Raw land aquired, but dont know how to make money off of it

7 Replies

Hello BP world, looking for advice

    My family has recently acquired raw land after a loved one passed away, a small parcel that was apparently split up 6 ways, we own 3/6 of the land, the rest is own by other family members. The idea was that land stays in the family name.

My parents want to just sell the 3/6 portion to the other family members just to get rid of it (but i assume they just don't know what to do with it, or it would cost too much money that they don't have in order to do something with it). So I'm taking it upon myself to do some research and reach out to the BP world for some advice on how we could keep the 3/6 portion of land and somehow make money off of it. 

Any ideas would be greatly appreciated 

Thanks

Kaohu

Originally posted by @Kaohu Seto :

Hello BP world, looking for advice

    My family has recently acquired raw land after a loved one passed away, a small parcel that was apparently split up 6 ways, we own 3/6 of the land, the rest is own by other family members. The idea was that land stays in the family name.

My parents want to just sell the 3/6 portion to the other family members just to get rid of it (but i assume they just don't know what to do with it, or it would cost too much money that they don't have in order to do something with it). So I'm taking it upon myself to do some research and reach out to the BP world for some advice on how we could keep the 3/6 portion of land and somehow make money off of it. 

Any ideas would be greatly appreciated 

Thanks

Kaohu

By "make some money off of it" do you mean subdivide your portion and sell or, lease your portion for farming? Either way, due to emotions and only owning half, you need to talk to your family and be very upront, honest and open about your intentions. Perhaps the rest of the family feels the same as you? It'd be much easier to sell or develop the land if everyone is on board. 

@Troy S.

Hey Thanks for your reply, I guess I would have to say that I'm the only one so far that has some knowledge (its not a lot though) on seeing potential of making a dollar off of this deal, and potentially a cash flow, like in leasing the land to be used by someone else, but we still own it, I guess because I'm not fully educated on what could be done, I'm looking for what kind of options I may have. I did think of leasing, is there anything else out there?

Kaohu

Can it be used as an overflow parking lot by the adjacent properties?  Commercial or residential?

I really have no idea yet, but Im trying to find out, I just want to try and present some ideas to my family first, i guess, I am thinking leasing the property, maybe leasing to the other families?

Originally posted by @Sam Leon :

Can it be used as an overflow parking lot by the adjacent properties?  Commercial or residential?

 I was thinking this as well Sam. Sounds like he's not looking to sell, just put the land to work for now. Parking, hunting, fishing, storage, farming, Xmas trees, farm stand, construction material/vehicle storage, beach parking/shuttle to beach, haunted hay rides/mazes, "tiny" houses on trailers, flea market...

How much land are we talking about total, or how much is your family's portion? Also, where is it located, what type of area?

@Kaohu Seto   Sounds like you hit the RE jackpot. You have so many options open to you. As @Troy S. stated, there are tons of uses you could potentially employ. I Also agree with Troy that you need to get the rest of the family on board with a plan you might have, or at least inform them of your intentions for your potion of the land. 

Do you have any info about the land? Do you know what it's worth or what is actually on your property? I would find out with natural resources you have on your land. Maybe you could potentially sell mineral rights to someone. Maybe you can talk to a developer and put up some structures (houses, strip mall, apartments, wind turbine, cell tower, etc...)

In any case, the sky's the limit. Please keep us informed of what your decision is.

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