Does anyone have any creative ways turn this inherited land into an investment? Thanks
You're waaaaay out in the cuts my friend.
Here's the thing about land... you have to wait for someone to have a plan for it before you're going to sell it.
Even though Tucson is supposed to double in size over the next 30 years... you're still 82.3 miles from it and an hour and a half away. I just don't see the growth reaching you.
Before you decide to put some rental property on it, put up an ad on Craigslist and see if you even get a response to rent (use fake pics). It might take you a looooong time before you'd recoup a major investment. Plus, see what you could even rent it for. It's way out in the boonies away from most employment sectors so I'm betting not much.
Probably the two best plays are to either sell it and try to use that money for some other better investment, or to hold onto it and gamble... you just might be waiting a loooooong time.
Call up local agents in the area and see what their opinion is. You'll get a much better feel for the market talking to someone who lives in town.
Thanks @Wes Blackwell. That's good advice. I was looking on the web for what is in the area and found a bed and breakfast in the mountains a few miles away from the property listed on airbnb. I was thinking of taking a trip out there with my wife to see the area, stay in the b and b and talk to local agent to get a better feel of it.
Sell it..... if you can. It's a liability that will likely never turn into any greater value than t is right now.
Since you got it for nothing why not get what you can for it and put the money into a HIGH risk investment. If you win great, if you lose no big deal.
10K worth of Lottery tickets.
Check the water rights. As Phoenix grows they buy up rights from outlying areas. Marking land not all that viable
Thanks everyone. I was looking to make the most of what I got but I thinking there's not much there. The property was purchased back in the 50' with the intention that the area would someday be developed but if it hasn't happened in 60 years it probably won't happen in my lifetime.
I live about 45 minutes away and have worked with clients who have invested in and around the area. Land has very little value and housing is cheap. Industry in the area is non-existent, It’s primarily cheap retirement.
Sell it if you can or plan on holding it for a very long.
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