Investor · Cottonwood, AZ · Member since 2015 · 287 posts · 57 votes
Hello, yes I failed real estate completely. I tried my entire life to have a real estate investing career, but sadly it did not work for me. I went from $2M net worth and $15K month to $800 month disability check, and a minimum wage weekend gift shop job in an over crowded miserable tourist infested town. No fun. I do still have one acre near Tombstone AZ, just sitting there, so I would like to hear anyone's advice on gaining income from this land, and since it's zoned residential it has many restrictions of course. But what can I do, there must be something. Horse corral? Glamping? I would love a glamping business but that would not work on this acre as it's residential. But who could I rent a residential acre to? Anyone?
What happened to go from 2M to zero? If I had land I'd try to utilize it as some sort of storage area that you can rent out to a business. They can store vehicles, etc. You'd need to double check zoning and with the city. Glamping could be feasible but I'd imagine you'd need to build or bring in a mobile home for that lot. Anything you do see what is allowed zoning wise before spending money. Worst case I'd sell the land to reinvest into something else
What happened to go from 2M to zero? If I had land I'd try to utilize it as some sort of storage area that you can rent out to a business. They can store vehicles, etc. You'd need to double check zoning and with the city. Glamping could be feasible but I'd imagine you'd need to build or bring in a mobile home for that lot. Anything you do see what is allowed zoning wise before spending money. Worst case I'd sell the land to reinvest into something else
@Caleb Brown Is this a real account? Seems hard to believe and there's multiple posts (very similar) shouting failure.
What is so hard to believe? That someone could fail? Or that we can post multiple times? What is so unbelievable here???
Brenda, no offense but the forums are getting riddled with A.I content so my mistake.
"I'm just now feeling the disaster"- why though?
So you're talking about a real estate business from 25 years ago? People are going to ask... where did the money go? Did you not reinvest into other assets? If someone invested $2M into the stock market (S&P 500) it would be worth over $10M today.
@Caleb Brown Is this a real account? Seems hard to believe and there's multiple posts (very similar) shouting failure.
What is so hard to believe? That someone could fail? Or that we can post multiple times? What is so unbelievable here???
Brenda, no offense but the forums are getting riddled with A.I content so my mistake.
"I'm just now feeling the disaster"- why though?
So you're talking about a real estate business from 25 years ago? People are going to ask... where did the money go? Did you not reinvest into other assets? If someone invested $2M into the stock market (S&P 500) it would be worth over $10M today.
It's complicated. It's worth $2M now, not when I lost it 25 years ago. I never had $2M cash in hand. The money went to living expenses, being a single mom, and paying off the money I borrowed against my home. I probably got about $100K each, from the apartments and from the industrial building. When I owned them the area was low value, nobody wanted anything here, but of course a soon as I sold, values skyrocketed. The people who bought my building sold it 2 years later for half a mil profit, while I'm the one who built it and borrowed against my home to do it, and got very little for it. Just because of a devastating timing curse. When I saw my building listed for half a mil, I lost my mind and have been dysfunctional ever since. It ruined my life.
What happened is I sold it all before I realized the value in it. This was 25 years ago, but I'm just now feeling the disaster of something so unrecoverable. They will not allow anything business on the acre, it's zoned strictly residential, and no mobile homes are allowed. That's why I'm looking for advice, there are no easy answers. To the other posted, why would this not be real??
I'd just sell the land if it's zoned residential. You are limited to what's allowed besides building a home on it
I'm afraid selling would just end up dissolving the money away. It's only worth about $5000 at best, minus closing costs and all that bs. That won't go too far but if I could figure out a way to get cashflow out of it, that would serve me better. I just need a steady income.