A friend of mine is receiving a few acres of land from family... What can he do with vacant land? I know its all about location... but they're in the middle of no where lol
If it’s farmable, see if they can negotiate a crop lease with a local farmer.
The best thing you can do with vacant land is to sell it as is before you have to start paying taxes on it.
IN the middle of no where it will never increase in value.
Hi Drew, when you say the middle of no where - how middle of no where is it? How far is the closest store/town/city/etc.?
Flip it. Seriously - land sits. If it's in a growing area where it makes sense to build on it, then build on it...in my experience these areas are few and far between. If it's a building lot then sell it as a building lot to turn a profit and cash out. Expect it to be for sale for many months.
building lots no matter were they are at have a few strategies
1. in a fairly desirable area hedge against inflation tax's usually pretty low not a worry.
2. sell on contract to someone who wants to eventually build on it... get monthly cash flow and usually a little premium in pricing.
3. sell for cash reinvest.
If we are talking about Florida land or lots say in a place like Lehigh acres and an area with no city sewer there are little thousands upon thousands of those lots sitting vacant they are traded at tax sales and by some who buy and resell for installment sale to those who think they want to retire there.. its the land game
watch the movie Glenn Gary Glenn Ross you will get the idea.. classic movie and VERY TRUE... I grew up in a land family and its accurate as heck.
Steak knives Jay!
@Vince Mayer now a days its a free I pod or I pad to go to Guru feeder events..
Put a cell tower on it. Make some income from it.
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