What to do with Raw Land
- I've recently been gifted a plot of land back in my hometown (East Preston, Nova Scotia, Canada if any of you are familiar). It's in what I think is a good location, but it's rural and still has an overgrowth of trees on it. My question is, I don't have the money (I doubt I'd qualify for the mortgage right now) to build an income property on it yet so I'm thinking of other ways to monetize it while working on saving for my first long distance deal.
- One way I think would to clear it, put a slab down and rent it out as a mobile home plot or something along these lines. Does anyone have experience/an idea of what that entails? Is this a good idea, or should I just hang onto it as is for now? I'm not really looking to sell it yet as the property tax is pretty minimal and I'd like to eventually move there at some point in the future but it'd be nice to find a way to cash flow it for now.